Why Gilead Sciences Stock Is Trading Higher After Hours

Gilead Sciences Inc GILD shares are trading higher in Thursday's after-hours session after the company reported better-than-expected results, issued strong guidance, and raised its dividend.

What Happened: Gilead said fourth-quarter revenue increased 2% year-over-year to $7.39 billion, which beat average analyst estimates of $6.64 billion, according to Benzinga Pro. The biotech company reported quarterly adjusted earnings of $1.67 per share, which beat consensus estimates of $1.49 per share. 

"2022 marked Gilead's strongest full-year growth in our base business since HCV sales peaked in 2015. This return to growth was driven by consistent and high quality commercial and clinical execution across our portfolio," said Daniel O'Day, chairman and CEO of Gilead.

"The strong full year growth in oncology was driven by continued increase in demand for Trodelvy and our Cell Therapies. We look forward to building on this momentum in 2023."

Gilead sees full-year 2023 revenue in a range of $26 billion to $26.5 billion versus estimates of $25.76 billion. The company expects full-year adjusted earnings to be between $6.60 and $7 per share versus estimates of $6.73 per share. 

Gilead's board also approved a 2.7% quarterly cash dividend increase from 73 cents per share to 75 cents per share.

See Also: Best Biotech Stocks Right Now

GILD Price Action: Gilead has a 52-week high of $89.74 and a 52-week low of $57.16.

The stock was up 4.72% in after-hours at $85.23 at publication time, according to Benzinga Pro.

Photo: fernando zhiminaicela from Pixabay.