Gilead Sciences, Inc. (NASDAQ:GILD) stock rose 4.58% (As on February 3, 11:04:04 AM UTC-4, Source: Google Finance) after the company posted a surge in profit in the latest quarter, as sales grew based on higher sales in oncology and HIV coupled with contributions from hepatitis C virus products. The biopharmaceutical company posted net income of $1.64 billion, or $1.30 a share, for the fourth quarter ended Dec. 31, compared to $382 million, or 30 cents a share, a year earlier. As of December 31, 2022, Gilead had $7.6 billion of cash, cash equivalents and marketable debt securities compared to $7.8 billion as of December 31, 2021.

GILD in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.67, beating the analysts’ estimates for the adjusted earnings per share of $1.51, according to analysts polled by FactSet. The increase was primarily driven by two charges in the fourth quarter of 2021 which did not recur in 2022: the $1.25 billion charge for a legal settlement and the $625 million charge for the Arcus Biosciences, Inc. (“Arcus”) collaboration opt-in. The fourth quarter 2022 was, however, impacted by expenses related to the acquisition of GS-1811 from Jounce Therapeutics, Inc. (“Jounce”), the collaboration with MacroGenics, Inc. (“MacroGenics”), and the termination of the Trodelvy collaboration agreement with Everest Medicines (“Everest”), as well as higher R&D expenses.The company had reported the adjusted revenue growth of 2 percent to $7.39 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $6.63 billion. This is primarily due to increased sales in Oncology, HIV and hepatitis C virus (“HCV”), partially offset by lower Veklury (remdesivir) sales. Total fourth quarter 2022 product sales increased 2% to $7.3 billion compared to the same period in 2021. Total product sales excluding Veklury increased 9% to $6.3 billion for the fourth quarter 2022. HIV product sales increased 5% to $4.8 billion for the fourth quarter 2022.

Additionally, during the fourth quarter 2022, Gilead generated $2.6 billion in operating cash flow. During the fourth quarter 2022, Gilead paid cash dividends of $916 million and utilized $791 million to repurchase common stock.

The company forecast sales between $26 billion and $26.5 billion and adjusted earnings between $6.60 and $7 a share for full-year 2023. Analysts polled by FactSet expected $25.79 billion in sales and adjusted earnings of $6.76 a share.