Gilead Sciences Swings to Profit
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Gilead Sciences Inc. on Thursday posted a first-quarter profit of $114.4 million as sales rose for its Viread AIDS drug.
Net income was 50 cents a share in contrast with a loss of $438.1 million, or $2.21, a year earlier, when Gilead had costs related to its purchase of Triangle Pharmaceuticals. Revenue jumped 87% to $309.2 million.
Sales of Viread, the Foster City, Calif., firm’s biggest drug, climbed 80% to $193.1 million.
Earnings per share excluding some items were 45 cents. Analysts surveyed by Thomson First Call had expected 34 cents.
Results were announced after markets closed. Shares rose as high as $63.50 after hours from $59.22, up $1.38, on Nasdaq.
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