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Gilead 4Q Net Doubled On Drug Royalties, Repatriation

DOW JONES NEWSWIRES

FOSTER CITY, Calif. -- Gilead Sciences Inc.'s (GILD) fourth-quarter net income more than doubled, helped by Tamiflu royalties and a tax benefit from the repatriation of foreign earnings.

In a press release Monday, the biopharmaceutical company reported earnings of $281.6 million, or 59 cents a share, up from $110.2 million, or 24 cents a share, a year earlier.

On average, analysts expected 53 cents a share, based on a Thomson First Call survey.

Gilead said fourth-quarter results were boosted by the recognition of $101.4 million in Tamiflu royalties, as well as the repatriation of $280 million in foreign earnings under the American Jobs Creation Act.

Excluding items, non-GAAP net income was $256.5 million, or 54 cents a share, in the fourth quarter, up from $114.8 million, or 25 cents a share, a year earlier.

The company also posted revenue of $609.3 million, up 65% from $369.6 million in the year-ago quarter. This beat the average Wall Street revenue forecast of $592 million.

In after-hours trading, Gilead shares changed hands at $56.14 after closing the regular session at $57.90, down $1.84, or 3.1%.

-Dorna Naseri; Dow Jones Newswires; 201-938-5400; [e-mail]