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Gilead Sciences Reported Lower Revenues in 4Q17

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Mar. 6 2018, Updated 1:55 p.m. ET

Gilead Sciences’ revenues  

Gilead Sciences (GILD) reported revenues of ~$5.9 billion during 4Q17—an 18.7% decline compared to revenues of ~$7.3 billion during 4Q16. Gilead Sciences’ revenues include product revenues of $5.8 billion as well as royalty, contract, and other revenues of $112 million during 4Q17.

The above graph shows Gilead Sciences’ revenues since 1Q16. For 2017, Gilead Sciences reported product revenues of $25.7 billion as well as royalty, contract, and other revenues of $445 million.

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Geographical sales  

For US markets, product sales decreased to $4.1 billion during 4Q17—compared to product sales of $4.9 billion for 4Q16. For European markets, product sales decreased to $1.1 billion during 4Q17—compared to product sales of $1.4 billion during 4Q16. For international markets excluding the US and Europe, product sales decreased to $553 million during 4Q17—compared to product sales of $870 million during 4Q16.

Antiviral products portfolio

Gilead Sciences’ antiviral products portfolio includes various HIV products, chronic HBV (Hepatitis B virus) products, and chronic HCV (Hepatitis C virus) products. The antiviral products portfolio accounts for the largest portion of Gilead Sciences’ revenues.

The antiviral products portfolio reported revenues of $5.2 billion during 4Q17—a decline compared to $6.6 billion during 4Q16. The decline in revenues was due to lower sales of Harvoni, Epclusa, Atripla, Truvada, Stribild, Complera, Viread, and Sovaldi. The lower revenues were partially offset by an increase in sales of Genvoya, Descovy, Odefsey, and Vosevi.

The HCV products portfolio reported revenues of $1.5 billion during 4Q17—a 53.7% decline in revenues compared to $3.2 billion during 4Q16. The decline was driven by lower sales of Harvoni, Epclusa, and Sovaldi. The lower revenues were partially offset by strong sales of Vosevi.

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The HIV products portfolio and HBV products portfolio reported revenues of $3.7 billion during 4Q17—10.4% revenue growth compared to $3.4 billion during 4Q16. The growth was due to strong sales of TAF-based products like Genvoya, Descovy, and Odefsey. The revenue growth was partially offset by lower sales of Complera, Truvada, Atripla, and Stribild.

A few other HIV products include Merck’s (MRK) Isentress and drugs like Trizivir, Juluca, and Triumeq from Viiv Healthcare—a joint venture between GlaxoSmithKline (GSK) and Pfizer (PFE).

Other products  

Apart from the antiviral products portfolio, Gilead Sciences has other products like Letairis, AmBisome, Ranexa, and Zydelig. These products reported revenues of $624 million during 4Q17—a marginal increase compared to revenues of $621 million during 4Q16. The growth was driven by strong sales of Letairis and other products. The growth was partially offset by lower sales of Ranexa and AmBisome. Zydelig reported flat revenues of $39 million during 4Q17.

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