Earnings Results: Gilead shares fall after mixed results, as weaker COVID-19 drug remand weighs

by | Apr 27, 2023 | Stock Market

Gilead Sciences Inc. on Thursday cut one of its profit forecasts and reported first-quarter profit that missed expectations, with weaker demand for its COVID-19 drug weighing on results. The company reported first-quarter net income of $985 million, or 80 cents a share, compared with $12 million, or two cents a share, in the same quarter last year. Revenue fell 4% to $6.35 billion, compared with $6.59 billion in the prior-year quarter.

Adjusted for acquisition-related amortization and costs, along with losses from securities, Gilead
earned $1.37 a share, compared with $2.12 a year ago. Analysts polled by FactSet expected adjusted earnings per share of $1.54, on revenue of $6.33 billion. Gilead said it expected between $26 billion and $26.5 billion in sales for the full year, unchanged from its prior outlook. It also stuck with its outlook for adjusted earnings per share of between $6.60 and $7. On a GAAP basis, Gilead said it expected earnings per share of $4.75 to $5.15, down from a prior outlook for a range of between $5.30 and $5.70. For the full year, FactSet estimates call for adjusted earnings per share of $6.85, on revenue of $26.74 billion. For the second quarter, forecasts were for earnings per share of $1.71 and sales of $6.46 billion. …

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