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Analyst Conference Summary |
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biotechnology
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Gilead Sciences
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Gilead Revenues by product ($ millions): | ||||
Q2 2024 | Q1 2024 | Q2 2023 | y/y increase | |
Biktarvy | $3,232 |
$2,946 |
$2,979 |
8% |
Descovy | 485 |
426 |
516 |
-6% |
Genvoya | 440 |
403 |
540 |
-19% |
Odefsey | 315 |
310 |
351 |
-10% |
Symtuza | 168 |
141 |
120 |
40% |
Other HIV | 105 |
117 |
120 |
-12% |
Sofosbuvir/Velpatasvir | 476 |
405 |
397 |
20% |
Vemlidy | 243 |
225 |
219 |
11% |
other liver disease | 113 |
107 |
95 |
19% |
Yescarta | 414 |
380 |
380 |
9% |
Tecartus | 107 |
100 |
88 |
22% |
Trodelvy | 320 |
309 |
260 |
23% |
Veklury | 214 |
555 |
256 |
-16% |
AmBisome | 151 |
144 |
151 |
0% |
Other | 130 |
224 |
92 |
41% |
Royalty, contract and other revenue was $41 million, up sequentially from $39 million, and up from $35 million year-earlier.
Cash and equivalents ended at $2.8 billion, down sequentially from $4.7 billion. Reduction due to acquisition of CymaBay and repayment of senior notes. $1.3 billion cash flow from operations. Capital expense $130 million. $1.20 billion free cash flow. $100 million was used to repurchase shares. $972 million paid in dividends. Long term liabilities were $24.6 billion.
Numerous other studies are underway or planned; see Gilead pipeline.
Expenses were $4.31 billion, consisting of $1.54 billion for cost of goods sold; $1.35 billion for R&D; $38 million acquired in-process R&D; $0 IPRD impairment; $1.38 billion SG&A. Leaving income from operations of $2.64 billion. Interest and other expense $592 million. Income tax $438 million.
Capital allocation priorities are to grow the dividend and pay down debt. No near term plans for a major acquisition.
Q&A selective summary:
TIGIT landscape? Our approach is differentiated, starting with an FC silent molecule. That seems to lower adverse events. Focus is on cancer with best chance of activity: NSCLC and gastric. Cautiously optimistic.
PrEP market, payer roadblocks? Market for PrEP growing about 12% a year. Discovy is covered by about 90% of plans. Lenacapavir redefines the market with twice a year dosing. Market growth can come from reaching more types of users and prescribers, and countries. Market share, Discovy is the leader, believe Lenacapavir will become the leader. Believe it will also have better adherence. We are looking at ways to support reimbursement so everyone who wants it can get it.
Anito-cel trial timing? We are excited about its potential. Fully enrolled first trial. Data at ASH. The Phase 3 R/R MM trial will be product from our own facility. We have the option to do bridging therapy if needed.
Could Lenacpavir combo replace Biktarvy? Phase 2 and 3 studies indicate we could get a broad label. Should reach switch segment of market. Believe Biktarvy will remain the standard of care for oral dosing.
The U.S. CAR T market is competitive, there are some headwinds, but we added a new sales team and are generally making progress.
PrEP market is of individuals who are not sick. So it is hard to get people to use a pill every day. We think the twice yearly dosing will be more attractive to the population. It could really make a dent in the HIV epidemic.
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Copyright 2024 William P. Meyers