Gilead Sciences disappoints, as 1st-qtr sales and profits plunge
US biotech major Gilead Sciences (Nasdaq: GILD) posted first quarter 2017 financial results that missed analysts’ expectations, with both sales and earnings showing marked declines. Gilead shares fell 2.17% to $67.10 in pre-market trading today.
Total revenues for the quarter were down 16.4% at $6.51 billion, falling short of Wall Street's consensus $6.63 billion expectations for the quarter. Net income was $2.7 billion or $2.05 per diluted share compared to $3.6 billion or $2.53 per diluted share in 2016.
Non-GAAP net income, which excludes amounts related to acquisition-related, up-front collaboration, stock-based compensation and other expenses, was $2.9 billion or $2.23 per diluted share in 2017 compared to $4.3 billion or $3.03 per diluted share in 2016, both well below the average Wall Street forecast for adjusted EPS of $2.28 and revenues of $6.62 billion.
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