All eyes on Sovaldi as Gilead reports financials, which were well above forecasts

US antivirals-focused biotech firm Gilead Sciences (Nasdaq: GILD) posted financial results for the fourth quarter and full year 2013, after markets closed yesterday, which were well ahead of consensus expectations. Gilead’s shares rose 4.1% to $82.02 by close, before the results were presented, but drifted back to $81.35 after hours.

Total revenues for the fourth quarter of 2013 increased 21% to $3.12 billion, compared with projections of a 10% rise to $2.85 billion from analysts polled by Thomson Reuters. Net income for the quarter edged up 3.8% to $791.4 million, or $0.47 per diluted share compared to $762.5 million, or $0.47 per diluted share. Non-generally accepted accounting principles (GAAP) net income for the quarter, which excludes acquisition-related, restructuring and stock-based compensation expenses, rose 12.9% to $929.8 million, or $0.55 per diluted share compared to $823.4 million, or $0.50 in the like year-earlier quarter, the latter figure being what analysts has expected for the 2013 quarter.

Sovaldi sales expected to reach $1 billion in first-quarter 2014