What factors contributed to Gilead's net profit decline in Q1 2024?

Gilead's net profit decline in Q1 2024 can be attributed to several key factors:

1. **Revenue Decline**: Gilead's fourth-quarter 2023 revenue dipped 4% year-over-year to $7.1 billion. This decline was primarily due to lower sales of HIV drugs and Veklury, an infused drug for hospitalized COVID-19 patients. The decrease in revenue from Veklury, which fell 28% to $720 million, had a significant impact on the overall revenue figures.
2. **Higher Costs and Expenses**: The company's results were impacted by higher total costs and expenses. This indicates that despite the revenue decline, the costs associated with operating the business increased, which negatively affected the net profit margin.
3. **Lower Veklury Revenues**: Veklury, which was a key revenue contributor, saw its sales decline significantly. This was partly offset by higher sales in the oncology segment, but the overall effect of lower Veklury sales had a detrimental impact on the net profit.

In summary, Gilead's net profit decline in Q1 2024 was primarily driven by a combination of lower revenue from key products and increased costs and expenses.