Dive Brief:
- Gilead reported $8.24 billion in quarterly revenues, soaring past analysts' expectations of $7.61 billion.
- EPS was $3.15 versus expectations of $2.71.
- Total revenues for the biotech's blockbuster hepatitis C franchise were $4.9 billion—$3.6 billion for Harvoni and $1.3 billion for Sovaldi.
Dive Insight:
Gilead outperformed analysts' expectations on all counts, notably in the area of hepatitis C, where Gilead has 90% of all market share. While hepatitis C products generated 60% of overall revenues, there was also noteworthy activity in the HIV franchise, where Truvada generated $849 million, up 5% year-over-year from $795.8 billion. Up next for Gilead is more growth in the core sector of virology, including hepatitis C and HIV.
An important takeaway about this company is a price/earnings ratio of 11—almost unheard of in the frothy biotech sector.
Gilead's stock is up nearly 5% in morning trading.