Gilead Sciences reported a 4% increase in HIV drug sales to $5.3 billion, with $39 million from new prevention drug Yeztugo. Overall product sales fell 2% to $7.3 billion due to lower COVID-19 and cancer cell therapy sales. Gilead shares closed slightly down at $117.

Yeztugo sales met estimates but fell below expectations, prompting a 1% drop in Gilead shares. The drug, priced at $28,000 annually, is a twice-yearly injection to prevent HIV. Gilead CEO Daniel O’Day is optimistic about the drug’s progress, with 75% of U.S. payers covering it.

Despite lower product sales, Gilead’s quarterly profit rose to $2.43 per share from $1.00 a year earlier, with total revenue increasing 3% to $7.77 billion. Sales in the liver disease portfolio grew by 12%, while COVID treatment Veklury sales dropped by 60% due to fewer hospitalizations.

Gilead raised its adjusted earnings estimate for the full year to $8.05 per share and adjusted its 2025 product sales expectations to a range of $28.4 billion to $28.7 billion. The company’s quarterly results beat Wall Street estimates, driven by higher contract revenue and lower operating expenses.

Read more at Yahoo Finance: Gilead posts higher profit on demand for HIV drugs, but overall sales dip