Veklury Drives 2Q Growth for Gilead

Gilead

2Q Revenues: $6.2 billion (+21%)

2Q Earnings: $1.5 billion (loss of $3.3 billion 2Q20)

Comments: Growth in the quarter was primarily due to Veklury (remdesivir), with sales of $829 million, higher demand for

Biktarvy and hepatitis C virus (HCV) products, and continued uptake in the U.S. of Trodelvy and Tecartus.

Product sales excluding Veklury increased 5% to $5.3 billion in the quarter, offset by loss of exclusivity of Truvada and Atripla in the U.S. with sales down 72% to $108 million and 42% to $60 million, respectively. HIV product sales decreased 2% to $3.9 billion. Biktarvy sales increased 24% and Descovy sales increased 4%. HCV product sales increased 23% to $549 million.

Hepatitis B virus (HBV) and hepatitis delta virus (HDV) product sales increased 8% to $237 million. Vemlidy sales increased 32% driven by increased demand outside the U.S. and Europe. Hepcludex contributed $7 million in the quarter reflecting the first full quarter of sales.

Cell Therapy product sales increased 39% to $219 million. Yescarta (axicabtagene ciloleucel) sales increased to $178 million, reflecting continued uptake in relapsed or refractory indolent follicular lymphoma following FDA approval and expansion in Europe. Tecartus sales were $41 million in the quarter, driven by the launch in mantle cell lymphoma in the U.S. and Europe.

Trodelvy sales were $89 million with launch activities continuing following full FDA approval for second-line metastatic triple-negative breast cancer (mTNBC) and accelerated approval for metastatic urothelial cancer. Other product sales increased 20% to $291 million.