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Gilead Reaffirms Outlook As Q3 Earnings Miss The Mark

Tuesday, November 1, 2016 13:41
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gilead-logoBiotech giant Gilead Sciences, Inc. (NASDAQ:GILD) late today posted disappointing third quarter earnings results, but stood by its full-year forecast despite lagging sales in all geographical regions.

The Foster City, CA-based company reported Q3 EPS of $2.75, missing Wall Street’s $2.84 estimate by nine centers. Revenue fell to $7.4 billion from $8.2 billion last year, in-line with analysts’ view.

Gilead said that sales for the third quarter in the United States were $5.1 billion, with $1.4 billion in Europe, $452 million in Japan, and $479 million in all other locations. Sales in each of those geographic regions fell from last year’s totals.

Antiviral product sales, which mostly include HIV and liver disease treatments, were $6.8 billion in Q3 2016, versus $7.7 billion in the year-ago period. for the same period in 2015. Other product sales $564 million in the latest quarter.

Looking ahead, GILD reiterated its previously-announced full-year 2016 revenue outlook of $29.5 to 30.5 billion, which could miss Wall Street’s $30.38 billion estimate.

The company commented via press release:

As of September 30, 2016, Gilead had $31.6 billion of cash, cash equivalents and marketable securities compared to $24.6 billion as of June 30, 2016. This increase was primarily due to the issuance of $5.0 billion aggregate principal amount of senior unsecured notes in September 2016. Cash flow from operating activities was $4.3 billion for the quarter. During the third quarter and the first nine months of 2016, Gilead utilized $1.0 billion and $10.0 billion on stock repurchases, respectively.

GILD also announced its fourth quarter dividend of $0.47 per share, which is payable on December 29, 2016, to stockholders of record as of December 15, 2016.

Gilead shares in after-hours trading. Prior to today’s report, GILD had fallen 26.8%.


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