Gilead (GILD) Slips Despite Strong Q3 Results

Gilead (NASDAQ: GILD) reported third quarter financial results today after the market close and the stock is trading down by 1.8% in the aftermarket. Revenue of $8.7 billion beat expectations of $7.8 billion. EPS of $3.22 beat consensus of $2.83.

Breaking down the numbers by therapy, HCV revenues were $4.8 B compared with consensus of $4.4B, Sivoldi accounted for $1.47 billion compared with $2.8 billion last year and Harvoni sales were $3.33B compared with $2.83B consensus.

This was the second full quarter of competition with ABBV’s Viekira Pak, and the first where GILD’s HCV prescriptions were meaningfully down. Analyst reports cited 3Q HCV sales tracking just ahead of consensus and a miss here would be unexpected. HCV franchise prescriptions are down 16% Q/Q, suggesting it is possible that wholesalers trimmed inventory during the quarter which could account for a $90 million headwind.

Gilead Sciences sees FY2015 revenue of $30-31 billion, versus the consensus of $31.50 billion.

Gilead will host a conference call at 4:30PM, 877- 359-9508 or 224-357-2393, code 52441979.

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