The company updated its guidance for the full year; it increased net product sales to a range of $28 billion to $29 billion. There are consensus estimates of $10.87 in EPS on $30.36 billion in revenue.
During the quarter, Gilead signed a definitive agreement to acquire EpiTherapeutics, a privately-held Danish company. EpiTherapeutics generated a library of first-in-class, selective small molecule inhibitors of epigenetic regulation of gene transcription, in particular histone demethylases.
The board of directors declared a cash dividend of $0.43 per share of common stock for the third quarter. The dividend is payable on September 29, to stockholders of record at the close of business on September 16.
In terms of its products, Gilead reported sales for the quarter:
- Harvoni sold $3.61 billion.
- Sovaldi sold $1.29 billion.
- Truvada sold $849 million.
- Atripla sold $782 million.
- Stribild sold $447 million.
- Complera/Eviplera sold $367 million.
- Viread sold $271 million.
At the end of this quarter Gilead had $14.7 billion of cash, cash equivalents and marketable securities compared to $14.5 billion at the end of the first quarter. During the second quarter of 2015, Gilead generated $5.7 billion in operating cash flow, utilized $900 million to repurchase 9 million shares under the $15.0 billion share repurchase plan approved in January 2015 and $3.9 billion to retire 46 million warrants related to the 2016 convertible debt.
Shares of Gilead closed Tuesday up 2.3% at $113.07. Following the release of the earnings report, shares were up 2.6% at $116.00. The stock has a consensus analyst price target of $124.47 and a 52-week trading range of $85.95 to $123.37.
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