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Gilead Sciences said Tuesday its quarterly profit rose 36 percent on increased sales of its drugs to treat the virus that causes AIDS and royalties on sales of the flu drug Tamiflu.
The results beat analysts' estimates, but sales of its drug Truvada fell short of Wall Street expectations and shares slipped 2.4 percent.
Gilead posted a third-quarter net profit of $673 million, or 72 cents per share, compared with $495.9 million, or 52 cents per share, a year earlier.
Analysts expected 67 cents a share, according to Thomson Reuters.
"The quarter looked really good,'' said FTN Equity Capital Markets analyst Biren Amin. "It puts them on a clear path to beating revenue guidance.''
Quarterly revenue rose 31 percent to $1.8 billion, and product sales rose 23 percent to $1.65 billion.
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CNBC.com |
Sales of AIDS drug Truvada rose 13 percent to $620.6 million, but fell short of the Wall Street consensus of $626 million, as compiled by Wedbush Morgan Securities.
Third-quarters sale of Atripla, which combines Truvada with Bristol-Myers Squibb's [BMY
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] Sustiva into a single pill, rose 42 percent to $605.3 million, meeting analysts' expectations.
Royalty, contract and other revenue nearly quintupled to $152.4 million. Gilead gets most of its royalty revenue from Roche Holding's sales of Tamiflu, which has seen strong demand because of the swine flu pandemic.
Shares of Gilead [GILD
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], which closed down 1.47 percent at $46.12 on Nasdaq before the earnings announcement, fell more than 2 percent in after-hours trading.
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