Gilead Sciences Inc. (GILD) recently came under investors’ radar after it swung to a profit in the second quarter and updated its financial outlook for fiscal 2021. Gilead stock is currently trading near its 52-week high of $73.34. Overall, the company’s share price has surged over 20 percent so far this year.
Gilead reported earnings of $1.21 per share for the three months ended June 30, compared to a loss of $2.66 per share in the same period last year. On an adjusted basis, the biopharmaceutical company earned $1.87 per share, ahead of the consensus forecast of $1.74 per share.
Total revenue for the quarter jumped 21 percent on a year-over-year basis to $6.22 billion, beating analysts’ average forecast of $6.08 billion. The results were mainly driven by solid sales of its flagship therapies.
For instance, revenue from its HIV drug Biktarvy jumped 24 percent on a year-over-year basis, while revenue from its HCV products rose 23 percent. In comparison, revenue from its Covid-19 treatment Veklury came in at $829 million. Veklury sales usually depend on coronavirus infection rates.
Gilead raised the lower end of its profit and sales outlook for the full year. The company now expects adjusted earnings in the range of $6.90 per share to $7.25 per share, compared to its earlier outlook between $6.75 per share and $7.45 per share.
In addition, Gilead is anticipating product revenue in the range of $24.4 billion to $25.0 billion for fiscal 2021, versus its previous guidance between $23.7 billion and $25.1 billion.