Gilead Sciences Reports Q1 Results Above Wall Street Targets

   By Maria Armental

Gilead Sciences Inc.'s results for the first three months of the year beat Wall Street targets, driven by a 28% profit increase.

The company reported a first-quarter profit of $1.98 billion, or $1.54 a share, compared with $1.54 billion, or $1.17 a share, a year earlier. On an adjusted basis, profit rose to $1.76 a share from $1.48 a share a year earlier.

Revenue rose to $5.28 billion.

Analysts surveyed by FactSet had projected $1.26 a share, or $1.61 a share as adjusted, on $5.3 billion in revenue.

Chronic hepatitis C products brought in $790 million in the most recent period, down from $1 billion a year earlier, while HIV product sales rose to $3.6 billion, from $3.2 billion a year earlier.

Sales of its CAR-T therapy Yescarta, which the company had hoped would help offset the hepatitis C drug sales decline.

Yescarta brought in $264 million in 2018, below analysts' projected $271 million.

In the most recent period, Gilead said Yescarta accounted for $96 million in sales, more than double from the year earlier, but still shy of analysts' projected $98.5 billion.

Gilead affirmed its annual forecast of $21.3 billion to $21.8 billion in net product sales. The guidance reflects the anticipated entry of generic versions of Letairis and Ranexa in the U.S. and the full-year impact from generic products containing tenofovir disoproxil fumarate in some European countries.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

May 02, 2019 17:24 ET (21:24 GMT)

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