Gilead Sciences Inc. (GILD) expects another sales decline this year, which would mark the fourth consecutive year of falling sales.
The Foster City, Calif., company forecast sales in 2019 of $21.3 billion to $21.8 billion, compared with analysts’ projected $21.83 billion, according to FactSet data.
In 2018, Gilead reported $22.13 billion in sales.
Gilead has been trying to offset lower sales of hepatitis C drugs that drove an earlier sales surge. The company, which has a strong HIV/AIDS franchise, paid about $11 billion in 2017 to buy one of one of the pioneering companies in a type of cancer treatment known as CAR-T that uses patients’ immune cells to fight cancer.
But sales of its CAR-T therapy Yescarta have been meager, reaching $264 million in 2018, below analysts’ projected $271 million.
Daniel O’Day, who most recently ran Roche Holding AG’s pharmaceuticals group, is slated to take over as Gilead’s CEO next month.
Overall, Gilead swung to a fourth-quarter profit of $3 million from a year-earlier loss of $3.87 billion, or $2.96 a share, driven by charges tied to the U.S. tax overhaul. On an adjusted basis, profit fell to $1.44 a share from $1.78 a share a year earlier.
Revenue fell to $5.8 billion in the quarter from $5.95 billion a year earlier.
Analysts surveyed by FactSet had projected earnings of $1.70 a share on $5.52 billion in sales.
Chronic hepatitis C products brought in $738 million in the fourth-quarter, down from $1.5 billion a year earlier.
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