Undisputed leader in hepatitis C drugs market, Gilead Sciences, Inc. (NASDAQ:GILD), has come out with first-quarter financial results for the year. The firm has confirmed huge profits that have doubled because of amazing growth of the firm’s hepatitis C drugs franchise.
For quarter one of the financial year 2015, Gilead has confirmed large surge in profits of $4.33 billion that has grown by 94.17% year-over-year compared to profits of 1QFY14 of $2.23 billion. The firm’s adjusted earnings per share for recent quarter after exclusion of one-time costs such as restructuring or stock-based expenses from net profit was at $2.94 per share.
The adjusted EPS was a big rise of about 98.6% YoY vis-a-vis adjusted EPS figure for quarter one of previous year being at $1.43 per share. The revenues for quarter one of the year was $7.59 billion, a surge of about 52% YoY and bettering the Street’s expectations of $6.92 billion. On the other hand, revenues for latest quarter was higher by 3.08% vis-a-vis revenues of $7.31 billion for 4QFY14.
The hepatitis C drugs franchise comprises of two major blockbuster treatments: Sovaldi and Harvoni. Sovaldi is priced at $84,000 for 12-week treatment course and was initially approved in US by the Food and Drug Administration (FDA) two years back.
Gilead’s Harvoni carries a higher price tag of $94,500 for 12-week treatment and was agreed by FDA in October last year.
Combined sales of Solvaldi and Harvoni was huge $4.55 billion that’s a big contribution of 61.4% to overall revenues from firm’s product sales of $7.41 billion. Two HCV drugs are top selling products for the firm having about $12.4 billion in sales for the firm previous year.
Harvoni’s sales for quarter one was a huge $3.58 billion demonstrating surge of 67.7% vis-a-vis sales of $2.11 billion for previous year.
Shares of the company rose 5% to $105.54.
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