pharmaceutical industry

Gilead raises 2020 profit forecast on remdesivir strength

Reuters

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Gilead raises 2020 profit forecast on remdesivir strength

GILEAD. The Gilead Sciences headquarters in California.

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Gilead Sciences, the maker of COVID-19 drug remdesivir, raises its total product sales forecast to the range of $24.30 billion to $24.35 billion

Gilead Sciences Incorporated raised its full-year profit forecast on Monday, January 11, as a recent resurgence in COVID-19 cases boosted demand for its COVID-19 treatment, remdesivir.

The level of new COVID-19 cases in the United States is starting to rise again, amid the slow rollout of vaccines. Experts say the country should expect another surge in mid-January due to holiday gatherings.

The antiviral, currently authorized to treat COVID-19 patients across the world, was one of the drugs used to treat US President Donald Trump’s coronavirus infection.

Gilead said it was raising its total product sales forecast to the range of $24.30 billion to $24.35 billion, reflecting increased sales of remdesivir.

The company also said there was a higher uptake of its HIV drug, Biktarvy.

The US drugmaker expects adjusted earnings for 2020 in the range of $6.98 to $7.08 per share, compared with the earlier forecast of $6.25 to $6.60 per share. – Rappler.com

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