Gilead Sciences, Inc. (Nasdaq:GILD) announced today its results
of operations for the fourth quarter and full year of 2009.
Total revenues for the fourth quarter of 2009 were $2.03
billion, up 42 percent compared to total revenues of $1.43 billion
for the fourth quarter of 2008. Net income for the fourth quarter
of 2009 was $802.2 million, or $0.87 per diluted share, compared to
net income for the fourth quarter of 2008 of $560.0 million, or
$0.59 per diluted share. Non-GAAP net income for the fourth quarter
of 2009, which excludes after-tax acquisition-related expenses,
restructuring expenses and stock-based compensation expenses, was
$864.4 million, or $0.93 per diluted share. Non-GAAP net income for
the fourth quarter of 2008, which excludes after-tax stock-based
compensation expenses, was $590.3 million, or $0.63 per diluted
share.
Full year 2009 total revenues were $7.01 billion, up 31 percent
compared to total revenues of $5.34 billion for 2008. Full year
2009 net income was $2.64 billion, or $2.82 per diluted share,
compared to full year 2008 net income of $1.98 billion, or $2.06
per diluted share. Full year 2009 non-GAAP net income, which
excludes after-tax acquisition-related expenses, restructuring
expenses and stock-based compensation expenses, was $2.86 billion,
or $3.06 per diluted share. Full year 2008 non-GAAP net income,
which excludes after-tax stock-based compensation and purchased
in-process research and development (IPR&D) expenses, was $2.10
billion, or $2.19 per diluted share.
Product Sales
Product sales increased 30 percent to a record $1.80 billion for
the fourth quarter of 2009, compared to $1.39 billion in the fourth
quarter of 2008. For 2009, product sales increased 27 percent to
$6.47 billion when compared to 2008. The increases were driven
primarily by Gilead’s antiviral franchise, including the strong
growth in sales of Atripla® (efavirenz 600 mg/ emtricitabine 200
mg/ tenofovir disoproxil fumarate 300 mg) and continued growth in
sales of Truvada® (emtricitabine and tenofovir disoproxil
fumarate).
Antiviral Franchise
Antiviral product sales increased 27 percent to $1.62 billion in
the fourth quarter of 2009, up from $1.27 billion in the fourth
quarter of 2008, driven primarily by sales volume growth of Atripla
and Truvada. For 2009, antiviral product sales increased 25 percent
to $5.84 billion from $4.67 billion in 2008, driven primarily by
sales volume growth of Atripla and Truvada, partially offset by an
unfavorable foreign currency exchange impact.
Atripla sales increased 50 percent to $697.8 million for the
fourth quarter of 2009, surpassing Truvada sales for the first
time, and up from $465.5 million in the fourth quarter of 2008. For
2009, Atripla sales increased 51 percent to $2.38 billion from
$1.57 billion in 2008. The increase in Atripla sales in the fourth
quarter and full year of 2009 compared to the same periods of 2008
was driven primarily by sales volume growth in the United States
and Europe.
Truvada sales increased 19 percent to $670.7 million for the
fourth quarter of 2009, up from $562.1 million in the fourth
quarter of 2008. For 2009, Truvada sales increased 18 percent to
$2.49 billion from $2.11 billion in 2008. The increase in Truvada
sales in the fourth quarter and full year of 2009 compared to the
same periods of 2008 was driven primarily by sales volume growth in
the United States and Europe.
Viread® (tenofovir disoproxil fumarate) sales increased 10
percent to $178.3 million for the fourth quarter of 2009, up from
$161.9 million in the fourth quarter of 2008. For 2009, Viread
sales increased 7 percent to $667.5 million from $621.2 million in
2008. The increase in Viread sales in the fourth quarter and full
year of 2009 compared to the same periods of 2008 was driven
primarily by sales volume growth of Viread in the treatment of
patients with hepatitis B virus (HBV) infection in the United
States and Europe.
