Gilead beats forecasts as Sovaldi sales soar

US anti-virals specialist biotech firm Gilead Sciences (Nasdaq: GILD) has reported surging second-quarter 2014 sales and profits, boosted by a sharp quarter on quarter rise in revenues from its latest hepatitis C drug Sovaldi (sofosbuvir) and exceed analysts’ expectations.

Total revenues increased 136% to $6.53 billion compared to $2.77 billion for the second quarter of 2013, beating the $5.9 billion analysts had expected. Product sales rose to $6.41 billion compared to $2.66 billion for the second quarter of 2013. The company’s shares edged 1.4% higher to $91.59 by close of trading yesterday.

Net income nearly trebled to $3.66 billion, or $2.20 per diluted share compared to $772.6 million or $0.46 per diluted share for the second quarter of 2013. Non-generally accepted accounting principles (GAAP) net income for the second quarter of 2014, which excludes acquisition-related, restructuring and stock-based compensation expenses, was $3.93 billion, or $2.36 per diluted share compared to $839.7 million or $0.50 per diluted share for the like 2013 quarter, well ahead of the $1.79 a share consensus forecast from analysts polled by FactSet.