Gilead reports quarterly loss on acquisition costs

Gilead Sciences Inc, maker of the widely-used coronavirus treatment remdesivir, on Thursday posted a second-quarter loss due to costs from its acquisition of cancer drug company Forty Seven Inc. Gilead reported a net loss of $3.34 billion, or $2.66 per share, compared with a profit of $1.88 billion, or $1.47 per share, a year earlier.

Gilead Sciences Inc, maker of the widely-used coronavirus treatment remdesivir, on Thursday posted a second-quarter loss due to costs from its acquisition of cancer drug company Forty Seven Inc.

Gilead reported a net loss of $3.34 billion, or $2.66 per share, compared with a profit of $1.88 billion, or $1.47 per share, a year earlier. Adjusted earnings for the quarter were $1.11 a share. Analysts had forecast a profit of $1.45 per share.

The company earlier this month began commercial sales of its antiviral drug remdesivir, which is given to hospitalized patients by intravenous infusion. It was granted emergency authorization by the U.S. Food and Drug Administration in May and the company had previously been donating supplies to hospitals. But demand for the drug continues to outstrip supply in many parts of the world.