By Tess Stynes
Gilead Sciences Inc.'s (GILD) third-quarter earnings rose 17% on strong sales growth led by biopharmaceutical company's newer HIV drugs--Stribild and Complera.
The company raised its 2013 net product sales outlook to $10.3 billion to $10.4 billion from its previous forecast for $10 billion to $10.2 billion.
Gilead is one of the world's largest makers of HIV drugs, but as sales growth in that area have slowed, the company has moved aggressively in recent years into hepatitis C and cancer, areas where Gilead has been making strides.
An advisory committee to the U.S. Food and Drug Administration last Friday unanimously recommended approval for Gilead's new hepatitis C drug--sofosbuvir- a decision that could come by mid-December. Gilead also recently said its experimental treatment for lymphocytic leukemia--known as idelalisib--worked so well in a late-stage trial that it was stopping the study early.
Gilead reported a profit of $788.6 million, or 47 cents a share, up from $675.5 million, or 43 cents a share, a year earlier. Excluding acquisition-related expenses and other items, adjusted earnings were up at 52 cents from 50 cents. Revenue increased 15% to $2.78 billion.
Analysts polled by Thomson Reuters recently expected per-share profit of 48 cents and revenue of $2.72 billion.
Sales growth was led by strong demand for Gilead's newer HIV drugs Stribild--introduced in the U.S. in August 2012 and Complera--which received U.S. approval in August 2011.
Complera sales more than doubled to $210.7 million from a year earlier, while Stribild sales surged to $144 million from $17.5 million.
Shares were up 25 cents at $69.75 in recent after-hours trading Tuesday. Through the close, the stock is up 89% this year.
Write to Tess Stynes at email@example.com
Order free Annual Report for Gilead Sciences, Inc.
Visit http://djnweurope.ar.wilink.com/?ticker=US3755581036 or call +44 (0)208 391 6028
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 29, 2013 17:16 ET (21:16 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
|Halliburton 3rd-Quarter Profit Up 17%, Led by Growth in International Operations (2013/10/21)|
|Halliburton 3rd-Quarter Profit Up 17% (2013/10/21)|
|Hasbro 3rd-Quarter Profit Up 17% ()|
|J&J 3rd-Quarter Profit Edges Up; New Prescription Drugs Lead Revenue Growth (2013/10/15)|
|Amgen 3rd-Quarter Profit Up 24% Amid Broad Sales Growth ()|
|General Dynamics 3rd-Quarter Profit Up 8.5% as Margin Growth Offsets Weaker Sales ()|
|PNC Financial's 3rd-Quarter Profit Up 12% On Loan Growth, Improved Credit Quality (2013/10/16)|
|Cummins 3rd-Quarter Profit Up 0.9%, Cuts Full-Year Sales View ()|
|CVS Caremark 3rd-Quarter Profit Up 25% on Revenue Growth, Legal-Settlement Gain ()|
|Mondelez 3rd-Quarter Profit Up 57% on Higher Sales, Tax Gain ()|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.