Gilead Sciences (GILD – Free Report) released its first quarter fiscal 2017 financial results, posting earnings of $2.23 per share and revenues of $6.5 billion. GILD is a #2 (Buy) on the Zacks Rank, and is down 1.66% to $6.45 per share in trading shortly after its earnings report was released.

Gilead:

Missed earnings estimates. The company reported earnings of $2.23 per share, falling short of the Zacks Consensus Estimate of $2.25 per share. This number excludes 18 cents from non-recurring items.

Missed revenue estimates. The company saw revenue figures of $6.5 billion, missing the Zacks Consensus Estimate of $6.66 billion and declining 16.4% year-over-year.

Gilead reported total product sales of $6.4 billion for Q1, compared to $7.7 billion in the same period in 2016. Antiviral product sales, which include sales of its HIV, chronic hepatitis B (HBV) and chronic hepatitis C (HCV) products, were $5.8 billion for the first quarter.

Regionally, Product sales in Q1 were $4.5 billion in the United States, $1.3 billion in Europe, and $661 million in other locations.

The company reiterated its full-year 2017 guidance. Gilead expects net product sales in the range of $22.5 billion and $24.5 billion, and product gross margin between 86% and 88%. Diluted EPS is forecasted in the range of 84 cents to 91 cents per share.

Here’s a graph that looks at Gilead’s price, consensus, and EPS surprise:

Gilead Sciences, Inc. Price, Consensus and EPS Surprise

Gilead Sciences, Inc. Price, Consensus and EPS Surprise | Gilead Sciences, Inc. Quote

Gilead Sciences, Inc. is an independent biopharmaceutical company that seeks to provide accelerated solutions for patients and the people who care for them. They have a broad-based focus on developing and marketing drugs to treat patients with infectious diseases, including viral infections, fungal infections and bacterial infections, and a specialized focus on cancer. They have expertise in liposomal drug delivery technology, a technology that the company uses to develop drugs that are safer, easier for patients to tolerate and more effective.