Gilead Sciences beats by $0.56, beats on revs
** Reports Q2 (Jun) earnings of $2.36 per share, excluding non-recurring items, $0.56 better than the Capital IQ Consensus Estimate of $1.80; revenues rose 136.1% year/year to $6.53 bln vs the $5.86 bln consensus.
- Sovaldi sales $3.48 bln versus street estimate of ~$3 bln and $2.27 bln in prior quarter
"During the second quarter, Gilead continued to make significant progress led by strong Sovaldi sales. Since December's launch, Sovaldi has been prescribed for more than 80,000 patients in the U.S. and Europe, underscoring the medical community's recognition of the benefits of this product. We look forward to making Sovaldi available in additional countries."
- Atripla sales -7.2% yoy to $870.7 mln
- Truvada sales -0.1% yoy to $806.6 mln
** Updated FY14 guidance (now includes the impact of Sovaldi product sales):
- Sees FY14 net product sales of $21-23 bln (raised from $11.3-11.5 bln ex Sovaldi)
- Sees FY14 non-GAAP product gross margin of 85-88% (raised from 75-77%)
- Reaffirms guidance for "Diluted EPS Impact of Acquisition-Related, Restructuring and Stock-Based Compensation Expenses" of $0.63-0.66