Drug maker Gilead Sciences Inc. (GILD: Quote), Monday reported an increase in fourth-quarter profit, as revenues rose 18 percent on higher demand for its products. Both earnings and revenues for the quarter trumped analysts' expectations.
Gilead said revenues for the period grew 18 percent to $2.59 billion from $2.20 billion, driven by increased use of its AIDS drugs. Twenty five analysts polled by Thomson Reuters had a consensus revenue estimate of $2.43 billion for the quarter.
Gilead's antiviral product sales rose 17 percent, reflecting sales growth of 20 percent in the U.S. and 9 percent in Europe. Sales of HIV drugs Atripla and Truvada, which generates majority of revenues, grew 6 and 12 percent respectively.
Sales of HIV and chronic hepatitis B drug Viread, which accounts for a small part of sales, grew 19 percent, while Complera/Eviplera rose to $117.8 million from $19.7 million last year.
Cardiovascular product sales increased 33 percent to $215.2 million from last year.
Foster City, California-based Gilead's fourth-quarter profit improved to $762.5 million or $0.47 per share from $665.1 million or $0.43 per share last year.
Excluding one-time items, earnings advanced to $0.50 per share from $0.49 per share last year. Analysts expected earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.
GILD closed Monday's trading at $39.59, down 2.39% on the Nasdaq. In after-hours, the stock slipped $0.09 or 0.23%.
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by RTT Staff Writer
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