Biopharmaceutical company Gilead Sciences Inc (NASDAQ: GILD) Thursday said its first-quarter earnings increased, aided by higher revenues. The results also exceeded the market’s prediction. The company did not provide guidance for fiscal 2020, due to the coronavirus-driven uncertainty.
First-quarter adjusted earnings increased to $1.68 per share from $1.67 per share a year earlier. Analysts were looking for a smaller bottom-line number.
Net income, on an unadjusted basis, came in at $1.55 billion or $1.22 per share, compared to $1.98 billion or $1.54 per share in the prior-year period. The improvement primarily reflects favorable tax effects and gains from equity securities.
Revenues moved up 5% year-over-year to $5.55 billion and exceeded the market’s prediction. The company’s stock closed Thursday’s regular trading higher, hut slipped into the negative territory during the after-hours session.