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Financial Report: Gilead Sciences 2Q

Product sales were up 29% to a record $1.6 billion, driven primarily by the antiviral franchise with product sales up 26% to $1.4 billion.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Gilead Sciences 2Q

2Q Revenues: $1.7 billion (+29%)

2Q Earnings: $571.4 million (+31%)

YTD Revenues:$3.2 billion (+28%)

YTD Earnings: $1.2 billion(+26%)

Comments: Product sales were up 29% to a record $1.6 billion, driven primarily by the antiviral franchise with product sales up 26% to $1.4 billion. Truvada sales were up 18% to $608.1 million. Atripla sales were up 60% to $569.1 million. Other antiviral product sales, including Viread, Hepsera and Emtriva, were down 6% to $233.1 million. Sales of Letairis increased 79% to $44.1 million. Sales of Ranexa, gained through the acquisition of CV Therapeutics, were $36.1 million from April 15, 2009. R&D expenses were $241.6 million, compared to $176.5 million in 2Q08. This increase was primarily a result of higher headcount from the acquisition of CV Therapeutics. Royalty, contract and other revenues resulting primarily from collaborations were $78.8 million in the quarter (+ 29%), driven primarily by Tamiflu royalties from Roche of $51.9 million.

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