Gilead Misses Revenue Estimates, Cuts Guidance

Gilead Sciences, Inc. GILD released its Q2 results after market close on Monday. Earnings per share came in above Wall Street consensus expectations, however, the company lowered sales guidance, sending shares down 4 percent.

Gilead reported EPS of $3.08 and revenues of $7.776 billion. Analyst consensus had an EPS estimate of $3.02 and $7.79 billion in revenue. The company cut FY16 sales guidance from $30-$31 billion to $29.5-$30.5 billion.

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HIV and other antiviral product sales were $3.1 billion compared to $2.7 billion year-over-year, primarily due to increases in TAF based products such as Genvoya and Descovy.

The report came after Gilead reported multiple positive developments in July:

• July 8: Gilead received European Commission authorization for Epclusa.
• July 14: Epclusa received approval in Canada
• July 21: Gilead's Odefsey met primary 48-week objective in two phase 3b studies.

At time of writing, Gilead traded at $85.42 in Monday's after-hours session, down 3.3 percent.