Gilead Sciences Inc. shares slipped in the extended session Thursday even as the biotech drug maker reported quarterly results that topped Wall Street estimates and hiked its outlook for the year.
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The company reported third-quarter net income of $2.59 billion, or $2.05 a share, compared with $360 million, or 29 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.65 a share, compared with $2.11 a share in the year-ago period.
Revenue rose to $7.42 billion from $6.58 billion in the year-ago quarter. About $1.9 billion in sales were from the company’s drug Veklury, which is being used to treat COVID-19.
Analysts surveyed by FactSet had forecast $1.76 a share on revenue of $6.29 billion.
Gilead hiked its forecast for the year to an earnings range of $7.90 and $8.10 a share, up from a previous $6.90 to $7.25 a share, and revenue between $26 billion and $26.3 billion, compared with a previous forecast of $24.4 billion to $25 billion. Analysts had forecast $7.23 a share on revenue of $25.24 billion.
The company said sales of Veklury are expected to come in at between $4.5 billion to $4.8 billion, compared with a previous estimate of $2.7 billion to $3.1 billion, based on a “surge in COVID-19 hospitalizations in the third quarter 2021, and our expectations for a significant step-down in hospitalization rates in the fourth quarter 2021.”