Letairis
Sales of Letairis® (ambrisentan) for the treatment of pulmonary
arterial hypertension (PAH) increased 44 percent to $52.2 million
for the fourth quarter of 2009, up from $36.2 million in the fourth
quarter of 2008. For 2009, Letairis sales increased 63 percent to
$183.9 million from $112.9 million in 2008. The increase in
Letairis sales in the fourth quarter and full year of 2009 compared
to the same periods of 2008 was driven primarily by sales volume
growth in the United States.
Ranexa
Sales of Ranexa® (ranolazine) for the treatment of chronic
angina were $46.0 million for the fourth quarter of 2009 and $131.1
million subsequent to Gilead’s acquisition of CV Therapeutics, Inc.
(CV Therapeutics) on April 15, 2009.
Other Products
Sales of AmBisome® (amphotericin B liposome for injection),
Hepsera® (adefovir dipivoxil), Emtriva® (emtricitabine) and other
products were $159.5 million for the fourth quarter of 2009
compared to $162.1 million for the fourth quarter of 2008, and
$615.0 million for the full year of 2009 compared to $671.6 million
for the full year of 2008.
Royalty, Contract and Other
Revenues
Royalty, contract and other revenues resulting primarily from
collaborations with corporate partners were $228.0 million in the
fourth quarter of 2009, up from $40.4 million in the fourth quarter
of 2008. For 2009, royalty, contract and other revenues increased
116 percent to $542.1 million from $251.0 million in 2008. The
increases were driven primarily by higher Tamiflu® (oseltamivir
phosphate) royalties from F. Hoffmann-La Roche Ltd of $194.1
million and $392.7 million in the fourth quarter and full year of
2009, respectively, compared to Tamiflu royalties of $16.0 million
and $155.5 million in the fourth quarter and full year of 2008,
respectively, resulting from increased sales related to pandemic
planning initiatives worldwide.
Research and
Development
Research and development (R&D) expenses in the fourth
quarter of 2009 were $239.6 million compared to $201.9 million for
the fourth quarter of 2008. Non-GAAP R&D expenses for the
fourth quarter of 2009, which exclude restructuring and stock-based
compensation expenses, were $211.3 million compared to $185.3
million for the fourth quarter of 2008, which exclude stock-based
compensation expenses. This increase was driven primarily by higher
headcount and expenses to support the growth of Gilead’s R&D
activities. For 2009, R&D expenses were $939.9 million compared
to $721.8 million for 2008. Non-GAAP R&D expenses for 2009,
which exclude restructuring and stock-based compensation expenses,
were $831.3 million compared to $655.2 million for 2008, which
exclude stock-based compensation expenses. This increase was driven
primarily by higher headcount and expenses to support the growth of
Gilead’s R&D activities along with the R&D expense
reimbursement related to Gilead’s collaboration with Tibotec
Pharmaceuticals.
Selling, General and
Administrative
Selling, general and administrative (SG&A) expenses in the
fourth quarter of 2009 were $253.9 million compared to $193.7
million for the fourth quarter of 2008. Non-GAAP SG&A expenses
for the fourth quarter of 2009, which exclude acquisition-related
transaction costs, restructuring expenses and stock-based
compensation expenses, were $223.4 million, compared to $174.7
million for the same quarter in 2008, which exclude stock-based
compensation expenses. For 2009, SG&A expenses were $946.7
million compared to $797.3 million for 2008. Non-GAAP SG&A
expenses for 2009, which exclude acquisition-related transaction
costs, restructuring expenses and stock-based compensation
expenses, were $820.1 million compared to $720.8 million for 2008,
which exclude stock-based compensation expenses. Non-GAAP SG&A
expenses for the fourth quarter and full year of 2009 were higher
driven primarily by higher headcount and expenses to support
Gilead’s expanding commercial activities.
Income Taxes
The effective tax rate for 2009 was 25.0 percent compared to
26.3 percent for 2008. The decrease in the 2009 effective tax rate
was driven primarily by increased earnings in lower tax
jurisdictions as well as the resolution of certain tax audits with
tax authorities, partially offset by the revaluation of certain
state tax assets related to the integration of CV Therapeutics. The
fourth quarter 2009 tax rate was 24.6 percent.
