Gilead Sciences Slips In Pre-Market On Q2 EPS News

(RTTNews) - Gilead Sciences (GILD | Quote | Chart | News | PowerRating) declined in pre-market trading, down about 6 percent. The slide came after the company reported its second quarter earnings.

The stock was down $3.50 just before 9:00 am ET, slipping to $51.90. If pre-market losses hold, the stock will open at its lowest level in a week and a half.

Gilead Sciences reported net income for the second quarter of $442.8 million or $0.46 per share, compared to $407.9 million or $0.42 per share last year.

Excluding after-tax stock-based compensation and IPR&D expenses, non-GAAP net income for the second quarter of 2008 was $477.0 million or $0.49 per share, compared to $442.2 million or $0.46 per share in the prior year quarter.

Total revenues for the second quarter were $1.28 billion, up 22% from $1.05 billion in the second quarter of 2007.

Analysts polled by First Call/Thomson Financial expected the company to earn $0.48 per share for the quarter on revenue of $1.24 billion.

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