Gilead's Q2 results outpace analyst expectations

Gilead Sciences announced second-quarter results Wednesday showing that the company's net income was $3.1 billion, compared to $3.5 billion for the corresponding 2016 period. Quarterly revenues totalled $7.1 billion, down from $7.8 billion in the year-ago period, but surpassing consensus estimates of about $6.4 billion in sales. 

In the three-month period, Gilead recorded $3.6 billion in combined revenue for its HIV and hepatitis B products, up from $3.1 billion in the year-ago period. The drugmaker attributed the growth to continued uptake of its tenofovir alafenamide-containing treatments Genvoya, Descovy and Odefsey. 

Sales of the company's hepatitis C treatments Harvoni, Sovaldi and Epclusa totalled $2.9 billion, compared to $4 billion in the second quarter of last year, but still came in ahead of the $2.2 billion analysts were expecting. Gilead noted that increased sales of Epclusa, which was approved in the US and EU last year, partially offset lower revenue for Harvoni and Sovaldi "across all major markets."