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Gilead reduces 2024 earnings guidance after completing CymaBay takeover

Published 22/03/2024, 14:00
© Reuters
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Gilead Sciences (NASDAQ:GILD) announced Friday it has successfully completed its acquisition of CymaBay Therapeutics (NASDAQ:CBAY) for an approximate total equity value of $4.3 billion.

With the merger finalized, CymaBay is now a wholly owned subsidiary of Gilead, and as a result, its common stock will be delisted from the Nasdaq Global Select Market, effective at the Friday market close.

Due to the acquisition, Gilead anticipates a decrease in both GAAP and non-GAAP earnings per share (EPS) for 2024 by approximately $3.35 to $3.45 compared to the full-year guidance shared last month.

“Reflecting acquisition costs, associated operating expenses and lower interest income, we expect this transaction to reduce Gilead’s GAAP and non-GAAP 2024 EPS by approximately $3.35 - $3.45 relative to the full-year 2024 guidance shared on February 6, 2024, the company said in a statement.

Gilead previously saw adjusted EPS ranging from $6.85 to $7.25 for the full fiscal 2024.

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