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Gilead Falls as Sales of Non-Covid Drugs Seen Weaker -Breaking

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – Gilead Sciences stock (NASDAQ:) fell more than 4% Friday as the maker of remdesivir said sales of non-Covid drugs would be lower in 2021 than earlier forecast.

According to the company, pandemics are affecting their business more than they expected and it is therefore lowering sales expectations for non-Covid drugs. The total sales of its Covid treatment, remdesivir, are now around $21.5billion, a decrease from the $21.8billion it had previously seen.

Veklury has seen its sales rise and this is reflected in the company’s overall outlook.

The total sales of the company’s products now exceed $24.7 billion, compared with $24.7 billion in previous projections.

Gilead expects to pay $4.75 Billion in debt repayments this year. This is significantly more than its previous guidance.

The strong sales of remdesivir – arguably one the most effective drugs against the virus – pushed its third-quarter sales up by 13% to $7.4billion.

Adjusted profit share was $2.65, higher than last time’s $2.11. Both profits and sales exceeded estimates.

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