Gilead Sciences (GILD) - Get Report shares rose on Monday after the biotechnology titan increased its earnings estimate for 2020 amid demand for its remdesivir covid treatment.
The Foster City, Calif., company sharpened its GAAP earnings-per-share estimate to a range of a loss of 8 cents a share to a profit of 2 cents. The previous estimate was a range of a loss of 25 cents to a profit of 10 cents.
It boosted its estimate of adjusted earnings to $6.98 to $7.08 a share from $6.25 to $6.60.
A survey of analysts by FactSet produced consensus estimates for 2020 of GAAP earnings of 7 cents a share, or an adjusted $6.61, on revenue of $23.71 billion.
The sales gain reflects “increased Veklury [remdesivir] sales, as hospitalization and treatment rates were higher than expected given the most recent covid-19 surge,” the company said in a statement.
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