(Reuters) -Gilead Sciences Inc on Thursday reported a lower-than-expected first-quarter profit as sales from COVID-19 antiviral Veklury declined more than anticipated, and its shares fell more than 2%.
Sales of the hospital-administered drug also know as remdesivir plunged 63% to $573 million for the quarter, well off analysts’ estimates of $697.6 million. The company said the steep decrease was due to lower rates of COVID-19 hospitalizations in all regions.
Gilead reported a profit of $1.37 per share excluding items in the quarter ended March 31, compared to analyst expectations of $1.54 per share, according to Refinitiv data.
Sales excluding Veklury rose 15% to $5.7 billion in the first quarter due to strength in its HIV treatments and cell therapy for cancer.
Sales of Gilead’s HIV portfolio rose 13% to $4.19 billion, with Biktarvy bringing in $2.7 billion, above Wall Street estimates of $2.53 billion.
Gilead left its full-year adjusted earnings forecast unchanged at $6.60 to $7.00 per share.
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Its shares fell 2.4% in extended trading to $81.50.
(Reporting by Aditya Samal in Bengaluru; Editing by Bill Berkrot)