Foster City's Gilead misses Q1 estimate as pandemic hurts HIV, Hep. C drugs' sales



by   |  VIEW 759

Foster City's Gilead misses Q1 estimate as pandemic hurts HIV, Hep. C drugs' sales

Later last week, Gilead Sciences Inc., the Foster City, California-based manufacturer of pandemic-drug Remdesivir, had missed Wall Street expectations for first-quarter revenue as the pandemic outbreak had grievously hurt sales of its blockbuster HIV and Hepatitis C drugs, however, an improved sales landscape of its pandemic-drug Remdesivir amid a third-wave of pandemic outbreak in major G20 countries had partially kept a lid on the losses.

Besides, followed by reveal of its relatively dour earnings’ report for fiscal first quarter of the year that ended on March 31, shares’ prices of Gilead tumbled as much as 3.01 per cent last week to $63.47 a share after diving nearly 2.3 per cent on Friday’s pre-market trading.

In point of fact, sales of a swathe of commonly used infectious disease drugs ranging from Hepatitis to measles to HIV, took a tattering header over latest quarter, as patients were reportedly reluctant to visit out-patient Dept.

doctors over fears of contracting the pandemic contagion, eventually leading to a mass-scale decline in sales of Gilead’s flagship HIV and Hepatitis C drugs.

Gilead revenues miss Wall St. estimate

On top of that, according to Foster City biotech giant Gilead Sciences Inc.’s quarterly earnings’ report released later last week, the American multinational biotechnology company had reported an earning of $2.08 per share on an adjusted basis, slightly above an analysts’ estimate of $2.07 a share, IBES data from Refinitiv had unveiled, while the American biopharmaceutical’s revenue surged 16 per cent to $6.4 billion, mostly buoyed up by a $1.46 billion in sales from Remdesivir, however, overall revenue still missed Wall Street expectations of $6.73 billion.

Nonetheless, Gilead held on to its full-year earnings’ forecast of $6.45 to $7.45 per share alongside a sales figure between $23.7 billion to $25.1 billion. Meanwhile, since Gilead’s sales soured as much as 11 per cent to $4.9 billion excluding its patented pandemic-drug Remdesivir, the biopharmaceutical chief executive Daniel O’Day said in a post earnings’ conference call with the investors, “Our core business was impacted by COVID-19 more than we had expected.

Earlier last week, Gilead had pledged to proffer support in local manufacturing plant in India after the country’s daily pandemic cases had topped a record 400,000 for the first time and had agreed to donate active ingredients to ramp up Remdesivir production.