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(Reuters) - Gilead Sciences Inc on Thursday forecast its 2021 results above Wall Street estimates after posting a 26% rise in fourth-quarter 2020 revenue, driven by sales of its antiviral drug, remdesivir, which is used to treat COVID-19 patients.
FILE PHOTO: Gilead Sciences Inc pharmaceutical company is seen after they announced a Phase 3 Trial of the investigational antiviral drug Remdesivir in patients with severe coronavirus disease (COVID-19), during the outbreak of the coronavirus disease (COVID-19), in Oceanside, California, U.S., April 29, 2020. REUTERS/Mike Blake
Shares of Gilead were up 2.5% in extended trading.
Gilead said the COVID-19 pandemic continues to affect its sales, including its treatments for hepatitis C and HIV, due to fewer people going to their doctors. It expects a gradual recovery in underlying market dynamics starting the second quarter of this year.
Gilead forecasts 2021 growth, strong remdesivir COVID-19 sales - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
Johnson & Johnson (JNJ), A Major Producer of Covid-19 Vaccines with 85% Effectivity Rate
Despite the concerns about its effectiveness on the newer strains of the Covid-19 virus, Johnson & Johnson’s (NYSE: JNJ) single-shot vaccine is said to be 85% effective in preventing severe diseases after 4 weeks of vaccination in adults. About 3.2 million doses of J&J’s vaccine were rolled out in the past 2 days alone and once this vaccine will be approved, together with the vaccines from other companies, we could definitely see a vaccine boom in the next couple of months.
“You might ask when are we going to get it, I believe we will get it by the summer.”, said Jefferies biotech analyst, Michael Yee in a CNBC interview, talking about the possible vaccination roll-out to all the American people in the mid of 2021. Yee said that the United States of America is producing lots of vaccines every week, every month, every quarter, J&J is a big contributor to the vaccine production in the cou
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(Reuters) - U.S. biotech Amgen Inc on Tuesday provided a 2021 earnings forecast below Wall Street estimates and said it had paused or halted enrollment for clinical trials of three cancer drugs.
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The company also said it expects net selling prices for its drugs to fall by a rate in the mid-single digits this year - after a drop of 6% in 2020 - and the COVID pandemic will continue to impact sales.
Amgen shares, which closed at $240.49, were down $4.37, or 2%, at $236.12 after hours.
For 2021, Amgen forecast adjusted earnings of $16.00 to $17.00 per share, putting the midpoint below analysts’ estimates of $17.03 per share, according to IBES data from Refinitiv. The full-year revenue forecast of $25.8 billion to $26.6 billion was more in line with analyst projections of $26.45 billion.