April 29 - Gilead Sciences Inc on Thursday reported First Quarter Revenue that fell short of Wall Street estimates as the COVID 19 pandemic hurt sales of its flagship HIV and hepatitis C drugs.
After hours, shares of the biotech company, which closed at $63.84 in organic trading, were down 2.3% to $62.40.
The biotech company reported adjusted earnings of $2.08 per share, edging out the average analyst estimate of $2.07 as compiled by Refinitiv.Net income rose from $1.54 billion to $1.72 billion.
The revenues for the quarter rose 16% to $6.4 billion, helped by $1.46 billion in sales for COVID -19 antiviral drug remdesivir.But the total revenue failed to beat Wall Street estimates of $6.73 billion.
Gilead said the COVID 19 pandemic continued to harm the sales of its treatments for hepatitis C and HIV, due to fewer people going to their doctors during the pandemic.It expects a more gradual recovery in the market starting in the current quarter.
Our core business was more affected by COVID 19 than we had expected, Chief Executive Daniel O'Day said during a conference call with investors.
Sales of remdesivir, which is sold under the brand name Veklury, were also below analysts' estimates of $1.56 billion.The company said Veklury sales would continue to be subject of significant volatility and uncertainty.
It is said earlier this week that Gilead would provide support to local manufacturing facilities in India where the COVID 19 pandemic is raging out of control and donate active pharmaceutical ingredient to scale up remdesivir production.
For full year 2021, the California-based company said that it still expects adjusted earnings per share of $6.75 to $7.45 on product sales of $23.7 billion to $25.1 billion.What is the best way to name a guy, a new friend?