Benzinga | Oct 29, 2021 06:33AM EDT

Gilead Trims Non-COVID Product Sales Outlook, Though Q3 Earnings Beat Street Estimates

* Gilead Sciences Inc (NASDAQ:GILD) posted higher-than-expected Q3 earnings on strong demand for its COVID-19 antiviral treatment.

* Adjusted EPS increased 26% Y/Y to $2.65, beating the consensus of $1.74.

* Sales increased 13% to $$7.40 billion, surpassing the consensus of $6.25 billion.

* Veklury (remdesivir) sales almost doubled to $1.9 billion. Two million patients received remdesivir or licensed generic remdesivir in Q3.

* Gilead's HIV medicines dropped 8% to $4.2 billion as some drugs lost patent protection and the pandemic continued to limit visits to doctors.

* Guidance: Gilead raised its FY21 adjusted EPS forecast to $7.90 - $8.10 (consensus $7.18) from its prior projection of $6.90 to $7.25.

* Including Veklury, the Company expects product sales of $26 billion - $26.3 billion (consensus $25.1 billion), up from a previous estimate of $24.4 billion - $25 billion.

* Without Veklury, Gilead expects sales of around $21.5 billion for FY21.

* That is down from its previous estimate of $21.7 billion - $21.9 billion, reflecting the longer than expected impact of the pandemic on its business.

* Price Action: GILD shares are down 1.60% at $66.26 during the premarket session on the last check Friday.