Gilead up almost 30% on HIV franchise

US biopharmaceutical firm Gilead Sciences reported a nearly 30% increase in both revenue and profit for the third quarter of 2008, driven by rocketing sales of the company's HIV franchise.

Turnover for the period was up 29% to $1.37 billion, versus $1.06 billion in the third quarter of 2007. R&D expense increased 34% to $188.1 million. Net income was up to $504.0 million, or $0.52 per share, vs $398.3 million, or $0.42 per share. Excluding an after-tax, stock-based compensation expense of $30.1 million, net income was $534.1 million, or $0.55 per share. Analysts polled by Thomson Reuters had expected revenue of only $1.32 billion, and profit of $0.49 per share.

The firm's antiviral product sales increased 39% to $1.23 billion, driven primarily by the growth of Atripla, a once-daily combination of Gilead's Viread (tenofovir) and Emtriva (emtricitabine) and Bristol-Myers Squibb's Sustiva (efavirenz), and Truvada (emtricitabine and tenofovir). Atripla sales jumped 77% to $427.6 million, due to continued uptake in the USA, as well as launches in certain European countries, whereas Truvada rose 34% to $549.1 million. Viread sales increased 5% to $156.0 million and Hepsera (adefovir dipivoxil), for chronic hepatitis B, was up 15% to $91.2 million. Turnover fromAmBisome (amphotericin B) liposome injection for severe fungal infections increased 6% to $72.9 million, driven primarily by the favorable impact of foreign currency exchange rates.