Gilead Sees 2010 Product Sales $7.6 Billion-$7.7 Billion

Gilead Sciences Inc. (GILD) projects 2010 net product sales to $7.6 billion to $7.7 billion, translating to growth of 8.5% to 10% for the year.

Investors applauded the initial glimpse at the HIV-drug maker's financial projections, as shares rose 3% to $46.25 in after-hours trading.

Wall Street currently projects total revenue for the year of $7.9 billion, which includes revenue from royalties, contracts and other sources, according to Thomson Reuters. In 2009, The Foster City, Calif., company reported product sales of $6.47 billion and revenue of $7.01 billion.

Earlier Tuesday, Gilead reported net income of $802.2 million, or 87 cents a share, for the three months ended Dec. 31, up from $560 million, or 59 cents a share, a year earlier. Excluding items, earnings rose to 93 cents, exceeding analyst expectations of 85 cents a share, according to a survey from Thomson Reuters.

Revenue climbed 42% to $2.03 billion, also beating a Wall Street projection of $1.93 billion.

-By Thomas Gryta, Dow Jones Newswires; 212-416-2169; thomas.gryta@dowjones.com

Gilead Sciences (NASDAQ:GILD)
Historical Stock Chart
From Jun 2024 to Jul 2024