Gilead Sciences Shares Rise After Quarterly Results Top Street View

By Wallace Witkowski Markets MarketWatch Pulse

Gilead Sciences Inc. shares rose in the extended session Wednesday after the biotech drug maker topped Wall Street estimates for the quarter. Gilead shares rose 2.6% to $76.10 after hours. The company reported second-quarter net income of $3.37 billion, or $2.33 a share, compared to $4.18 billion, or $2.58 a share, in the year-ago period. Second-quarter adjusted earnings were $2.56 a share. Revenue fell to $7.14 billion from $7.78 billion in the year ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $2.29 a share on revenue of $6.33 billion. For the full year, Gilead estimates revenue of $24 billion to $25.5 billion. Analysts had forecast revenue of $24.65 billion.

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