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Gilead Sciences
Inc.
Chief Executive Officer
John Milligan
will retire at the end of the year, a sudden departure of a pharmaceutical company struggling with falling sales and profits.
Milligan, a trained biochemist who read scientific articles in his spare time, spent 28 years at Gilead and was CEO for the past two years. After the board of directors finds a successor, he will also leave the board of directors.
"I'm looking forward to taking a well-deserved break and moving on," said Dr. Milligan during a revenue call with analysts and investors. 19659005] President
John C. Martin
The group has also played a key role in Gilead's transformation of an antiviral drug manufacturer starting in one of the world's largest pharmaceutical companies in terms of sales, although this is a frequent target of Because of their departure, Gilead will have new leadership in the fight against falling revenues and profits, which has fallen in recent quarters as competition has weighed heavily on sales of drugs and hepatitis drugs C (19659005). his drugs against hepatitis C.
The decreasing number of patients with hepatitis C – Gilead's therapies have managed to cure many of them – also reduced sales.
The latest quarterly results reflect the challenges of the company. Total revenue declined 21% to settle at $ 5.65 billion compared to the same period a year earlier. Net income was $ 1.82 billion, or $ 1.39 per share, compared to $ 3.07 billion, or $ 2.33 per share a year ago.
Global Sales of Epclusa, Gilead's New Treatment for Hepatitis C, Decreased to 500 Million
Just Four Years Ago Foster City, California among the largest tour operators in the pharmaceutical industry on Wall Street.
Gilead joined the ranks of the largest pharmaceutical companies by sales and market capitalization with the introduction of Sovaldi, a new type of hepatitis C therapy that has cured many patients and quickly recorded billions of dollars in sales. At the time, it was the biggest drug launch ever made.
But the company's franchise against hepatitis C therapies has proven to be as much of a curse as it is of charity. Competition has forced Gilead to sharply reduce his hepatitis C medications and sales have dropped.
Analysts and investors have been pressuring Gilead in recent years to find new sources of growth. Last year, the company disbursed about $ 11 billion to embark on a new type of cancer treatment, a cell therapy known as CAR-T.
Still, sales for the jewel in the crown of the case, a lymphoma treatment called Yescarta, began slowly. In the second quarter, Yescarta sales were $ 68 million.
Gilead's HIV franchise is a good thing for the company. The business revenue of the products amounted to $ 3.7 billion during the quarter, up 13% over the previous year.
Executives estimated that their quarterly sales of hepatitis C vaccines stabilized down 4%. They also expressed high hopes for new treatments being developed for fatty liver disease, known as NASH.
"We continue to believe that 2018 is a slack year for Gilead, we can grow in the future," said Robin Washington at the conference call
-Waverly Colville contributed to this article [19659005] Write to Jonathan D. Rockoff at Jonathan.Rockoff@wsj .com
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