Gilead HCV outlook souring

Gilead Sciences Inc. (NASDAQ:GILD) reported 4Q16 earnings that largely met analysts' estimates, but released 2017 guidance that fell well short of the Street's expectations. The company expects $22.5-$24.5 billion in 2017 sales, far below the $28.1 billion consensus and substantially lower than the $30.2 billion Gilead reported in 2016 sales.

The guidance includes $7.5-$9 billion in 2017 HCV sales. At the range's midpoint, sales in the category would be down 44% from $14.8 billion in 2016. For 4Q16, HCV sales were $3.2 billion, down 34% from $4.9 billion in 4Q15 and in line with a $3.2 billion consensus...