By Maria Armental 
 

Gilead Sciences Inc. raised revenue and adjusted profit projections for the year, pointing to early signs of recovery of its core HIV business along with expansion of its Covid-19 drug remdesivir.

The drugmaker now expects revenue to reach $23 billion to $25 billion, compared with its February view of $21.8 billion to $22.2 billion.

It forecasts profit of 83 cents to $2.23 a share, down from its earlier view of $5.15 to $5.55. On an adjusted basis, however, it now expects profit to reach $6.25 to $7.65 a share, up from its earlier view of $6.05 to $6.45 a share.

Second-quarter results included an acquired in-process research and development charge of $4.5 billion related to Gilead's acquisition of Forty Seven Inc., which drove Gilead to a loss of $3.34 billion for the quarter.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

July 30, 2020 17:02 ET (21:02 GMT)

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