Gilead lowers guidance amid slowing HCV sales
Gilead Sciences Inc. (NASDAQ:GILD) slipped $3.53 to $85.02 in early after-hours trading after it reported HCV revenues that missed Street estimates and lowered its 2016 guidance, largely to reflect slowing sales and deeper discounts for HCV drug Harvoni ledipasvir/ sofosbuvir. The company now expects $29.5-$30.5 billion in 2016 net sales, down from $30-$31 billion.
Total 2Q16 product sales were $7.7 billion, down from $8.1 billion in 2Q15. U.S. sales of Harvoni fell to $1.5 billion from $2.8 billion in 2Q15, while EU sales dropped to $512 million from $623 million, missing consensus estimates in both territories. Sales of Epclusa sofosbuvir/velpatasvir, approved in the U.S. last month as a pan-genotypic HCV treatment, were $64 million. For all HCV products, sales sank to $4 billion from $4.9 billion in 2Q15. ...