Gilead beats forecasts, posting 14% rise in third-quarter 2012 sales

US antiviral drugs giant Gilead Sciences (Nasdaq: GILD) reported results for the third quarter of 2012, with revenues up 14% to $2.43 billion. Net income for the third was $675.5 million, or $0.85 per diluted share compared to $741.1 million, or $0.95 per diluted share, for the third quarter of 2011.

Non-GAAP net income for the third quarter of 2012, which excludes acquisition-related, restructuring and stock-based compensation expenses, was $788.9 million, or $1.00 per diluted share compared to $795.2 million, or $1.02 per diluted share for the third quarter of 2011, beating the average Wall Street estimate of 94 cents a share, according to Thomson Reuters I/B/E/S, and sending the firm’s shares up 3% to $64.91 in after-hours trading.

"Gilead reported a strong quarter, with the top-line beat generated by particularly strong Truvada sales, good Complera growth and solid Viread sales," Wells Fargo analyst Brian Abrahams said in a research note quoted by Reuters. Gilead said it now expects full-year net product sales of $9.1 billion to $9.2 billion, an increase of $200 million from its prior top-end estimate.