Gilead quarterly profit falls as COVID antiviral sales decrease

(Reuters) – Gilead Sciences Inc on Tuesday said its second-quarter adjusted profit fell 13% due to higher research and royalty costs as well as a downturn in sales of its COVID-19 antiviral drug Veklury.

Revenue for the quarter rose 1% to $6.3 billion, which was ahead of the average Wall Street estimate of $5.85 billion, according to Refinitiv data.

The biotech company said adjusted quarterly profit fell 13% to $1.58 per share, which also topped the average analyst estimate of $1.52. Quarterly net income fell to 91 cents per share from $1.21 per share.

Sales of COVID-19 treatment remdesivir, which is sold under the brand name Veklury, fell 46% to $445 million, exceeding analysts’ estimates of $390 million.

The cancer drug Trodelvy – shown in a recent trial to modestly delay tumor growth in women with the most common form of breast cancer – saw sales rise 79% to $159 million.

Gilead said its HIV drug sales, driven by demand for higher-priced products, rose 7% to $4.2 billion.

For full-year 2022, the California-based company sightly raised its forecast for adjusted earnings per share to between $6.35 to $6.75 from a previous view of $6.20 to $6.70. Gilead said it now expects product sales of $24.5 billion to $25 billion, up from a previous estimate of $23.8 billion to $24.3 billion.

(Reporting By Deena Beasley; Editing by Bill Berkrot)