Gilead Sciences posted strong quarterly sales of its hepatitis C drugs Harvoni and Sovaldi, sending the drugmaker's net profit up more than four-fold for the quarter.
The Foster City, California-based company on Tuesday reported quarterly net income of $3.49 billion, or $2.18 per share, compared with $791 million, or 47 cents per share, a year earlier.
Excluding one-time items, Gilead earned $2.43 per share, outstripping the average Wall Street estimate of $2.22 per share, according to Thomson Reuters I/B/E/S.
Sales of Sovaldi, the $1,000 pill for hepatitis C which ignited a fierce debate over prescription drug prices, totaled $1.73 billion for the quarter, while sales of follow-on drug Harvoni totaled $2.11 billion. Analysts, on average, had forecast Sovaldi sales of $2.05 billion and Harvoni sales of $1.58 billion, according to Deutsche Bank.
For full-year 2015, Gilead projected total product sales of $26 billion and $27 billion, which falls short of the average Wall Street estimate of $28.6 billion.