Gilead touts speedier-than-expected pipeline advances amid solid Q2 drug sales, except Covid-19 treatment Veklury
The key qualifying phrase to Gilead Sciences’ solid second quarter earnings was “excluding Veklury.” That’s because the Covid-19 treatment was the spoiler dropoff in a consistent set of increases across therapy areas inside Gilead’s $6.6 billion in Q2 revenue.
The decrease wasn’t a surprise to analysts, although Veklury did come in about $100 million short of consensus. In total, Veklury dropped to $256 million in Q2, down 43% year over year for the quarter and down 55% compared to the first quarter of 2023. Gilead adjusted its full-year guidance for Veklury to $1.7 billion, down from $2 billion previously.
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