Gilead Sciences, Inc. (NASDAQ:GILD) stock rose 5.71% (As on November 7, 10:25:56 AM UTC-4, Source: Google Finance) after the company reported third-quarter financial results that handily beat Wall Street expectations, leading the drugmaker to raise its outlook for full-year earnings. Gilead plans to file before the end of this year for U.S. regulatory approval of lenacapavir, a twice-yearly injection to prevent HIV infection. Gilead said net earnings for the quarter fell to $1.00 per share, from $1.73 a year earlier, due in part to a $1.75 billion impairment charge related to its 2020 acquisition of cancer drug developer Immunomedics. Third-quarter sales of HIV drug Biktarvy rose 13% to $3.5 billion, while sales of in hospital COVID-19 treatment Veklury rose 9% to $692 million. Oncology sales were up 6% to $816 million, while liver disease drugs brought in $733 million, up 4% from a year ago. Cell Therapy product sales of $485 million in the third quarter 2024 were relatively flat compared to the same period in 2023.

Moreover, Non-GAAP product gross margin was 86.8% in the third quarter 2024 compared to 85.9% in the same period in 2023. The company has announced a strategic collaboration with Genesis Therapeutics, Inc. to discover and develop novel small molecule therapies across multiple targets using Genesis’ GEMS AI platform.

GILD in the third quarter of FY 24 has reported the adjusted earnings per share of $2.02, beating the analysts’ estimates for the adjusted earnings per share of $1.55, according to LSEG data. The company had reported the adjusted revenue growth of 7 percent to $7.5 billion in the third quarter of FY 24, beating the analysts’ estimates for revenue of $7 billion. This is primarily due to higher sales in HIV as well as in Veklury (remdesivir), Oncology and Liver Disease. As of September 30, 2024, Gilead had $5.0 billion of cash, cash equivalents and marketable debt securities compared to $8.4 billion as of December 31, 2023. The decrease primarily reflects the $3.9 billion acquisition of CymaBay Therapeutics, Inc. During the third quarter 2024 Gilead generated $4.3 billion in operating cash flow.

For full-year 2024, Gilead raised its product sales forecast to a range of $27.8 billion to $28.1 billion from a previous view of $27.1 billion to $27.5 billion. The company now expects an adjusted profit of $4.25 to $4.45 per share, up from $3.60 to $3.90. Analysts have projected full-year earnings of $3.81 per share on revenue of $27.72 billion.