By Denny Jacob
Gilead Sciences Inc. posted a surge in profit in the latest quarter, as sales grew 2% based on higher sales in oncology and HIV coupled with contributions from hepatitis C virus products.
The biopharmaceutical company posted net income of $1.64 billion, or $1.30 a share, for the fourth quarter ended Dec. 31, compared to $382 million, or 30 cents a share, a year earlier. Adjusted earnings were $1.67 a share, above analysts' estimates of $1.51 a share.
Sales grew to $7.39 billion from $7.24 billion. Analysts polled by FactSet expected $6.63 billion.
The company forecast sales between $26 billion and $26.5 billion and adjusted earnings between $6.60 and $7 a share for full-year 2023. Analysts polled by FactSet expected $25.79 billion in sales and adjusted earnings of $6.76 a share.
Chief Executive Daniel O'Day said Gilead's full-year growth in oncology was driven by increased demand for Trodelvy and its cell therapies.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
02-02-23 1631ET