The good times continued for biopharma giant Gilead Sciences (GILD -0.23%) after the closing bell on Tuesday, as the company reported double-digit sales and EPS growth for the fourth quarter.
For the quarter, Gilead delivered a total revenue increase of 21% to $3.04 billion as adjusted profits improved 10% to $0.55 from $0.50 in the year-ago period.
The majority of Gilead's growth came from its antiviral product line which saw sales rise 22% to $2.64 billion, yet growth was dominated by its newer drugs. Sovaldi, the company's oral hepatitis-C pill approved in December, had revenue of $139.4 million during the quarter, driven by clinical trial sales, as well as patient demand and inventory stocking. Similarly, Stribild, the company's four-in-one HIV medication, saw sales more than quintuple to $203.8 million from $40 million in the year-ago period. Finally, HIV drug Complera/Eviplera saw sales increase 122% to $261.8 million.
Gilead's leading drugs, based on sales, were Atripla and Truvada, which brought in $933.6 million and $814.1 million, respectively. Revenue for these two drugs gained 2% and fell 2%, respectively, but their weakness shouldn't come as a surprise to shareholders since Stribild is built to become the next-generation HIV therapy.
Gilead's cardiovascular segment, while small, also delivered strong sales gains of 25% to $268.5 million with Letairis sales up 19% and Ranexa revenue up 31%.
Looking ahead, Gilead anticipates full-year 2014 revenue of $11.3 billion to $11.5 billion, with gross product margin of 75%-77% and EPS ranging from $0.63-$0.66. One factor to consider, though, is that these figures exclude the impact of Sovaldi on revenue and EPS projections.