Gilead Sciences says Q1 revenue up 61% on record sales of $559.4 million

By Angela McDaniels

Seattle, April 18 - Gilead Sciences Inc. said its total revenue increased by 61% to $692.9 million for the first quarter ended March 31 from $430.4 million for the first quarter of 2005.

Product sales were a record $559.4 million for the first quarter of 2006, marking 10 consecutive quarters of product sales growth.

The company attributed the growth primarily to its HIV product franchise, including the continued robust performance of Truvada, Viread and Hepsera.

Net income increased by 67% to $262.7 million, or $0.55 per diluted share, for the first quarter from $157.1 million, or $0.35 per diluted share, for the first quarter of 2005.

Gilead said the net income for the first quarter of 2006 included an after-tax share-based employee compensation expense of $23.5 million, which resulted from the adoption of Financial Accounting Standards Board 123.

Excluding the after-tax share-based employee compensation expense, non-GAAP net income increased by 82% to $286.2 million, or $0.59 per diluted share, for the first quarter from $157.1 million, or $0.34 per diluted share, for the first quarter of 2005.

Cash, cash equivalents and marketable securities totaled $2.5 million at March 31.

Gilead Sciences is a biopharmaceutical company based in Foster City, Calif.

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