Biopharmaceutical company Gilead Sciences announced on Tuesday that Q1 profits increased 45%, due primarily to growth in GILD's antiviral drugs Atripla and Truvada which are used to treat HIV-related conditions. Gilead's first quarter product sales were up 24% to $1.79 billion.
While beating analyst estimates for Q1 2010, Gilead lowered its full-year revenue forecast. GILD now forecasts 2010 revenue between $7.4 billion and $7.5 billion. Previously Gilead was estimating 2010 revenue to range from $7.6 billion to $7.7 billion.
Shares of Gilead Sciences, Inc. closed the after hours session at $45.14 a share. GILD stock price closed the regular session down 1.46% to $45.07 a share.
