- 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.
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.