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
, 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.