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Gilead’s Coronavirus Therapy Remdesivir Beats Sales Estimates
Gilead’s Coronavirus Therapy Remdesivir Beats Sales Estimates
29 Oct 2020, 04:05 AM IST
(Bloomberg) -- Gilead Sciences Inc. reported $873 million in third-quarter sales of its coronavirus therapy Veklury, above analysts’ expectations, as the company transitions to commercial sales for the medicine.
(Bloomberg) -- Gilead Sciences Inc. reported $873 million in third-quarter sales of its coronavirus therapy Veklury, above analysts’ expectations, as the company transitions to commercial sales for the medicine.
- The numbers are closely watched as this is the first period of sales for the antiviral, better known by its generic name remdesivir, after Gilead completed a donation of the first 1.5 million doses of the drug in July. The drugmaker lowered the high end of its estimate for fiscal year earnings per share to $6.60 from $7.65.
Key Insights
- After receiving an emergency authorization in May, Veklury became the first Covid-19 medicine to get full U.S. approval earlier this month, based on a U.S. study showing hospitalized patients who got it recovered about five days faster.
- The approval is controversial because a giant World Health Organization study released this month found it didn’t save lives. Gilead is charging U.S. hospitals $3,120 for a typical patient course of the coronavirus drug.
- Gilead reported HIV drug sales of $4.5 billion, compared with $4.2 billion the previous year. Sales of the HIV drug Biktarvy were $1.89 billion, versus analysts’ expectations for $1.77 billion.
- Hepatitis C drug sales remain weak, declining 31% to $464 million.
Market Reaction
Gilead shares rose 1.8% in late trading; the stock has fallen 9.6% this year through Wednesday’s close.
Get More
- For more details on the results, click here.
- To read Gilead’s news release, click here.
- Gilead’s Covid drug could clog pipeline for other treatments
©2020 Bloomberg L.P.
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