Gilead Beats Q2 Views On Revenue Growth Lead By Sovaldi Drug

Gilead Sciences Inc. (Nasdaq: GILD) beat second-quarter expectations on rapid revenue growth lead by sales of its Sovaldi drug for hepatitis C.

The company also boosted its full-year product sales outlook to roughly in line with analysts' consensus.

Adjusted income rose to $3.93 billion, or $2.36 a share, from $839.7 million or $0.50 a share in the year-earlier period. Revenue increased to $653 billion from $2.77 billion last year.

Analysts expected earnings of $1.79, $5.86 billion for the recent period.

The company raised its forecast for 2014 product sales to between $21 billion and $23 billion, from an earlier forecast of between $11.3 billion and $11.5 billion.

Wall Street expects $22.64 billion in total revenue.

Gilead also boosted its full-year gross margin forecast to between 85 percent and 88 percent, from 75 percent to 77 percent.

In the recent period, U.S. product sales for the second quarter of 2014 increased to $4.82 billion from $1.64 billion a year earlier, and Europe product sales increased to $1.31 billion from $818.2 million.

Antiviral product sales grew to $6.01 billion, up from $2.31 billion for the second quarter of 2013 on sales of Sovaldi which launched in December 2013.

Gilead changed hands recently after hours at $89.75 a share, down 0.65%