Two pharmaceutical stocks are rising after posting stronger than expected earnings.
Gilead (GILD), which makes antiviral medications and other products, posted 99 cents of EPS, 4 cents ahead of expectations. Revenue of $2.4 billion beat expectations for $2.29 billion.
Amgen (AMGN), the world’s largest biotech company, said it earned $1.83 cents per share in the second quarter, 29 cents ahead of expectations. Revenue of $4.48 billion beat expectations for $4.08 billion.� The company also issued guidance that was well ahead of analysts’ expectations. Total product sales jumped 8%, the company said in a statement.
Shares of both companies rose about 4% in after-hours trading.
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