Gilead Sciences, Inc. (GILD) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 27, 2023 4:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, everyone, and welcome to the First Quarter 2023 Gilead Sciences Earnings Conference Call. My name is Nadia, and I'll be coordinating the call today.

I will now hand over to your host, Jacquie Ross, Vice President, Investor Relations to begin. Jacquie, please go ahead.

Jacquie Ross - VP, IR

Thank you, operator, and good afternoon, everyone. Just after market closed today, we issued a press release with earnings results for the first quarter of 2023. The press release, slides and supplemental data are available on the Investors section of our website at gilead.com. The speakers on today's call will be our Chairman and Chief Executive Officer, Daniel O'Day; our Chief Commercial Officer, Johanna Mercier; our Chief Medical Officer, Merdad Parsey; and our Chief Financial Officer, Andrew Dickinson.

Before we get started, let me remind you that we will be making forward-looking statements, including those related to Gilead's business, financial condition, and results of operations, plans and expectations with respect to products, product candidates, corporate strategy, business and operations, financial projections, and the use of capital, and 2023 financial guidance, all of which involve certain assumptions, risks, and uncertainties that are beyond our control and could cause actual results to differ materially from these statements. A description of these risks can be found in the earnings press release and our latest SEC disclosure documents. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation to update any such forward-looking statements.

Non-GAAP financial measures will be used to help you understand the company's underlying business performance. The GAAP to non-GAAP reconciliation is provided in the earnings press release, in our supplementary data sheet, as well as on the Gilead website.

With that, I'll turn the call over to Dan.

Daniel O'Day - Chairman and CEO

Thank you, Jacquie, and good afternoon, everyone. The Gilead team continued its track-record of strong commercial and clinical execution in the first quarter of 2023. Our base business grew at 15% excluding Veklury, with total product sales of $6.3 billion, reflecting outperformance across the portfolio. On a year-over-year basis, roughly two-thirds of the $735 million increase in our base business sales were driven by HIV and the other third was driven by oncology. Once again, we're seeing the tangible impact of our transformation, and the successful diversification of our business.