Gilead first quarter sales, earnings beat Street estimates -Breaking
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© Reuters. FILEPHOTO: Gilead Sciences Inc, a pharmaceutical company, is seen after they announce a Phase3 Trial of Remdesivir for patients with severe coronavirus (COVID-19), in the midst of the coronavirus outbreak (COVID-19).2/2
Deena Beesley
(Reuters) – Gilead Sciences Inc (NASDAQ:) Thursday’s first quarter revenue was up 3% thanks to increased sales of HIV drug Biktarvy, and COVID-19 antiviral medication Veklury.
According to Refinitiv, the biotech company reported adjusted earnings of $2.12 per shares, up 4% from last year. This is higher than the $1.81 average analyst estimate.
The quarter’s revenue rose from $6.4 billion to $6.6 billion. This was higher than Wall Street expectations of $6.27 trillion.
Gilead’s HIV drug revenues rose by 2% to $3.7billion, slightly higher than Wall Street estimates.
Veklury is the name for remdesivir. Its sales rose 5%, to $1.5 billion. This was more than analysts expected at $1.15 billion.
California-based company stated that for full year 2022 it expected adjusted earnings per share to be $6.20-6.70 on products sales between $23.8 billion and $24.3 billion.
The quarter’s net income fell from $1.72billion to $12m due to a $2.7bn research and development impairment relating to Gilead assets. Immunomedics 2020 (NASDAQ:
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