The Foster City, Calif., company sharpened its GAAP earnings-per-share estimate to a range of a loss of 8 cents a share to a profit of 2 cents. The previous estimate was a range of a loss of 25 cents to a profit of 10 cents.
It boosted its estimate of adjusted earnings to $6.98 to $7.08 a share from $6.25 to $6.60.
The company lifted its 2020 product-sales estimate to a range of $24.3 billion to $24.35 billion from in its October estimate $23 billion to $23.5 billion.
Gilead also raised its operating-profit estimate to a range of $11.65 billion to $11.75 billion from $10.7 billion to $11.2 billion in October.
A survey of analysts by FactSet produced consensus estimates for 2020 of GAAP earnings of 7 cents a share, or an adjusted $6.61, on revenue of $23.71 billion.
The sales gain reflects “increased Veklury [remdesivir] sales, as hospitalization and treatment rates were higher than expected given the most recent covid-19 surge,” the company said in a statement.
The overall strong numbers show “Gilead delivered solid performance, despite the global impacts of covid-19,” it said.
Gilead traded at $63.65, up 0.97%, in premarket trading Monday. It had slid 19% in the 12 months through Friday.
Morningstar analyst Karen Anderson puts fair value at $77.
“Gilead has a leading treatment for SARS-CoV-2 with remdesivir, which we model at $2.9 billion in 2020 sales and $2.1 billion in 2021 sales,” she wrote earlier this month.
“Gilead generates stellar profit margins with its HIV and HCV portfolio, which requires only a small sales force and inexpensive manufacturing.
"[Its] portfolio and pipeline support a wide moat, but Gilead needs HCV market stabilization, strong continued innovation in HIV, solid pipeline data, and smart future acquisitions to return to growth.”