Gilead Sciences failed to meet the Street’s 2Q estimates, despite experiencing a 25% growth in profit for the quarter. The company also lowered their sales guidance for the year going forward due to continued distress in the Euro markets.
Net income for the quarter was $709.1 million, up from $569.1 million a year ago. Revenue increased 17% to $1.93 billion, missing the Street consensus of $1.96 billion. Gilead cut their 2010 net sales projection to a range between $7.3 and $7.4 billion, from a range of $7.4 billion to $7.5 billion. The company insists that business fundamentals are as strong as ever, but the current economic situation continues to be a constraint on revenue. Company management also restated their desire to pursue acquisitions or partnerships that can solidify their product pipeline with the wave of patent expirations to come in the near future.