Feb 4 (Reuters) - Gilead Sciences Inc on Tuesday reported a lower than expected fourth-quarter profit as it took a variety of charges, and it forecast 2020 results well below Wall Street estimates.
For 2020, the Foster City, California-based company forecast adjusted earnings of $6.05 to $6.45 per shares on product sales of $21.8 billion to $22.2 billion.
Analysts had forecast 2020 earnings of $7.01 on revenue of $22.56, according to Refinitiv IBES data. Gilead said that starting this year it will include costs related to stock-based compensation in its earnings outlook.
Excluding special items, Gilead said it earned $1.30 per share in the fourth quarter, below the average analyst estimate of $1.67 per share.
Fourth-quarter revenue rose to $5.9 billion from $5.8 billion, including an 11% increase in HIV drug sales to $4.6 billion.
Sales of Gilead’s hepatitis C drugs fell to $630 million from $738 million a year earlier, as medicines from Gilead and others have cured many patients infected with the liver-damaging virus.
Gilead reported net income for the quarter of $2.7 billion, or $2.12 per share.
Reporting by Deena Beasley Editing by Bill Berkrot
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