Gilead Revises Annual Guidance
July 30 2020 - 5:17PM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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