Dear Gilead; Lower Your Prices!

Biotech drugmaker Gilead Sciences Inc. said Tuesday its profit soared more than 40 percent in the fourth quarter on higher sales of its HIV-controlling treatments.

For the period ended Dec. 31, Gilead reported net income of $568.2 million, or 60 cents per share, compared with $401.6 million, or 41 cents per share, in the same period last year.

Excluding one-time items, including stock-based compensation, Gilead said it would have earned $598.5 million, or 63 per share.

Wall Street analysts polled by Thomson Reuters predicted earnings of 55 cents per share.

Sales were mainly driven by Gilead's anti-HIV drugs, including Atripla and Truvada. Atripla sales grew 79 percent to $465.5 million on continued prescription growth in the U.S., as well as product launches in Europe.

Full-year 2008 earnings grew to $2 billion, or $2.10 per share, from $1.6 billion, or $1.68 per share, in 2007. Revenue advanced to $5.34 billion from $4.23 billion.