Gilead posts 4Q loss on buyout charges |
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Wed, 31 Jan 2007 22:37
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FOSTER CITY, Calif. (AFX) - Biopharmaceutical company Gilead Sciences Inc. said Wednesday it swung to a fourth-quarter loss on charges related to two acquisitions.The company lost $1.67 billion, or $3.62 per share, compared with profit of $281.6 million, or 59 cents per share, during the same period a year ago.Revenue rose 48 percent to $899.2 million from $609.3 million, as product sales rose 56 percent on the strength of the company's HIV franchise.Excluding acquisition costs, the company said it earned 78 cents per share. In November, the company paid $2.5 billion to buy Myogen Inc. and $136.6 million to buy Raylo Chemicals.Analysts polled by Thomson Financial expected fourth-quarter profit of 68 cents per share on revenue of $850.9 million.For the full year, the company lost $1.19 billion, or $2.59 per share, reflecting the acquisition-related charges, compared with profit of $813.9 million, or $1.72 per share, in 2005. Revenue for the year rose 49 percent to $3.03 billion from $2.03 billion.Shares of Gilead rose $1.04 to close at $54.50 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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