Gilead Sciences posts 5 percent profit rise

Gilead Sciences has reported a 5.1 percent jump in profits for the third quarter of the year.

The pharmaceutical firm saw product sales increase by 11 per cent to $2.07 billion (1.28 billion pounds) during the period, with Gilead's antiviral franchise cited as the main driver of this growth.

Sales of once-a-day HIV treatment Atripla rose by seven percent to $794.7 million, while older HIV drug Truvada posted an 11 percent increase to reach $744.7 million.

The California-based company said its net profit was $741.1 million, up from $704.9 million a year earlier.

In addition, Gilead revealed it has filed an application for US approval of its four-drug combination HIV pill known as the "Quad."

This development was described by Summer Street Research analyst Carol Werther as "really positive". She told Reuters that the company's third-quarter results were mainly "in line" with expectations.

Complera, Gilead's second single-tablet HIV treatment for patients new to therapy, received approval from US regulators in August.