Gilead Sciences Expects Sales to Decline Sharply
The rest of Gilead's house is in need of serious repair.
Gilead Sciences (GILD) - Get Report said on Tuesday that its total product sales will decline sharply in 2017, hurt by falling patient demand and lower net prices for the company's hepatitis C drugs.
The Foster City, Calif.-based biotech company forecast total product sales in the range of $22.5 billion to $24.5 billion. At the midpoint of its new guidance, Gilead is projecting sales to decline by 22% compared to last year.
Investors were expecting Gilead to issue a lower outlook for 2017, but the numbers provided by the company Tuesday were bleak.
