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Gilead Sciences 2Q profit grows 8 percent

FOSTER CITY, Calif. (AP) — HIV drugmaker Gilead Sciences Inc. said Thursday that its second-quarter net income rose more than 8 percent on higher sales of its best-selling HIV drugs.

Gilead said sales of its two biggest-selling drugs, the HIV medicines Atripla and Truvada, rose 4 percent and 3 percent, respectively. Total product sales increased 14 percent to $2.66 billion for the period ended June 30.

The company reported net income of $772.6 million, or 46 cents per share — up from $711.6 million, or 46 cents per share, in the year-ago period.

Excluding one-time items, the company would have earned 50 cents per share.

That was in line with the average estimate of analysts polled by FactSet, who also predicted sales of $2.68 billion.

The company reported strong growth for its new single tablet HIV combination of Complera and Eviplera, which saw sales rise 159 percent to $188.7 million.

Last year Glead acquired hepatitis C drug developer Pharmasset for $11.1 billion, adding the promising experimental drug sofosbuvir to its pipeline.

The hepatitis C virus can cause life-threatening liver damage and is the main cause of liver transplants in the U.S. Analysts expect it to become a bigger health problem as baby boomers age, since it can be hard to detect.

The Food and Drug Administration is reviewing sofosbuvir under its priority drug review program and is expected to make a decision on it by Dec. 8.

Shares of Gilead Sciences rose 98 cents to close at $60.86. The stock surged by $3.39, or 5.6 percent, to $64.25 in after-hours trading following the release of the earnings report.

Link to press release.

Posted: July 2013