Now the company is out with earnings. The results came to $0.55 in earnings per share on $3.12 billion in revenue. Thomson Reuters had estimates of $0.50 in earnings per share and $2.87 billion in revenue. Product sales were up 21% in the quarter from a year ago.
As of December 31, 2013, Gilead had $2.57 billion of cash and cash equivalents. Sovaldi, which was just approved in December 2013 for the treatment of chronic hepatitis C virus, already generated $139.4 million in sales in the month alone. It is expected to be the next blockbuster drug for Gilead.
Gilead also guided revenue for all of 2014 up to $11.3 billion to $11.5 billion. The consensus estimate is up at $14.56 billion, but the guidance excludes the impact of Sovaldi product sales. The company’s expected gross margin for product sales is being forecast at 75% to 77%.
Some highlights are as follows:
- Antiviral product sales increased 22 percent to $2.64 billion for the fourth quarter of 2013, compared to $2.17 billion for the fourth quarter of 2012, reflecting sales growth of 30 percent in the U.S. and 7 percent in Europe.
- Cardiovascular product sales increased 25 percent to $268.5 million for the fourth quarter of 2013 compared to the same period in 2012.
- For 2013, antiviral product sales increased 15 percent to $9.34 billion from $8.14 billion in 2012, reflecting sales growth of 19 percent in the U.S. and 6 percent in Europe.
- Cardiovascular product sales increased 24 percent to $968.6 million in 2013 compared to 2012.
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