Gilead Sciences 4th-qtr gets $1.9 billion boost from Veklury sales
US biotech Gilead Sciences (Nasdaq: GILD) late yesterday posted a strong set of 2020 fourth-quarter and full-year financial results, which saw its shares close up 2%, and a rise a further 2% to $67.15 pre-market today.
Fourth-quarter sales rose 26% to $7.3 billon, beating FactSet forecasts of $7.08 billion. What was not anticipated was the significant contribution from Gilead’s COVID-19 treatment Veklury (remdesivir), which generated revenues of $1.9 billion in the quarter, and $2.8 billion over the full year.
Net income fell 42% to $1.6 billion. Diluted earnings per share (EPS) were $1.23 and non-generally accepted accounting principles (GAAP) EPS was $2.19, up 99%, beating the average estimate of analysts polled by FactSet for $2.04.
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