Gilead Sciences Inc (NASDAQ:GILD) announced lower-than-expected first-quarter earnings after the closing bell on Tuesday.
The biopharmaceutical company reported earnings of US$1.48 per share on revenue of US$5.09 compared with US$2.23 EPS on revenue of US$6.5bn in last year’s first quarter.
The California-based company missed Wall Street estimates of US$1.67 EPS on revenue of $5.4bn.
Shares were down more than 5% to US$68.70 in after-hours trading.
The full year guidance for 2018 remained the same with the estimated product sales between US$20bn to US$21bn versus estimates of US$21.29bn.
Gilead develops treatments for a variety of medical issues, including HIV/AIDS, cancer, cardiovascular diseases and liver diseases.
READ: Gilead Sciences strikes partnership with Alphabet's Verily
The biopharma company developed one of the first complete treatments for HIV in a once-daily pill as well as one of the first oral antiretroviral pills.
Gilead announced a partnership with Alphabet Inc’s (NASDAQ:GOOG) Verily Life Science on Monday.
The company will pay as much as US$90mln over the next three years for the biotech start-up to run a series of tests on white blood cells using its Immunoscape platform. The goal is to have a better understanding of rheumatoid arthritis, inflammatory bowel disease, and lupus.