Gilead Sciences' disappointing 2nd-qtr results see the firm's shares fall

26 July 2016

US biotech major Gilead Sciences (Nasdaq: GILD) saw its shares fall as much as 5% to $84.10 in after-hours trading on Monday, after the company reported second-quarter 2016 results that were just shy of analysts’ predicted slowdown, but still disappointed, as the company also cut back forecasts of sales expectations.

Gilead said that adjusted earnings per share came in at $3.08 on revenue of $7.78 billion, down 4.9%. Analysts were looking for EPS of $30.1 on revenue of $7.8 billion compared to $8.2 billion in 2015.

Non-generally-accepted accounting principles (GAAP) net income, which excludes amounts related to acquisition-related, up-front collaboration, stock-based compensation and other expenses, was $4.2 billion in the 2016 second quarter compared to $4.8 billion or $3.15 per diluted share in 2015.

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