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Gilead (GILD) Shares Pop on Q2 Earnings and Revenue Beats

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Gilead Sciences (GILD - Free Report) just released its second-quarter financial results, posting non-GAAP diluted earnings of $2.56 and revenues of $7.14 billion. Currently, GILD is a Zacks Rank #3 (Hold) and is up 2.44% to $76.00 per share in trading shortly after its earnings report was released.

Gilead:

Beat earnings estimates. Gilead reported GAAP diluted earnings of $2.33 per share and non-GAAP diluted earnings of $2.56 per share. Adjusting for stock option expenses, the company posted earnings of $2.51 per share, beating the Zacks Consensus Estimate of $2.11.

Beat revenue estimates. The company saw revenue figures of $$7.141 billion, crushing our consensus estimate $6.359 billion.

Total product sales came in at $7.05 billion for the quarter, while royalty, contract, and other revenues totaled $95 million. Revenues were down about 6.7% from the prior-year quarter.

Antiviral product sales, which include sales of HIV, chronic hepatitis B (HBV), and chronic hepatitis C (HCV) products totaled $6.4 billion, down from $7.1 billion in the same period last year. The slump in this unit was due to lower sales of HCV products, while sales of HIV and HBV products actually grew year-over-year.

Research and development expenses came in at about $864 million, which was down from $1.48 billion last year.

Gilead updated its full-year guidance. The company now expects revenues in the range of $24 - $25.5 billion, up from its previously announced range of $22.5 - $24.5 billion.

Here’s a graph that looks at Gilead’s recent earnings performance:

Gilead Sciences, Inc. Price, Consensus and EPS Surprise

Gilead Sciences, Inc. Price, Consensus and EPS Surprise | Gilead Sciences, Inc. Quote

Gilead Sciences, Inc. is an independent biopharmaceutical company that seeks to provide accelerated solutions for patients and the people who care for them. They have a broad-based focus on developing and marketing drugs to treat patients with infectious diseases, including viral infections, fungal infections and bacterial infections, and a specialized focus on cancer.

Check back later for our full analysis on GILD’s earnings report!

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