Gilead Sciences, Inc. (Nasdaq:GILD) announced today its results
of operations for the fourth quarter and full year of 2010. Total
revenues for the fourth quarter of 2010 were $2.00 billion compared
to total revenues of $2.03 billion for the fourth quarter of 2009.
Net income for the fourth quarter of 2010 was $629.4 million, or
$0.76 per diluted share, compared to net income for the fourth
quarter of 2009 of $802.2 million, or $0.87 per diluted share.
Non-GAAP net income for the fourth quarter of 2010, which excludes
after-tax acquisition-related expenses, restructuring expenses and
stock-based compensation expenses, was $779.3 million, or $0.95 per
diluted share, compared to non-GAAP net income for the fourth
quarter of 2009 of $864.4 million, or $0.93 per diluted share.
Full year 2010 total revenues were $7.95 billion, up 13 percent
compared to total revenues of $7.01 billion for 2009. 2010 net
income was $2.90 billion, or $3.32 per diluted share, compared to
2009 net income of $2.64 billion, or $2.82 per diluted share. 2010
non-GAAP net income, which excludes after-tax acquisition-related
expenses, restructuring expenses and stock-based compensation
expenses, was $3.21 billion, or $3.69 per diluted share, compared
to 2009 non-GAAP net income of $2.86 billion, or $3.06 per diluted
share.
Product Sales
Product sales increased 7 percent to $1.93 billion for the
fourth quarter of 2010, compared to $1.80 billion in the fourth
quarter of 2009. For 2010, product sales increased 14 percent to
$7.39 billion when compared to $6.47 billion in 2009.
Antiviral Franchise
Antiviral product sales increased 5 percent to $1.70 billion in
the fourth quarter of 2010, up from $1.62 billion for the same
quarter of 2009. For 2010, antiviral product sales increased 12
percent to $6.54 billion from $5.84 billion in 2009.
Sales of Atripla® (efavirenz 600 mg/ emtricitabine 200 mg/
tenofovir disoproxil fumarate 300 mg) for the treatment of HIV
infection increased 11 percent to $775.2 million for the fourth
quarter of 2010, up from $697.8 million in the fourth quarter of
2009. For 2010, Atripla sales increased 23 percent to $2.93 billion
from $2.38 billion in 2009. The increase in Atripla sales in the
fourth quarter and full year of 2010 compared to the same periods
of 2009 was driven primarily by sales volume growth in the United
States and Europe.
Sales of Truvada® (emtricitabine/tenofovir disoproxil fumarate)
for the treatment of HIV infection increased to $681.7 million for
the fourth quarter of 2010, compared to Truvada sales of $670.7
million in the fourth quarter of 2009. For 2010, Truvada sales
increased 6 percent to $2.65 billion from $2.49 billion in 2009.
The increase in Truvada sales in the fourth quarter and full year
of 2010 compared to the same periods of 2009 was driven primarily
by sales volume growth in the United States and Europe.
Sales of Viread® (tenofovir disoproxil fumarate) for the
treatment of HIV infection and chronic hepatitis B increased 7
percent to $191.1 million for the fourth quarter of 2010, up from
$178.3 million in the fourth quarter of 2009. For 2010, Viread
sales increased 10 percent to $732.2 million from $667.5 million in
2009. The increase in Viread sales in the fourth quarter and full
year of 2010 compared to the same periods of 2009 was driven
primarily by sales volume growth in the United States, Europe and
Latin America.
Letairis
Sales of Letairis® (ambrisentan) for the treatment of pulmonary
arterial hypertension increased 23 percent to $64.0 million for the
fourth quarter of 2010, up from $52.2 million in the fourth quarter
of 2009. For 2010, Letairis sales increased 31 percent to $240.3
million from $183.9 million in 2009. The increase in Letairis sales
in the fourth quarter and full year of 2010 compared to the same
periods of 2009 was driven primarily by sales volume growth.
Ranexa
Sales of Ranexa® (ranolazine) for the treatment of chronic
angina increased 47 percent to $67.8 million for the fourth quarter
of 2010, up from $46.0 million in the fourth quarter of 2009. For
2010, Ranexa sales increased to $239.8 million from $131.1 million
for the period of 2009 subsequent to Gilead’s acquisition of CV
Therapeutics, Inc. on April 15, 2009. The increase in Ranexa sales
in the fourth quarter and full year of 2010 compared to the same
periods of 2009 was driven primarily by sales volume growth.
