Gilead Sciences Inc. (NASDAQ: GILD) reported fourth-quarter earnings after markets closed on Tuesday. The company posted $2.70 in earnings per share (EPS) and $7.3 billion in revenue, compared with the consensus estimates from Thomson Reuters that called for $2.61 in EPS and $7.15 billion in revenue. The same period from last year had $3.32 in EPS and $8.51 billion in revenue.

In terms of guidance for the 2017 full year, the company expects to see net product sales in the range of $22.5 billion to $24.5 billion. Non-HCV sales are expected to be in the range of $15.0 billion to $15.5 billion, while HCV product sales are expected to be in the range of $7.5 billion to $9.0 billion. The consensus estimates are calling for $10.68 in EPS and $28.07 billion in revenue for the coming year.

The company’s business segments reported:

• HIV and other antiviral product sales for the fourth quarter of 2016 were $3.4 billion, compared to $3.0 billion for the same period in 2015.
• HCV product sales, which consist of Harvoni, Sovaldi and Epclusa, were $3.2 billion for the fourth quarter of 2016, compared to $4.9 billion last year.
• Other product sales, which include Letairis, Ranexa and AmBisome, were $621 million for the fourth quarter of 2016, compared to $523 million.

The Board of Directors also declared an increase of 10% in the company’s quarterly cash dividend, beginning in the first quarter of 2017. The dividend increase will result in a quarterly dividend of $0.52 per share of common stock which is payable on March 30, 2017, to stockholders of record at the close of business on March 16, 2017.

During 2016, Gilead generated $16.7 billion in operating cash flow, utilized $11.0 billion to repurchase 123 million shares of its stock and paid cash dividends of $2.5 billion. On the books, cash, cash equivalents and marketable securities, totaled $32.4 billion at the end of the quarter, versus $26.2 billion in the same period last year.

Shares of Gilead closed Tuesday at $73.13, with a consensus analyst price target of $93.36 and a 52-week trading range of $69.78 to $103.10. Following the release, the stock was initially down nearly 4% at $70.38 in the after-hours trading session.

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