Gilead Sciences (NASDAQ: GILD) failed to impress investors with its latest earnings report released on Oct. 24. Not only did the company's revenues remain pretty much flat compared to the year-ago period, but the pharma giant's GAAP net income of more than $2 billion in Q3 2018 turned into a net loss this time around. This is nothing new for Gilead: The company has been struggling mightily over the past few years as its hepatitis C business is not performing nearly as well as it used to. Gilead's shares have been on a downward spiral since mid-2015. Perhaps the sole bright spot of the company's business, though, is its HIV lineup.
During the third quarter, sales of Gilead's Hepatitis C Virus (HCV) were $674 million, compared to $902 million in the third quarter of 2018, which amounts to a decline of about 26% year over year. The company blamed "competitive dynamics" for the decline in its HCV sales.
By contrast, revenues from its HIV products went in the opposite direction, up 13% year over year. It is important to note that sales of its HIV products, the main one being Biktarvy, now account for the majority of Gilead's revenues. During the third quarter, they made up around 76% of the company's total product sales. Perhaps Gilead's growing HIV sales will carry the torch from here on out and prevent the company from posting perpetually poor revenue figures.