Gilead Sciences Inc., a California based biopharmaceutical company engaged in discovery, development and marketing of innovative products, has posted impressive financial performance during the fourth quarter ended December 2014. Its net profit has taken a quantum jump of 137 per cent and touched to $3,487 million as against $791 million in the corresponding quarter of last year. Its sales increased by 137 per cent to $7,222 million from $3,043 million. With strong growth in profits, EPS worked out to $2.32 as compared to $0.52 in the last period.

The company's sales in US went up sharply to $5.5 billion during the fourth quarter of 2014 from $1.9 billion and that in Europe moved up to $1.4 billion compared to $871 million. Antiviral product sales jumped to $6.7 billion from $2.6 billion. The sales growth was aided by sales of Sovaldi (sofosbuvir 400 mg) and Harvoni (ledipasvir 90mg/sofosbuvir 400 mg.). The sales of other product which include Letairis, Ranexa and AmBisome increased during the period under review.

The company's R&D expenditure increased to $899 million from $511 million mainly due to continued progressin of its product pipeline, in particular in the oncology and liver disease areas, support of geographic expansion, up-front fees paid in connection with Gilead's collaboration with ONO Pharmaceutical Co Ltd and the purchase of US FDA priority review voucher.

For the full year ended December 2014, Gilead's net sales went up sharply by 127 per cent to $24,474 million from $10,804 million in the previous year. Its net profit also up by 293 per cent to $12,101 million from $3,075 million. Its US sales increased to $18.1 billion from $6.6 billion in 2013, and in Europe sales were $5.1 billion compared to $3.3 billion.

Its R&D expenditure increased by 34.6 per cent to $2,854 million from $2,120 million. The company received European Commission marketing authorization for Harvoni, the first once-daily single tablet regimen to treat chronic hepatitis C genotype 1 and 4 and subgroups of genotoype 3 infected adults.