From Nasdaq:

Gilead Sciences reported mixed results in the fourth quarter, with earnings falling short of expectations but sales surpassing estimates. Adjusted earnings per share were $1.72, missing the expected $1.76 but increasing from the previous year. Total revenues of $7.1 billion beat estimates, mainly due to better-than-expected Veklury sales as hospitalizations increased.

The company’s stock has lost 2.9% in the past six months and is trading down in response to the results. Sales were impacted by lower Veklury and HIV sales, with Veklury sales decreasing by 28% to $720 million. The liver disease portfolio sales remained flat year over year at $691 million.

However, other products like Biktarvy, Trodelvy, and cell therapy products saw sales increase during the fourth quarter. Sales of breast cancer drug Trodelvy surged 53% to $299 million, beating estimates.

Looking ahead, Gilead estimates product sales to be between $27.1 billion and $27.5 billion for the year. Adjusted earnings per share are anticipated in the range of $6.85-$7.25.

Despite a disappointment in the phase III EVOKE-01 study of Trodelvy, Gilead’s oncology business continues to perform well. The label update for Yescarta to include overall survival data shows a statistically significant improvement. However, competition from other pharmaceutical companies remains a headwind.

Overall, Gilead’s fourth-quarter results reflected a mix of positive and negative developments. The company continues to face challenges in its competitive oncology space and struggles to keep up with market demand, despite some successes in its product portfolio.



Read more: Gilead (GILD) Q4 Earnings Miss Estimates, Sales Top on Veklury