Gilead Sciences 3rd-qtr sales rocket 38%, beating expectations

USA-based Gilead Sciences (Nasdaq: GILD) posted financial results for the third quarter of 2015, after markets closed on Tuesday, showing that total revenues rocketed more than 38% to $8.3 billion compared to $6.0 billion in the like 2014 period, beating the Zacks analysts’ estimate of $8.075 billion, and well above Wall Street consensus forecasts for $7.8 billion.

Gilead, now the world’s largest biotech firm by sales, said that net income was $4.6 billion, or $3.06 per diluted share in 2015, compared to $2.7 billion or $1.67 per diluted share in 2014. Non-generally-accepted accounting principles (GAAP) net income, which excludes amounts related to acquisition, restructuring, stock-based compensation and other, was $4.8 billion, or $3.22 per diluted share in 2015, compared to $3.0 billion or $1.84 per diluted share in the like 2014 quarter. Analysts had expected the company to earn $2.89 per share, according figures compiled by Thomson Reuters.

Gilead’s shares were up 2.28%, to $111.05 as of 4:18 PM ET in regular trading shortly after its earnings report was released, but were down 2% at $108.75 after hours.