Gilead Sciences, Inc. (NASDAQ: GILD) reported its most recent quarterly results after markets closed Wednesday. The major biotech posted $1.91 in earnings per share (EPS) and $5.65 billion in revenue, versus consensus estimates that called for $1.56 in EPS and $5.21 billion in revenue. The second quarter from last year had $2.56 in EPS and $7.14 billion in revenue.

HIV product sales were $3.7 billion for the second quarter compared to $3.2 billion for last year. The increase was primarily due to the continued uptake of products containing emtricitabine (FTC) and tenofovir alafenamide (TAF), which include Biktarvy, Descovy, Genvoya, and Odefsey.

Chronic hepatitis C (HCV) product sales were $1.0 billion for the second quarter of 2018 compared to $2.9 billion. These consisted of Epclusa, Harvoni, Vosevi, and Sovaldi. The decline was primarily due to lower sales of Harvoni, Epclusa, and Sovaldi across all major markets as a result of increased competition.

Yescarta, which was launched in the United States in October 2017, generated $68 million in sales during the second quarter.

Separately, other product sales were $807 million for the quarter, versus $932 million last year.

Looking ahead to the 2018 full year, the company now expects to see net product sales in the range of $20 billion to $21 billion. The consensus estimates are calling for $6.18 in EPS and $20.81 billion in revenue for the full year.

Shares of Gilead closed Wednesday at $78.92, with a consensus analyst price target of $86.17 and a 52-week range of $64.27 to $89.54. Following the announcement, the stock was down 1% at $77.99 in the after-hours trading session.

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