Gilead Sciences, Inc. (NASDAQ:GILD) stock fell 2.61% (As on August 9, 11:20:43 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the second quarter of FY 24, driven by lower operating expenses and higher product sales, and the drugmaker raised its outlook for full-year earnings. Total second quarter 2024 product sales increased 5% to $6.9 billion, compared to the same period in 2023. Total product sales, excluding Veklury, increased 6% to $6.7 billion in the second quarter 2024, compared to the same period in 2023, primarily due to higher product sales in HIV, Liver Disease and Oncology. HIV product sales increased 3% to $4.7 billion in the second quarter 2024, compared to the same period in 2023, primarily driven by higher demand across treatment and prevention, partially offset by lower average realized price due to channel mix. The Liver Disease portfolio sales increased 17% to $832 million in the second quarter 2024, compared to the same period in 2023. This was primarily driven by higher average realized price due to channel mix in the United States, as well as higher demand in products for chronic hepatitis C virus (“HCV”), chronic hepatitis B virus (“HBV”) and, in Europe, chronic hepatitis D virus (“HDV”). Veklury sales decreased 16% to $214 million in the second quarter 2024, compared to the same period in 2023, primarily driven by lower rates of COVID-19 related hospitalizations. Cell Therapy product sales increased 11% to $521 million in the second quarter 2024, compared to the same period in 2023.

GILD in the second quarter of FY 24 has reported the adjusted earnings per share of $2.01, beating the analysts’ estimates for the adjusted earnings per share of $1.61, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 5 percent to $7 billion in the second quarter of FY 24, beating the analysts’ estimates for revenue by 4.71%.

Meanwhile, the company also looks forward to a potential U.S. launch of seladelpar, a liver drug acquired with Gilead’s purchase earlier this year of CymaBay, for primary biliary cholangitis. The U.S. Food and Drug Administration is slated to decide on the drug’s approval by next Wednesday.

For full-year 2024, Gilead still expects product sales of $27.1 billion to $27.5 billion, but raised its adjusted profit estimate to $3.60 to $3.90 a share from a previous $3.45 to $3.85 a share. Analysts have projected 2024 earnings per share of $3.75 on revenue of $27.58 billion.