Gilead Sciences Inc after Tuesday’s close announced third quarter 2023 adjusted earnings per share (EPS) of $2.29, surpassing the analyst consensus forecast of $1.91, according to Zacks Equity Research.
The drugmaker’s revenue for the period, meanwhile, was flat year over year at $7.1 billion but still exceeded Wall Street expectations of $6.77 billion.
Gilead’s 3Q revenue was led by sales of the company’s oncology and HIV products, while its adjusted EPS growth was driven primarily by a lower tax expense.
The company’s cancer drug revenue climbed 33% to $769 million, with best growth coming from its breast and bladder cancer treatment, Trodelvy.
"Our clinical momentum also remains strong, and highlights this quarter included new data on Trodelvy with pembrolizumab in first-line metastatic non-small cell lung cancer," Gilead Sciences CEO Daniel O’Day said in a statement.
Gilead also raised its outlook for the year and now expects $26.7 billion to $26.9 billion in product sales along with adjusted EPS of $6.65 to $6.85.
Analysts expected adjusted EPS of $6.17 on product sales of $24.81 billion.
Shares of Gilead Sciences eased 1.5% in Tuesday’s after-hours session and have fallen 6% year to date.
Contact Sean at sean@proactiveinvestors.com