Gilead Misses Revenue Estimates, Cuts Guidance
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.
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