Note: All changes are versus the prior-year period unless otherwise stated
"We maintained our positive momentum in the second quarter," commented CEO Daniel O'Day, noting that the company's "flagship HIV therapy Biktarvy saw continued growth and gains in market share, despite the ongoing impact of the [COVID-19] pandemic."
Gilead said revenue growth in the quarter was mostly due to Veklury, its antiviral therapy for COVID-19, noting that without the drug, sales were up 5% to $5.3 billion. The company also highlighted higher demand for its hepatitis C virus products during the quarter, as well as continued uptake in the US of its Trop-2-targeting antibody-drug conjugate Trodelvy and the CAR-T therapy Tecartus.
Gilead now anticipates total product sales between $24.4 billion and $25 billion for the year, compared to the range of $23.7 billion to $25.1 billion forecast in April. It said Veklury is now expected to bring in between $2.7 billion and $3.1 billion, compared to $2 billion to $3 billion previously, reflecting the drug's ongoing role in the pandemic, plus "continued uncertainties around the path of the pandemic since Veklury revenue tends to track hospitalisation rates."
Excluding Veklury, Gilead says product sales should be between $21.7 billion and $21.9 billion, which is about $200 million lower at the top end than it had previously projecting, mainly due to a "longer-than-expected" pandemic impact on the HIV business, including the latest increase in COVID-19 cases. Chief commercial officer Johanna Mercier said while HIV sales in Europe have begun to recover, US demand has been slower, and "it is clear that it will take several quarters for treatment to return to pre-pandemic levels."
Meanwhile, Gilead also narrowed its full-year earning per share outlook to between $6.90 and $7.25 from a previous forecast ranging from $6.75 to $7.45 per share.
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