Gilead Sciences announces an increase in net income for Q2

Gilead Sciences recorded net income attributed to the firm of $1.61 billion, an increase from $1.04 billion. However, the business’s net loss for the six-month period ending June 30, 2024, was $2.55 billion, which stands in stark opposition to the $2.05 billion in net profits recorded for the same time in 2023.

Gilead’s overall sales for Q2 climbed by 5% to $6.95 billion, in contrast to $6.59 billion in the same time last year, amid this six-month setback. Increased product sales in important therapeutic areas were the main factor driving the revenue rise.

Gilead chairman and CEO Daniel O’Day commented: “Gilead has had another strong quarter with 6% year-on-year growth in our base business. This was driven by sales of our therapies for HIV, oncology and liver disease, including 8% growth for Biktarvy.

He continued: “One of the key highlights of the quarter was interim data from the Phase III PURPOSE 1 trial showing 100% efficacy for lenacapavir in HIV prevention for cisgender women. We look forward to additional clinical readouts in the coming months, and to potentially launching seladelpar for primary biliary cholangitis in the United States.”