Biotech Gilead Sciences handily beat first-quarter expectations and raised its revenue guidance Thursday, capping off a busy day for big-cap drugmaker earnings. Gilead (GILD) reported earnings minus one-time items of $2.94 a share, up 99% from the year-earlier quarter and beating analysts’ consensus by 62 cents, according to Thomson Reuters. Revenue jumped 52% to $7.59 billion, more than $600 million above Wall Street’s estimate.
Biotech Gilead Sciences handily beat first-quarter expectations and raised its revenue guidance Thursday, capping off a busy day for big-cap drugmaker earnings. Gilead (GILD) reported earnings minus one-time items of $2.94 a share, up 99% from the year-earlier quarter and beating analysts’ consensus by 62 cents, according to Thomson Reuters. Revenue jumped 52% to $7.59 billion, more than $600 million above Wall Street’s estimate.
Biotech stocks continued to slide Thursday, prompting analysts to weigh in on the causes and prognosis for the sector. Piper Jaffray’s Joshua Schimmer noted that the same thing happened about a year ago, sparked by the price debate over Gilead Sciences’ (GILD) hepatitis C drug Sovaldi, but also by valuation concerns after a long runup. “Obviously 2014 turned out to be a stellar year for biotech, and we believe industry fundamentals remain strong,”