Third Quarter 2020 Highlights: Year-Over-Year
- Product Sales increased 18% to $6.5 billion -
- Product Sales excluding Veklury increased 2% to $5.6 billion -
- GAAP Diluted EPS of $0.29 -
- Non-GAAP Diluted EPS increased 29% to $2.11 -
- Acquisition of Immunomedics, Inc. -

Updated Full Year 2020 Guidance
- Product Sales of $23 billion to $23.5 billion -
- Non-GAAP Diluted EPS of $6.25 to $6.60 -

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the third quarter 2020.

“The recent acquisition of Immunomedics has effectively transformed Gilead’s growth story. Building on the foundation of our strong core business, which proved its durability once again this quarter, we have now significant opportunity to drive additional growth at an accelerated pace,” said Daniel O’Day, Chairman and Chief Executive Officer, Gilead Sciences. “Trodelvy, an approved medicine with extensive potential for patients with a range of tumor types, adds to our growing portfolio of transformational medicines. By following the strategy we laid out at the start of this year, we have significantly improved Gilead’s near and long-term growth potential.”

Financial Results
Total revenues for the third quarter 2020 were $6.6 billion, up 17%, compared to $5.6 billion, for the same period in 2019.
Product sales, excluding Veklury® (remdesivir), increased 2% year-over-year to $5.6 billion for the third quarter 2020 primarily due to Gilead’s core HIV products driven by higher volume as channel inventory continues to normalize in the United States as well as stronger patient demand. The increase was partially offset by lower sales volume of Truvada® (emtricitabine (“FTC”) and tenofovir disoproxil fumarate (“TDF”))-based products and lower sales of hepatitis C virus (“HCV”) products.
Veklury revenues were $873 million for the third quarter 2020.
GAAP net income and diluted earnings per share for the third quarter 2020 were $360 million and $0.29, respectively, compared to net loss and diluted loss per share of $(1.2) billion and $(0.92), respectively, for the same period in 2019.
GAAP results for the third quarter 2020 included acquired in-process research and development (“IPR&D”) charges totaling $1.2 billion related to collaborations and other investments Gilead entered into during the current quarter as well as a $923 million unrealized loss from changes in the fair value of Gilead’s equity investments in Galapagos NV (“Galapagos”).
GAAP results for the third quarter 2019 included $4.0 billion acquired IPR&D charges primarily related to Gilead’s global research and development collaboration agreement with Galapagos.
Non-GAAP net income and diluted EPS for the third quarter 2020 were $2.7 billion and $2.11, respectively, compared to $2.1 billion and $1.64, respectively, for the same period in 2019.
As expected, the third quarter 2020 revenues reflect the continued impact from the COVID-19 pandemic on HCV and pre-exposure prophylaxis (“PrEP”). However, Gilead continued to see signs of recovery in Europe and the United States during the third quarter 2020.

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Gilead Sciences Announces Fourth Quarter 2020 Dividend
FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) today announced that the company’s Board of Directors has declared a cash dividend of $0.68 per share of common stock for the fourth quarter of 2020. The dividend is payable on December 30, 2020, to stockholders of record at the close of business on December 15, 2020. Future dividends will be subject to Board approval.