A lab technician visually inspects a filled vial of investigational coronavirus disease (COVID-19) treatment drug remdesivir at a Gilead Sciences facility in La Verne, California.
Gilead Sciences | via REUTERS
Gilead Sciences‘ sales fell 10% in the second quarter from a year earlier as demand fell for some of its drugs because of the coronavirus pandemic.
Gilead’s total product sales slid 10% to $ 5.1 billion in the second quarter, down from $ 5.6 billion a year ago and less than the $ 5.31 billion analysts expected. The company reported adjusted earnings of $ 1.11 per share, lower than the $ 1.45 per share projected by analysts surveyed by Refinitiv.
“The impact of COVID-19 on Gilead’s business continues to be subject to a high degree of uncertainty given unpredictable dynamics related to the incidence, spread and efforts to treat COVID-19 around the world,” the company wrote in its earnings release.
The company’s stock was essentially flat in after-hours trading Thursday.
In May, the FDA granted Gilead’s antiviral drug remdesivir an emergency use authorization, allowing hospitals and doctors to use the drug on patients hospitalized with the disease even though the drug has not been formally approved by the agency.
This is a developing story. Please check back for updates.