By Dina Beasley
(Reuters) – Gilead Sciences Inc. mentioned on Thursday that its first-quarter product gross sales rose 16% in gross sales of its COVID-19 antiviral drug remediesvir, together with $ 1.46 billion, however main HIV and hepatitis C medication. Gross sales declined because of the affect of. Epidemic.
The biotech firm reported adjusted earnings per share of $ 2.08, excluding the typical analyst estimate of $ 2.07 compiled by Refinitive. Web revenue elevated from $ 1.54 billion to $ 1.72 billion.
A 16% enhance in income of $ 6.4 billion for the quarter was nonetheless decrease than Wall Avenue’s estimate of $ 6.73 billion.
Gilead mentioned the COVID-19 epidemic continued to harm gross sales of her therapies for hepatitis C and HIV, attributable to fewer individuals going to her docs throughout the epidemic. It now expects a extra gradual restoration out there beginning within the present quarter.
Excluding Remedivir, its product gross sales fell 11% to $ 4.9 billion.
Remedisvir’s gross sales, that are bought underneath the model identify Vecleri, have been additionally under analysts’ estimate of $ 1.56 billion. The corporate mentioned that the sale of Vecleri would stay topic to important volatility and uncertainty.
Earlier this week Gilead mentioned it might help native manufacturing services in India, the place COVID-19 is out of epidemic management, and donate the lively pharmaceutical ingredient to extend remedieswear manufacturing.
For the total yr 2021, the California-based firm mentioned it nonetheless expects adjusted earnings of $ 6.75 to $ 7.45 per share on product gross sales of $ 23.7 billion to $ 25.1 billion.
(Reporting by Dina Beasley; Modifying by Invoice Barkot)