Biotech Earnings Shine

After yesterday’s closing bell, Gilead Sciences (GILD) reported first-quarter earnings of 66 cents a share, seven cents more than Wall Street was expecting. Sales rose 21% to just over $1.5 billion.

I expect more great things from Gilead. The company just completed a deal to buy CV Therapeutics for $1.4 billion. Unfortunately, Gilead didn’t provide any future earnings guidance but said they will when the second-quarter report comes out in July.

Gilead continues to be one of my favorite biotech stocks. Another favorite is Illumina (ILMN) which also reported strong numbers after yesterday’s close. ILMN earned 28 cents a share which easily topped Wall Street’s estimate of 19 cents a share. The company now expects full-year EPS to range between $1.13 and $1.23.

A third biotech favorite is Amgen (AMGN) which reports on Thursday.

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