Net Foreign Currency Exchange
Impact
The net foreign currency exchange impact on fourth quarter 2009
revenues and pre-tax earnings, which includes revenues and expenses
generated from outside the United States, was a favorable $13.8
million and $8.6 million, respectively, compared to the fourth
quarter of 2008. The net foreign currency exchange impact on 2009
revenues and pre-tax earnings was an unfavorable $98.5 million and
$33.6 million, respectively, compared to 2008.
Cash, Cash Equivalents and
Marketable Securities
As of December 31, 2009, Gilead had cash, cash equivalents and
marketable securities of $3.90 billion compared to $3.24 billion as
of December 31, 2008. Gilead generated $3.08 billion of
operating cash flow in 2009 including $955.3 million in the fourth
quarter of 2009.
Product and Pipeline
Update
Antiviral Franchise
In October, Gilead announced the presentation of three-year
(144-week) open label data from two pivotal Phase III clinical
trials, Studies 102 and 103, evaluating the safety and efficacy of
once-daily Viread among adult patients with chronic HBV infection.
These data were presented at the annual meeting of the American
Association for the Study of Liver Diseases held in Boston.
In November, Gilead and GlaxoSmithKline (GSK) announced an
agreement to commercialize Viread for the treatment of chronic HBV
infection in adults in five countries in Asia. Under the agreement,
Gilead will retain exclusive rights for commercialization of Viread
for HBV in Hong Kong, Singapore, South Korea and Taiwan. In China,
GSK will have exclusive commercialization rights and registration
responsibilities for Viread for HBV. Each company will pay
royalties to the other on sales of Viread for HBV in their
respective Asian territories. The companies are working to expand
this agreement to include Japan and other countries.
Cardiovascular Franchise
In November, Gilead in collaboration with GSK announced plans
for an international, event-driven (morbidity and mortality)
clinical trial to study combination therapy versus monotherapy in a
first-line treatment setting for PAH. The study, AMBITION (a
randomized, double-blind, multicenter study of first-line
combination therapy with ambrisentan and tadalafil in subjects with
PAH), will evaluate first-line combination use with ambrisentan, an
endothelin receptor antagonist (ERA), and tadalafil, a PDE5
inhibitor, in patients with PAH.
In December, Gilead announced that DAR-312, a Phase III clinical
trial evaluating darusentan, the company’s ERA for the treatment of
resistant hypertension, did not achieve its co-primary efficacy
endpoints of change from baseline to week 14 in trough sitting
systolic blood pressure and diastolic blood pressure compared to
placebo. As a result of this outcome, the company has decided to
discontinue the development of darusentan for the treatment of
resistant hypertension.
Respiratory Franchise
In December, the Anti-Infective Drugs Advisory Committee of the
U.S. Food and Drug Administration (FDA) recommended that aztreonam
for inhalation solution be approved for the treatment of infections
due to Pseudomonas aeruginosa in patients with cystic fibrosis. The
committee voted 15 to 2 that Gilead provided sufficient evidence of
the safety and efficacy of aztreonam for inhalation solution. The
committee also voted 17 to 0 that aztreonam for inhalation
solution 75 mg three times daily is a correct dose and
regimen. The recommendations of the committee are not binding but
will be considered by the FDA as the agency completes its review of
Gilead’s new drug application, which has a target review date,
under the Prescription Drug User Fee Act, of February 13, 2010.
Conference Call
At 4:30 p.m. Eastern Time today, Gilead’s management will host a
conference call and a simultaneous webcast to discuss its fourth
quarter and full year 2009 results as well as provide a general
business update. To access the webcast live via the internet,
please connect to the company’s website at www.gilead.com at least
15 minutes prior to the conference call to ensure adequate time for
any software download that may be needed to hear the webcast.
Alternatively, please call 1-800-901-5226 (U.S.) or 1-617-786-4513
(international) and dial the participant passcode 28771667 to
access the call.
