Gilead Sciences Reports Q1 Results Above Wall Street Targets
May 02 2019 - 4:39PM
Dow Jones News
By Maria Armental
Gilead Sciences Inc.'s results for the first three months of the
year beat Wall Street targets, driven by a 28% profit increase.
The company reported a first-quarter profit of $1.98 billion, or
$1.54 a share, compared with $1.54 billion, or $1.17 a share, a
year earlier. On an adjusted basis, profit rose to $1.76 a share
from $1.48 a share a year earlier.
Revenue rose to $5.28 billion.
Analysts surveyed by FactSet had projected $1.26 a share, or
$1.61 a share as adjusted, on $5.3 billion in revenue.
Chronic hepatitis C products brought in $790 million in the most
recent period, down from $1 billion a year earlier, while HIV
product sales rose to $3.6 billion, from $3.2 billion a year
earlier.
Sales of its CAR-T therapy Yescarta, which the company had hoped
would help offset the hepatitis C drug sales decline.
Yescarta brought in $264 million in 2018, below analysts'
projected $271 million.
In the most recent period, Gilead said Yescarta accounted for
$96 million in sales, more than double from the year earlier, but
still shy of analysts' projected $98.5 billion.
Gilead affirmed its annual forecast of $21.3 billion to $21.8
billion in net product sales. The guidance reflects the anticipated
entry of generic versions of Letairis and Ranexa in the U.S. and
the full-year impact from generic products containing tenofovir
disoproxil fumarate in some European countries.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 02, 2019 17:24 ET (21:24 GMT)
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