What Happened?
Shares of biopharmaceutical company Gilead Sciences (NASDAQ:GILD) jumped 8.6% in the morning session after the company reported impressive fourth-quarter results that exceeded analysts' revenue, EPS, and adjusted operating income estimates. Revenue grew 6%, driven by a 16% increase in HIV product sales and supported by strength in oncology and liver disease products. The momentum is expected to continue into the next year, as full-year EPS guidance surpassed Wall Street estimates, while sales guidance was in line. Overall, this was a solid quarter with some key areas of upside.
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What The Market Is Telling Us
Gilead Sciences’s shares are not very volatile and have only had 2 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Gilead Sciences is up 11.4% since the beginning of the year, and at $102.32 per share, has set a new 52-week high. Investors who bought $1,000 worth of Gilead Sciences’s shares 5 years ago would now be looking at an investment worth $1,528.
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