A replay of the webcast will be archived on the company’s
website for one year, and a phone replay will be available
approximately two hours following the call through January 29,
2010. To access the phone replay, please call 1-888-286-8010 (U.S.)
or 1-617-801-6888 (international) and dial the participant passcode
47805358.
About Gilead
Gilead Sciences is a biopharmaceutical company that discovers,
develops and commercializes innovative therapeutics in areas of
unmet medical need. Gilead’s mission is to advance the care of
patients suffering from life-threatening diseases worldwide.
Headquartered in Foster City, California, Gilead has operations in
North America, Europe and Australia.
Non-GAAP Financial
Information
Gilead has presented certain financial information in accordance
with GAAP and also on a non-GAAP basis for the fourth quarter and
full year of 2009 and 2008. Management believes this non-GAAP
information is useful for investors, taken in conjunction with
Gilead’s GAAP financial statements, because management uses such
information internally for its operating, budgeting and financial
planning purposes. Non-GAAP information is not prepared under a
comprehensive set of accounting rules and should only be used to
supplement an understanding of Gilead’s operating results as
reported under U.S. GAAP. A reconciliation between GAAP and
non-GAAP financial information is provided in the table on page
7.
Forward-looking
Statements
Statements included in this press release that are not
historical in nature are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Gilead cautions readers that forward-looking statements are subject
to certain risks and uncertainties that could cause actual results
to differ materially. These risks and uncertainties include:
Gilead’s ability to sustain growth in revenues for its antiviral
and cardiovascular franchises; unpredictable variability of Tamiflu
royalties and the strong relationship between this royalty revenue
and global pandemic planning and supply; Gilead’s ability to
receive regulatory approvals in a timely manner or at all, for new
and current products, including aztreonam for inhalation solution
in the United States and Viread for HBV in Asia; Gilead’s ability
to successfully commercialize any products that may receive
regulatory approvals, including aztreonam for inhalation solution
in the United States and Viread for HBV in Asia; Gilead’s ability
to successfully develop its respiratory and cardiovascular
franchises; initiating and completing clinical trials may take
longer or cost more than expected, including in the clinical study
evaluating ambrisentan and tadalafil in patients with PAH;
fluctuations in the foreign exchange rate of the U.S. dollar that
may reduce or eliminate the favorable foreign currency exchange
impact on Gilead’s future revenues and pre-tax earnings; and other
risks identified from time to time in Gilead’s reports filed with
the U.S. Securities and Exchange Commission. In addition, Gilead
makes estimates and judgments that affect the reported amounts of
assets, liabilities, revenues and expenses and related disclosures.
Gilead bases its estimates on historical experience and on various
other market-specific and other relevant assumptions that it
believes to be reasonable under the circumstances, the results of
which form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other
sources. Actual results may differ significantly from these
estimates.
You are urged to consider statements that include the words
“may,” “will,” “would,” “could,” “should,” “might,” “believes,”
“estimates,” “projects,” “potential,” “expects,” “plans,”
“anticipates,” “intends,” “continues,” “forecast,” “designed,”
“goal,” or the negative of those words or other comparable words to
be uncertain and forward-looking. Gilead directs readers to its
Annual Report on Form 10-K for the year ended December 31, 2008,
its Quarterly Reports on Form 10-Q for the first, second and third
quarters of 2009 and its subsequent Current Reports on Form 8-K.
Gilead claims the protection of the Safe Harbor contained in the
Private Securities Litigation Reform Act of 1995 for
forward-looking statements. All forward-looking statements are
based on information currently available to Gilead, and Gilead
assumes no obligation to update any such forward-looking
statements.
Truvada, Viread, Hepsera, Emtriva,
AmBisome, Letairis and Ranexa are registered trademarks of Gilead
Sciences, Inc.
Atripla is a registered trademark of
Bristol-Myers Squibb & Gilead Sciences, LLC.
Tamiflu is a registered trademark of
F. Hoffmann-La Roche Ltd.
For more information on Gilead
Sciences, Inc., please visit www.gilead.com or call the Gilead
Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).
GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS
OF INCOME (unaudited) (in thousands, except per share amounts)
Three Months Ended Year Ended December
31, December 31, 2009 2008 2009
2008 Revenues: Product sales $ 1,804,398 $
1,387,772 $ 6,469,311 $ 5,084,796 Royalty, contract and other
revenues 227,981 40,433 542,072
250,954 Total revenues 2,032,379
1,428,205 7,011,383 5,335,750
Costs and expenses: Cost of goods sold 473,399 321,531
1,595,558 1,127,246 Research and development 239,645 201,863
939,918 721,768 Selling, general and administrative 253,897 193,665
946,686 797,344 Purchased in-process research and development
- - - 10,851
Total costs and expenses 966,941
717,059 3,482,162 2,657,209
Income from operations 1,065,438 711,146 3,529,221 2,678,541
Interest and other income, net 11,299 19,038 42,397 59,401 Interest
expense (1) (17,290 ) (16,433 ) (69,662 )
(65,244 ) Income before provision for income taxes 1,059,447
713,751 3,501,956 2,672,698 Provision for income taxes (1)
260,054 156,157 876,364
702,363 Net income (2) 799,393 557,594 2,625,592 1,970,335
Net loss attributable to noncontrolling interest (2) 2,819
2,369 10,163 8,564
Net income attributable to Gilead (2) $ 802,212 $ 559,963
$ 2,635,755 $ 1,978,899 Net income per share
attributable to Gilead common stockholders - basic (2) $ 0.89
$ 0.61 $ 2.91 $ 2.15 Net income per
share attributable to Gilead common stockholders - diluted (2) $
0.87 $ 0.59 $ 2.82 $ 2.06 Shares used
in per share calculation - basic 899,829
911,168 904,604 920,693 Shares
used in per share calculation - diluted 926,913
942,837 934,109 958,825
Notes: (1) On January 1, 2009, Gilead adopted
guidance in the Debt Topic of the FASB ASC (formerly FSP APB 14-1)
on a retrospective basis for its convertible senior notes and
reflected additional after-tax interest expense of $8.7 million and
$8.2 million for the three months ended December 31, 2009 and 2008,
respectively, and reflected additional after-tax interest expense
of $34.3 million and $32.3 million for the years ended December 31,
2009 and 2008, respectively. (2) On January 1, 2009, Gilead
adopted guidance in the Consolidation Topic of the FASB ASC
(formerly SFAS 160) and presented on a retrospective basis its
noncontrolling interest (formerly minority interest) as net loss
attributable to noncontrolling interest which is a component of
consolidated net income.
GILEAD SCIENCES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(unaudited) (in thousands, except percentages and per
share amounts) Three Months Ended
Year Ended December 31, December 31, 2009 2008
2009 2008
Cost of goods sold
reconciliation: GAAP cost of goods sold $ 473,399 $ 321,531 $
1,595,558 $ 1,127,246 Acquisition-related amortization of inventory
mark-up (5,013 ) - (13,646 ) - Acquisition-related amortization of
purchased intangibles (14,480 ) - (41,131 ) - Stock-based
compensation expenses (2,373 ) (3,178 )
(10,859 ) (10,312 ) Non-GAAP cost of goods sold $ 451,533
$ 318,353 $ 1,529,922 $ 1,116,934
Product gross margin reconciliation: GAAP product
gross margin 73.8 % 77.2 % 75.4 % 78.2 % Acquisition-related
amortization of inventory mark-up 0.3 % - 0.2 % -
Acquisition-related amortization of purchased intangibles 0.8 % -
0.6 % - Stock-based compensation expenses 0.1 % 0.2 %
0.2 % 0.2 % Non-GAAP product gross margin 75.0
% 77.4 % 76.4 % 78.4 %
Research and
development expenses reconciliation: GAAP research and
development expenses $ 239,645 $ 201,863 $ 939,918 $ 721,768
Restructuring expenses (8,687 ) - (25,718 ) - Stock-based
