By Liz Moyer
Investing.com -- Gilead (NASDAQ:GILD) reported third quarter earnings and revenue that topped expectations and it raised its guidance for the full year.
The pharmaceutical company reported earnings per share of $1.90 on revenue of $7 billion. Analysts polled by Investing.com anticipated EPS of $1.52 on revenue of $6.13 billion.
Gilead shares jumped 2.5% in after-hours trading. They are down 3% from the beginning of the year, and 5.29% from its 52-week high of $74.12 set on Dec. 30, 2021.
The total third quarter revenue was down 5% from last year because of lower sales of its Covid anti-viral treatment remdesivir, partially offset by increased sales in HIV and oncology products. Sales of Biktarvy, its HIV treatment, rose 22%.
It raised its full year outlook for total product sales to between $25.9 billion and $26.2 billion, compared with previous guidance for $24.5 billion and $25.0 billion. It also forecasts full year adjusted earnings per share between $6.95 and $7.15, compared with $6.35 and $6.75. Full year earnings per share are forecast to be between $3.35 and $3.55, compared to $2.90 and $3.30 previously.