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Gilead updates 2020 guidance to raise sales outlook, tighten and lower top end of EPS range

Gilead Sciences Inc. updated its guidance for 2020 on Monday, raising its outlook for sales to reflect sales of COVID-19 treatment remdesivir, while narrowing and lowering the top end of its per-share outlook. In a statement released ahead of a presentation at J.P. Morgan's annual healthcare conference which is being held virtually this year, the company said it now expects per-share earnings to range from a loss of 8 cents to a profit of 2 cents, compared with earlier guidance for a loss of 25 cents to a profit of 10 cents. Adjusted EPS is expected to range from $6.98 to $7.08, compared with a FactSet consensus of $6.61. The company is expecting product sales to range from $24.3 billion to $24.35 billion, up from prior guidance of $23.0 billion to $23.5 billion. Sales of remdesivir, which is sold under the brand name Veklury, are expected to range from $2.800 billion to $2.825 billion. Shares were up 0.8% premarket, but are down 3.1% in the last 12 months, while the S&P 500 has gained 17%.

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