By Deena Beasley
Feb 6 (Reuters) - Gilead Sciences Inc on Tuesday said fourth-quarter sales of its flagship hepatitis C drugs fell by more than half amid increased competition and forecast a further slowdown next year, sending its shares lower after the closing bell.
For full-year 2018, the biotechnology company forecast product sales of $20 billion to $21 billion, down from $25.7 billion last year. The company also projected a 2018 tax rate of 21 percent to 23 percent.
Gilead, which last year paid nearly $12 billion for cancer immunotherapy company Kite Pharma, said it earned $1.78 a share in the fourth quarter after one-time items. Wall Street analysts, on average, had forecast $1.67 a share, according to Thomson Reuters I/B/E/S.
Including a $6 billion income tax charge related to U.S. corporate tax changes, the company posted a fourth-quarter net loss of $3.87 billion.
Quarterly sales of hepatitis C drugs totaled $1.5 billion, down from $3.2 billion a year earlier, but in line with analysts' forecasts. The company's antiviral and HIV drug sales rose to $3.7 billion from $3.4 billion.
Shares of Gilead, which rose 2.5 percent to close at $80.38 in regular trading on the Nasdaq, were down 3 percent at $78 after hours.
(Reporting by Deena Beasley, editing by G Crosse)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.