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.
George Budwell has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Gilead Sciences. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.