Atripla and Truvada Sales Lift Gilead 1Q Profit
Wed, 04/22/2009 - 5:53am
FOSTER CITY, Calif. (AP) — Drug developer Gilead Sciences Inc. said Tuesday its profit climbed 21 percent in the first quarter on improving sales of its HIV treatments Truvada and Atripla. Gilead reported stronger demand for both drugs in the U.S. and Europe, saying Truvada sales rose 23 percent to $590.4 million, and Atripla sales climbed 57 percent to $509.9 million. Total revenue grew 22 percent, to $1.53 billion from $1.26 billion. The company said its profit grew to $589.1 million, or 63 cents per share, from $488.3 million, or 51 cents per share a year ago. Excluding one-time items, Gilead posted a profit of 65 cents per share. Analysts expected a profit of 59 cents per share and $1.5 billion in revenue, according to Thomson Reuters. Atripla is made from a combination of three older drugs: Gilead's Viread and Emtriva, and Sustiva, which is made by Bristol-Myers Squibb. Gilead said Viread and Emtriva sales improved in the first quarter, but sales of Hepsera for hepatitis B fell. Gilead said sales of its pulmonary arterial hypertension drug Letairis nearly doubled to $39.6 million from $20.3 million. The company's revenue from royalties and contract payments fell 29 percent, to $82.9 million from $116.8 million.