compensation expenses (19,701 ) (16,578 )
(82,893 ) (66,523 ) Non-GAAP research and development
expenses $ 211,257 $ 185,285 $ 831,307 $
655,245
Selling, general and administrative
expenses reconciliation: GAAP selling, general and
administrative expenses $ 253,897 $ 193,665 $ 946,686 $ 797,344
Acquisition-related transaction costs (30 ) - (8,434 ) -
Restructuring expenses (10,689 ) - (26,167 ) - Stock-based
compensation expenses (19,751 ) (19,003 )
(92,006 ) (76,529 ) Non-GAAP selling, general and
administrative expenses $ 223,427 $ 174,662 $ 820,079
$ 720,815
Purchased in-process research and
development expense reconciliation: GAAP purchased in-process
research and development expense $ - $ - $ - $ 10,851 Purchased
in-process research and development expense -
- - (10,851 ) Non-GAAP purchased
in-process research and development expense $ - $ - $
- $ -
Operating margin reconciliation:
GAAP operating margin 52.4 % 49.8 % 50.3 % 50.2 %
Acquisition-related transaction costs 0.0 % - 0.1 % -
Acquisition-related amortization of inventory mark-up 0.2 % - 0.2 %
- Acquisition-related amortization of purchased intangibles 0.7 % -
0.6 % - Restructuring expenses 1.0 % - 0.7 % - Stock-based
compensation expenses 2.1 % 2.7 % 2.6 % 2.9 % Purchased in-process
research and development expense - -
- 0.2 % Non-GAAP operating margin (1)
56.4 % 52.5 % 54.6 % 53.3 %
Net
income attributable to Gilead reconciliation: GAAP net income
attributable to Gilead $ 802,212 $ 559,963 $ 2,635,755 $ 1,978,899
Acquisition-related transaction costs 30 - 8,434 -
Acquisition-related amortization of inventory mark-up 3,788 -
10,114 - Acquisition-related amortization of purchased intangibles
10,941 - 30,716 - Restructuring expenses 14,640 - 38,692 -
Stock-based compensation expenses 32,805 30,308 139,272 112,799
Purchased in-process research and development expense -
- - 7,769 Non-GAAP
net income attributable to Gilead $ 864,416 $ 590,271
$ 2,862,983 $ 2,099,467
Diluted earnings
per share reconciliation: GAAP diluted earnings per share $
0.87 $ 0.59 $ 2.82 $ 2.06 Acquisition-related transaction costs
0.00 - 0.01 - Acquisition-related amortization of inventory mark-up
0.00 - 0.01 - Acquisition-related amortization of purchased
intangibles 0.01 - 0.03 - Restructuring expenses 0.02 - 0.04 -
Stock-based compensation expenses 0.04 0.03 0.15 0.12 Purchased
in-process research and development expense -
- - 0.01 Non-GAAP diluted
earnings per share (1) $ 0.93 $ 0.63 $ 3.06 $
2.19
Shares used in per share calculation
(diluted) reconciliation: GAAP shares used in per share
calculation (diluted) 926,913 942,837 934,109 958,825 Effect of
SFAS 123R (598 ) 683 28
1,686 Non-GAAP shares used in per share calculation
(diluted) 926,315 943,520
934,137 960,511
Non-GAAP adjustment
summary: Cost of goods sold adjustments $ 21,866 $ 3,178 $
65,636 $ 10,312 Selling, general and administrative expenses
adjustments 30,470 19,003 126,607 76,529 Research and development
expenses adjustments 28,388 16,578 108,611 66,523 Purchased
in-process research and development expense adjustment -
- - 10,851 Total
non-GAAP adjustments before tax 80,724 38,759 300,854 164,215
Income tax effect (18,520 ) (8,451 ) (73,626 )
(43,647 ) Total non-GAAP adjustments after tax $ 62,204
$ 30,308 $ 227,228 $ 120,568
Note: (1) Amounts may not sum due to rounding
GILEAD
SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) December 31, December 31, 2009 2008
(unaudited) (Note 2) Cash, cash equivalents and
marketable securities $ 3,904,846 $ 3,239,639 Accounts receivable,
