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Gilead's quarterly profit falls, lower sales expected in 2017
February 7, 2017 / 9:36 PM / 8 months ago

Gilead's quarterly profit falls, lower sales expected in 2017

Feb 7 (Reuters) - Gilead Sciences Inc on Tuesday posted lower fourth-quarter profits as fewer patients were treated with its pricey hepatitis C drugs, and said total product sales would be lower this year.

The company projected total 2017 product sales between $22.5 billion and $24.5 billion, compared with $30 billion in 2016.

Gilead’s shares were down nearly 4 percent at $70.29 in after-hours trading on the Nasdaq exchange,

Fourth-quarter net income fell to $3.1 billion from $4.7 billion a year earlier. Adjusting for one-time items, Gilead said it earned $2.70 per share in the quarter, compared with $3.32 per share a year earlier.

Quarterly sales of hepatitis C drugs Sovaldi, Harvoni and recently Epclusa totaled $3.2 billion, compared with $4.9 billion a year earlier. Wall Street analysts, on average, had forecast hepatitis C drug sales of $3.2 billion, according to a poll by Evercore ISI.

Reporting By Deena Beasley; Editing by Bernard Orr

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