Gilead Sciences posts higher Q2 profit and revenue on increased sales

By Connor Hart

Gilead Sciences (GILD) posted higher quarterly profit and revenue that beat analysts' expectations on increased sales.

The Foster City, Calif., biopharmaceutical company on Thursday reported second-quarter net income of $1.61 billion, $1.29 a share, up from $1.05 billion, or 83 cents a share, a year earlier.

Adjusted per-share earnings were $2.01, beating analysts' forecast for $1.61, according to FactSet.

Revenue rose 5.4% to $7 billion, primarily driven by higher sales of HIV, liver-disease and oncology products. Analysts surveyed by FactSet expected revenue of $6.7 billion.

For the full year, Gilead now expects per-share earnings of between 0 cents and 30 cents, down from its prior view of between 10 cents to 50 cents. On an adjusted basis, the company expects per-share earnings of $3.60 to $3.90, up from a prior range of $3.45 to $3.85.

Analysts polled by FactSet expect per-share earnings and adjusted per-share earnings of 37 cents and $3.76, respectively, for the year. The company backed its outlook for full-year product sales of $27.1 billion to $27.5 billion.

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08-08-24 1851ET

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