Biotech Stock Top News: Gilead’s Q2 Earnings

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There is no holding back Gilead Sciences’ (GILD – Analyst Report) hepatitis C virus (HCV) drug Sovaldi. The drug continued its exceptional performance in the second quarter of 2014, helping the company to beat the Consensus Estimate in Q2 on both revenues and earnings.

The biopharmaceutical company’s second quarter adjusted earnings (including stock based compensation expenses) was of $2.32 per share. The second quarter 2014 earnings were way above the year-ago figure of 48 cents per share. Including one-time items, the company reported second quarter earnings of $2.20 per share, well above the year-ago earnings of 46 cents.

Sovaldi’s strong sales helped Gilead record total revenues of $6.53 billion, way above the year-ago figure of $2.77 billion. Quarterly revenues easily surpassed the Consensus Estimate of $5.8 billion.

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With Sovaldi registering sales in excess of $3.4 billion ($3.48 billion to be exact) in the second quarter of 2014 it wasn’t surprising that product sales more than doubled (141% growth) to $6.41 billion. Sovaldi sales in the second quarter climbed 53.3% sequentially.

Though Sovaldi sales outshone the rest, other anti-viral products, such as HIV treatments Complera/Eviplera (up 59% to $299.5 million) and Stribild (launched in the U.S. and the EU in Aug 2012 and May 2013 respectively) performed very well. Stribild sales came in at $269.5 million, up 25.2% sequentially.

Antiviral product sales for the quarter registered massive growth of 160.2% to $6.01 billion on the strength of Sovaldi. The U.S. market was the chief beneficiary of Sovaldi’s strong sales for the second consecutive quarter. The HCV treatment registered second quarter sales of $3.03 billion in the U.S., up 44.3% sequentially. T

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One cannot but be impressed by Sovaldi’s performance in the second quarter of 2014. It can be expected that Sovaldi sales to continue growing through 2014. The product’s outstanding performance for the second straight quarter should go a long way to justify its high price tag. The drug costs $84,000 for a 12-week treatment period in the U.S. According to Gilead, approximately 70,000 patients have been treated with Sovaldi in the U.S. since its launch late last year. Products like Complera/Eviplera and Stribild should also continue performing well.

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