Gilead's revenue increases by 17%, driven by remdesivir sales

Gilead reported better-than-expected third quarter results Oct. 28, boosted by sales of remdesivir, CNBC reported. 

Remdesivir, which became the first drug to receive full FDA approval to treat COVID-19 Oct. 22, drove Gilead's revenue up by 17 percent from last year. The drugmaker has been selling remdesivir under the brand name Veklury. 

Remdesivir generated $873 million in sales during the third quarter, mostly in the U.S., CNBC reported. Gilead's total sales were $6.5 billion in the third quarter, up $5.5 billion from last year and higher than the $6.3 billion analysts predicted. 

Excluding remdesivir, the company's total sales increased 2 percent, to $5.6 billion, compared to last year's, according to CNBC

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