net 1,389,534 1,023,397 Inventories 1,051,771 927,868 Property,
plant and equipment, net 699,970 528,799 Intangible assets (1)
1,524,777 123,008 Other assets (3) 1,127,661
1,094,120 Total assets $ 9,698,559 $ 6,936,831 Current
liabilities $ 1,871,631 $ 1,220,992 Long-term liabilities (3)(4)
1,321,770 1,250,256 Stockholders’ equity (3)(4) 6,505,158
4,465,583 Total liabilities and stockholders’ equity $
9,698,559 $ 6,936,831 Notes: (1) In April 2009, Gilead
acquired CV Therapeutics for $1.39 billion. Gilead allocated the
purchase price in accordance with guidance in the Business
Combinations Topic of the FASB ASC (formerly SFAS 141R) and
recorded $951.2 million in intangible assets relating to marketed
products, which constituted a significant portion of the purchase
price allocation. (2) Derived from audited consolidated
financial statements at that date adjusted for retrospective
application of guidance per notes 3 and 4 below. (3) On
January 1, 2009, Gilead adopted guidance in the Debt Topic of the
FASB ASC (formerly FSP APB 14-1) on a retrospective basis for its
convertible senior notes. As of December 31, 2008, the
retrospective adoption of this guidance decreased deferred tax
assets and debt issuance costs included in other assets by an
aggregate of $81.7 million, decreased convertible senior notes
included in long-term liabilities by $201.8 million, and increased
total stockholders’ equity by $120.1 million after a charge of
$82.6 million to retained earnings. (4) On January 1, 2009,
Gilead adopted guidance in the Consolidation Topic of the FASB ASC
(formerly SFAS 160) and reclassified its noncontrolling interest
(formerly minority interest) of $193.0 million from liabilities to
stockholders’ equity on a retrospective basis.
GILEAD
SCIENCES, INC. PRODUCT SALES SUMMARY (unaudited) (in
thousands) Three Months Ended
Year Ended December 31, December 31, 2009 2008 2009 2008
Antiviral products: Atripla – U.S. $ 465,870 $ 351,914 $ 1,645,942
$ 1,317,168 Atripla – Europe 215,723 103,027 677,559 225,754
Atripla – Other International 16,196 10,573
58,612 29,533 697,789 465,514 2,382,113
1,572,455 Truvada – U.S. 318,146 255,101 1,177,749
992,100 Truvada – Europe 310,555 270,055 1,169,591 986,648 Truvada
– Other International 41,985 36,896 142,342
127,939 670,686 562,052 2,489,682
2,106,687 Viread – U.S. 77,640 69,303 289,762 254,216
Viread – Europe 73,670 66,588 272,999 259,897 Viread – Other
International 26,959 25,990 104,749
107,074 178,269 161,881 667,510 621,187
Hepsera – U.S. 23,430 28,804 97,648 131,404 Hepsera – Europe
36,072 42,681 153,909 191,112 Hepsera – Other International
4,377 4,934 20,038 18,507 63,879
76,419 271,595 341,023 - Emtriva – U.S. 4,094 3,859
15,305 15,804 Emtriva – Europe 1,817 2,382 8,186 9,819 Emtriva –
Other International 1,062 728 4,483
5,457 6,973 6,969 27,974 31,080 - -
Total Antiviral products – U.S. 889,180 708,981 3,226,406 2,710,692
Total Antiviral products – Europe 637,837 484,733 2,282,244
1,673,230 Total Antiviral products – Other International
90,579 79,121 330,224 288,510 1,617,596
1,272,835 5,838,874 4,672,432 - - AmBisome
83,952 75,971 298,597 289,651 Letairis 52,168 36,176 183,949
112,855 Ranexa 45,992 - 131,062 - Other products 4,690
2,790 16,829 9,858 186,802
114,937 630,437 412,364 - - Total product sales $
1,804,398 $ 1,387,772 $ 6,469,311 $ 5,084,796
Gilead Sciences (NASDAQ:GILD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gilead Sciences (NASDAQ:GILD)
Historical Stock Chart
From Oct 2023 to Oct 2024
