U.S drugmaker Gilead raised its total product sales forecast to the range of $24.30 billion to $24.35 billion, on increased sales of remdesivir, reports Reuters. The company raised its adjusted earnings for 2020 in the range of $6.98-$7.08 per share, up from an initial forecast of $6.25-$6.60 per share.
- Gilead’s outlook has been boosted by the rise in demand for its COVID-19 treatment, remdesivir, amidst the slow rollout of vaccines.
- Remdesivir, currently authorized to treat COVID-19 patients worldwide, was one of the drugs used to treat U.S. President Donald Trump’s coronavirus infection.
- Gilead also expects a higher uptake of its HIV drug, Biktarvy.
Gilead’s stock is currently gaining. GILD: NASDAQ is up 1.25% on the premarket.
