October 25, 2018 / 8:29 PM / a year ago

Gilead 3rd quarter profit falls as hepatitis C drug sales wane

FILE PHOTO: A Gilead Sciences, Inc. office is shown in Foster City, California, U.S. May 1, 2018. REUTERS/Stephen Lam/File Photo

(Reuters) - Third quarter sales of Gilead Sciences Inc’s (GILD.O) flagship hepatitis C drugs fell by more than half as competition increased, sending net profit down 22 percent from a year earlier, the U.S. biotechnology company said on Thursday.

Gilead, which announced in July that Chief Executive Officer John Milligan and Chairman John Martin would step down as soon as the end of the year, said revenue totaled $5.6 billion, down 14 percent from the same 2017 quarter.

Quarterly sales of hepatitis C drugs totaled $902 million, down from $2.2 billion a year earlier. Sales of antiviral and HIV drugs rose to $3.7 billion from $3.3 billion.

Gilead raised its full-year outlook for product sales to between $20.8 billion and $21.3 billion from a previous range of $20 billion to $21 billion.

Excluding one-time items, Gilead said it earned $1.84 per share in the quarter.

Gilead’s third quarter net income fell to $2.1 billion, or $1.60 per share, from $2.7 billion, or $2.06 per share, a year earlier.

Reporting By Deena Beasley; Editing by Bill Berkrot

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