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Gilead Sciences, Inc. (NASDAQ: GILD) released its Q2 results after market close on Monday. Earnings per share came in above Wall Street consensus expectations, however, the company lowered sales guidance, sending shares down 4 percent.
Gilead reported EPS of $3.08 and revenues of $7.776 billion. Analyst consensus had an EPS estimate of $3.02 and $7.79 billion in revenue. The company cut FY16 sales guidance from $30-$31 billion to $29.5-$30.5 billion.
HIV and other antiviral product sales were $3.1 billion compared to $2.7 billion year-over-year, primarily due to increases in TAF based products such as Genvoya and Descovy.
The report came after Gilead reported multiple positive developments in July:
- July 8: Gilead received European Commission authorization for Epclusa.
- July 14: Epclusa received approval in Canada
- July 21: Gilead's Odefsey met primary 48-week objective in two phase 3b studies.
At time of writing, Gilead traded at $85.42 in Monday's after-hours session, down 3.3 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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