On Tuesday, Gilead Sciences, Inc, the maker of Sovaldi which is a drug worth 84,000 dollars for hepatitis C, said that its net profit for the third quarter turned more than triple its previous status. Also, the sales of its products became double even though there came a dip in the sales of Sovaldi when patients and doctors awaited a combination pill which got approved recently.
The said company that earlier this month received its U.S. regulatory approval for its new drug for hepatitis C Harvoni, mentioned that its overall product sales during the quarter became more than twice its previous worth, reaching 5.97 billion dollars, from 2.7 billion dollars during the past year.
Based on statements from Deutsche Bank, the sales of Sovaldi during the third quarter reached 2.8 billion dollars that did not reach the average estimate of Wall Street which is 2.97 billion dollars. The sales for the second quarter of the drug that has drawn criticisms coming from insurers regarding its cost and has had its launching last December, reached a total of 3.48 billion dollars.
Gilead’s shares, that reached 113.45 dollars on Nasdaq, went down four percent, reaching 109 dollars, during after-hours trading. The shares have earned more or less 48 percent, so far.