Gilead raises 2020 profit forecast

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

(Reuters) – Gilead Sciences Inc raised its full-year profit forecast on Monday, boosted by increased sales of COVID-19 treatment remdesivir, as hospitalization and treatment rates were higher than expected given the most recent surge in cases.

The U.S. drugmaker expects adjusted earnings for 2020 in the range of $6.98-$7.08 per share, compared with the earlier forecast of $6.25- $6.60 per share.

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