Gilead Sciences Has Solid Quarter

The company posts a fivefold increase in net earnings and a doubling of revenue.
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Gilead Sciences

(GILD) - Get Report

on Thursday reported a fivefold increase in net earnings and a doubling of revenue for the second quarter.

The results, which were announced after stock markets had closed, included earnings per share of 46 cents, beating the 44-cent EPS consensus estimate of 19 analysts polled by Thomson First Call.

The company's stock closed at $68.23, losing 56 cents, or 0.8%.

For the three months ended June 30, the company said net income rose to $100.4 million, up from $19.7 million for the same period last year.

The percentage gain in earnings per share -- to 46 cents from 10 cents -- was less than the net income gain because the company calculated more common shares -- 230.3 million vs. 206.4 million.

Total revenue for the second quarter jumped to $238.9 million from $109.4 million for the second quarter of 2002.

The Foster City, Calif.-based drug company said its gains were paced by Viread, an HIV/AIDS drug whose sales leaped almost fourfold to $167 million from $44.7 million.

On July 2, the company received approval from the Food and Drug Administration to market Emtriva, another HIV/AIDS drug. Gilead is working on a fixed-dose formulation combining Viread and Emtriva, which, it said, "could potentially be available by early 2005."

Gilead's six-month financial results were affected by the closing in early January of its acquisition of Triangle Pharmaceuticals. For the six months ended June 30, Gilead lost $337.7 million, or $1.69 a share, compared with a profit of $15.9 million, or 8 cents a share, for the same period last year. The first-half results were marked by a $488.6 million charge related to the acquisition. First-half sales rose to $404 million from $187.8 million.