Gilead Sciences Q2 Profit Tops Estimates; Updates Full Year Guidance

(RTTNews) - Gilead Sciences, Inc. (GILD) reported second quarter net income of $4.5 billion or $2.92 per share compared to $3.7 billion or $2.20 per share in 2014. Non-GAAP net income, which excludes amounts related to acquisition, restructuring, stock-based compensation and other, was $4.8 billion or $3.15 per share, for the quarter.

On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $2.71 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $8.2 billion compared to $6.5 billion, a year ago. Total product sales were $8.1 billion compared to $6.4 billion. Analysts expected revenue of $7.61 billion for the quarter.

Gilead updated its full year 2015 guidance, which it initially provided on February 3, 2015, updated on April 30, 2015, and further revised on July 28, 2015. The company now expects Net Product Sales of $29.0 billion for 2015. Non-GAAP product sales are expected to be $30.0 billion. Analysts expect the company to report revenue of $30.36 billion.

EPS impact of acquisition-related, restructuring, stock-based compensation expenses and other are expected to be $0.82 - $0.87 in full year.

Gilead Sciences announced the company's Board has declared a cash dividend of $0.43 per share of common stock for the third quarter of 2015. The dividend is payable on September 29, 2015, to stockholders of record at the close of business on September 16, 2015.