Gilead's 1st-qtr 2007 net income sky-rockets 55%

US biopharmaceutical firm Gilead Sciences says that its first-quarter 2007 net income surged 55% on the like, year-ago period to $407.4 million, or $0.85 per diluted share, on the back of strong product sales.

During the period, the California, USA-based drugmaker saw turnover rise 48% to $1.03 billion. Analysts polled by Thomson Financial had predicted average earnings per share of $0.79 on income of $996.2 million. Despite being ahead of expectations, shares in Gilead fell 1.2% to $78.43 on the day the firm announced its results, April 18.

Gilead's product sales reached a record $840.2 million, a 50% increase, driven primarily by the firm's HIV franchise, including the strong uptake of Atripla (efavirenz 600mg; emtricitabine 200mg; tenofovir disoproxil fumarate 300mg) following its launch in July 2006 in the USA, as well as strong growth in turnover of Truvada (emtricitabine/tenofovir disoproxil fumarate) in Europe.