Gilead Sciences Is on an FDA Approval Hot Streak. Should You Buy the Stock Like There’s No Tomorrow?
Gilead Sciences (NASDAQ: GILD), a biotech leader, has outperformed broader equities this year. The company’s financial results have been fairly strong, contributing to its year-to-date performance. However, another factor behind Gilead Sciences’ run is its important regulatory progress, which has improved its lineup of approved drugs. That’s all well and good, but after climbing by almost 30% this year, are Gilead’s shares still attractive?
Over the past few years, Gilead Sciences has experienced declining sales from its coronavirus medicine, Veklury. The company’s financial results have sometimes been mixed as a result, but things are trending up for the biotech giant. In the second quarter, Gilead Sciences’ revenue came in at $7.8 billion, up 10% year over year. Product sales excluding Veklury also grew by 10% compared to the year-ago period. The company reported a non-GAAP loss per share of $6.75, compared to earnings per share of $2.01 in the year-ago period. The decline was mostly due to acquisition-related expenses.
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