Gilead Sciences (NASDAQ:GILD) shares rose Friday following a stronger than expected fourth-quarter report. Gilead easily beat estimates for adjusted earnings and per share and revenue, according to analysts polled by Refinitiv. The company also announced a 2.7% dividend increase.
Total fourth-quarter 2022 revenue of $7.4 billion increased 2% compared to the same period in 2021, primarily due to increased sales in Oncology, HIV and hepatitis C virus (“HCV”), partially offset by lower Veklury® (remdesivir) sales.
Diluted Earnings Per Share (“EPS”) increased to $1.30 for the fourth quarter 2022 compared to $0.30 for the same period in 2021. Non-GAAP diluted EPS increased to $1.67 for the fourth quarter 2022 compared to $0.69 for the same period in 2021.
As of December 31, 2022, Gilead had $7.6 billion of cash, cash equivalents and marketable debt securities compared to $7.8 billion as of December 31, 2021. During the fourth quarter 2022, Gilead generated $2.6 billion in operating cash flow, and paid cash dividends of $916 million and utilized $791 million to repurchase common stock.
Said CEO Daniel O’Day, “2022 marked Gilead’s strongest full year growth in our base business since HCV sales peaked in 2015. This return to growth was driven by consistent and high quality commercial and clinical execution across our portfolio.”
Gilead, according to its website, “is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people.”
GILD shares rocketed $5.27, or 6.5%, to $86.66
