Gilead Rakes in Monster Cash, Trounces Estimates

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Gilead Rakes in Monster Cash, Trounces Estimates

The news of the day was the tremendous gains by Gilead due to blockbuster-level sales of its Hep C drug Sovaldi.

From Market Pulse:
“Gilead Sciences Inc. said Wednesday that second-quarter net income was $3.66 billion, or $2.20 a share, compared with $772 million, or 46 cents a share, for the same period a year ago. Sales for the biotechnology giant were $6.53 billion against last year’s $2.77 billion. Adjusted earnings were $2.36, well ahead of the $1.79 a share consensus forecast from analysts polled by FactSet. Sales had been expected to reach $5.85 billion for the quarter. The company said full-year sales now should reach $21 billion to $23 billion, double its previous forecast of $11.3 billion to $11.5 billion. Gilead’s new blockbuster Hepatitis C drug, Sovaldi, reached sales of $3.48 billion for the quarter. Analysts expected sales of $2.87 billion for Sovaldi.”

Coverage from around the Internet/media sources:

SF Business Times: Gilead’s $1,000-a-pill hepatitis C drug breaks records, drives Q2 profit

The Street: Gilead Sovaldi $3.5 Billion: The Most Important Number in Biotech Earnings Season

Wall Street Journal: Hepatitis C Pill Rockets Gilead Into Big Leagues

SF Gate: Gilead hepatitis C pill reaches $3.48 billion in quarterly sales

NY Times: Gilead Reports Strong Sales of Sovaldi, Putting It on Pace to Become a Blockbuster

July 24th, 2014|