By Maria Armental
Gilead Sciences Inc. is slated to report third-quarter financial results on Thursday. Here's what you need to know:
PROFIT: Analysts surveyed by FactSet expect a profit of about $1.24 a share, or $1.76 a share as adjusted.
REVENUE: Analysts expect about $6.29 billion in revenue.
What to Watch:
COVID-19: Antiviral drug remdesivir, which sells under the brand name Veklury and has been widely used to treat hospitalized Covid-19 patients, has been driving the company's revenue growth in the most recent quarters. The utilization of remdesivir has largely tracked the level of infections, the company said. In the second quarter, Veklury sales were $829 million. Analysts expect about $647 million this quarter.
The World Health Organization issued a conditional recommendation against using remdesivir after concluding that there wasn't enough evidence to support its use.
GUIDANCE: Last quarter, Gilead narrowed the projected range of product sales for the year, saying it expected higher remdesivir sales but lower sales of other products due to the pandemic. Gilead said the revised forecast primarily reflected the pandemic's longer-than-expected impact on its HIV business, which accounted for about 61% of total product sales for the first half of the year.
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(END) Dow Jones Newswires
October 28, 2021 11:32 ET (15:32 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.