Gilead’s 2014 first quarter financial results: Revenues doubled since 2013

Gilead Sciences Inc. released first quarter results for operations, with total revenues in the first quarter ending March 31 increasing to nearly $5 billion in 2014, compared with $2.53 billion in 2013 and sales increasing to $4.87 billion in 2014, compared with $2.39 billion in 2013, according to a release from the biopharmaceutical company. US sales increased to $3.63 billion from $1.40 billion in 2013 and European sales increased to $1.02 billion from $818.3 million.

Gilead introduced the antiviral drug Sovaldi (sofosbuvir) in 2013 and saw increases in sales of drugs stribild and Complera/Eviplera, both contributing to first-quarter increases in 2014. The antiviral drug increase were sufficient to offset decreases in wholesaler and sub-wholesaler inventories in the US, primarily with the HIV products, according to the release. Other sales increases were reported for cardiovascular products, up from $214.4 million to $234.5 million.

At the end of the first quarter, Gilead had cash, cash equivalents and marketable securities totaling $6.86 billion, compared with $2.57 billion at the end of fourth quarter in December 2013. The significant increase is due to the company issuing senior unsecured notes in March for a total of $4 billion, according to the release, which will be used towards repayment of debt, repurchase of stock and general corporate purposes.

Non-generally accepted account principles research and development expenses increased due to clinical studies and the selling, general and administrative expenses increased as a result of the expansion of business, particularly in dealing with hepatitis C virus-related work.

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