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- While Gilead Sciences’ (NASDAQ:GILD) Q1 2024 financial results beat on both the top and bottom lines, it provided updated 2024 guidance ranges.
- One of those updates was to non-GAAP diluted EPS for the year. The biopharma now sees it coming in at $3.45-$3.85, from $6.85-$7.25 prior. Consensus is $3.93.
- Gilead swung to a diluted EPS loss of $(3.34) in Q1 compared to EPS of $0.80 in the year-ago period. The company explained this was primarily because of an acquired in-process research and development charge of $3.9B, or $3.14 per share, related to its acquisition of CymaBay Therapeutics.
- Also, the company took a pre-tax IPR&D impairment of $2.4B, or $1.46 per share, related to assets acquired from Immunomedics in 2020.
