Gilead posts 3Q profit, results top Street expectations

MarketsAssociated Press

Gilead Sciences Inc. (GILD) on Tuesday reported third-quarter profit of $2.73 billion.

On a per-share basis, the Foster City, California-based company said it had profit of $1.67. Earnings, adjusted for one-time gains and costs, came to $1.84 per share.

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The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.80 per share.

The HIV and hepatitis C drugmaker posted revenue of $6.04 billion in the period, also surpassing Street forecasts. Analysts expected $5.88 billion, according to Zacks.

Gilead expects full-year revenue in the range of $22 billion to $23 billion.

Gilead shares have risen 51 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 7 percent. In the final minutes of trading on Tuesday, shares hit $113.45, an increase of 65 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. GILD stock research report from Zacks.

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Keywords:Gilead,Earnings Report