Other Products
Sales of other products were $150.4 million for the fourth
quarter of 2010, compared to $159.5 million in the fourth quarter
of 2009 and included AmBisome® (amphotericin B liposome for
injection) for the treatment of severe fungal infections, Hepsera®
(adefovir dipivoxil) for the treatment of chronic hepatitis B,
Emtriva® (emtricitabine) for the treatment of HIV infection and
Cayston® (aztreonam for inhalation solution) for the improvement of
respiratory symptoms in cystic fibrosis patients with Pseudomonas
aeruginosa (P. aeruginosa). For 2010, sales of other products
decreased to $601.1 million from $615.0 million in 2009. Sales of
Cayston were $19.4 million and $47.5 million for the fourth quarter
and full year of 2010, respectively.
Royalty, Contract and Other
Revenues
Royalty, contract and other revenues resulting primarily from
collaborations with corporate partners were $68.4 million in the
fourth quarter of 2010, down from $228.0 million in the fourth
quarter of 2009. The decrease was due primarily to lower Tamiflu®
(oseltamivir phosphate) royalties from F. Hoffmann-La Roche Ltd of
$21.9 million in the fourth quarter of 2010, compared to Tamiflu
royalties of $194.1 million in the fourth quarter of 2009. For
2010, royalty, contract and other revenues increased 3 percent to
$559.5 million from $542.1 million in 2009 due primarily to an
increase in other royalty revenues.
Research and Development
Research and development (R&D) expenses in the fourth
quarter of 2010 were $392.8 million, compared to $239.6 million for
the fourth quarter of 2009, due primarily to acquisition-related
in-process R&D impairment. Non-GAAP R&D expenses for the
fourth quarter of 2010, which exclude acquisition-related,
restructuring and stock-based compensation expenses, were $231.8
million, compared to $211.3 million for the fourth quarter of 2009.
The increase in non-GAAP R&D expenses was driven primarily by
higher expenses to support the growth of Gilead’s R&D
activities including clinical studies in HIV and HCV. For 2010,
R&D expenses were $1.07 billion compared to $939.9 million for
2009. Non-GAAP R&D expenses for 2010, which exclude
acquisition-related, restructuring and stock-based compensation
expenses, were $838.8 million, consistent with $831.3 million for
2009.
Selling, General and
Administrative
Selling, general and administrative (SG&A) expenses in the
fourth quarter of 2010 were $280.2 million, compared to $253.9
million for the fourth quarter of 2009. Non-GAAP SG&A expenses
for the fourth quarter of 2010, which exclude restructuring and
stock-based compensation expenses, were $239.3 million, compared to
$223.4 million for the fourth quarter of 2009. For 2010, SG&A
expenses were $1.04 billion compared to $946.7 million for 2009.
Non-GAAP SG&A expenses for 2010, which exclude
acquisition-related, restructuring and stock-based compensation
expenses, were $912.6 million, compared to $820.1 million for 2009.
The increase in non-GAAP SG&A expenses was driven primarily by
higher headcount and expenses to support Gilead’s expanding
commercial activities.
Income Taxes
The effective tax rate for 2010 was 26.2 percent compared to
25.0 percent for 2009. The increase in the 2010 effective tax rate
was primarily due to decreased earnings in lower tax jurisdictions
and the resolution of certain tax audits with tax authorities in
2009, partially offset by lower state taxes. The fourth quarter
2010 tax rate was 21.7 percent compared to 24.6 percent for the
fourth quarter of 2009. The decrease in the fourth quarter 2010 tax
rate was due primarily to the extension of the federal research tax
credit, the effect of acquisition-related in-process R&D
impairment and lower state taxes.
Net Foreign Currency Exchange
Impact
The net foreign currency exchange impact on fourth quarter 2010
revenues and pre-tax earnings, which includes revenues and expenses
generated from outside the United States, was an unfavorable $33.2
million and $32.4 million, respectively, compared to the fourth
quarter of 2009. The net foreign currency exchange impact on full
year 2010 revenues and pre-tax earnings was an unfavorable $93.7
million and $79.8 million, respectively, compared to 2009.
Cash, Cash Equivalents and Marketable
Securities
As of December 31, 2010, Gilead had cash, cash equivalents and
marketable securities of $5.32 billion compared to $3.90 billion as
of December 31, 2009. Gilead generated $2.83 billion of
operating cash flow in 2010 including $724.8 million in the fourth
quarter of 2010.
Corporate Highlights
On January 20, 2011, the Board of Directors of Gilead authorized
an additional three-year, $5.0 billion stock repurchase program for
future repurchases of its outstanding shares of common stock which
will commence upon the completion of its existing program
authorized in May 2010. Gilead intends to use the additional
authorization to repurchase its shares from time to time to offset
the dilution created by shares issued under employee stock plans
and to repurchase shares opportunistically.
