Gilead Sciences Inc. (NASDAQ: GILD) reported first-quarter financial results after the markets closed on Thursday. The company had $3.03 in earnings per share (EPS) on $7.79 billion in revenue compared to consensus estimates from Thomson Reuters that called for $3.14 in EPS on $8.11 billion in revenue. The same period from last year had $2.94 in EPS on $7.59 billion in revenue.

For guidance looking ahead to the full year, Gilead expects to have net product sales in the range of $30 billion to $31 billion, with a product gross margin in the range of 88% to $90%. There are consensus estimates that call for $12.33 in EPS on $31.82 billion in revenue for the full year.

In a separate report, the board of directors declared a cash dividend of $0.47 per share of common stock for the second quarter. The dividend is payable on June 29, to stockholders of record at the close of business on June 16. The board also approved the repurchase of an additional $12 billion of common stock which commenced upon completion of the previous $15 billion repurchase program authorized in January 2015.

Gilead detailed its product sales in the report and compared them to last year’s numbers:

• Harvoni had sales totaling $3.02 billion compared to $3.58 billion in the same period from last year.
• Sovaldi had sales totaling $1.28 billion versus $972 million.
• Truvada had sales totaling $898 million versus $771 million.
• Atripla had sales totaling $675 million compared to $734 million.
• Stribild had sales totaling $477 million versus $356 million.
• Complera/Eviplera had sales totaling $381 million compared to $320 million.

On the books, cash, cash equivalents and marketable securities totaled $21.3 billion at the end of the quarter compared to $26.2 billion at the end of 2015.

Shares of Gilead closed Thursday at $96.98, with a consensus analyst price target of $114.29 and a 52-week trading range of $81.89 to $123.37. Following the release of the earnings report the stock was initially down 5.7% at $91.50 in the after-hours trading session.

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