Gilead reported third quarter earnings and revenue that were lower than last year but topped expectations and it raised its guidance for the full year.
The pharmaceutical company reported earnings per share of $1.90 on revenue of $7 billion. Analysts polled by Investing.com anticipated EPS of $1.52 on revenue of $6.13 billion.
Gilead shares jumped 2.5% in after-hours trading. They are down 3% from the beginning of the year, and 5.29% from its 52-week high of $74.12 set on Dec. 30, 2021.
The total third quarter revenue was down 5% from last year because of lower sales of its Covid anti-viral treatment remdesivir, partially offset by increased sales in HIV and oncology products. Sales of Biktarvy, its HIV treatment, rose 22%. Profit was down 28%.
It raised its full year outlook for total product sales to between $25.9 billion and $26.2 billion, compared with previous guidance for $24.5 billion and $25.0 billion. It also forecasts full year adjusted earnings per share between $6.95 and $7.15, compared with $6.35 and $6.75. Full year earnings per share are forecast to be between $3.35 and $3.55, compared to $2.90 and $3.30 previously.
