Gilead Sciences Inc. (NYSE: GILD) beat market estimates for revenue and earnings in the second quarter of 2019. Shares were down 0.21% in aftermarket hours on Tuesday.
Total revenues inched up by 1.7% to $5.7 billion from the year-ago quarter, beating estimates of $5.5 billion.
GAAP net income was $1.9
billion, or $1.47 per share, compared to $1.8
billion, or $1.39 per share, in the prior-year quarter. Adjusted net
income totaled $2.3 billion, or $1.82 per share, topping forecasts of $1.72 per share.
Total product sales were $5.6 billion in the second
quarter compared to $5.5 billion last year. HIV product sales increased 8%
year-over-year to $4 billion, helped by higher sales volume and the continued
uptake of Biktarvy.
HCV product sales dropped to $842 million from $1
billion last year, due to competitive dynamics such as US Medicare price
declines and lower patient starts. Other product sales fell 25% to $604 million,
mainly due to declines in Ranexa and Letairis sales.
R&D expenses decreased slightly to $1.16 billion
from $1.19 billion last year, mainly due to the 2018 impacts from the company’s
purchase of a US
FDA Priority Review Voucher and stock-based
compensation expense.
Based on favorable demand trends seen in the first
half of 2019, Gilead raised its full year 2019 guidance. The company now expects
net product sales of $21.6 billion to $22.1 billion versus the previous range
of $21.3 billion to $21.8 billion.
Gilead declared a dividend of $0.63 per share of common stock for the third quarter of 2019, payable on September 27, 2019, to stockholders of record on September 13, 2019.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.