Gilead Sciences 2nd-quarter net income more than quadruples

MarketsAssociated Press

Gilead Sciences Inc. (GILD) on Wednesday reported profit that more than quadrupled in its second quarter, and topped analysts' expectations.

The Foster City, California-based company said earnings increased to $3.66 billion, or $2.20 per share, from $772.6 million, or 46 cents per share, in the same quarter a year ago.

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Earnings, adjusted for costs related to mergers and acquisitions and stock option expense, came to $2.36 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of $1.80.

The HIV and hepatitis C drugmaker said revenue more than doubled to $6.53 billion from $2.77 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $5.78 billion, according to Zacks.

Gilead Sciences shares have increased $15.24, or 20 percent, to $90.34 since the beginning of the year, while the Standard & Poor's 500 index has risen 7.5 percent. The stock has risen $30.46, or 51 percent, in the last 12 months.

This story was generated automatically by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Full GILD report: http://www.zacks.com/ap/GILD

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Keywords:Gilead,Earnings Report