Aug 8 (Reuters) - Gilead Sciences ( GILD ) on Thursday

reported second-quarter profit that handily beat Wall Street

estimates, driven by lower operating expenses and higher product

sales, and the drugmaker raised its outlook for full-year

earnings.

The Foster City, California-based company posted a quarterly

profit of $2.01 per share excluding items, on revenue of $7

billion, up from $1.34 a share and revenue of $6.6 billion in

the year-ago quarter.

Wall Street analysts had expected an adjusted profit of

$1.60 per share on revenue of $6.72 billion, according to LSEG

data.

"It was a very strong quarter of commercial execution," CEO

Daniel O'Day told Reuters in an interview, citing recent data

showing that the company's long-acting injectable drug

lenacapavir was more effective in preventing HIV infection in

women compared to a daily pill.

He said the company also looks forward to a potential U.S.

launch of seladelpar, a liver drug acquired with Gilead's

purchase earlier this year of CymaBay, for primary biliary

cholangitis. The U.S. Food and Drug Administration is slated to

decide on the drug's approval by next Wednesday.

Quarterly sales of HIV drug Biktarvy rose 8% to $3.2

billion, which was in line with analysts' estimates. Sales of

its COVID-19 treatment Veklury fell 16% to $214 million, but

still came in well above Wall Street expectations of $190

million.

Oncology sales rose 15% to $841 million, while sales of

liver disease drugs rose 17% to $832 million.

For full-year 2024, Gilead said it still expects product

sales of $27.1 billion to $27.5 billion, but raised its adjusted

profit estimate to $3.60 to $3.90 a share from a previous $3.45

to $3.85 a share.

Analysts have projected 2024 earnings per share of $3.75 on

revenue of $27.58 billion.