Gilead Posts Profit on Sales of HIV Medicine

Gilead Sciences Inc., which makes treatments for infectious diseases, posted a profit in the third quarter as revenue more than doubled, helped by sales of its Viread HIV medication.

Net income was $20.8 million, or 10 cents a share, compared with a loss of $25.2 million, or 13 cents, in the year-ago period, the company said. The results beat the 8-cent average estimate of analysts. Sales rose to $133.9 million from $50.9 million.

Viread is on a pace to beat analysts’ predictions of $150 million in sales in its first full year on the market. Sales of Viread rose to $68.9 million from $44.7 million a year ago.

Foster City, Calif.-based Gilead announced the results after U.S. markets closed. The shares rose 14 cents to $34.74 on Nasdaq.