Gilead Sciences reports double-digit growth in first quarter of 2012

Gilead Sciences has reported its financial results for the first quarter of 2012, highlighting a double-digit year-on-year rise in revenues.

The company's sales total for the period came to $2.28 billion (1.41 billion pounds), up by 19 percent compared to Q1 2011, a trend that was driven primarily by a strong uptick in product sales.

Rising demand for Atripla and Truvada helped contribute to this significantly improved performance, as well as the launch of Complera/Eviplera in the second half of 2011.

Moreover, the company was also able to complete its acquisition of Pharmasset for $11.1 billion and increase its investment in research and development activities, particularly in the area of liver disease.

In addition, Gilead Sciences was able to bolster its corporate leadership with the appointment of Dr Roy Baynes as its new senior vice-president for oncology therapeutics in January.

This comes after the company achieved a ten percent year-on-year increase in annual product sales in 2011.