HIV Drug Sales Boost Gilead Numbers - TheStreet

HIV Drug Sales Boost Gilead Numbers

Viread sales are in line with projections.
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Gilead Sciences

(GILD) - Get Report

Thursday posted a narrower-than-expected fourth-quarter loss as the biotech firm benefited from sales of its recently launched anti-HIV drug.

The company reported a fourth-quarter loss of $22.9 million, or 24 cents a share, beating the consensus Wall Street analyst estimate by 5 cents, according to Thomson Financial/First Call.

Revenue rose 42% to $74.3 million.

In the fourth quarter, Gilead sold its oncology drug business to

OSI Pharmaceuticals

(OSIP)

, recording a net gain of $154.5 million. Including these proceeds, Gilead earned $131.6 million, or $1.25 a share, in the quarter, compared with a net loss of $18.4 million, or 20 cents a share, in the fourth quarter last year.

Gilead's better-than-expected quarter was bolstered by $13.2 million in sales of Viread, the company's new anti-HIV drug, which received Food and Drug Administration approval in late October. Analysts were looking for fourth-quarter Viread sales of between $11 million and $15 million.

Fourth-quarter sales of the drug AmBisome totaled $42.6 million, an increase of 20% over the year-ago quarter.

Shares of Gilead closed Thursday down $1.34, or 2%, at $65.66.