Gilead Sciences (NASDAQ:GILD) reported second-quarter earnings after the bell today, topping consensus for non-GAAP EPS by a noteworthy 31.8% and revenue estimates by 11.4%. Specifically, the company posted non-GAAP EPS of $2.36 on $6.53 billion in revenue.
Product sales for the quarter increased by approximately 240% to $6.41 billion compared with a year ago, driven mainly by Sovaldi. For the quarter, Sovaldi posted sales of $3.48 billion, up from $2.3 billion in the first quarter.
Based on Sovaldi's strong performance to date, Gilead updated its 2014 revenue guidance to a range of $21 billion to $23 billion, compared with its prior guidance of $11.3 billion to $11.5 billion. While this dramatic revenue revision is certainly impressive, investors should bear in mind that Gilead's original projections excluded Sovaldi revenues for the year.
Gilead also saw strong year-over-year growth for other key products in its HIV and cardiovascular portfolios. Sales of Stribild, for instance, rose by 153% to $269.5 million in the second quarter, compared with a year ago. And cardiovascular product sales increased by 14% year over year to $266.6 million.
Gilead ended the quarter with $9.58 billion in cash and cash equivalents and bought back $1.2 billion in shares during the quarter. Looking ahead, we should see the company launch its newly approved blood-cancer drug, Zydelig, before year's end.