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Recently, the company reported their first-quarter earnings results which deviated from investor expectations. Analysts had projected earnings per share of around $3.14, while Gilead only hit $3.03. Traditionally, Gilead has a track record of under-promising and over-delivering, making this shortfall remarkable and concerning for stakeholders.
Declining Drug Sales: A Deeper Dive
The primary factor contributing to this disappointing earnings report stems from their hepatitis C products, which saw sales decline by 6% year over year to approximately $4.3 billion. This decrease was mainly attributed to a slump in Harvoni sales within the United States.