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Investing.com - Shares in Gilead Sciences (NASDAQ:GILD) were higher in extended hours U.S. trading on Friday after the company lifted its full-year financial guidance, thanks in part to steady demand for its HIV treatments.
The company posted adjusted earnings of $2.01 per share on revenue of $7.1 billion, ahead of analysts’ average estimates of $1.96 per share and $6.97 billion in revenue.
Overall HIV product sales grew by 7% to $5.1 billion, helping offset elevated research and development spending.
"Gilead’s HIV business was firing on all cylinders this quarter as both Biktarvy and Descovy performed ahead of consensus expectations," analysts at BMO Capital Markets said in a note. No sales of Yeztugo, an HIV prevention drug approved by U.S. regulators in June, were provided, but the BMO analysts said total HIV sales trends have burnished Gilead’s appeal to investors.
Gilead also raised its full-year forecast, expecting 2025 adjusted income per share of $7.95 to $8.25. Its previous estimates were for $7.70 to $8.10.
Annual product sales are now expected to be between $28.3 billion and $28.7 billion, versus a previous range of $28.2 billion to $28.6 billion.
(Scott Kanowsky contributed reporting.)