reported fourth-quarter earnings that beat analysts' estimates, thanks to a strong showing among the company's HIV/AIDS products.
The Foster City, Calif.-based company reported non-GAAP earnings of $114.8 million, or 25 cents a share, on revenue of $369.6 million for the three months ended Dec. 31. The consensus of analysts polled by Thomson First Call predicted earnings of $105.8 million, or 23 cents a share, on revenue of $346.3 million.
On a GAAP basis, the company earned $110.2 million, or 24 cents a share, for the fourth quarter. For the same period in 2003, Gilead earned $192.6 million, or 43 cents a share, on revenue of $263.5 million.
The company released its financial results after markets had closed. In regular trading, Gilead's stock closed down 58 cents, or 1.8%, to $32.59. But in after-hours trading, the stock gained 79 cents, or 2.4%, to $33.32.
"We are extremely pleased with the performance of our product portfolio, in particular our HIV franchise, over the course of 2004," said John C. Martin, the company's CEO. He noted that this was the first year that Gilead produced more than $1 billion in annual sales.
On a GAAP basis, the company earned $449.4 million, or 99 cents a share, on revenue of $1.32 billion. For fiscal 2003, Gilead lost $72 million, or 18 cents a share, on revenue of $867.9 million.