Gilead HCV sales short of expectations in 1Q16

Gilead Sciences Inc. (NASDAQ:GILD) slipped $5.35 to $91.65 in early after-hours trading Thursday after it reported 1Q16 earnings that missed analysts' estimates, in part due to lower than expected revenue from HCV drug Harvoni ledipasvir/ sofosbuvir as payer discounts have begun to blunt the drug's sales.

U.S. Harvoni sales sank 53% to $1.4 billion from $3 billion in 1Q15 and missed a consensus estimate of $1.9 billion. Global sales of the drug slipped 19% to $3 billion from $3.6 billion in 1Q15, and were short of the $3.3 billion consensus. The decline was partially offset by stronger sales of HCV drug Sovaldi sofosbuvir, whose global sales rose 31% to $1.3 billion but missed a $1.4 billion consensus estimate. ...