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By Deena Beasley
(Reuters) -Gilead Sciences on Thursday reported flat quarterly earnings on slightly higher revenue and raised its full-year financial outlook due largely to better-than-expected sales of HIV drugs.
Adjusted earnings per share were flat from a year earlier at .01, and just ahead of the average analysts’ estimate of .97, as compiled by LSEG. Revenue rose 2% from a year earlier to .1 billion, which was in line analysts’ expectations.
Gilead did not disclose sales of Yeztugo, a twice-yearly HIV prevention drug approved by U.S. regulators in June.
CEO Daniel O’Day told Reuters that the company is very happy with the launch so far.
“The first scrip was written within hours… the first dose was delivered within days,” he said, adding that the company is on track to achieve its stated goal of 75% insurer coverage of the drug within six months and 90% coverage within a year.
Total HIV product sales for the quarter rose 7% year-over-year to .1 billion.
Gilead said its second-quarter cell therapy sales fell 7% to 5 million due to increased competition, while sales of cancer drug Trodelvy rose 14% to 4 million.
Sales of Gilead’s portfolio of liver disease treatments fell 4% to 5 million, driven mainly by lower sales of hepatitis C drugs.
For the full year, Gilead said it now expects adjusted earnings per share of .95 to .25, up from its previous estimate of .70 to .10. The company also bumped up its expectations for 2025 product sales to between .3 billion and .7 billion from a previous range of .2 billion to .6 billion.
Gilead Chief Financial Officer Andrew Dickinson attributed the new outlook to better-than-expected HIV sales and expense discipline.
Analysts have forecast full year earnings of .01 per share on revenue of .7 billion.
(Reporting By Deena BeasleyEditing by Bill Berkrot)
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