Gilead Sciences has posted a net income of $2.17bn for the third quarter (Q3) of 2023 compared with $1.78bn in the same quarter of the previous year.

For the quarter ended 30 September 2023, diluted earnings per share (EPS) attributable to Gilead rose to $1.73 against $1.42 in the same quarter of 2024.

Non-GAAP [generally accepted accounting principles] diluted EPS also grew from $1.90 in Q3 2022 to $2.29 in Q3 2023. 

Gilead attributed the rise in GAAP and non-GAAP diluted EPS chiefly to reduced tax expenses partly offset by increased net total expenditures. 

Total revenues during the quarter stood at $7.05bn compared with $7.04bn during the same quarter of 2022. 

The rise in sales of oncology and HIV products contributed to the revenue offset by reduced sales of Covid-19 treatment, Veklury (remdesivir), and chronic hepatitis C virus products.

Total product sales excluding Veklury grew by 5% to $6.35bn from $6.05bn in Q3 2022.

The company declared cash dividends per share of $0.75 for the quarter compared with $0.73 in the same quarter of 2022.

Gilead Sciences chairman and CEO Daniel O’Day stated: “Gilead has now delivered two years of consistent growth in our base business. In the third quarter, this continued growth was driven by both virology and oncology. 

“Our clinical momentum also remains strong, and highlights this quarter included new data on Trodelvy with pembrolizumab in first-line metastatic non-small cell lung cancer.”

In August 2023, the company reported a net income of $1.03bn in Q2 2023 versus $1.13bn in Q2 2022, indicating a drop of 8.45%.