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Gilead Sciences, Inc. (GILD-1.58%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $7.5 billion from $7.1 billion in the same quarter the previous year. This increase is attributed to higher product sales in HIV.
Product sales for HIV increased by 9% to $5.1 billion, driven by higher demand and average realized price, particularly for Biktarvy and Descovy.
Liver Disease product sales increased by 4% to $733 million, mainly due to higher demand for products treating HCV, HBV, and HDV.
Veklury sales rose by 9% to $692 million, reflecting increased COVID-19-related hospitalizations.
Oncology product sales, including Cell Therapy and Trodelvy, increased by 6% to $816 million, with Trodelvy sales rising by 17% due to higher demand.
Research and development expenses decreased by 4% to $1.4 billion, primarily due to lower clinical study costs.
Acquired in-process research and development expenses were $505 million for the quarter, largely due to milestone payments related to collaborations with Arcellx and Tmunity.
An in-process research and development impairment charge of $1.8 billion was recorded, related to Trodelvy's clinical development in metastatic NSCLC.
Selling, general, and administrative expenses increased by 9% to $1.4 billion, due to higher commercial and corporate activities.
Net income for the quarter was $1.3 billion, down from $2.2 billion in the previous year, primarily due to the impairment charge.
Cash provided by operating activities was $7.9 billion for the nine months ended September 30, 2024.
The company declared a quarterly dividend of $0.77 per share, payable on December 30, 2024.
Gilead continues to focus on advancing its pipeline, with notable developments in HIV prevention and oncology treatments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gilead Sciences Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.