Gilead Sciences Raises Fiscal Year Product Sales Forecast

By Kimberly Chin

Gilead Sciences Inc. raised the upper end of its full-year product sales target range, as the company saw a strong first half of the year for its products.

The biopharmaceutical company now expects total product sales between $24.4 billion and $25 billion, compared with its prior view of $23.7 billion to $25.1 billion.

Gilead expects sales of Veklury to be in the range of $2.7 billion to $3.1 billion, up from its previous projection of $2 billion to $3 billion, reflecting the longer than expected effect of the coronavirus pandemic on its HIV business, the company said. Veklury's sales tend to be affected by Covid-19-related rates of infections, hospitalizations and vaccinations.

On a GAAP basis, it expects full-year earnings around $4.70 to $5.05 a share, lower than its previous guidance of $4.75 to $5.45 a share. The company expects adjusted earnings around $6.90 to $7.25 a share, compared with its prior outlook of $6.75 to $7.45 a share.

Gilead's shares slipped 2.2% after hours to $68.30.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

July 29, 2021 17:17 ET (21:17 GMT)

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