Gilead Sciences sees significant revenue increase in Q3 2014

Gilead Sciences has announced its financial results for the third quarter of 2014, during which it generated a revenue total of $6.04 billion (3.77 billion pounds).

This was up from $2.78 billion during Q3 2014, with the size of this increase largely attributed to sales of the new antiviral product Sovaldi, which was introduced in December 2013. The firm's cardiovascular product sales also rose during the period.

GIlead made significant progress in the development of its clinical pipeline, including receiving a recommendation for EU approval of Harvoni, its strategically important new hepatitis C virus (HCV) therapy.

The company has revised its full-year guidance for 2014 and now expects to achieve a net product sales total of between $22 billion and $23 billion for the full 12 months.

Dr John Martin, Gilead's chairman and chief executive officer, said: "To date approximately 117,000 patients have been treated with Sovaldi, and with the introduction of Harvoni … many more patients will have the potential to be cured of HCV infection."

Gilead is one of the world's largest biopharmaceutical companies, with approximately 7,000 employees across five continents.