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Gilead 1st quarter hepatitis C drug sales fall short, shares dip

April 28 (Reuters) - Gilead Sciences Inc’s first quarter net profit fell 18 percent as hepatitis C drug sales missed Wall Street estimates while higher international sales failed to offset a drop in U.S. sales of hepatitis C drug Harvoni.

The company’s shares were down 5.5 percent at $91.65 in after hours trading.

The biotechnology company’s quarterly net profit fell to $3.57 billion, or $2.53 per share, compared with $4.33 billion, or $2.76 per share, a year earlier.

Total product sales rose 4 percent to $7.7 billion. Sales of hepatitis C drugs Sovaldi and Harvoni totaled $4.29 billion, which was short of the $4.63 billion average Wall Street estimate, as compiled by ISI Evercore.

For full-year 2016, Gilead said it still expects total product sales of $30 billion to $31 billion, in line with the average Wall Street estimate of $30.16 billion. (Reporting By Deena Beasley; Editing by Andrew Hay)

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