LONDON (ShareCast) - (Sharecast News) - Gilead Sciences has upped its full-year profit guidance following strong sales of its Covid-19 treatment remdesivir.
The US biopharmaceuticals firm said the improved guidance reflected "increased Veklury sales, as hospitalisation and treatment rates were higher than expected given the most recent Covid-19 surge".

Remdesivir, an antiviral sold under the brand name Veklury, has been licensed around the world to treat patients who have Covid-19. It was one of a cocktail of drugs used to treat US president Donald Trump when he tested positive for the virus.

Gilead now expects total product sales for 2020 to come in between $24.3bn and $24.35bn, compared with a previous guidance range of $23bn to $23.5bn. Non-GAAP diluted earnings per share guidance has been adjusted to between $6.98 and $7.08, compared to between $6.25 and $6.60 previously.

On a GAAP basis, the forecast has been amended from between a loss per share of $0.25 and a profit of $0.10, to between a loss per share of $0.08 and a profit of $0.02 per share.

As at 1435 GMT, shares in Gilead were trading 2% higher at 64.05p.

Gilead is due to post fourth-quarter results on 2 February.

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