Gilead Sciences Inc. (GILD) posted revenue of $7.42 billion beating estimates of by $922 million, with an EPS of $1.88.
Gilead Sciences Inc. (GILD) posted earnings for the quarter ended 30 September 2022, with revenue of $7 billion, beating estimates by $922 million. The company’s revenue for the latest quarter was 12% higher than revenue from the previous quarter but dropped by -5% on a year-on-year comparison. The rise in revenue was attributed to a growth in total product sales by 11% ($6.1 billion), excluding the drug Veklury, which is used for the treatment of COVID 19, whose sales fell 52%. Net income was $1.78 billion, falling short of analyst estimate by $38 million, below last quarter’s net income of $1.8 billion, and nearly -40% down from last year’s net income of $2.91 billion.
Daniel Day, Chairman and CEO of GILD commented on the company’s performance, “This was another very strong quarter across the business”, further adding,” Overall, we are seeing terrific progress from a commercial and clinical perspective and look forward to building on this momentum.” The company provided improved guidance on sales for the full year to range between $25.9 to $26.2 billion.
EPS was $1.88, exceeding analyst estimates of $1.43 but –18% less than last year’s EPS of $2.30 for the same period. GILD’s share price rose +2.85% in after hours trading before closing at $70.2. Analysts hold a moderate view of the stock, with 43% recommending a buy, 53% recommending hold while the remaining recommend sell, with a consensus next twelve months share price of $72.82.
