Gilead Q1 Beats, Full-Year Guidance Misses

Gilead posted Q1 adjusted EPS $2.03 beating $1.90 estimate, with revenue $7.0 bn up 4% YoY.
Full-year adjusted EPS guidance lowered to –$1.05 to –$0.65, $9.50 below consensus, due to $11.5 bn IPR&D charges.
Revenue outlook raised to $30.0‑$30.4 bn, slightly above $30.2 bn consensus, while HIV sales rose 10% to $5.0 bn.
Shares fell about 4% after guidance disappointment despite 8% growth in non‑Veklury product sales and strong HIV performance.