Shares slump as Gilead misses estimates

31 July 2020

US biotech Gilead Sciences (Nasdaq: GILD) announced its results for the second quarter of 2020 late Thursday, sending shares in the company plummeting.

The drugmaker reported a loss of $3.33 billion, or $2.66 a share, in the period, compared with a proft of $1.88 billion, or $1.47 a share, in the year-ago quarter.

Gilead attributed the quarter’s loss to a $4.5 billion charge for the acquisition of immuno-oncology company Forty Seven in April, but, after adjusting for that charge and other factors, the firm reported earnings of $1.11 a share, which failed to hit analysts’ average estimates. Revenue fell to $5.14 billion in the quarter, down 10% from $5.68 billion in the like quarter a year ago.

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