Sovaldi sales hit $2.3 billion in first full quarter

Gilead Sciences Inc. (NASDAQ:GILD) reported 1Q14 earnings late Tuesday, including $2.3 billion in sales of Sovaldi sofosbuvir in the HCV drug's first full quarter on the market. According to Deutsche Bank's Robyn Karnauskas, the Street was expecting $1 billion. Gilead said $2.1 billion of the sales were in the U.S., with the balance mostly in Germany and France. Gilead launched the drug in the U.S. in December and in Europe earlier this year.

Gilead reported 1Q14 non-GAAP diluted EPS of $1.48, beating the Street's $0.89 estimate and up from $0.48 in 1Q13. Revenues for the quarter were $5 billion, beating the Street's $3.9 billion estimate and up from $2.5 billion in the prior year's quarter. Gilead reiterated its 2014 net product sales guidance of $11.3-$11.5 billion, which would be a 5-6% increase over 2013 net sales. The guidance excludes Sovaldi sales. ...