Gilead Sciences Swings to 2Q Profit as Revenue Soars 21%

By Kimberly Chin

Gilead Sciences Inc. swung to a profit in the second quarter as revenue increased 21% driven by higher demand for therapies such as remdesivir, Biktarvy and its hepatitis C virus products as well as stronger demand for Trodelvy and Tecartus in the U.S.

The biopharmaceutical company's net profit was $1.52 billion, compared with a loss of $3.34 billion a year earlier. Earnings were $1.21 a share for the quarter, compared with a loss of $2.66 a shaer a year ago. Excluding special items, Gilead posted an adjusted profit of $1.87 a share. Analysts polled by FactSet were expecting adjusted earnings of $1.74 a share.

Total revenue rose to $6.22 billion from $5.14 billion in the year-earlier period. Analysts estimated $6.08 billion in revenue. Sales of its flagship HIV therapy Biktarvy increased by 24% from the prior year.

Write to Kimberly Chin at [e-mail]

(END) Dow Jones Newswires

07-29-21 1629ET