By Deena Beasley
Oct 28 (Reuters) - Gilead Sciences Inc GILD.O reported a 17% rise in quarterly revenue on Wednesday, helped by sales of its antiviral drug remdesivir, the first and only treatment approved in the United States for patients hospitalized with COVID-19.
Remdesivir brought in $873 million in the third quarter, below analysts' estimates of $960 million, according to Refinitiv IBES data.
Shares of Gilead were up 0.5% in extended trading after earlier rising about 2% after the bell.
For the full year, Gilead lowered the top end of its sales outlook, saying it now expects 2020 sales of $23 billion to $23.5 billion, compared with its previous forecast of $23 billion to $25 billion.
Third-quarter revenue totaled $6.6 billion, beating the average analyst estimate of $6.31 billion. The company posted adjusted earnings per share of $2.11, topping Wall Street's estimate of $1.90 per share.
Remdesivir, sold under the brand name Veklury, was granted emergency use authorization by the U.S. Food and Drug Administration in May after it was shown to shorten hospital stays for COVID-19 patients.
Commercial sales began in July and the FDA formally approved the drug this month, despite recent results from a World Health Organization-sponsored trial showing remdesivir did not improve patient outcomes.
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(Reporting by Vishwadha Chander in Bengaluru; Editing by Shounak Dasgupta and Bill Berkrot)
((Vishwadha.Chander@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 6132))
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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