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Gilead Sciences Beats Street and Doubles Sales with Q2 Sovaldi Update


Gilead Sciences shares rose sharply in after-hours trading on Wednesday after the company reported second quarter results which surpassed analyst forecasts. The biotech company posted profits of $2.23 a share, far higher than the $1.79 analysts had been expecting. Revenue came in at $6.53 billion, that was also better than estimates. Gilead reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago because of its Sovaldi sales. Sovaldi helps cure Hepatitis C in people with HIV. It was prescribed to over 800,000 patients since its launch in December, generating almost half of the company’s sales. The Street's Kathryn Mykleseth reports from New York.