Gilead Sciences (GILD) Stock Losses 2% But Has Stronger Q2 Revenue Results With Covid-19 Drug: Consider Investing Now?

This Wednesday, July 28, Gilead’s stock closed at $70.2. Nevertheless, today it is slightly declining: it is currently at $68.8 in the pre-market, marking a 2% loss. However, there is still good news: the company today reported Second Quarter earning results. Total second-quarter 2021 revenue of $6.2 billion increased 21% compared to the same period in 2020, primarily due to Veklury® (remdesivir), higher demand for Biktarvy (bictegravir 50 mg/FTC/tenofovir alafenamide 25 mg and our hepatitis C virus (“HCV”) products, as well as continued uptake in the United States of Trodelvy® (sacituzumab govitecan-hziy) and Tecartus® (brexucabtagene auto excel).
Diluted Earnings Per Share (“EPS”) increased to $1.21 for the second quarter of 2021 compared to net loss per share of $2.66 for the same period in 2020. This was primarily driven by the impact of higher in-process research and development (“IPR&D”) expenses in the second quarter 2020 related to the Forty Seven, Inc. acquisition and revenue growth in the second quarter 2021, offset by fair value loss adjustments on Gilead’s equity investment in Galapagos NV.

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Non-GAAP diluted EPS increased 68% to $1.87 for the second quarter of 2021 compared to the same period in 2020, primarily due to higher operating income partially offset by lower interest income. As of June 30, 2021, Gilead had $7.4 billion of cash, cash equivalents, and marketable debt securities compared to $7.9 billion as of December 31, 2020.

Richard McEntire

Finance and Entertainment ReporterRichard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.

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