NEW YORK ( TheStreet) - Gilead Sciences ( GILD) missed the Street consensus call on earnings by two cents, with revenue coming in more or less in line with the Street estimate. At the same time profits rose for the drug company. by 25%, to $712 million.

Gilead sold off after its first-quarter earnings call on disappointment in near-term earnings expectations, and is down more than 4% in after-hours trading on Tuesday with its earnings miss.

The 79 cents per share earnings the Gilead Sciences reported after the closing bell on Tuesday, when adjusted for one time charges, was a two cent miss, 85 cents earnings per share compared with the 87 cent per share Street estimate.

Piper Jaffrays analysts had written in a recent price target decrease for Gilead that the stock would be range bound -- it is trading near a 52-week low hit just days ago -- until it provided consistent earnings and a compelling reason to invest with an uncertain macroeconomic climate.

Gilead Sciences reported revenue of $1.9 billion.

Foreign exchange charges, health care reform, and macro factors including the European drug pricing trends, were among reasons cited by Piper Jaffray for not having a more constructive view on the stock, which it rates at neutral.

Product sales increased 15% to $1.81 billion for the second quarter of 2010, compared to $1.57 billion in the second quarter of 2009, driven by growth in sales of antiviral drugs, including Atripla. Yet the sales of Gilead Sciences core HIV drugs were short of Street expectations.

-- Written by Eric Rosenbaum from New York.

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