Gilead Sciences’ 1st-qtr 2015 beats expectations, as hepatitis C drugs soar

US biotech giant Gilead Sciences (Nasdaq: GILD), after markets closed yesterday, reported a strong set of first-quarter 2015 results, with total revenues for the reporting period coming in at $7.59 billion, a massive 51.9% leap on the about $5.0 billion achieved in the like quarter of 2014, and well exceeding the consensus estimates of analysts of $6.89 billion. Gilead’s shares gained 2.7% to $103.20 in after-hours trading.

Net income for the quarter was $4.3 billion, or $2.76 per diluted share, compared to $2.2 billion or $1.33 per diluted share in 2014, and exceeding analysts’ estimates of $2.28. Non-generally accepted accounting principles (GAAP) net income, which excludes amounts related to acquisition, restructuring, stock-based compensation and other, was $4.6 billion, or $2.94 per diluted share, compared to $2.5 billion or $1.48 per diluted share in the first quarter of 2014, also exceeding estimates of $2.32 a share.

Gilead also updated its guidance, raising its projections for net product sales from between $26 billion and $27 billion to between $28 billion and $29 billion for the full year 2015. "It was an extremely strong quarter," said RBC Capital Markets analyst Michael Yee quoted by Fidelity, and noting that the sales guidance "signals confidence in the year."