Gilead Earnings Meet Expectations, but Stock Falls

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Gilead Sciences Stock Falls as Earnings Meet Expectations

The biotech firm Gilead Sciences reported earnings on Thursday evening that met Wall Street expectations, but the stock slipped immediately after the results.

Gilead Earnings Meet Expectations, but Stock Falls

The company also announced a fourth-quarter dividend of 63 cents per share, in line with expectations.

http://investors.gilead.com/static-files/33962613-210a-48f0-bacc-2dcf83d686e5 http://investors.gilead.com/news-releases/news-release-details/gilead-sciences-announces-fourth-quarter-2019-dividend https://www.barrons.com/articles/gilead-reports-earnings-tomorrow-heres-what-to-expect-51571830201 mailto:josh.nathan-kazis@barrons.com Gilead Earnings Meet Expectations, but Stock Falls By Josh Nathan-Kazis Photograph by David Paul Morris/Bloomberg

The biotech firm Gilead Sciences reported earnings on Thursday evening that met Wall Street expectations, but the stock fell 1.7% immediately after the results.

The company reported adjusted earnings per share of $1.75 for the third quarter, a cent higher than the FactSet consensus estimate of $1.74 per share. The company reported sales of $5.5 billion, just below the FactSet consensus estimate of $5.6 billion.

Gilead (ticker: GILD) slightly adjusted its full-year 2019 guidance, estimating sales of between $21.8 and $22.1 billion. It had previously guided toward sales of between $21.6 and $22.1 billion.

The company also announced a fourth-quarter dividend of 63 cents per share, in line with expectations.

The back story. Shares of Gilead were up 5.5% on the year as of market close on Thursday. The company has recently completed a transition of its top executive leadership.

What’s new. The company reported $4.2 billion in sales of its HIV products for the quarter, up from $3.7 billion in the same quarter last year. Gilead said the growth was due to volume increase attributed to uptake of Biktarvy, which went on the market last year.

The company attributed a drop in sales of its hepatitis C drugs to increased competition. And said that sales of Yescarta, a cancer drug, were up due to expansion in Europe, among other reasons.

The company said it had $25.1 billion in cash and cash equivalents.

Looking forward. Gilead is holding an investor call at 4:30 p.m. ET.

Write to Josh Nathan-Kazis at josh.nathan-kazis@barrons.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.