Gilead Sciences (GILD) posted strong third quarter results yesterday. The company’s earnings per share of 74 cents was well above the Zacks Consensus Estimate of 69 cents and last year’s profit of 52 cents. Gilead reported $1.8 billion of revenues during the quarter, an increase of 31% compared to $1.37 billion in the prior-year period of 2008 on strong product sales, especially of the antiviral franchise. Revenues were hampered by a $51 million of unfavorable foreign exchange movement.   Product sales increased 23% to $1.65 billion driven by the year-over-year growth in sales of antiviral products such as Atripla (growth of 42% to $605.3 million), Truvada (growth of 13% to $620.6 million), Viread (growth of 9% to $156 million) and the inclusion of Ranexa in the portfolio, following the $1.4 billion purchase of CV Therapeutics Inc. in April.   Gilead’s royalty, contract and other revenues recorded a massive increase

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Gilead Sciences (GILD) reported financial results for the second quarter of 2009 on July 21, 2009. Total revenues increased 29% year over year to $1,647.2 million, beating our forecast by $35 million.  Revenues were driven by the company’s HIV franchise which posted sales of $1,410 million, up 26% year over year.  HIV franchise sales consisted of Viread at $159 million, Truvada at $608 million and Atripla at $569 million. Sales of Atripla, which is a combination of Truvada and Bristol-Myers Squibb’s (BMY) Sustiva, increased 60% year over year. However, there was some inventory stocking during the reported quarter.  Total product sales for the second quarter were $1,568 million, an increase of 27% year over year. Products like Hepsera ($67 million), AmBisome ($73 million), Letairis ($44 million), and Ranexa ($36 million) also contributed meaningfully to revenues. Royalties and other revenues totaled $78.8 million. ...

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Highlights include Gilead Sciences, Inc. (GILD), Pfizer Inc. (PFE) and CV Therapeutics, Inc. (CVTX).Gilead's Outstanding Acquisition Track RecordGilead Sciences (GILD) is perhaps world's premier play on HIV/AIDS therapy. We consider Truvada -- a reformulation of drugs Viread and Emtriva -- to be a potential breakthrough product for the treatment of HIV/AIDS. Additionally, the approval of Atripla offers the next big wave of top-line growth for the company.Gilead has previously done an outstanding job in strategic acquisitions. The Triangle Pharmaceuticals deal in 2002 was the stepping stone for the basis of leading product, Truvada and Atripla.Similarly, the acquisition of Myogen, and with it Letairis and darusentan, is also looking like an excellent move. Letairis should become the "best-in-class" ETRA for PAH, and given the lack of drug-drug interactions seen in the phase III trials, it should be used ...

CV Therapeutics, Inc. (CVTX) is a biopharmaceutical company focused on applying molecular cardiology to the discovery, development and commercialization of novel, small molecule drugs for the treatment of cardiovascular diseases. CVT currently has several potential growth drivers.

The company received some very positive news on November 5, 2008 when the FDA approved the company's key drug, Ranexa, for use in the first-line indication for chronic angina. The new expanded label removed previous cautionary language limiting use with other cardiovascular medications, and now allows management to promote the drug with added claims on arrhythmias, atrial fibrillation, and a reduction in hemoglobin A1c. Ranexa prescriptions grew nicely in the third quarter 2008, and all systems are go for significantly improved sales in 2009 thanks to the newly expanded label.

We are encouraged by the strong fundamentals at CVT and believe the shares are looking attractive at prices below $8.

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The Street is pretty split on CV Therapeutics, Inc. (CVTX) right now. We are in the moderately positive camp, believing that Ranexa will eventually pick up steam after the label expansion(s). We remind investors, there are three separate applications here one for first-line angina, one for a potential anti-arrhythmic claim, and another for use in diabetics with coronary disease. The first-line angina sNDA and the anti-arrhythmic claim look solid in our view. Outside of Ranexa, things are progressing nicely. The company exited the second quarter with $274 million in cash and investments. Add in the $70 million from the Menarini deal, and we now expect CVT to exit 2008 with just under $300 million still on the books. If the above applications all pan out, CVT has excellent turnaround potential.

The stock looks well supported at these levels, and the next few months will be pivotal for management.

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