Gilead profit misses Wall Street expectations as COVID drug sales decline

(Reuters) – Gilead Sciences Inc (NASDAQ:) on Thursday reported a lower-than-expected first-quarter profit as sales from COVID-19 antiviral Veklury declined more than anticipated.

Sales of the drug decreased by 63% to $573 million for the quarter, well off analysts’ estimates of $697.6 million.

The company reported a profit of $1.37 per share excluding items in the quarter ended March 31, compared to analyst expectations of $1.54 per share, according to Refinitiv data.