Business & Finance
Gilead Sciences swings to loss in Q2 2020
31 July 2020 -

Biopharmaceutical company Gilead Sciences Inc (Nasdaq:GILD) reported on Thursday a 10% drop in sales in the second quarter of 2020, partly due to the impact of COVID-19.

Revenues for the second quarter were USD5.1bn, compared with USD5.7bn in the same period a year ago. Sales of chronic hepatitis C virus (HCV) products decreased year-on-year as the pandemic led to fewer healthcare provider visits and screenings. Other factors impacting quarterly revenues included lower sales of Letairis (ambrisentan 5mg and 10mg) and Ranexa (ranolazine 500mg and 1000mg) after generics entered the market last year.

The company recorded a GAAP net loss and diluted loss per share for the second quarter of USD3.3bn and USD2.66, respectively, compared to net income and diluted EPS of USD1.9bn and USD1.47, respectively, for the second quarter of 2019.

This year's Q2 GAAP net loss included an acquired in-process research and development charge of USD4.5bn related to Gilead's acquisition of Forty Seven Inc.

Non-GAAP net income and diluted EPS for Q2 2020 were USD1.4bn and USD1.11, respectively, compared to USD2.2bn and USD1.72, respectively, a year ago.

Gilead said that its core business delivered a "solid performance", despite the global impacts of COVID-19.