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Sunday, February 28, 2021

Gilead Sciences values its sales at £4.31 billion in the fiscal third quarter.

  • Gilead Sciences values its sales at £4.31 billion in the fiscal third quarter.
  • The biopharmaceutical company reports £277.25 million of net income.
  • U.S. FDA fully approved Gilead’s Remdesivir (Veklury) as a COVID-19 treatment.

Gilead Sciences Inc. (NASDAQ: GILD) said on Wednesday that its profit and sales came in better than expected in the fiscal third quarter. The company, however, lowered its sales guidance for the full year.

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Shares of the company plunged close to 1.5% in after-hours trading on Wednesday. Including the price action, Gilead Sciences now has a per-share price of £44.59 versus £50.24 per share at the start of the year. Interest in investing in the stock market online? Here’s a simple guide to get you started.

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Gilead’s Q3 financial results versus analysts’ estimates

Gilead said that its net income in the third quarter printed at £277.25 million or 22.33 pence per share. On an adjusted basis, the company earned £1.63 per share in the recent quarter versus the year-ago figure of £1.35 per share. According to FactSet, experts had forecast a lower £1.46 of per-share earnings for Gilead in Q3.

In terms of sales, the biopharmaceutical company posted £5.07 billion as compared to a lower £4.31 billion in the same quarter last year. FactSet Consensus for sales in the third quarter stood at £4.85 billion.

The U.S. Food and Drug Administration (FDA) fully approved Gilead’s Remdesivir (now called Veklury) as a treatment of COVID-19 earlier this month. As per the U.S. company:

“Veklury revenue is generated in a highly dynamic and complex global health environment which continues to evolve. As a result, Veklury revenue is subject to significant volatility and uncertainty.”

The novel flu-like virus has so far infected more than 9 million people in the United States and caused a little under 233 thousand deaths.

Gilead’s guidance for the full year

The Foster City-based company valued its sales from HIV and aids medications at £3.50 billion in the third quarter versus £3.23 billion in the comparable quarter of last year. In an announcement last month, the U.S. firm said it will buy Immunomedics Inc. for £16.32 billion.

For the full year, Gilead now forecasts its revenue to fall in the range of £17.71 billion to £18.10 billion. Its annual profit, as per the company, is likely to fall between £4.81 billion and £5.08 billion. Analysts, on the other hand, estimate £18.48 billion of full-year sales.

Gilead remained almost flat on average on an annual basis in the stock market last year. At the time of writing, the American biopharmaceutical company has a market cap of £56.70 billion.

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