Biopharma giant Gilead Sciences posted Q3 earnings and sales above Wall Street consensus estimates, powered by its line of HIV-fighting drugs. Gilead saw its net income climb to $398 million, good for EPS of $0.42, versus a loss of $0.06 a share in the previous-year period, related to its acquisition of Corus Pharma. Revenue jumped 41% to $1.06 billion in the quarter; consensus analyst estimates were for EPS of $0.39 on sales of $1.04 billion. Product sales climbed 44% led by HIV-fighting drugs Truvada and Atripla. Looking forward, Gilead expects it FY revenue to be at the top end of its previously forecast range of $3.6-$3.7 billion. Separately, the company named Caroline Dorsa its new CFO. Shares were unmoved in post-market trading on the results, following a gain of 1.85% Thursday. Gilead's shares are up 34% YTD.
Commentary: More Bullish Calls on Gilead Sciences • Gilead Sciences: Shares Still Have 20-25% Upside - Barron's • Biotech Product Developments Should Make 2008 More Eventful Than 2007
Stocks/ETFs to watch: Gilead Sciences, Inc. (GILD). Competitors: Bristol-Myers Squibb Co. (BMY), Glaxosmithkline plc (GSK). ETFs: Biotech HOLDRs (BBH), iShares Nasdaq Biotechnology (IBB), First Trust AMEX Biotechnology Index (FBT)
Earnings call transcript: Gilead Sciences Q3 2007
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.