Gilead Profits Triple in Third Quarter, Revenue Up 50% Over Last Year; Viread Sales Decline
October 30, 2003
Profits for antiretroviral drug manufacturer Gilead Sciences more than tripled in the third quarter and revenue is up by 50%, compared with the same period last year, the San Francisco Chronicle reports (Tansey, San Francisco Chronicle, 10/29). Gilead, which manufactures Viread -- the fifth best-selling antiretroviral drug -- in July launched a second antiretroviral drug, Emtriva, and is developing a once-daily combination pill to compete with industry leader GlaxoSmithKline's top-selling Combivir (Kaiser Daily HIV/AIDS Report, 7/31). The financial results fell short of analysts' predictions, as third quarter revenue was $38 million less than second quarter revenue. Sales of Viread dropped during the third quarter due to wholesalers' use of overstock supplies of the drug that were purchased in the second quarter before a price increase. According to Gilead CFO John Milligan, the company is still on track to double the $226 million in revenue it brought in last year (San Francisco Chronicle, 10/29).
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