By Yasin Ebrahim
Investing.com - Gilead (NASDAQ:GILD) reported on Wednesday third-quarter results that beat analyst estimates, but the company trimmed its guidance on sales.
Gilead rose 2% in after-hours trading.
The company cut its 2020 EPS to $6.25 to $6.60 from prior guidance of $6.25 to $7.65, and sales were expected to be between $23 billion to $23.5 billion, compared with a prior estimate of $23 billion to $25 billion.
The weaker guidance comes as the COVID-19 pandemic continued to impact Gilead’s business and broader market dynamics, including hepatitis C virus and pre-exposure prophylaxis market volume.
Gilead announced earnings per share of $2.11 on revenue of $6.58B. Analysts polled by Investing.com anticipated EPS of $1.92 on revenue of $6.34B.
The increase in product sales was partially offset by lower sales volume of Truvada-based products and lower sales of hepatitis C virus, or HCV, products, the company said.
Giliead said sales of its Covid-19 treatment remdesivir reached $873 million in the quarter, above estimates of $818.3 million.
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