Gilead Sciences' lower sales and earnings still well above analysts' expectations

27 July 2017

US anti-virals giant Gilead Sciences (Nasdaq: GILD) late Tuesday posted its financial results for the second quarter of 2017, showing that total revenues were down around 9% at $7.14 billion compared to $7.78 billion in the like quarter of 2016, contradicting consensus analysts’ expectations of an 18% decline.

Net income for the quarter was $3.07 billion, or $2.33 per diluted share, down 12% compared to $3.5 billion, or $2.58 per diluted share in 2016. 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 $3.37 billion, or $2.56 per diluted share, down 16.9% compared to $4.2 billion or $3.08 per diluted share in 2016, also confounding analysts’ forecasts of a drop of 30.2% to $2.15, and leading to a 2.24% rise to $74.19 in Gilead’s share price in after-hours trading.

Raises full-year revenue guidance

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