Shares of biopharmaceutical firm Gilead Sciences (GILD) lost 1.3% in after-hours trading on Thursday despite robust second-quarter 2021 financial results. Headquartered in California, Gilead develops antiviral drugs for the treatment of influenza, hepatitis C, hepatitis B and HIV.
Adjusted earnings per share (EPS) grew 68% year-over-year to $1.87, beating the Street’s estimate of $1.73. Quarterly revenue increased 21% to $6.2 billion, exceeding analysts’ expectations of $6.07 billion.
HIV product sales decreased 2% year-over-year to $3.9 billion; HCV (Hepatitis C virus) product sales rose 23% to $549 million; HBV (Hepatitis B virus) and HDV (Hepatitis delta virus) product sales climbed 8% to $237 million; Cell Therapy product sales surged 39% to $219 million; and other product sales were up 20% to $291 million.
The Chairman and CEO of Gilead, Daniel O’Day, said, “Our flagship HIV therapy, Biktarvy, saw continued growth and gains in market share, despite the ongoing impact of the pandemic.” (See Gilead stock chart on TipRanks)
Following the second-quarter results, Gilead updated its guidance for 2021 and now expects product sales to range between $24.4 billion and $25 billion, compared to the earlier projection of $23.7 billion to $25.1 billion. Adjusted EPS is likely to range from $6.90 to $7.25, compared to $6.75 to $7.45 previously projected.
On July 11, RBC Capital analyst Brian Abrahams maintained a Buy rating on the stock with a price target of $81 (16% upside potential). The analyst expects the company to report EPS of $1.38 in the third quarter.
Overall, the stock has a Strong Buy consensus based on 6 Buys and 2 Holds. The average Gilead Sciences price target of $79.25 implies 13.5% upside potential. Shares of the comoany have gained 16.2% year-to-date.
Related News:
Suncor Energy Swings to Profit in Q2
T. Rowe Shares Slip 1.4% Despite Impressive Q2 Results
Nokia Reports Upbeat Q2 Results; Lifts Guidance
