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Gilead: 3Q Earnings Snapshot

·1 min read

FOSTER CITY, Calif. (AP) _ Gilead Sciences Inc. (GILD) on Wednesday reported third-quarter net income of $360 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Foster City, California-based company said it had net income of 29 cents. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were $2.11 per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.83 per share.

The HIV and hepatitis C drugmaker posted revenue of $6.58 billion in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $6.2 billion.

Gilead expects full-year earnings in the range of $6.25 to $6.60 per share.

Gilead shares have declined roughly 10% since the beginning of the year, while the Standard & Poor's 500 index has risen 1%. In the final minutes of trading on Wednesday, shares hit $58.72, a drop of roughly 8% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GILD at https://www.zacks.com/ap/GILD