Gilead Sciences Inc.’s results for the first three months of the year beat Wall Street targets, driven by a 28% profit increase.
The company reported a first-quarter profit of $1.98 billion, or $1.54 a share, compared with $1.54 billion, or $1.17 a share, a year earlier. On an adjusted basis, profit rose to $1.76 a share from $1.48 a share a year earlier.
Revenue rose to $5.28 billion.
Analysts surveyed by FactSet had projected $1.26 a share, or $1.61 a share as adjusted, on $5.3 billion in revenue.
Chronic hepatitis C products brought in $790 million in the most recent period, down from $1 billion a year earlier, while HIV product sales rose to $3.6 billion, from $3.2 billion a year earlier.
Sales of its CAR-T therapy Yescarta, which the company had hoped would help offset the hepatitis C drug sales decline.
Yescarta brought in $264 million in 2018, below analysts’ projected $271 million.
In the most recent period, Gilead said Yescarta accounted for $96 million in sales, more than double from the year earlier, but still shy of analysts’ projected $98.5 billion.
Gilead affirmed its annual forecast of $21.3 billion to $21.8 billion in net product sales. The guidance reflects the anticipated entry of generic versions of Letairis and Ranexa in the U.S. and the full-year impact from generic products containing tenofovir disoproxil fumarate in some European countries.
Gilead Sciences Inc.’s results for the first three months of the year beat Wall Street targets, driven by a 28% profit increase.
The company reported a first-quarter profit of $1.98 billion, or $1.54 a share, compared with $1.54 billion, or $1.17 a share, a year earlier. On an adjusted basis, profit rose to $1.76 a share from $1.48 a share a year earlier.
Revenue rose to $5.28 billion.
Analysts surveyed by FactSet had projected $1.26 a share, or $1.61 a share as adjusted, on $5.3 billion in revenue.
Chronic hepatitis C products brought in $790 million in the most recent period, down from $1 billion a year earlier, while HIV product sales rose to $3.6 billion, from $3.2 billion a year earlier.
Sales of its CAR-T therapy Yescarta, which the company had hoped would help offset the hepatitis C drug sales decline.
Yescarta brought in $264 million in 2018, below analysts’ projected $271 million.
In the most recent period, Gilead said Yescarta accounted for $96 million in sales, more than double from the year earlier, but still shy of analysts’ projected $98.5 billion.
Gilead affirmed its annual forecast of $21.3 billion to $21.8 billion in net product sales. The guidance reflects the anticipated entry of generic versions of Letairis and Ranexa in the U.S. and the full-year impact from generic products containing tenofovir disoproxil fumarate in some European countries.
