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DJ Gilead Sells $1.94 Billion In Covid-19 Treatment, Bolstering 4Q Performance

· 02/04/2021 16:18

By Micah Maidenberg

Gilead Sciences Inc. said demand for Veklury, its treatment for some Covid-19 patients, helped to drive fourth-quarter sales higher.

Gilead on Thursday reported net income attributable to the company of $1.55 billion, down from about $2.7 billion a year earlier.

Earnings for each common share fell to $1.23 from $2.12, and amounted to $2.19 a share following adjustments.

Total revenue rose to $7.42 billion from $5.88 billion.

Analysts expected Gilead to report an adjusted profit of $2.04 a share on $7.08 billion in revenue, according to FactSet.

Gilead said it generated $1.94 billion in product sales for the quarter for Veklury, its brand name for remdesivir.

Last October, the U.S. Food and Drug Administration approved the drug to treat patients who are at least 12 years and are hospitalized for Covid-19.

Veklury is "now treating one in two hospitalized patients in the United States," Chief Executive Daniel O'Day said in a statement.

Foster City, Calif.-based Gilead also said Thursday that product sales for its treatments for HIV fell 7% year over year in the fourth quarter to $4.26 billion.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

February 04, 2021 16:18 ET (21:18 GMT)

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