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Gilead Sciences Stock Falls as Slumping COVID-19, Cancer Drug Sales Hit Revenue


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Gilead Sciences missed first-quarter revenue estimates as sales of its COVID-19 and cancer drugs declined.

Gilead Sciences experienced a significant drop in its stock price, falling over 10% after reporting a 4% year-over-year revenue decline to $6.6 billion in the third quarter, primarily due to decreased sales of its COVID-19 treatment, Veklury, and cancer drug, Yescarta. The company's oncology division saw a 26% revenue drop, attributed to reduced demand for Yescarta and challenges in the launch of Trodelvy. Despite these setbacks, Gilead's HIV treatment segment showed growth, with a 4% increase in sales, driven by demand for Biktarvy. The company also revised its full-year revenue guidance downwards, now expecting between $26.7 billion and $26.9 billion, reflecting the ongoing impact of lower Veklury sales. Additionally, Gilead announced a $3 billion share repurchase program to return value to shareholders amidst these challenges.

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[ https://www.investopedia.com/gilead-sciences-stock-falls-as-slumping-covid-19-cancer-drug-sales-hit-revenue-11721926 ]

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