Gilead Sciences, Inc. (NASDAQ:GILD) has announced its financial results for the third quarter, where the company’s non-GAAP EPS was $0.52 per share which can be compared to $0.50 per share during the same quarter last year. Its product sales globally were in excess of $2.7 billion, which was 15 per cent better than the same quarter last year and 2 per cent better than the second quarter of this year.
Its operating expenses or year to year non GAAP R and Expenses went up by $105 million, which was mainly due to its increased in investments in Phase 2 and 3 programs in Oncology and a phase 3 programs in HIV. Its Non-GAAP SG&A spending was up by around $90 million as the company continues to grow its infrastructure to support its purported launch of Sofosbuvir.
In other news the company has announced that the autonomous organization DMC (Data Monitoring Committee) has advised in October that the part 3 experiment of its (GILD) new cancer drug idelalisib be reduced as there is clear proof that it was helping patients. Studies carried out have proved that patients who are receiving idelalisib along with another drug, Rituxan (manufactured by Roche), lived more and their cancer did not increase. Gilead’s drug has already been presented to the FDA for sanction to be used as a treatment for NHL (non-Hodgkin’s lymphoma. The company is now thinking of asking the FDA to sanction the drug for treatment of CLL (chronic lymphocytic leukemia). Gilead aims to be a competitor in the area of cancer and the launch of this drug next year will help it achieve that aim.
The DMC advice to reduce the experiment time of the medicine was based on a study that showed excellent statistical efficiency and longer living for patients suffering from cancer and being treated with idelalisib and Rituxan. Behind this advise of the DMC which is done in very few cases, it is not right for patients to be treated with a drug which is not up to the mark and now all patients would be able to receive the new drug once it hits the market.
