Gilead Sciences Inc’s sales of hepatitis C drugs beat Wall Street estimates in the fourth quarter, helping to push the biotechnology company’s shares 2 percent higher.
The company also increased its dividend by 10 percent, and said it would buy back an additional $12 billion in stock.
For full-year 2016, Gilead projected total product sales of $30 billion to $31 billion, in line with the average Wall Street estimate of $30.68 billion as compiled by ISI Evercore.
Net profit rose more than 30 percent to $4.7 billion, or $3.18 per share, compared with the year-ago quarter.
Total fourth quarter product sales rose 16 percent to $8.4 billion. Sales of hepatitis C drugs Sovaldi and Harvoni totaled $4.9 billion, ahead of the $4.45 billion average Wall Street estimate.