Gilead Sciences’ Irish unit has reported a remarkable surge in revenues, thanks to the sales of its Covid-19 medication. According to reports, the company’s Irish operation has reported a whopping 30% jump in revenues, bolstered by strong demand for its newly developed Covid-19 treatment. As the world grapples with the pandemic, Gilead’s life-saving medication has been in great demand, with the company scaling up production to meet the rising needs. The surge in revenues is a testament to the company’s significant contribution to global health during these unprecedented times. In this article, we will take a closer look at how Gilead’s Irish unit has managed to achieve such impressive growth amidst the pandemic.
Gilead Sciences Ireland UC (GSIUC), the main Irish unit of pharmaceutical company Gilead, has paid out $3.05 billion (€2.77 billion) in dividends over the past two years, according to new accounts. GSIUC paid out a dividend of $1.65 billion to parent company Gilead Biopharmaceutics US LLC in 2021, following a $1.4 billion payout in 2020. The company’s corporation tax bill for 2021 stood at $131.1 million, attributed to a $58.46 million corporation tax charge and an additional $129.09 million adjustment for prior periods, which included “complex” issues related to tax authorities. GSIUC’s revenues surged by 30% to $7.28 billion in 2021, largely due to sales of Covid-19 treatment Veklury. Gilead mainly produces drugs to combat HIV and Hepatitis C.
In conclusion, Gilead’s Irish unit has reported a significant surge in revenues due to its successful Covid-19 medication sales. Even in the midst of a global health crisis, Gilead’s commitment to research and development has allowed them to continue making strides in the pharmaceutical industry. The impact of this success is not only evident in their financial growth but also in the lives of individuals benefiting from their vital contribution to treating Covid-19. As the company continues to expand and innovate, it will undoubtedly play an integral role in shaping the future of healthcare worldwide.
