Gilead Sciences 2nd-quarter net income more than quadruples

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.

Continue Reading Below

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

_____

Keywords:Gilead,Earnings Report