Updated with guidance for 2009

Gilead Sciences ( GILD) reported a 44% increase in adjusted second-quarter profits bolstered by strong HIV drug sales.

The Foster City, Calif.-based biopharmaceutical firm reported net income of $571.4 million, or 61 cents a share, up from $434.8 million, or 49 cents a share in the year-ago quarter.

On an adjusted basis, Gilead earned 69 cents a share in the June quarter, easily surpassing the consensus analyst estimate of 61 cents a share, according to Thomson Reuters.

Total revenue in the quarter came in at $1.65 billion, up 29% from one year ago, topping Wall Street forecasts.

Gilead business is dominated by sales of drugs used to treat patients with HIV and other viral-based diseases. Total antiviral sales (which includes HIV and hepatitis B) rose 26% to $1.41 billion in the quarter.

Of note, sales of Atripla, a once-daily pill that combines three different HIV medicines including one from Bristol-Myers Squibb ( BMY), totaled $569.1 million, up 60% year over year, while sales of Truvada, another HIV combination pill, rose 18% to $608.1 million. Both Atripla and Truvada outperformed analyst forecasts.

Outside of HIV, Gilead said sales of Ranexa totaled $36.1 million in the quarter, also ahead of expectations. Ranexa is a drug for chronic angina that was acquired when Gilead purchased CV Therapeutics earlier this year.

Last week, Gilead and Johnson & Johnson ( JNJ) signed a partnership to develop a new single-pill treatment for HIV.

Gilead raised 2009 guidance for total product sales to a range of $6.1 billion to $6.2 billion from the previous forecast of $5.9 billion to $6 billion. That's still below Street consensus of $6.3 billion.

Ahead of its earnings announcement, Gilead shares closed Tuesday up 1% to $48.55.
Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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