May 2 (Reuters) - Gilead Sciences Inc on Tuesday reported a 25 percent drop in first-quarter profit as fewer patients were treated with its flagship drugs for hepatitis C, sending shares of the biotechnology company down 2 percent.
Quarterly sales of hepatitis C drugs Sovaldi, Harvoni and Epclusa totaled $2.6 billion, down from $4.3 billion a year earlier. Wall street analysts, on average, expected first-quarter hepatitis C drug sales of $2.65 billion, according to Thomson Reuters I/B/E/S.
Gilead warned earlier this year that sales of the high-priced drugs were declining due to a combination of fewer patients being deemed eligible for treatment and growing competition from other drugmakers.
Gilead’s first-quarter net income fell to $2.7 billion from $3.6 billion a year earlier. Adjusting for one-time items, Gilead said it earned $2.23 a share in the quarter.
Overall revenue fell to $6.5 billion from $7.8 billion.
The company repeated its previous forecast for overall 2017 product sales of $22.5 billion to $24.5 billion.
Shares of Gilead were down nearly 2 percent at $67.30 in after-hours trading. (Reporting by Deena Beasley in Los Angeles; Editing by Matthew Lewis)