Important note: Information in this article was accurate in 2008. The state of the art may have changed since the publication date.
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Wall Street Journal - July 17, 2008
Andrew Edwards And Lauren Pollock
The biotechnology company reported net income of $442.8 million, or 46 a share, compared with $407.9 million, or 42 a share, a year earlier. Excluding stock-based compensation and certain research and development expenses, earnings rose to 49 cents from 46 cents. Revenue rose 22% to $1.28 billion.
The mean per-share earnings estimate of analysts polled by Thomson Reuters was 48 cents on revenue of $1.25 billion.
HIV product sales rose 34%. Sales of Truvada -- which combines two Gilead drugs -- climbed 34% amid sales volume growth in the U.S. and Europe, as well as the weaker dollar. Atripla sales rose 67% on the continued uptake in the U.S. and recent launches in parts of Europe.
The company in April backed its forecast of $4.7 billion to $4.8 billion in 2008 product sales. The outlook disappointed investors at the time, who were looking for accelerating HIV product sales in the second and third quarters.
Write to Andrew Edwards at andrew.edwards@dowjones.com and Lauren Pollock at lauren.pollock@dowjones.com
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