Gilead U.S. AIDS drug sales fall short of estimates

By Deena Beasley

LOS ANGELES | Wed Apr 20, 2011 8:44pm EDT

Reuters) - Gilead Sciences Inc's (GILD.O) first-quarter profit fell a deeper-than-expected 24 percent as U.S. state-funded purchases of its core AIDS drugs were lower than expected and royalty revenue slipped.

The company's shares dropped more than 3 percent in after-hours trading.

Sales of HIV drug Truvada rose 2 percent to $673.1 million, while sales of Atripla rose 7 percent to $744.5 million -- but the totals fell short of respective average analyst estimates of $688 million and $793 million.

Gilead said U.S. sales were hit by temporary cutbacks at state-funded AIDS drug assistance programs (ADAPs) in Florida and Texas.