Gilead stock jumps 5% after Q4 beat, dividend increase

Shares of Gilead Sciences Inc.
GILD,
-3.11%
rose more than 5% in the extended session Thursday after the pharma company reported fourth-quarter earnings and sales above Wall Street expectations, saying higher sales elsewhere took the sting of falling revenue for its COVID-19 drug. Gilead earned $1.6 billion, or $1.30 a share, compared with $376 million, or 30 cents a share, in the year-ago period in 2021. Adjusted for one-time items, Gilead earned $1.67 a share. Gilead’s revenue rose 2% to $7.4 billion, mostly thanks to higher sales in for its oncology, HIV and hepatitis C drugs, which offset lower sales of COVID-19’s Veklury. Analysts polled by FactSet expected Gilead to report adjusted EPS of $1.51 on sales of $6.6 billion. The company guided for full-year product sales between $26 billion and $26.5 billion, and per-share adjusted earnings between $6.60 and $7. Separately, Gilead said its board has authorized a 2.7% increase in the company’s dividend to 75 cents a share, payable on March 30 to stockholders of record at the close of business on March 15.