Gilead’s third-quarter results ‘strongest of the year to date’

7 November 2024

US biotech major Gilead Sciences (Nasdaq: GILD) was trading nearly 2% higher in pre-market on Thursday after announcing its third-quarter financial results and latest guidance for 2024 as a whole.

The Californian company reported that its total quarterly revenue rose 7% compared to the same period in 2023. The $7.5 billion figure exceeded the predictions of analysts. Those surveyed by Zacks expected $6.99 billion.

On a per-share basis, Gilead said it had diluted earnings per share (EPS) of $1 in the third quarter of 2024, compared to $1.73 in the same period in 2023. The decrease was primarily driven by a pre-tax in-process research and development impairment of $1.75 billion, or $1.04 per share net of tax impact, related to assets acquired by the company from Immunomedics, in 2020, as well as higher acquired IPR&D expense.

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