Rising costs did not help S&P 500 (NYSE:SPY) component Gilead Sciences, Inc. (NASDAQ:GILD) in the first quarter as profit dropped from a year earlier. Gilead Sciences Inc. is a biopharmaceutical company which discovers, develops and commercializes therapies for viral diseases, infectious diseases and cancer.
Gilead Sciences Earnings Cheat Sheet for the First Quarter
Results: Net income for the biotechnology company fell to $647.3 million (87 cents/share) vs. $854.9 million (92 cents/share) a year earlier. A decline of 24.3% from the year earlier quarter.
Revenue: Fell 7.7% to $1.93 billion YoY.
The company has now seen net income fall in each of the last two quarters. In the fourth quarter of the last fiscal year, net income fell 21.5% from the year earlier quarter.
Over the last five quarters, revenue has increased 10.3% on average year over year. The biggest increase came in the first quarter of the last fiscal year, when revenue rose 36.3% from the year earlier quarter.
Competitors to Watch: GlaxoSmithKline plc (NYSE:GSK), Pfizer Inc. (NYSE:PFE), Eli Lilly & Co. (NYSE:LLY), Bristol Myers Squibb Co. (NYSE:BMY), Merck & Co., Inc. (NYSE:MRK), Abbott Laboratories (NYSE:ABT), Novartis AG (NYSE:NVS) and Sanofi-Aventis (NYSE:SNY).
Today’s Performance: Shares of GILD are trading down 3.2 percent.