Gilead rises sharply on revenue and earnings beats
US biotech major Gilead Sciences (Nasdaq: GILD) is trading 7% higher during Wednesday’s late morning trading in New York after presenting its financial results for the second quarter of 2022.
Quarterly revenue rose marginally to $6.26 billion, exceeding the Zacks consensus estimate by nearly 7%, while the $1.58 earnings per share figure, adjusted for non-recurring items, beat a Wall Street estimate of $1.51 despite being 13% below the $1.81 total of the same period in 2021.
"This was a very strong quarter for Gilead, with solid commercial and clinical execution"The earnings decline was attributed to an upfront payment to collaboration partner Dragonfly Therapeutics along with an HIV drug Biktarvy (bictegravir 50mg/emtricitabine 200mg/tenofovir alafenamide 25mg)-related royalty expense that began in the first quarter of 2022, offset partially by higher revenues.
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