CLAIM #26991 · GILD (GILD) · 2023Q3 earnings call · Nov 7, 2023 · due Dec 31, 2024
“And I think you should expect that not only for the next quarter, but then as we go into 2024.”
Johanna Mercier · CCO
In context
“pricing dynamics that we'd seen in the last couple of quarters, including in 2022, due to the channel mix, kind of begin to normalize, and you should expect to see kind of the same play from Q3 into Q4. One of the reasons for that had to do with some of the channel – specifically around the channel mix to what you referenced, having to do with some of our government channels being less utilized, where we have higher rebates, and therefore we had pricing [favorability] (ph). We believe a lot of that had to do just stabilization post-COVID around employment rates, inflation, et cetera. So we had benefits that we saw over that probably, I would say four quarters to six quarters or so. And as we kind of shared with you in Q2, we are seeing that normalize out for the second half of this year. And I think you should expect that not only for the next quarter, but then as we go into 2024. And therefore, because of all that, we believe that our HIV sales growth is closely mirroring now more of the market and the demand growth, where we're seeing real strength, both from a market standpoint in treatment and prevention, we're seeing about two points to three points growth in the market when you look at retail and non-retail market, and then, of course, 15% growth in the PrEP market. And then from a demand standpoint, I think obviously with BIKTARVY growing at 12 points year-on-year and DESCOVY continuing to hold on to a very strong share over 40% or so in a competitive market with generics and, of course, new formulations. So more to come as we go into Q4, but hopefully that gives you a better picture of some of the mix of channels. Jacquie Ross: Thank you. Maybe I have our n”
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SEC filings for GILD ↗ · Claim quote is verbatim from the 2023Q3 earnings call.