10-29-13 5:16 PM EDT | Email Article
   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 tess.stynes@wsj.com

 

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(END) Dow Jones Newswires

October 29, 2013 17:16 ET (21:16 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.
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Morningstar - 2013/10/29 - Gilead 3rd-Quarter Profit Up 17% as New HIV Drugs Lead Sales Growth
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