Gilead Sciences Posts Upbeat Q3 Earnings, Lifts Outlook

reported better-than-expected earnings for the third quarter on Tuesday. The company posted quarterly net income of $4.6 billion, or $3.06 per share, up from $2.7 billion, or $1.67 per share, in the year-ago period. Excluding items, non-GAAP net income, surged to $3.22 per share from $1.84 per share. Its total revenue climbed to $8.3 billion from $6.0 billion. Analysts were expecting earnings of $2.89 per share on revenue of $7.82 billion Total product sales jumped to $8.2 billion from $6.0 billion. Product sales in the U.S. gained to $5.6 billion from $4.2 billion, while product sales in Europe rose to $1.7 billion from $1.4 billion. The average estimate among 299 Estimize users was for earnings of $3.01 per share and revenue of $8.13 billion. As of September 30, 2015, the company had $25.1 billion of cash, cash equivalents and marketable securities, versus $14.7 billion as of June 30, 2015. Gilead raised its FY15 net product sales forecast from $29 billion to $30 billion, to $30 billion to $31 billion. Gilead shares rose 0.05 percent to $111.02 in the after-hours trading session.