Sovaldi sales hit $3.5 billion in 2Q14

Gilead Sciences Inc. (NASDAQ:GILD) reported 2Q14 financial results that beat the Street, including $3.5 billion in sales of HCV drug Sovaldi sofosbuvir. The Street was expecting $2.5-$2.6 billion in Sovaldi sales in the quarter. About $3 billion of Sovaldi's 2Q14 sales were in the U.S., where 65% of its usage is in patients with HCV genotype 1 infection. According to Gilead, Sovaldi has been prescribed for more than 80,000 patients in the U.S. and Europe through June 30 since its launch; the company launched Sovaldi in the U.S. in December and in Europe earlier this year.

Gilead reported 2Q14 non-GAAP diluted EPS of $2.36, beating the Street's estimate of $1.79 and up from $0.50 in 2Q13. Revenues for the quarter were $6.5 billion, beating the Street's $5.9 billion estimate and up from $2.8 billion in 2Q13. For the first time, Gilead also provided 2014 net product sales guidance that accounts for Sovaldi sales. The company said it now expects full-year sales of $21-$23 billion. Previously, the company guided to full-year sales of $11.3-$11.5 billion, not including Sovaldi sales. ...