NEW YORK (TheStreet) -- Shares of Gilead Sciences Inc. (GILD) are up 3.66% to $75.53 in pre-market trade after the company reported an adjusted profit of $1.48 a share, higher than the average Wall Street estimate of 91 cents a share, according to Thomson Reuters I/B/E/S.
The company said its $1,000 hepatitis C pill generated record sales of $2.27 billion, which helped the company's quarterly net profit almost triple.
"It's pretty remarkable that they can generate $2.3 billion in revenue (from hepatitis C drug Sovaldi) in the first 3 months on the market," Sanford Bernstein analyst Geoffrey Porges told Reuters. "People's numbers are going to go up dramatically for this year and next for Gilead."
TheStreet Ratings team rates GILEAD SCIENCES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GILEAD SCIENCES INC (GILD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, reasonable valuation levels, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."