Biotech and Pharma

Gilead raises 2020 profit forecast on remdesivir strength

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Key Points
  • Gilead Sciences raised its full-year profit forecast on Monday.
  • The recent resurgence in Covid-19 cases boosted demand for its Covid-19 treatment, remdesivir.
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Gilead Sciences CEO on raising full-year guidance due to remdesivir sales

Gilead Sciences raised its full-year profit forecast on Monday, 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 U.S. is starting to rise again, amidst the slow rollout of vaccine. 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 U.S. 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 U.S. 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.