Gilead's 1st-qtr profits rocket 63% on 11% revenue rise; moves forward with hep C program

US biotech firm Gilead Sciences (Nasdaq: GILD) has reported that revenues for the first quarter of 2013 increased 11% to $2.53 billion compared to the first quarter of 2012. Product sales increased 8% to $2.39 billion.

Net income for the quarter was $722.2 million, or $0.43 per diluted share compared to $442.0 million, or $0.28 per diluted share for the first quarter of 2012, a rise of 63.3%. Non-GAAP net income for the first quarter of 2013, which excludes acquisition-related, restructuring and stock-based compensation expenses, was $801.9 million, or $0.48 per diluted share compared to $704.4 million, or $0.45 per diluted share for the first quarter of 2012, up 13.8% but falling $0.02 short of the average of 24 analysts’ estimates compiled by Bloomberg. Analysts polled by Thomson Reuters expected earnings of $0.50 a share on $2.58 billion in revenue.