Gilead Sciences Inc.'s (GILD) second-quarter profit climbed 31%
as the biopharmaceutical company reported higher sales from its HIV
products and added revenue from its acquisition of heart-drug maker
CV Therapeutics Inc.
The company, which dominates the HIV treatment market, continued
to post solid growth for those treatments, despite a difficult
economy.
Gilead reported earnings of $571.4 million, or 61 cents a share,
up from $434.8 million, or 45 cents a share, a year earlier.
Excluding stock-based compensation and other items, earnings
rose to 69 cents a share from 48 cents.
Revenue increased 29% to $1.65 billion.
Analysts polled by Thomson Reuters expected per-share earnings
of 61 cents on revenue of $1.6 billion.
Total costs and expenses grew 32%.
Sales of its key HIV products rose 26% to $1.41 billion. Truvada
- which combines two Gilead drugs - recorded improved sales of 18%,
as sales of Atripla, its once-daily tablet treatment for HIV,
surged 60%, both due to higher sales volume in the U.S. and
Europe.
Sales of Viread, which is used to treat HIV and hepatitis B,
climbed 5.5%.
Gilead also saw 5.1% growth in its fungal infection treatments
and sales surged 79% for its high blood pressure drug.
The company, boosted by its $1.4 billion acquisition of CV
Therapeutics, reported sales of $36.1 million for Ranexa, which
treats chronic angina. The sales were from the acquisition date of
April 15 until the end of the quarter.
In May, Gilead filed a lawsuit against Israeli-based Teva
Pharmaceutical Industries Inc. (TEVA) and its U.S. subsidiary for
infringement of two patents tied to two of its HIV drugs. Gilead is
seeking to prevent Teva from making a generic version of Truvada
until 2021, when the U.S. patent expires.
Shares were down 0.8% at $48.15 in after-hours trading. The
shares have regained about a third of their value from the 52-week
low set in October.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com
