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Gilead Raises Full-Year Profit Forecast on Increased Demand for Antiviral Remdesivir

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Image: Gilead Sciences workers with vials of remdesivir. Source: Gilead Sciences

(Reuters) - Gilead Sciences Inc 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 United States 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-$7.08 per share, compared with the earlier forecast of $6.25- $6.60 per share.

Reporting by Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli.

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