Depressed by Disappointing Earnings Results, Gilead Sciences Shares Edge Lower

Shares of Gilead Sciences Inc. declined by more than 2.5 percent in the extended session on Tuesday after the biopharmaceutical company announced its quarterly earnings that fell short of Wall Street estimates.

The California-based biotech company posted adjusted first-quarter earnings of $2.23 a share on revenue of $6.51 billion. Meanwhile, economists had expected earnings of $2.28 a share on revenue of $6.63 billion.

Gilead maintained its guidance for the year of revenue of $22.5 billion to $24.5 billion, which excludes royalty revenue. The company’s outlook is not as optimistic as analysts’ expectation calling for total revenue of $24.73 billion.

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