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