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FOSTER CITY, Calif. (AP) — Gilead Sciences raked in $3.6 billion from sales of its newest hepatitis C pill, lifting the drugmaker's results past Wall Street expectations.
U.S. regulators approved the pill, Harvoni, in October and European Union regulators followed suit in November.
Meanwhile, sales of Gilead's previous hepatitis C drug, Sovaldi, dropped 57 percent to $972 million. It was approved in December 2013.
Harvoni and Sovaldi are both considered breakthrough treatments for the hepatitis C virus. But the Foster City, California-based company has been criticized over the high cost of the drugs. The U.S. list price for twelve weeks of treatment with Harvoni is $94,500.
Gilead Sciences Inc. said Thursday that its net income nearly doubled, and excluding one-time charges it reported a profit of $2.94 per share. Gilead's revenue surged 52 percent to $7.59 billion as revenue from Gilead's HIV drugs Truvada, Stribild and Complera and hepatitis B drug Viread all grew.
Analysts expected net income of $2.31 per share on $6.76 billion in revenue, according to a survey by Zacks Investment Research.
The company also declared its first dividend, saying it will pay 43 cents on June 29.
Shares of Gilead rose 1.8 percent to $102.28 in aftermarket trading.
The stock had closed down 1.8 percent, at $100.51, and is up almost 6 percent in 2015.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GILD at http://www.zacks.com/ap/GILD
Keywords: Gilead Sciences, Earnings Report
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