Gilead Sciences (NASDAQ:GILD) reported weaker-than-expected profit figures for its first quarter.
EPS came in at $1.37, worse than the $1.53 expected while Q1 revenue was ahead of market views - $6.4 billion vs $6.31B. Overall, sales fell 3.6% year-over-year as product sales dropped 3.5%.
“Gilead’s track record of strong commercial and clinical execution continued through the first quarter of 2023. A 15% year-over-year revenue increase reflects growth in each of our core areas,” said Daniel O’Day, Gilead's Chairman and Chief Executive Officer.
At the midpoint of the guidance, Gilead sees FY EPS of $6.80 on revenue of $26.25B, missing the consensus for EPS of $6.84 on revenue of $26.73B
Goldman Sachs analysts said the investor focus remains on Gilead’s HIV and oncology portfolios.
“While we recognize the strength and durability of GILD’s HIV business, we continue to monitor the value proposition of the oncology vertical and thus the potential for further business development,” the analysts said in a note.
Gilead shares are nearly unchanged in premarket Friday.