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Shares of Gilead Sciences (NASDAQ:GILD) dipped 3% in post-market trading Tuesday after the HIV drugmaker issued a lackluster 2024 sales forecast that fell a bit short of Street estimates.
After market close, Gilead reported an adjusted Q4 profit of $1.72 per share on revenue of $7.1B. Analysts had been expecting an adjusted profit of $1.76 per share on revenue of $7.1B.
Gilead said that Q4 sales had slid 3.7% from year before, due largely to decreased sales of its COVID-19 drug Veklury, which plunged 28% to $720M, and a 2% drop in sales of its HIV products, which it attributed in part to pricing issues.
Full-year 2023 revenue decreased 1% year-over-year to $27.1B, with product sales of $26.9B.
Looking ahead, Gilead said that it is now expecting 2024 product sales of $27.1B to $27.5B, including $1.3B in Veklury sales.
Analysts, on average, had been expecting 2024 sales of $27.63B.