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Gilead’s Q1 revenues lifted by COVID-19 med Veklury as HIV drugs take a hit

Total product sales excluding Veklury dropped by 11% to $4.9bn compared to Q1 2020

Gilead has posted its results for the first quarter of 2021, noting an increase in revenues for the quarter, driven by its COVID-19 pill Veklury, while sales of its HIV drugs took a hit.

The total revenues for Q1 increased by 16% to a total of $6.4bn compared to the same period last year, with Gilead attributing much of that growth to Veklury (remdesivir), its antiviral medication for COVID-19.

However, total product sales excluding Veklury dropped by 11% to $4.9bn compared to Q1 2020, due to the loss of exclusivity of its HIV drugs Truvada, tenofovir disoproxil fumarate and Atripla in the US as well as COVID-19 related impacts.

Overall, HIV product sales decreased by 12% to $3.7bn for the first quarter, although sales of its newer HIV treatment Biktarvy increased by 8% year-on-year in Q1.

Sales of Gilead's hepatitis C virus (HCV) products and hepatitis delta virus (HDV) products increased by 18% to $220m, with a significant increase in sales of chronic hepatitis B virus (HBV) treatment Vemlidy compared to the same period last year.

Gilead was also bolstered by sales of its cell therapy products, which jumped by 36% to $191m in the first quarter, with Yescarta bringing in $160m and Tecartus bringing in $31m.

The company is expecting COVID-19 to continue to impact its business, however, projecting a ‘more gradual recovery’ starting in the second quarter of 2021.

Gilead added that sales of Veklury would also continue to be subject to ‘significant volatility and uncertainty’.

As a result, Gilead has excluded Veklury from its full year revenue guidance, although it has projected specific product sales for the drug to be between $2bn and $3bn.

Excluding Veklury, Gilead projects product sales for the full year to reach between $21.7bn and $22.1bn.

“We have made strong progress in this first quarter, with our new partnership with Merck in long-acting HIV therapies, two newly approved indications in the US for Trodelvy in metastatic triple-negative breast cancer and metastatic urothelial cancer, and the addition of Hepcludex to our portfolio,” said Daniel O’Day, chairman and chief executive officer, Gilead Sciences.

“2021 is a pivotal year for Gilead, with key milestones across our virology and oncology portfolios. We’re looking forward to advancing our pipeline of promising therapies in the coming months,” he added.

Article by
Lucy Parsons

30th April 2021

From: Sales

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