Gilead Stock Jumps On Strong Q2 Performance Despite Lower Profit Outlook Amid Litigation
Portfolio Pulse from Vandana Singh
Gilead Sciences Inc's Q2 FY23 sales increased 6% Y/Y to $6.60 billion, above the consensus of $6.43 billion, driven by increased sales in HIV and Oncology. However, the company reported adjusted EPS of $1.34, down 15% Y/Y, lagging the consensus of $1.61 due to a $525 million charge related to HIV antitrust litigation settlements. Gilead revised its FY23 sales guidance to $26.3 billion-$26.7 billion and forecasts adjusted EPS of $6.45-$6.80. GILD shares are up 5.53% at $79.71.
August 04, 2023 | 5:55 pm
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Gilead's Q2 FY23 sales beat expectations, but EPS fell due to litigation costs. The company revised its FY23 sales guidance upwards. GILD shares rose 5.53%.
Gilead's Q2 sales beat expectations, primarily driven by increased sales in HIV and Oncology. However, the company's EPS fell due to a $525 million charge related to HIV antitrust litigation settlements. Despite the lower profit outlook, the company revised its FY23 sales guidance upwards, which could have contributed to the rise in GILD shares.
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