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Sciences of Gilead (NASDAQ: GILD) is expected Tuesday night to post a higher fourth-quarter profit on lower revenue, with investors watching to see how the company’s hepatitis C and HIV franchises are faring.
Analysts, on average, estimate that Gilead will post an adjusted profit of $1.76 per share, compared to $1.67 for the same quarter in 2022. Revenue is forecast at $7.10 billion, down from $7.39 billion a year earlier.
For the third quarter of 2023, Gilead reported relatively stable year-over-year revenue, partly due to lower sales of its anti-HCV products and COVID-19 treatment Veklury, also known as remdesivir. Some HIV drugs have also underperformed. Despite slowing sales, the company still managed to beat the Street in terms of top-line and bottom line.
Gilead has topped Street revenue estimates for the last 8 quarters. It managed to beat EPS estimates 5 times, but failed 3 times. Over the past 90 days, 22 analysts have raised their fourth quarter estimates for the company, while 2 have lowered them.
Gilead watchers will also be looking to see whether the company will hit its 2023 forecast released in the third quarter. The company raised its full-year sales forecast to the range of $26.7 billion to $26.9 billion, up from its previous forecast of $26.3 billion to $26.7 billion. The sales estimate for Veklury was raised from $1.7 billion to $1.9 billion.
Analysts, on average, expect Gilead to report revenue of $27.08 billion in 2023.