Gilead Shares Slide After Light HIV Drug Sales Hit Q1 Earnings

Gilead Sciences Inc GILD reported lower than expected Q1 earnings with EPS of $2.08, slightly below the analyst consensus estimate of $2.09 but higher than $1.68 last year.
Sales of $6.42 billion missed the consensus of $6.74 billion but grew 16% Y/Y.
Revenue from COVID-19 treatment, Veklury, was $1.5 billion and excluding Veklury, total sales decreased 11% Y/Y to $4.9 billion.
Sales of HIV treatments declined 12% to $3.7 billion as Hepatitis C drug revenue fell 30% to $510 million.
Cancer drugs Yescarta and Tecartus generated higher sales of $160 million and $31 million, respectively. Trodelvy, which Gilead recently acquired, brought in $72 million.
Guidance: For FY20, the company expects adjusted income of $6.75-$7.45, in line with the analyst consensus of $7.17. It guided for revenue of $23.7 billion to $25.1 billion in full-year product sales, versus analyst consensus of $24.78 billion.
Price Action: GILD shares are down 2.3% at $62.37 in the premarket session on the last check Friday.

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