Gilead’s third-quarter earnings beat by a wide margin, and biotech raises guidance

Gilead Sciences Inc.’s stock rose 2.7% in after-hours trading Wednesday, after the biotech blew past third-quarter earnings estimates and raised its guidance, boosted by demand for its HIV and COVID-19 treatments.

Foster City, Calif.-based Gilead GILD had net income of $ 1.25 billion, or $ 1.00 a share, for the quarter, down from $ 2.18 billion, or $ 1.73 a share, in the year-earlier period. Adjusted for one-time items, earnings per share came to $ 2.02, well ahead of the $ 1.51 FactSet consensus.