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Gilead Raises Sales Guidance, Talks Up Strong HIV Drug Launch

Gilead has begun treatment-naive hepatitis C patients in a late-stage study of a single-pill combination of GS-7977 and GS-5885.

Phase III studies of GS-7977 plus long-acting interferon and ribavirin are nearing completion, with the first data to be announced in December, Gilead said. The company expects to file GS-7977 for regulatory approval in the second quarter of next year.

Moving back to HIV, Gilead is developing a follow-on version of its core HIV drug Viread. A phase II study of this drug, known as GS-7340, is nearing completion with results to be announced in November.

GS-7340 is designed to cause less kidney toxicity than Viread. If developed successfully, GS-7340 could also help blunt the financial blow of looming generic versions of Viread.

For the third quarter, net income was $675.5 millkon, or 85 cents per share, compared to $741.1 million, or 95 cents per share in the third quarter 2011. On a non-GAAP basis, which excludes acquisition-related charges and other expenses, net income for the quarter totaled $1 per share or 6 cents per share better than Street consensus.

Total revenue in the third quarter increased 14% to $2.43 billion from $2.12 billion one year ago.

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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