New HIV drugs drive Gilead Sciences 3rd-qtr growth
US biotech Gilead Sciences (Nasdaq: GILD) late yesterday reported strong third-quarter 2013 financial results that were driven by the company's HIV/AIDS franchise, notably its newer products.
Total revenues for the quarter increased 15% to $2.78 billion, beating the $2.72 billion forecast of analysts polled by FactSet. Product sales increased 15% to $2.71 billion.
Net income leapt 16.7% to $788.6 million, or $0.47 per diluted share compared to $675.5 million, or $0.43 per diluted share for the third quarter of 2012. Non-GAAP net income for the reporting quarter, which excludes acquisition-related, restructuring and stock-based compensation expenses, rose 11.4% to $879.1 million, or $0.52 per diluted share, beating the $0.48 consensus predicted by analysts, according to Thomson Reuters I/B/E/S..
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