27/01/2009

HIV drug sales drive Gilead profit higher

Gilead Sciences Inc on Tuesday reported fourth-quarter profit rose 41 percent on increased sales of its drug to treat the virus that causes AIDS.

* Gilead 4th-quarter EPS 60 cents

* Product sales rise 35 pct to $1.39 bln

NEW YORK, Jan 27 (Reuters) - Gilead Sciences Inc on Tuesday reported fourth-quarter profit rose 41 percent on increased sales of its drug to treat the virus that causes AIDS.

The Foster City, California-based biotechnology company posted a net profit of $568.2 million, or 60 cents per share, compared with a profit of $401.6 million, or 41 cents per share, a year ago.

Excluding items, Gilead earned 56 cents, topping analyst average expectations by 2 cents, according to Reuters Estimates.

Revenue rose 30 percent to $1.43 billion, matching expectations, with product sales up 35 percent for the quarter to $1.39 billion.

Sales of the AIDS drug Truvada rose 25 percent to $562.1 million for the quarter, edging past Wall Street estimates of $559 million.

Sales of the newer Atripla, which combines Truvada with Bristol-Myers Squibb Co's Sustiva into a single pill, jumped 79 percent to $465.5 million, which was just shy of analyst expectations of about $471 million.

By Bill Berkrot

REUTERS

http://www.reuters.com/

http://www.reuters.com/article/marketsNews/idUSN2745086220090127

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