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Gilead Q2 Earnings

Gilead (GILD) reports Q2 earnings after hours today. Analysts expect revenue of $6.35 billion and eps of $3.08. The revenue estimate implies a 2.3% decline, up from the 11% decline experienced in Q1. Investors should focus on the following key items:

HCV Revenue Will Continue To Crumble

Gilead is known for having developed a cure for HCV. Heightened competition, political scrutiny over high drug prices, and a decline in the HCV runway have recently punished the company's HCV sales.

Last quarter HCV product sales fell 20% sequentially to $2.6 billion, while total product sales were off 12%. I expect another double-digit decline in HCV product sales this quarter. HCV still represents over 40% of Gilead's total revenue, so a double-digit decline in HCV and no meaningful pick up in other revenue could cause the company to miss analysts' estimates. Management also anticipates...