Gilead Inventory Dives As Gentle HIV Drug Gross sales Lead To Quarterly Miss
Gilead Sciences (GILD) added to the record of large-cap biotech misses Thursday, main Gilead inventory to crumble as HIV therapy gross sales got here in mild.
Product gross sales — which exclude different sources of income — lagged forecasts by $250 million, Mizuho Securities analyst Salim Syed mentioned in a report back to purchasers. That was pushed by Biktarvy gross sales, which have been additionally quick by that a lot.
RBC Capital Markets analyst Brian Abrahams categorized the quarter as “delicate.” Complete income additionally lagged projections, whereas good working bills helped hold earnings in line. However Abrahams retained his outperform score on Gilead inventory forward of a catalyst-rich 2021.
“Whereas we consider traders would have preferred to have seen a stronger efficiency from their core HIV franchise into key 2021 oncology readouts, at a ten instances a number of, we consider there stays appreciable room for upside,” he mentioned in a report back to purchasers.
Gilead Inventory Falls On Gentle Gross sales
In after-hours buying and selling on the inventory market right now, Gilead inventory slipped 2.3% close to 62.40.
Complete income elevated 16% to $6.42 billion. However that missed forecasts for $6.74 billion. The corporate earned $2.08 per share, minus some objects, matching expectations. On a year-over-year foundation, earnings popped 24%.
Gross sales of HIV therapies declined 12% to $3.7 billion as hepatitis C drug income fell 30% to $510 million. Most cancers medication Yescarta and Tecartus generated $160 million and $31 million, respectively. Trodelvy, which Gilead just lately acquired, introduced in $72 million.
Income from Covid therapy Veklury was $1.5 billion.
For the yr, Gilead expects adjusted earnings of $6.75-$7.45 per share and $23.7 billion to $25.1 billion in full-year product gross sales, which exclude different sources of income. Gilead inventory analysts known as for earnings of $7.16 per share on $24.9 billion in gross sales.
Comply with Allison Gatlin on Twitter at @IBD_AGatlin.
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