Gilead Reports Quarterly Loss Driven by Tax Charge -- Earnings Review
By Maria Armental
Gilead Sciences Inc. reported fourth-quarter results on Tuesday. Here's what you need to know:
EARNINGS: Gilead reported a $3.87 billion loss, or $2.96 a share, driven by a charge related to changes to U.S. tax law, compared with a year-earlier profit of $3.11 billion, or $2.34 a share. It was Gilead's first quarterly loss since the fourth quarter of 2006, according to Thomson Reuters data. Excluding the tax-law impact and other items, Gilead reported a profit of $1.78 a share, down from $2.70 a share a year earlier. Analysts surveyed by Thomson Reuters expected $1.67 in adjusted per-share profit.
TAX LAW: The California company recorded charges of $5.5 billion related to U.S. tax-law changes. As of Dec. 31, Gilead reported $36.7 billion in cash. The company didn't specify in a Tuesday news release how much of that was held abroad. Of the $41.36 billion in cash it reported as of Sept. 30, $32.4 billion was held abroad.
REVENUE: Revenue fell 19% to $5.95 billion, beating analysts' projected $5.74 billion. Hepatitis C product sales fell to $1.5 billion in the latest period, compared with $3.2 billion in the year-earlier period.
OUTLOOK: Gilead projects 2018 net product sales of $20 billion to $21 billion, compared with the $21.97 billion analysts had expected.
STOCK: Shares, which last week set a 52-week high, fell 2.3% to $78.50 in after-hours trading.
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(END) Dow Jones Newswires
February 06, 2018 16:41 ET (21:41 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.