Q: What is Gilead Sciences (GILD) Q1 2024 Earnings Call Transcript Summary?
Here are the specific viewpoints from the earnings call:
Bullish Points:
1. Total product sales, excluding Veklury, grew 6% year over year to $6.1 billion.
2. HIV product sales grew 4% year over year.
3. Oncology product sales were up 18%, driven by Trodelvy and transformative cell therapies.
4. Non-GAAP diluted EPS of $1.82 for the first quarter, which is above expectations.
5. Filed for regulatory approval of seladelpar for primary biliary cholangitis with FDA and EMA.
6. Initiated Phase 3 trials for bictegravir and lenacapavir in HIV treatment.
7. Nine consecutive quarters of year-over-year growth for the base business.
8. Biktarvy remains the leading regimen for HIV treatment with sales up 10% year over year.
9. Robust growth in the PrEP market with Descovy maintaining over 40% market share.
10. Trodelvy sales exceeded $300 million, up 39% year over year.
Bearish Points:
1. Veklury sales were down 3% year over year and down 23% sequentially to $555 million.
2. Quarter-over-quarter HIV sales were down 7%, driven by typical seasonality.
3. Descovy sales were down 5% year over year and down 16% sequentially.
4. Fewer HCV starts globally year over year.
5. Decline in Veklury sales offsetting some growth.
6. Acquired IPR&D charge of $3.9 billion impacting EPS.
7. Impairment charge related to the carrying value of IPR&D assets.
8. Non-deductibility of the CymaBay acquired IPR&D charge affecting effective tax rate.
9. Modest decrease in product gross margin due to product mix.
10. The transaction will be dilutive to EPS this year.
For more information about Gilead Sciences(GILD)'s earnings call, you can read the relevant news: Gilead Sciences (GILD) Q1 2024 Earnings Call Transcript.
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