Gilead Sciences stock falls as COVID-19 and cancer drug sales hit revenue

Takeaways

• Gilead Sciences’ first-quarter revenue missed estimates due to declining sales of COVID-19, a cancer drug.
• The biopharma's profit got a lift from higher prices and demand for its HIV treatments.
• Gilead Sciences lowered its full-year profitability outlook.

Gilead Sciences shares (GILD), which fell Friday, were a result of the biopharmaceutical’s report on weak sales, including COVID-19, and its cancer treatments. The company also cut its profit forecast for the year.

Visible Alpha’s analysts expected $6.81 Billion. The earnings per share of $1.81 were better than expected.

Sales of its Veklury COVID-19 drug sank 45% to $302 million on "lower rates of COVID-19 related hospitalizations across regions." Sales of its breast cancer medicine, Trodelvy, declined 5% to $293 million on what the company called "inventory dynamics" and lower average price realization.

Prices and demand increased to boost sales by 6%. Its portfolio of liver diseases saw a 3% increase in sales to $758 millions.

The company reduced the range of its 2025 EPS forecast to $5.65 to $5.95, from $5.95 to $5.35 previously.

Even with today's 4% slide, shares of Gilead Sciences remain up about 11% so far this year.