Gilead Ticks Higher After Q2 Earnings Beat

Gilead Sciences, Inc. GILD shares are slightly higher after reporting a second-quarter earnings beat.

Adjusted earnings came in at $1.82, beating estimates by 10 cents. Sales came in at $5.685 billion, beating estimates by $175 million.

The company raised 2019 product sales guidance from $21.3 billion-$21.8 billion to $21.6 billion-$22.1 billion.

"I am very pleased with Gilead's performance and our ability to continue to reach patients around the world with our medicines. I am also very excited about the progress we are making to strengthen our pipeline, including the recently announced Galapagos collaboration, to bring forward our next generation of products," said CEO Daniel O'Day.

"We saw strong revenue growth quarter-over-quarter, primarily driven by our HIV medicines and the rapid adoption of Biktarvy. Based on this momentum and our confidence in the outlook for the coming months, we are raising our full-year product sales guidance for 2019."

Highlights

• Total product sales increased $100 million year-over-year
• HIV product sales were $4 billion, up from $3.7 billion year-over-year

Gilead shares traded up about 1% at $67.75 in the after-hours session.

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