Gilead Sciences’ Profit More Than Doubles
Gilead Sciences Inc.’s said fourth-quarter profit more than doubled as sales climbed for the company’s Truvada medicine, which combines two HIV drugs into a single, once-a-day pill.
Net income rose to $281.6 million, or 59 cents a share, from $110.2 million, or 24 cents, a year earlier, the Foster City-based company said. A payment from Roche Holding to settle a dispute over the Tamiflu influenza drug added to earnings.
Revenue climbed 65% to $609.3 million.
Truvada sales almost quadrupled to $191.1 million, less than some investors expected. The results were announced after markets closed. In regular trading, the stock fell $1.84 to $57.90; it fell more than 3% after hours.
Analysts had expected Gilead to earn 53 cents a share.
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