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COVID-19 Gives Gilead A Down Quarter, But Guidance Boosted By Remdesivir

 
• By Mandy Jackson

Sales were down in the second quarter to $5.07bn, primarily due to coronavirus-related impacts, but Gilead’s COVID-19 antiviral therapy remdesivir will boost revenues in the second half.

Second quarter
Gilead had $5.07bn in second quarter 2020 sales, down 10% year-over-year • Source: Shutterstock

The second quarter was brutal for Gilead Sciences, Inc.’s commercial portfolio as the COVID-19 pandemic kept patients with HIV and hepatitis C virus (HCV) from going to the doctor, but full-year product sales are expected to be up to $3bn more than the company projected earlier this year due in large part to Veklury (remdesivir), its antiviral for the treatment of COVID-19.

Gilead reported $5.14bn in second quarter revenues on 30 July, which was down 9.5% from the same period in 2019 and 7% below the first quarter; it also missed analyst consensus estimates of $5.28bn

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