Gilead first-quarter revenue rises regardless of decrease HIV drug gross sales By Reuters
© Reuters. FILE PHOTO: Gilead Sciences Inc pharmaceutical firm is seen in the course of the outbreak of the coronavirus illness (COVID-19), in California
By Deena Beasley
(Reuters) – Gilead Sciences Inc (NASDAQ:) on Thursday mentioned its first-quarter product gross sales rose 16%, together with $1.46 billion in gross sales of its COVID-19 antiviral drug remdesivir, however gross sales of flagship HIV and hepatitis C medication had been down as a result of results of the pandemic.
The biotech firm reported adjusted earnings of $2.08 per share, edging out the common analyst estimate of $2.07 as compiled by Refinitiv. Web revenue rose to $1.72 billion from $1.54 billion.
The 16% rise in income for the quarter to $6.4 billion was nonetheless wanting Wall Road estimates of $6.73 billion.
Gilead mentioned the COVID-19 pandemic continued to harm gross sales of its remedies for hepatitis C and HIV, resulting from fewer individuals going to their docs in the course of the pandemic. It now expects a extra gradual restoration out there beginning within the present quarter.
Excluding remdesivir, its product gross sales fell 11% to $4.9 billion.
Sale of remdesivir, which is bought beneath the model identify Veklury, had been additionally under analysts’ estimates of $1.56 billion. The corporate mentioned Veklury gross sales would proceed to be topic of great volatility and uncertainty.
Gilead earlier this week mentioned it might present help to native manufacturing amenities in India, the place the COVID-19 pandemic is raging uncontrolled, and donate lively pharmaceutical ingredient to scale up remdesivir manufacturing.
For full-year 2021, the California-based firm mentioned it nonetheless expects adjusted earnings per share of $6.75 to $7.45 on product gross sales of $23.7 billion to $25.1 billion.
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