Shares of Gilead Sciences (NASDAQ: GILD) are down 3.7% as of 3:30 p.m. ET Wednesday after the biopharmaceuticals giant announced mixed quarterly results relative to Wall Street's expectations.

Gilead's fourth-quarter 2023 revenue declined 3.7% year over year to $7.115 billion, translating to non-GAAP (adjusted) net income of $1.72 per share (up from $1.67 per share in the same year-ago period). Analysts, on average, were expecting higher adjusted earnings of $1.76 per share on slightly lower revenue of $7.1 billion.

Gilead's revenue decline came as lower sales of COVID-19 treatment Veklury and HIV products were only partially offset by higher oncology segment sales. Still, excluding Veklury, total product sales would have been up 7% year over year.

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Source Fool.com