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UPDATE 1-Gilead quarterly revenue rises 26% on remdesivir sales

· 02/04/2021 16:27
UPDATE 1-Gilead quarterly revenue rises 26% on remdesivir sales

Adds forecast, share movement

- Gilead Sciences Inc GILD.O posted a 26% rise in quarterly revenue that topped Wall Street estimates on Thursday, helped by sales of its antiviral drug, remdesivir, which is authorized to treat COVID-19 patients across the world.

Remdesivir brought in $1.9 billion in the fourth quarter ended Dec. 31, above analysts' estimates of $1.34 billion, according to Refinitiv IBES data.

Shares of Gilead were up 2.5% in extended trading.

The company forecast fiscal 2021 results largely ahead of analyst expectations and raised its dividend by 4.4%.

Fourth-quarter revenue totaled $7.42 billion, beating the average analyst estimate of $7.33 billion.

Gilead projected fiscal 2021 product sales of $23.7 billion to $25.1 billion, ahead of the Wall Street consensus of $24.27 billion in revenue, according to IBES data from Refinitiv.


(Reporting by Vishwadha Chander in Bengaluru; Editing by Anil D'Silva and Ramakrishnan M.)

((Vishwadha.Chander@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 6132;))