FOSTER CITY, Calif. (AP) — Gilead Sciences Inc. said its profit grew 5
percent in the second quarter as its HIV drug sales grew in Europe and the U.S.
Gilead said its profit
increased to $746.2 million, or 93 cents per share, from $712.1 million, or 79
cents per share, in the year-ago quarter. Excluding special items like
acquisitions, restructuring, and stock-based compensation costs, the company
said it earned $1 per share. Revenue rose 11 percent to $2.14 billion from
$1.93 billion.
Analysts expected a profit of 99 cents per share and $2.1
billion in revenue, according to estimates compiled by FactSet.
The biopharmaceutical company based in Foster City, Calif.,
said its total antiviral drug revenue rose 11 percent to $1.76 billion. Revenue
from the 3-in-1 HIV drug Atripla grew 15 percent to $822 million and sales of
another HIV drug, Truvada, rose 11 percent to $711.3 million. Gilead said the
growth in sales of Atripla and Truvada was driven by greater demand in the U.S. and Europe.
Revenue from the drug Viread, which is used to treat HIV and hepatitis B,
increased 5 percent to $185.7 million.
Gilead said revenue from
its pulmonary arterial hypertension drug Letairis grew 22 percent to $73.6 million,
and sales of its angina drug Ranexa rose 42 percent to $86.1 million. Sales of
other products, like the antifungal drug AmBisome and hepatitis B drug Hepsera,
rose 6 percent to $160.9 million.
Shares of Gilead Sciences fell 48 cents to $42.16 on Tuesday
before the earnings were released. The stock lost another 3 cents in
aftermarket trading.
