Gilead二季度预览称并购IPR&D费用或导致单季大额亏损

Gilead Sciences (GILD) will report second-quarter results on Tuesday, with a likely steep loss driven by a one-time acquisition-related charge. Though the focus would be on HIV and oncology businesses.
Analysts expect Gilead to swing to a loss of $7.25 per share, on revenue of $7.4B, up 4.5% from a year ago.
The expected loss follows Gilead's decision earlier this year to acquire Arcellx, Ouro Medicines, and Tubulis, transactions that will result in about $11.5B of acquired in-process research and development (IPR&D) charges being recognized in the second quarter.
The company has said the upfront charges, together with related financing costs, will reduce full-year non-GAAP earnings by roughly $9.50 per share.
Focus will be on the performance of Gilead's HIV franchise, the company's largest business. The HIV portfolio continues to benefit from patent protection extending into the next decade and remains the primary driver of the company's cash flow.
The company's oncology business will also be in focus as investors assess the commercial trajectory of Trodelvy and progress integrating recently acquired pipeline assets aimed at strengthening Gilead's next generation of cancer and autoimmune therapies.
Gilead's acquisition strategy has increased near-term reported expenses but is intended to expand its pipeline in cell therapy, antibody-drug conjugates, and immunology. Investors will likely seek updates on development timelines and expected milestones for the newly acquired programs.
Over the last 2 years, GILD has beaten EPS estimates 100% of the time and has beaten revenue estimates 88% of the time. Over the last 3 months, EPS estimates have seen 0 upward revisions and 18 downward. Revenue estimates have seen 9 upward revisions and 7 downward.