Gilead Crushes On Earnings, Quickly Gives Up Gains
Shares of Gilead Sciences (NASDAQ: GILD) traded up sharply before turning back, remaining up 1.18 percent to $72.86 in Tuesday's post market session after blowing away analysts' first quarter estimates.
The company reported earnings per share of $1.48 versus the $0.92 estimate. Revenue came in at $5 billion, almost a 100 percent increase year over year.
U.S. product sales for the first quarter rose to $3.63 billion, up over 259 percent compared to the same quarter in 2013 where the company reported a figure of $1.4 billion.
In Europe, product sales increased to $1.02 billion, up over 22 percent from 2013.
For individual product sales, Gilead reported Sovaldi sales at $2.27 billion, crushing estimates of $1.13 billion, while Atripla sales came in at $779.6 million, missing expectations of $888.6 million.
Truvada also missed expectations, with sales coming in at $759.7 million versus the expected $765.6 million.
Non-GAAP research and development (R&D) expenses increased due to the progression of Gilead's clinical studies, particularly in oncology and HIV.
Gilead reiterated full year 2014 guidance.
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