The Los Angeles Post
U.S. World Business Lifestyle
Today: April 04, 2025
Today: April 04, 2025

Gilead quarterly results beat Street estimates as profit up on lower taxes

FILE PHOTO: Gilead Sciences Inc pharmaceutical company is seen during the outbreak of the coronavirus disease (COVID-19), in California
April 26, 2024
Deena Beasley - Reuters

By Deena Beasley

(Reuters) - Drugmaker Gilead Sciences on Tuesday said third-quarter sales were little changed from a year earlier, but earnings rose 21% due mainly to lower taxes.

The Foster City, California-based company reported a quarterly profit of $2.29 per share excluding items, on total revenue of $7.1 billion, up from $1.90 a share on revenue of just over $7 billion in the year-ago quarter.

Wall Street analysts had expected an adjusted profit of $1.92 per share on revenue of $6.8 billion, according to LSEG data.

Sales of HIV drug Biktarvy rose 12% to $3.1 billion, which was in line with analysts' estimates. Sales of COVID drug Veklury fell 31% to $636 million, but still came in well above Wall Street expectations of $363 million.

Oncology sales rose 33% to $769 million.

"We are seeing strong growth in our core base business, driven by Biktarvy in HIV and Trodelvy in cancer," Gilead CEO Daniel O'Day said in an interview.

He noted that Gilead will be announcing results from several pivotal-stage clinical trials next year, including Trodelvy as a first-line treatment for lung cancer and oral antiviral obeldesivir as a treatment for COVID.

Gilead said its effective tax rate for the third quarter dropped to 6.3% from 26.6% for the same period in 2022, primarily due to a decrease in tax reserves related to a settlement with the U.S. Internal Revenue Service for prior tax years.

For 2024, Gilead said it continues to expect a tax rate of 16% percent.

Gilead raised its full-year forecast for adjusted earnings and now expects $6.65 to $6.85 per share, up from $6.45 to $6.80. The company also increased its 2023 revenue estimate to a range of $26.7 billion to $26.9 billion from a previous forecast of $26.3 billion to $26.7 billion.

(Reporting By Deena Beasley; Editing by Bill Berkrot)

Related Articles

US FDA approves Vertex's non-opioid painkiller FDA approves injectable version of Bristol Myers Squibb's cancer drug Opdivo Gilead appoints Sanofi official Dietmar Berger as next chief medical officer Trump, RFK Jr. met with Pfizer, Lilly executives, Axios reports
Share This

Popular

Business|Political|US|World

Putin envoy on why Americans should believe there will be an outcome in war

Putin envoy on why Americans should believe there will be an outcome in war
Business|Economy|Political|US

Richard Quest explains who feels the immediate impact of Trump tariffs

Richard Quest explains who feels the immediate impact of Trump tariffs
Business|Crime|Economy|Europe|Finance

Scor says it was placed under examination for allegations against former chair

Scor says it was placed under examination for allegations against former chair
Asia|Business|Economy|Finance|Stock Markets

Investors react to global selloff as Japan banks tank

Investors react to global selloff as Japan banks tank

Economy

Business|Economy|Europe|Finance|Political|Stock Markets

European banks extend losses amid tariff selloff

European banks extend losses amid tariff selloff
Business|Economy|Political|Stock Markets|US

Trump's latest tariff threat ends brief reprieve for Indian pharma stocks

Trump's latest tariff threat ends brief reprieve for Indian pharma stocks
Business|Economy|Europe|Finance|Stock Markets

European shares drop at the end of brutal week after Trump's tariff blow

European shares drop at the end of brutal week after Trump's tariff blow
Business|Economy|Lifestyle

Delivery boom draws Russians to courier jobs in search of extra cash

Delivery boom draws Russians to courier jobs in search of extra cash

Access this article for free.

Already have an account? Sign In