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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