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Shares of Gilead Sciences (NASDAQ:GILD) experienced a 3% dip in post-market trading on Tuesday following the release of a lackluster 2024 sales forecast by the HIV drugmaker, falling slightly short of Street estimates.
After the market closed, Gilead reported an adjusted Q4 profit of $1.72 per share on revenue of $7.1B. Analysts had been anticipating an adjusted profit of $1.76 per share on revenue of $7.1B.
Gilead mentioned that Q4 sales had seen a 3.7% decline from the previous year, mainly due to decreased sales of its COVID-19 drug Veklury, which tumbled 28% to $720M, and a 2% drop in sales of its HIV products, partly due to pricing issues.
The full-year 2023 revenue decreased 1% year-over-year to $27.1B, with product sales amounting to $26.9B.
Anticipating the future, Gilead stated that it now expects 2024 product sales of $27.1B to $27.5B, including $1.3B in Veklury sales.
Analysts, on average, had been expecting 2024 sales of $27.63B.
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