By Liz Moyer
Investing.com — Gilead Inc (NASDAQ:GILD) reported lower third-quarter earnings and revenue than a year ago but beat expectations and raised its full-year guidance.
The pharmaceutical company reported earnings per share of $1.90 on revenue of $7 billion. Analysts polled by Investing.com expected EPS of $1.52 on revenue of $6.13 billion.
Gilead shares jumped 2.5% in after-hours trading. They are down 3% year-to-date and 5.29% from its 52-week high of $74.12 set on December 30, 2021.
Total third-quarter revenue was down 5% from a year ago due to lower sales of its Covid antiviral treatment remdesivir, partially offset by higher sales of HIV products and oncology. Sales of Biktarvy, its HIV treatment, increased by 22%. Profit fell 28%.
It raised its full-year outlook for total product sales to between $25.9 billion and $26.2 billion, up from a previous forecast of $24.5 billion and $25.0 billion. of dollars. It also forecast full-year adjusted earnings per share of $6.95 to $7.15, down from $6.35 and $6.75. Annual earnings per share are expected to be between $3.35 and $3.55, compared to $2.90 and $3.30 previously.
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