: Gilead’s stock slides 2% after Q2 profit lags consensus and as company lowers guidance

Gilead Sciences Inc.’s stock GILD slid 2% in after-hours trade Thursday, after the drug company posted weaker-than-expected second-quarter profit and lowered its guidance. Foster City, Calif.-based Gilead posted net income of $1.045 billion, or 83 cents a share, for the quarter, down from $1.144 billion, or 91 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.34, well below the $1.64 FactSet consensus. Revenue rose to$6.564 billion from $6.138 billion, and was ahead of the $6.454 billion FactSet consensus. Revenue growth was driven by increased sales in HIV and oncology, offsetting a decline in sales of the COVID treatment Veklury, also known as remdesivir. The company said it now expects full-year product sales of $26.3 billion to $26.7 billion, compared with prior guidance of $26.0 billion to $26.5 billion. It expects Veklury sales of about $1.7 billion, down from about $2.0 billion previously. The company expects its adjusted EPs to range from $6.45 to $6.80, compared with prior guidance of $6.60 to $7.00. The stock has fallen 12% in the year to date, while the S&P 500 SPX has gained 17%.

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