Updated from 4:31 p.m. ESTGilead Sciences ( GILD) beat Wall Street earnings expectations for the fourth quarter and guided to higher 2008 product sales. The Foster City, Calif.-based drug maker posted fourth-quarter net income of $401.6 million, or 41 cents a share, compared to a loss of $1.66 billion, or $1.81 a share, a year ago due to charges associated with the acquisition of Myogen. On an adjusted basis, the company earned $401.6 million, or 44 cents a share, an increase of 7% over the year-ago quarter. Revenue came in at $1.09 billion, up 22% compared to one year ago. Analysts polled by Thomson Financial had been expecting adjusted earnings of 40 cents a share on revenue of $1.08 billion. On its conference call, Gilead guided to 2008 total product sales in the range of $4.7 billion to $4.8 billion, a 26% to 29% increase over 2007 product sales. Analysts had been expecting 2008 total product sales of about $4.6 billion. Gilead did not provide earnings guidance, but the current consensus is $1.88 a share for 2008. Gilead's HIV drug sales for the quarter increased 35% year over year to $864.2 million. Of note, Atripla sales totaled $259.7 million while Truvada sales were $448.8 million. Atripla sales were lighter than Street expectations of around $272 million. Letairis, the company's recently launched treatment for pulmonary arterial hypertension, recorded %15 million in fourth-quarter sales, in line with expectations. Shares of Gilead were off 11 cents in recent after-hours trading to $44.70.