Gilead Earnings Beat Not Enough For Investors
Gilead reported its most recent quarterly results after the markets closed on Wednesday. The major biotech posted $1.91 in earnings per share (EPS) and $5.65 billion in revenue, versus with consensus estimates that called for $1.56 in EPS and $5.21…
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Gilead Sciences, Inc. (NASDAQ: GILD) reported its most recent quarterly results after markets closed Wednesday. The major biotech posted $1.91 in earnings per share (EPS) and $5.65 billion in revenue, versus consensus estimates that called for $1.56 in EPS and $5.21 billion in revenue. The second quarter from last year had $2.56 in EPS and $7.14 billion in revenue.
HIV product sales were $3.7 billion for the second quarter compared to $3.2 billion for last year. The increase was primarily due to the continued uptake of products containing emtricitabine (FTC) and tenofovir alafenamide (TAF), which include Biktarvy, Descovy, Genvoya, and Odefsey.
Chronic hepatitis C (HCV) product sales were $1.0 billion for the second quarter of 2018 compared to $2.9 billion. These consisted of Epclusa, Harvoni, Vosevi, and Sovaldi. The decline was primarily due to lower sales of Harvoni, Epclusa, and Sovaldi across all major markets as a result of increased competition.
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Yescarta, which was launched in the United States in October 2017, generated $68 million in sales during the second quarter.
Separately, other product sales were $807 million for the quarter, versus $932 million last year.
Looking ahead to the 2018 full year, the company now expects to see net product sales in the range of $20 billion to $21 billion. The consensus estimates are calling for $6.18 in EPS and $20.81 billion in revenue for the full year.
Shares of Gilead closed Wednesday at $78.92, with a consensus analyst price target of $86.17 and a 52-week range of $64.27 to $89.54. Following the announcement, the stock was down 1% at $77.99 in the after-hours trading session.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
