Gilead 4th-qtr sales and earnings beat forecasts, but slammed for "greed" by AHF

USA-based Gilead Sciences (Nasdaq: GILD), the leading maker of HIV/AIDS drugs, yesterday posted financial results, showing that total revenues for the fourth quarter of 2012 increased 18% to $2.59 billion, exceeding analysts’ expectations of $2.43 billion, according to Thomson Reuters I/B/E/S.

Net income for the quarter was $762.5 million, or $0.47 per diluted share compared to $665.1 million, or $0.43 per diluted share for the fourth quarter of 2011. Non-GAAP net income for the quarter, which excludes acquisition-related, restructuring and stock-based compensation expenses, rose 10.8% to $823.4 million, or $0.50 per diluted share compared to $743.1 million, or $0.49.

The earnings “beat handily on the top line and they beat on the bottom line by 2 cents," while suggesting that up to $100 million in sales were due to inventory stock-up, said RBC Capital Markets analyst Michael Yee quoted by Reuters. For full-year 2013, the company forecast net product sales of $10 billion to $10.2 billion, which Mr Yee called "conservative" following record sales in the latest quarter.