Gilead (GILD) Beats Wall Street Estimates

Gilead Sciences (GILD) beat estimates by a penny. Earnings grew 58% compared to the same period a year ago. Gilead earned $0.38 beating estimates of $0.37. Gilead also beat estimates on revenue, which came in at $493.5 million (up 51%) while consensus was $488 million.

There was some profit taking in after hours trading on Instinet, as the stock dropped $1. I believe Gilead will trade higher in the coming weeks, especially if other biotechs and drug companies continue to report stellar earnings. So far Genentech, Genzyme, and now Gilead all beat Wall Street expectations. Keep an eye on Amgen (AMGN).

Note: I am long Gilead (GILD)