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Gilead Sciences Records Strong Profits

Foster City, California-based Gilead Sciences announced total revenue for the first quarter of $5.3 billion compared to $5.1 billion in 2018. Adjusted net income was $2.3 billion of $1.76 per share vs. $2.0 billion of $1.48 per share last year. HIV product sales rose to $3.6 billion compared to $3.2 billion primarily driven by higher sales volume as a result of the continued uptake of Biktarvy. Chronic hepatitis C product sales were $790 million compared to $1 billion in the same period of 2018. The decline was primarily due to lower patient starts and competitive dynamics, including a decline in price in U.S. Medicare. Yescarta, generated $96 million in sales compared to $40 million a year ago, driven by an increase om the number of therapies provided to patients. Other product sales were $696 million vs. $745 million in 2018. The decrease was primarily due to the expected decline in Ranexa sales after generic entry in the first quarter.

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