Gilead Sciences Inc.’s sales of Harvoni and Sovaldi, hepatitis C drugs, are lower than expected.
Gilead Sciences Inc. on Tuesday said sales of hepatitis C drugs Harvoni and Sovaldi missed expectations and slumped in the third-quarter, as the biopharmaceutical company faces challenges from rival drugs and pricing pressures.
For the latest quarter, Gilead reported Harvoni sales decreased 44% to $1.86 billion, while Sovaldi sales also fell 44% to $825 million. Analysts had expected Harvoni sales of $2.32 billion and Sovaldi sales of $1.06 billion, according to FactSet.
The declines were partly offset by sales of combination hepatitis C drug, Epclusa, which is priced lower than Harvoni and Sovaldi and generated sales of $640 million in the latest quarter, compared with sales of $64 million during the second quarter. Analysts expected Epclusa sales to reach $285.6 million, according to FactSet.
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