Gilead Sciences Inc. shares dropped about 2.5% in the extended session Thursday, after the drug maker beat Wall Street’s earnings expectations but reported lower-than-expected sales.
Gilead GILD, -0.87% reported third-quarter net losses of $1.17 billion, or 92 cents a share, compared with $2.1 billion, or $1.60 a share, in the year-ago period. Adjusted for items such as up-front collaboration and licensing expenses and stock-based compensation, among other items, earnings were $1.75 a share.
Revenue rose to $5.604 billion from $5.596 billion in the year-ago period.
Analysts surveyed by FactSet had estimated adjusted earnings of $1.74 a share on revenue of $5.61 billion. For the fourth quarter, analysts model adjusted earnings of $1.71 a share and sales of $5.76 billion.
Gilead stock has gained 5.5% this year, with the S&P 500 index SPX, +0.19% rising 20%.