Multiple hepatitis C medications now available are affecting prices.
Gilead Sciences Inc. said its revenue from its hepatitis C drugs continued to fall, dropping 19% during the second quarter, with sales of Harvoni missing expectations as competition from rival drugs and pricing pressures intensified.
Shares of the company slipped 3% to $85.90 after hours.
The Foster City, Calif., biopharmaceutical company also lowered its 2016 product sales outlook to $29.5 billion to $30.5 billion, from its previous estimate for products sales of $30 billion to $31 billion.
For the latest quarter, Gilead reported Harvoni sales decreased 29% to $2.56 billion, while Sovaldi sales rose 5.2% to $1.36 billion. Analysts had expected Harvoni sales of $2.87 billion and Sovaldi sales of $1.19 billion, according to FactSet.
The company also said its recently approved combination hepatitis C drug, Epclusa, which is priced lower than the older hepatitis C treatments, generated sales of $64 million.
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