Thursday, October 21, 2010

Gilead Earnings Beats Estimates

Driven by an increase in sales of its HIV drug portfolio, Gilead Sciences beat estimates, reporting 3Q net income of $704 million, or 83 cents a share. This represents a 4.6% increase over the company's 3Q results of last year. When adjusted, the company posted earnings of 90 cents a share, beating the street consensus of 87 cents a share.

Total sales of Gilead's antiviral drugs, which includes HIV and other viral diseases, rose 12% this past quarter to $1.65 billion. Meanwhile, Atripla and Truvada both beat expectations as well. The headlining drugs recorded 3Q sales of $748 million and $669 million, respectively


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