Why Gilead Sciences Stock Slipped Today

Gilead Sciences (NASDAQ: GILD) didn't have a bad first quarter, but investors didn't find it inspiring either. After publishing its earnings report after market close Thursday, the company saw its share price decline in excess of 2% the following day. That contrasted unfavorably with the 0.6% rise of the S 500 index that trading session.

For the period, Gilead's revenue clocked in at $6.67 billion, essentially flat over the same quarter of 2024. The company attributed this to sales declines of COVID drug Veklury and oncology products. This was offset by improvements in liver disease and human immunodeficiency virus (HIV) medications.

As for profitability, Gilead flipped to a non-GAAP (adjusted) net income of just under $2.3 billion, or $1.81 per share, from the year-ago loss of $1.6 billion. The first quarter 2024 result was affected by the acquisition of liver disease drug developer CymaBay Therapeutics, the company said, plus a $2.4 billion impairment related to a 2020 deal for a peer, Immunomedics.

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Source Fool.com