Gilead Sciences Inc. (GILD) Thursday reported first-quarter net income of $722 million or $0.43 per share, compared to $442 million or $0.28 per share last year.
Results for the recent quarter included stock-based compensation expense of $45 million, compared to $229.6 million in the prior year.
Excluding items, adjusted earnings for the quarter were $802 million or $0.48 per share, compared to $704 million or $0.45 per share a year ago.
On average, 24 analysts polled by Thomson Reuters estimated earnings of $0.50 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were up 11% at $2.53 billion, compared to $2.28 billion a year ago.
Analysts on consensus estimated revenues of $2.58 billion for the quarter.
Product sales increased 8 percent to $2.39 billion for the quarter.
Operating margin for the quarter improved to 40.5 percent from 35.1 percent in the prior year.
Looking ahead to fiscal year 2013, the company continues to expect net product sales of $10 billion to $10.2 billion.
Analysts currently expect revenues of $10.68 billion for the year.
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