FOSTER CITY, Calif. - Gilead Sciences (NASDAQ:GILD) reported better-than-expected third quarter results and raised its full-year guidance, sending shares up 2.5% in after-hours trading on Wednesday.
The biopharmaceutical company posted adjusted earnings per share of $2.02, surpassing analyst estimates of $1.51. Revenue grew 7% year-over-year to $7.54 billion, also beating expectations of $7.01 billion.
Gilead's HIV franchise continued to drive growth, with sales increasing 9% to $5.1 billion. The company's blockbuster HIV drug Biktarvy saw sales jump 13% to $3.5 billion.
"Gilead's third quarter results are the strongest of the year to date, with 7% year-over-year revenue growth, including 13% year-over-year growth for Biktarvy," said Daniel O'Day, Gilead's Chairman and CEO.
The company raised its full-year 2024 guidance, now expecting adjusted EPS of $4.25-$4.45, up from its previous outlook of $3.60-$3.90 and above the $3.81 consensus. Gilead also boosted its revenue forecast to $27.8-$28.1 billion from $27.1-$27.5 billion previously.
O'Day said Gilead is "excited to further increase our impact for patients and communities in the months ahead," highlighting momentum from the U.S. launch of Livdelzi for primary biliary cholangitis and preparations for the potential launch of lenacapavir for HIV prevention.
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