Gilead Announces $5 Billion Share Repurchase Program
May 11 2010 - 8:30AM
Business Wire
Gilead Sciences, Inc. (Nasdaq:GILD) today announced that the
company’s Board of Directors has authorized the repurchase of up to
$5 billion of the company’s common stock through May 2013.
“Gilead’s Board of Directors and senior management team believe
that the stock repurchase program announced today represents an
appropriate and strategic use of the company’s cash, while allowing
sufficient flexibility for other expenditures going forward,
including investments in research and development and licensing or
partnership opportunities,” commented John C. Martin, PhD, Chairman
and Chief Executive Officer.
“In recent weeks, we have made significant progress with our HIV
pipeline programs, as indicated by our ability to develop a new
fixed-dose regimen of TMC278 with Truvada® in a timeframe that will
allow us to file for regulatory approval this year. Additionally,
we initiated the first Phase III clinical study of the Quad ahead
of schedule and are rapidly enrolling,” said Norbert Bischofberger,
PhD, Executive Vice President, Research and Development and Chief
Scientific Officer. “We have in place the expertise and resources
to grow each of the company’s core therapeutic areas and confidence
in our ability to identify and seize new opportunities with
potential industry and academic partners.”
Purchases may be made through the open market and private block
transactions pursuant to Rule 10b5-1 plans, privately negotiated
transactions or other means as determined by Gilead’s management
and in accordance with the requirements of the Securities and
Exchange Commission.
The timing and actual number of shares repurchased will depend
on a variety of factors including price, corporate and regulatory
requirements and other market conditions.
Gilead also announced today that it has completed the $1 billion
stock repurchase program that was authorized by the Board in
January 2010. Under the buyback program, Gilead acquired
approximately 24.1 million shares of its common stock at an average
price of $41.43 per share.
About Gilead
Sciences
Gilead Sciences is a biopharmaceutical company that discovers,
develops and commercializes innovative therapeutics in areas of
unmet medical need. The company’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.
This press release includes forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, that are subject to risks, uncertainties and other factors,
including our ability to consummate repurchases under the share
repurchase program due to changes in our stock price, corporate or
other market conditions. The reader is cautioned not to rely on
these forward-looking statements. These and other risks are
described in detail in Gilead’s Quarterly Report on Form 10-Q for
the first quarter of 2010, as filed with the U.S. Securities and
Exchange Commission. 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 (emtricitabine and tenofovir
disoproxil fumarate) is a registered trademark of Gilead Sciences,
Inc.
For more information on Gilead
Sciences, please visit the company's website at www.gilead.com or
call Gilead Public Affairs at 1-800-GILEAD-5 or 1-650-574-3000.
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