Gilead forecasts 2021 growth, strong remdesivir COVID-19 sales

Gilead Sciences Inc on Thursday forecast its 2021 results above Wall Street estimates after posting a 26% rise in fourth-quarter 2020 revenue, driven by sales of its antiviral drug, remdesivir, which is used to treat COVID-19 patients. Shares of Gilead were up 2.5% in extended trading. Gilead said the COVID-19 pandemic continues to affect its sales, including its treatments for hepatitis C and HIV, due to fewer people going to their doctors. It expects a gradual recovery in underlying market dynamics starting the second quarter of this year. Remdesivir, which is sold under the brand name Veklury, brought in $1.9 billion in the fourth quarter ended Dec. 31, above analysts’ estimates of $1.34 billion. Excluding Veklury, Gilead said its quarterly sales fell 7%.