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AmextaFinance > Markets > Stocks > Gilead reports better-than-expected earnings amid strong cancer drug sales
Stocks

Gilead reports better-than-expected earnings amid strong cancer drug sales

News Room
Last updated: 2023/11/08 at 12:49 PM
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© Reuters

Investing.com — Gilead (NASDAQ:) has reported third-quarter results that beat analyst estimates, driven in part by strong sales of its cancer drug and a fall in taxes.

The California-based company reported adjusted earnings per share (EPS) excluding items of $2.29 on revenue of $7.10 billion, topping estimates of $1.91 on revenue of $6.81B.

The beat on the top and bottom line was driven by oncology sales of $769M, up 33% year-over-year in the three months ended on Sept. 30.

Sales of Gilead’s HIV treatment Biktarvy also jumped by 12% to $3.1B, meeting estimates. Meanwhile, sales of its COVID drug Veklury slipped by just under a third to $636M, but still beat forecasts.

“Our clinical momentum […] remains strong,” Chief Executive Officer Daniel O’Day said in a statement.

The group noted that its effective quarterly tax rate dropped to 6.3%, down from 26.6% in the corresponding timeframe last year, due to an agreement with the U.S. Internal Revenue Service over its previous tax years.

“We think Gilead’s third-quarter was a low quality beat as top-line beat was driven by Veklury while bottom-line was helped by one-time tax benefit. While Gilead has catalysts in 2024, we do not see them meaningful enough to get excited here,” analysts at Wells Fargo said in a note.

For the full year, the company now expects adjusted EPS of between $6.65 and $6.85, compared with $6.45 to $6.80 previously, while total product sales were seen at $26.7B to $26.9B, up from its prior guidance of $26.3B to $26.7B.

Shares in Gilead were slightly lower in premarket U.S. trading on Wednesday.

Yasin Ebrahim contributed to this report.

Read the full article here

News Room November 8, 2023 November 8, 2023
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