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Gilead posts third-quarter net loss, sales in line with Street estimates

Credit: REUTERS/STEPHEN LAM

Gilead Sciences Inc on Thursday reported third-quarter results largely in line with Wall Street estimates, led by higher sales of its HIV drugs, but deal-related costs led to a net loss.

By Deena Beasley

Oct 24 (Reuters) - Gilead Sciences Inc GILD.O on Thursday reported third-quarter results largely in line with Wall Street estimates, led by higher sales of its HIV drugs, but deal-related costs led to a net loss.

California-based Gilead reported a net loss for the quarter of $1.2 billion, or 92 cents a share, which includes $3.9 billion in expenses related to its previously-announced investment in European biotech Galapagos NV GLPG.AS.

The drugmaker said third-quarter adjusted earnings were $1.75 per share. Wall Street analysts, on average, expected $1.74 per share, according to IBES data from Refinitiv.

Gilead's shares, which closed at $66 in regular trading, were down 2% at $64.51 after hours.

Sales of HIV drugs, which accounted for more than three-quarters of total sales, rose to $4.2 billion from $3.7 billion a year earlier, led by $1.26 billion in sales of Biktarvy.

Hepatitis C drug sales fell to $674 million from $902 million, which was short of the $729 million forecast by analysts.

Many patients have been cured of the liver-damaging virus and rival products have captured market share from a shrinking patient pool. In addition, Gilead this year launched its own generic, lower-cost versions of key hepatitis C drugs in an effort to have list prices more closely match the discounts that large buyers receive for the branded products.

Total revenue for the quarter was flat at $5.6 billion, in line with analyst estimates.

(Reporting By Deena Beasley Editing by Bil Berkrot)

((deena.beasley@thomsonreuters.com; 213 955 6746; Reuters Messaging: deena.beasley.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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