Why Gilead Sciences Stock Is Rising After Hours

Gilead Sciences Inc GILD shares are trading higher in Thursday's after-hours session after the company reported better-than-expected financial results and raised its full-year outlook.

Gilead said third-quarter revenue decreased 5% year-over-year to $7.04 billion, which beat average analyst estimates of $6.12 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.90 per share, which beat average estimates of $1.48 per share. 

Product sales excluding Veklury increased 11% year-over-year to $6.1 billion. Biktarvy sales increased 22% year-over-year to $2.8 billion, and oncology sales increased 79% year-over-year to $578 million.

"Overall, we are seeing terrific progress from a commercial and clinical perspective and look forward to building on this momentum," said Daniel O'Day, chairman, and CEO of Gilead.

Gilead increased its full-year product sales outlook to a range of $25.9 billion to $26.2 billion. The company also raised full-year earnings guidance from a range of $2.90 to $3.30 per share to a range of $3.35 to $3.55 per share. 

See Also: Here's How Much You Would Have Made Owning Gilead Sciences Stock In The Last 20 Years

GILD Price Action: Gilead has a 52-week high of $73.39 and a 52-week low of $57.16.

The stock was up 3.7% at $72.80 after-hours at the time of publication.

Photo: Konstantin Kolosov from Pixabay.