Gilead Trims Non-COVID Product Sales Outlook, Though Q3 Earnings Beat Street Estimates

Gilead Sciences Inc GILD posted higher-than-expected Q3 earnings on strong demand for its COVID-19 antiviral treatment.
Adjusted EPS increased 26% Y/Y to $2.65, beating the consensus of $1.74.
Sales increased 13% to $$7.40 billion, surpassing the consensus of $6.25 billion.
Veklury (remdesivir) sales almost doubled to $1.9 billion. Two million patients received remdesivir or licensed generic remdesivir in Q3.
Gilead's HIV medicines dropped 8% to $4.2 billion as some drugs lost patent protection and the pandemic continued to limit visits to doctors.
Guidance: Gilead raised its FY21 adjusted EPS forecast to $7.90 - $8.10 (consensus $7.18) from its prior projection of $6.90 to $7.25.
Including Veklury, the Company expects product sales of $26 billion - $26.3 billion (consensus $25.1 billion), up from a previous estimate of $24.4 billion - $25 billion.
Without Veklury, Gilead expects sales of around $21.5 billion for FY21.
That is down from its previous estimate of $21.7 billion - $21.9 billion, reflecting the longer than expected impact of the pandemic on its business.
Price Action: GILD shares are down 1.60% at $66.26 during the premarket session on the last check Friday.

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