Gilead’s Revenue Misses Estimates Following on Industry Trends
(Bloomberg) -- Gilead Sciences Inc. reported sales that fell below Wall Street analysts’ projections, following on a trend of disappointments for the quarter among drugmakers.
- Quarterly revenue of $6.42 billion missed the average estimate of $6.74 billion. Adjusted earnings were $2.08 a share, narrowly beating the average estimate of $2.07.
- Sales of Trodelvy, Gilead’s new treatment for triple negative breast cancer drug were $72 million, compared to the average estimate of $68 million. Gilead is counting on cancer as a growth area and has high hopes that Trodelvy can become a treatment for many tumor types, as the company tries to move beyond its traditional expertise in antivirals. Earlier this month, the drug was approved in the U.S. to treat metastatic urothelial cancer, a common type of bladder tumor.
- Sales of company’s big-selling HIV drug Biktarvy were $1.82 billion, missing analysts’ average estimate of just under $2.07 billion in sales.
- Veklury sales met estimates at $1.5 billion. The mainstay treatment for hospitalized Covid patients, better known by its generic name, remdesivir, “will continue to be subject to significant volatility and uncertainty.”
Fewer routine doctor visits, procedures and screenings for cancer and other diseases during the pandemic hit drugmakers hard in the first quarter, slowing sales of everything from vaccines to diabetes therapies and oncology drugs for Merck & Co., Amgen Inc. and other drugmakers.
- Gilead shares gained 9.6% since the year began through the end of regular trading hours Thursday. They fell 2.3% after U.S. markets closed.
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