Gilead Sciences estimates its third quarter revenue at £4.31 billion.
The biopharmaceutical company reported a net profit of £277.25 million.
The US FDA has fully approved Gilead’s Remdesivir (Veklury) as a COVID 19 treatment.
Gilead Sciences Inc. (NASDAQ: GILD) said Wednesday that its third-quarter net income and sales for the fiscal year were better than expected. However, the company lowered its full-year revenue guidance.
The company’s stock fell nearly 1.5% in post-trading on Wednesday. Including the price action, Gilead Sciences now has a price per share of £44.59 compared to £50.24 per share at the beginning of the year. Interested in investing in the stock market online? Here is a simple guide to help you get started.
Gilead’s financial results for the 3rd quarter compared to analysts’ estimates
Gilead said its third quarter net profit was £277.25 million or 22.33 pence per share. On an adjusted basis, the company earned £1.63 per share in the final quarter compared to £1.35 per share in the same period last year. According to FactSet, Gilead’s third quarter earnings per share were forecast to be lower at £1.46.
In terms of revenue, the biopharmaceutical company posted £5.07 billion, compared to a lower figure of £4.31 billion in the year-ago quarter. The FactSet consensus for third quarter revenue was £4.85 billion.
Earlier this month, the U.S. Food and Drug Administration (FDA) fully approved Gilead’s Remdesivir (now called Veklury) for the treatment of COVID-19. According to the US company:
“Veklury revenues are generated in a highly dynamic and complex global healthcare environment that is constantly evolving. As a result, Veklury revenues are subject to significant fluctuations and uncertainties”.
The novel, flu-like virus has so far infected more than 9 million people in the United States and caused slightly less than 233 thousand deaths.
Gilead’s forecast for the full year
The Foster City-based company estimated its third quarter HIV and AIDS drug sales at £3.50 billion compared to £3.23 billion in the same quarter last year. In an announcement last month, the US company said it would buy Immunomedics Inc. for £16.32 billion.
For the full year, Gilead is now forecasting a decline in sales in the range of £17.71 billion to £18.10 billion. Profit for the year is expected to be between £4.81 billion and £5.08 billion, according to the company. Analysts, on the other hand, estimate total annual turnover at £18.48 billion.
On an annualized basis, Gilead’s stock market performance was on average almost unchanged last year. At the time of writing, the U.S. biopharmaceutical company has a market capitalization of £56.70 billion.