Gilead Sciences Shares Fall After Earnings Miss

By Wallace WitkowskiMarketsMarketWatch Pulse

Gilead Sciences Inc. shares declined in the extended session Tuesday after the biotech company's quarterly earnings fell short of Wall Street estimates. Gilead shares fell 3.2% to $66.39 after hours, following a 0.7% gain in the regular session. The company reported adjusted first-quarter earnings of $2.23 a share on revenue of $6.51 billion. Analysts surveyed by FactSet had forecast earnings of $2.28 a share on revenue of $6.63 billion. Gilead reiterated its outlook for the year of revenue of $22.5 billion to $24.5 billion, which excludes royalty revenue. Analysts expect total revenue of $24.73 billion.

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