Gilead Sciences Stock Slides After Hours On Q3 Report - Here's Why

Gilead Sciences, Inc. GILD shares are volatile in Tuesday's after-hours session on the heels of the company's third-quarter earnings report.

What To Know: Gilead reported quarterly earnings of $2.29 per share, which beat the analyst consensus estimate of $1.92, a 20.53% increase over earnings of $1.90 per share from last year.

The company reported quarterly sales of $7.10 billion, which beat the analyst consensus estimate of $6.80 billion, a 0.82% increase over sales of $7.04 billion in the same period last year.

Gilead also outlined the sales performances of its various products, including a 4% year-over-year increase in HIV product sales, reaching $4.7 billion.

The Liver disease portfolio sales decreased 10% year-over-year to $706 million, as higher HCV patient starts were more than offset by unfavorable pricing dynamics, primarily due to the resolution of a rebate claim in HCV in the third quarter of 2022. Cell Therapy product sales increased 22% to $486 million.

Outlook: Gilead anticipates full-year 2023 Total Product Sales of $26.7 billion and $26.9 billion, an increase from previous guidance of $26.3 billion to $26.7 billion.

Full-year 2023 earnings are estimated to be between $6.65 and $6.85 per share versus the consensus of $6.25.

"Gilead has now delivered two years of consistent growth in our base business. In the third quarter, this continued growth was driven by both Virology and Oncology," said Daniel O'Day, Gilead's Chairman and CEO.

"Our clinical momentum also remains strong, and highlights this quarter included new data on Trodelvy with pembrolizumab in first-line metastatic non-small cell lung cancer. In Virology, we completed enrollment for Phase 3 trials of lenacapavir for HIV prevention and oral obeldesivir for COVID-19. We are looking forward to advancing these and other potential new options for patients over the coming months."

GILD Price Action: Shares of GILD were down 1.27% at $79.60 in the after-hours session at the time of publication, according to Benzinga Pro.