By Deena Beasley
(Reuters) – Gilead Sciences reported third-quarter financial results that handily beat Wall Street expectations on Wednesday as sales climbed 7%, leading the drugmaker to raise its outlook for full-year earnings.
The Foster City, California-based company posted an adjusted quarterly profit of $2.02 per share on revenue of $7.5 billion, ahead of average analyst estimates of $1.55 per share and $7 billion, according to LSEG data.
Due to “the strength of our overall business model … we’re increasing our 2024 guidance across every metric,” Gilead Chief Executive Officer Daniel O’Day told Reuters.
Gilead said net earnings for the quarter fell to $1.00 per share, from $1.73 a year earlier, due in part to a $1.75 billion impairment charge related to its 2020 acquisition of cancer drug developer Immunomedics.
Third-quarter sales of HIV drug Biktarvy rose 13% to $3.5 billion while sales of COVID-19 treatment Veklury rose 9% to $692 million.
Oncology sales were up 6% to $816 million, while liver disease drugs brought in $733 million, up 4% from a year ago.
For full-year 2024, Gilead raised its product sales forecast to a range of $27.8 billion to $28.1 billion from a previous view of $27.1 billion to $27.5 billion. The company now expects an adjusted profit of $4.25 to $4.45 per share, up from $3.60 to $3.90.
Analysts have projected full-year earnings of $3.81 per share on revenue of $27.72 billion.
(Reporting by Deena Beasley; Editing by Bill Berkrot)
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