<p>Gilead Sciences Inc on Thursday said its first-quarter product sales rose 16%, including $1.46 billion in sales of its COVID-19 antiviral drug remdesivir, but sales of flagship HIV and hepatitis C drugs were down due to the effects of the pandemic.</p>.<p>The biotech company reported adjusted earnings of $2.08 per share, edging out the average analyst estimate of $2.07 as compiled by Refinitiv. Net income rose to $1.72 billion from $1.54 billion.</p>.<p>The 16% rise in revenue for the quarter to $6.4 billion was still short of Wall Street's estimates of $6.73 billion.</p>.<p>Gilead said the Covid-19 pandemic continued to hurt sales of its treatments for hepatitis C and HIV, due to fewer people going to their doctors during the pandemic. It now expects a more gradual recovery in the market starting in the current quarter.</p>.<p>Excluding remdesivir, its product sales fell 11% to $4.9 billion.</p>.<p>The sale of remdesivir, which is sold under the brand name Veklury, were also below analysts' estimates of $1.56 billion. The company said Veklury sales would continue to be subject of significant volatility and uncertainty.</p>.<p>Gilead earlier this week said it would provide support to local manufacturing facilities in India, where the COVID-19 pandemic is raging out of control, and donate active pharmaceutical ingredient to scale up remdesivir production.</p>.<p>For full-year 2021, the California-based company said it still expects adjusted earnings per share of $6.75 to $7.45 on product sales of $23.7 billion to $25.1 billion.</p>
<p>Gilead Sciences Inc on Thursday said its first-quarter product sales rose 16%, including $1.46 billion in sales of its COVID-19 antiviral drug remdesivir, but sales of flagship HIV and hepatitis C drugs were down due to the effects of the pandemic.</p>.<p>The biotech company reported adjusted earnings of $2.08 per share, edging out the average analyst estimate of $2.07 as compiled by Refinitiv. Net income rose to $1.72 billion from $1.54 billion.</p>.<p>The 16% rise in revenue for the quarter to $6.4 billion was still short of Wall Street's estimates of $6.73 billion.</p>.<p>Gilead said the Covid-19 pandemic continued to hurt sales of its treatments for hepatitis C and HIV, due to fewer people going to their doctors during the pandemic. It now expects a more gradual recovery in the market starting in the current quarter.</p>.<p>Excluding remdesivir, its product sales fell 11% to $4.9 billion.</p>.<p>The sale of remdesivir, which is sold under the brand name Veklury, were also below analysts' estimates of $1.56 billion. The company said Veklury sales would continue to be subject of significant volatility and uncertainty.</p>.<p>Gilead earlier this week said it would provide support to local manufacturing facilities in India, where the COVID-19 pandemic is raging out of control, and donate active pharmaceutical ingredient to scale up remdesivir production.</p>.<p>For full-year 2021, the California-based company said it still expects adjusted earnings per share of $6.75 to $7.45 on product sales of $23.7 billion to $25.1 billion.</p>