Gilead Sciences (GILD) added to the listing of large-cap biotech misses Thursday, main Gilead inventory to crumble as HIV remedy gross sales got here in mild.
Product gross sales — which exclude different sources of income — lagged forecasts by $250 million, Mizuho Securities analyst Salim Syed stated in a report back to purchasers. That was pushed by Biktarvy gross sales, which have been additionally quick by that a lot.
RBC Capital Markets analyst Brian Abrahams labeled the quarter as “soft.” Total income additionally lagged projections, whereas good working bills helped hold earnings in line. But Abrahams retained his outperform ranking on Gilead inventory forward of a catalyst-rich 2021.
“While we believe investors would have liked to have seen a stronger performance from their core HIV franchise into key 2021 oncology readouts, at a 10 times multiple, we believe there remains considerable room for upside,” he stated in a report back to purchasers.
Gilead Stock Falls On Light Sales
In after-hours buying and selling on the stock market today, Gilead inventory slipped 2.3% close to 62.40.
Total income elevated 16% to $6.42 billion. But that missed forecasts for $6.74 billion. The firm earned $2.08 per share, minus some gadgets, matching expectations. On a year-over-year foundation, earnings popped 24%.
Sales of HIV therapies declined 12% to $3.7 billion as hepatitis C drug income fell 30% to $510 million. Cancer medicine Yescarta and Tecartus generated $160 million and $31 million, respectively. Trodelvy, which Gilead just lately acquired, introduced in $72 million.
Revenue from Covid remedy Veklury was $1.5 billion.
For the yr, Gilead expects adjusted earnings of $6.75-$7.45 per share and $23.7 billion to $25.1 billion in full-year product gross sales, which exclude different sources of income. Gilead inventory analysts referred to as for earnings of $7.16 per share on $24.9 billion in gross sales.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
YOU MAY ALSO LIKE: