Gilead Q4 profit beats expectations as some HIV drug sales rise

Tue Feb 4, 2014 4:57pm EST

Feb 4 (Reuters) - Gilead Sciences Inc, which recently began marketing a new drug for hepatitis C expected to be a multibillion-dollar seller, posted a 4 percent rise in quarterly profit on Tuesday as sales of its flagship HIV drugs beat Wall Street estimates.

Gilead posted a fourth-quarter net profit of $791.4 million, or 47 cents a share, compared with $762.5 million, or 47 cents a share, a year earlier. Earnings per share were unchanged because the number of shares rose.

Fourth-quarter revenue rose 20 percent to $3.12 billion, ahead of Wall Street analysts' average forecast of $2.85 billion, according to Thomson Reuters I/B/E/S.

Sales of HIV drug Atripla rose 2 percent to $933.6 million, while sales of an older product, Truvada, fell 2 percent to $832.7 million. Sales of the company's newest HIV drug, Stribild, rose 409 percent to $203.8 million.

Sales of hepatitis C drug Sovaldi, which was approved by regulators in early December, totaled $139.4 million for the quarter.

Gilead excluded sales of Sovaldi and other hepatitis C drugs from its forecast for 2014 product sales, which it projected would total between $11.3 billion and $11.5 billion.

Analysts have forecast the company's full-year 2014 revenue at $14.66 billion.

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