Gilead Sciences, Inc. reported second-quarter earnings yesterday evening, bringing in total revenues of $6.53 billion, up from $2.77 billion in 2013. Expectations were set at $5.91 billion and $1.79 per share. Gilead bested that with earnings of $2.36 per share.
Product sales were up from $2.66 billion in 2013 to $6.41 billion, thanks in large part to their new hepatitis C drug, Sovaldi, which also pushed net income to $3.66 billion. Sovaldi sells for $1,000 a pill in the U.S., but is remarkably effective at treating the disease. Here's how Sovaldi stacked up against Gilead's other top sellers:
John C. Martin, the CEO of Gilead, said,
During the second quarter, Gilead continued to make significant progress led by strong Sovaldi sales. Since December’s launch, Sovaldi has been prescribed for more than 80,000 patients in the U.S. and Europe, underscoring the medical community’s recognition of the benefits of this product. We look forward to making Sovaldi available in additional countries."
While Gilead has been criticized for their pricing of Sovaldi, their shareholders must be pleased, as the stock has been steadily climbing since first-quarter earnings were reported on April 22nd: