Gilead Sciences has reported net income attributable to the company at $1.61bn, up from $1.04bn in the corresponding quarter of the previous year.

But the company posted a net loss of $2.55bn for six months ended 30 June 2024, a stark contrast to the net income of $2.05bn reported in the same period of 2023.

Despite this six-month setback, Gilead's total revenue for the second quarter increased by 5% to $6.95bn, compared to $6.59bn in the same period of the previous year.

The revenue growth was primarily driven by higher product sales across key therapeutic areas, including HIV, liver disease and oncology.

For the first half of 2024, Gilead's revenue reached $13.64bn, a 5% increase from $12.95bn reported in the first half of 2023.

Gilead's operating cash flow stood at $1.3bn during Q2 2024.

The company's total product sales for the quarter saw a 5% increase to $6.9bn, compared to $6.5bn in the second quarter of 2023.

Excluding sales of Veklury, Gilead's total product sales experienced a 6% rise to $6.7bn in the second quarter, relative to the same period of the previous year.

This growth was largely attributed to the increased sales in the therapeutic categories.

Gilead chairman and CEO Daniel O’Day stated: “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.

“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.”

In 2023, Gilead acquired biotech company XinThera to bolster its oncology and inflammation pipeline.