Gilead Rallies After Earnings Beat Wall Street's Expectations

Shares of Gilead Sciences Inc. rallied in Tuesday's extended trade after the biotechnology giant turned in quarterly results that far exceeded expectations. Gilead reported its second-quarter earnings rose to $4.49 billion, or $2.92 a share, from $3.66 billion, or $2.20 a share, a year earlier. On an adjusted basis, Gilead earned $3.15 a share, ahead of analysts' estimate of $2.71 a share. Revenue grew to $8.24 billion from $6.54 billion. Analysts surveyed by FactSet had expected revenue of $7.6 billion. The company also raised its full-year 2015 revenue outlook to a range of $29 billion to $30 billion. Gilead shares were up 4.8% to $115.87.