Under the company's previously authorized $5.0 billion stock
repurchase program, Gilead has repurchased approximately $3.02
billion in common stock through December 31, 2010. Total purchase
activity was $615.4 million in common stock for the fourth quarter
of 2010. Total purchase activity for the year was $4.02 billion in
common stock, representing 109.9 million repurchased shares or
approximately 12 percent of Gilead’s total common shares
outstanding at December 31, 2009.
In December, Gilead announced an agreement to acquire Arresto
Biosciences, Inc. (Arresto) for $225 million and potential future
payments based on achievement of certain sales levels. Arresto is a
privately-held, development-stage biotechnology company focused on
medicines to treat fibrotic diseases and cancer. This transaction
closed on January 14, 2011, at which time Arresto became a
wholly-owned subsidiary of Gilead.
Product and Pipeline
Update
Antiviral Franchise
In October, Gilead announced positive data from the open-label
phase of two pivotal Phase III clinical trials (Studies 102 and
103) evaluating the four-year efficacy of Viread for the treatment
of chronic hepatitis B infection. The results were presented at the
61st annual meeting of the American Association for the Study of
Liver Diseases (AASLD) in Boston.
Also at the AASLD conference, Gilead presented positive data
from a Phase IIa study of its investigational compounds GS 9190, an
oral polymerase inhibitor, and GS 9256, an oral protease inhibitor,
used in conjunction with current standard of care therapies for the
treatment of chronic hepatitis C infection.
Respiratory Franchise
In October, Gilead announced positive data from its head-to-head
Phase III clinical trial of Cayston versus tobramycin inhalation
solution in cystic fibrosis patients with P. aeruginosa. These data
were presented at the 24th Annual North American Cystic Fibrosis
Conference in Baltimore.
Conference Call
At 5:00 p.m. Eastern Time today, Gilead’s management will host a
conference call and a simultaneous webcast to discuss results from
its fourth quarter and full year of 2010 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
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 1-866-788-0542 (U.S.) or 1-857-350-1680
(international) and dial the participant passcode 29518282 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 28,
2011. To access the phone replay, please call 1-888-286-8010 (U.S.)
or 1-617-801-6888 (international) and dial the participant passcode
66339232.
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 Asia Pacific.
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 2010 and 2009. 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,
cardiovascular and respiratory franchises; unpredictable
variability of Tamiflu royalties and the strong relationship
between this royalty revenue and global pandemic planning and
supply; Gilead’s ability to submit NDAs for new product candidates
in the timelines currently anticipated; Gilead’s ability to receive
regulatory approvals in a timely manner or at all, for new and
current products, including its fixed-dose combination of Truvada
and TMC278 for the treatment of HIV infection; Gilead’s ability to
successfully commercialize its products, including the risk that
physicians may not respond to new positive data about the use of
Viread for the treatment of chronic hepatitis B infection or
Cayston as a treatment for the improvement of respiratory symptoms
in cystic fibrosis patients with P. aeruginosa; Gilead’s ability to
successfully develop its respiratory and cardiovascular franchises;
safety and efficacy data from clinical studies may not warrant
further development of Gilead’s product candidates, including the
clinical studies evaluating GS 9190 and GS 9256 for the treatment
of hepatitis C; initiating and completing clinical trials may take
longer or cost more than expected, including in the clinical
studies evaluating GS 9190 and GS 9256 for the treatment of
hepatitis; fluctuations in the foreign exchange rate of the U.S.
dollar that may cause an unfavorable foreign currency exchange
impact on Gilead’s future revenues and pre-tax earnings; Gilead’s
ability to complete the $5.0 billion share repurchase programs due
to changes in its stock price, corporate or other market
conditions; risks and uncertainties related to Gilead’s ability to
successfully advance Arresto’s pipeline programs; 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
Quarterly Report on Form 10-Q for the third quarter of 2010 and
other subsequent disclosure documents filed with the Securities and
Exchange Commission and press releases. 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, Cayston 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, 2010 2009 2010
2009 Revenues: Product sales $ 1,930,238 $ 1,804,398 $ 7,389,921 $
6,469,311 Royalty, contract and other revenues 68,449
227,981 559,499 542,072
Total revenues 1,998,687 2,032,379
7,949,420 7,011,383 Costs and expenses:
Cost of goods sold 496,337 473,399 1,869,876 1,595,558 Research and
development 392,760 239,645 1,072,930 939,918 Selling, general and
administrative 280,209 253,897
1,044,392 946,686 Total costs and expenses
1,169,306 966,941 3,987,198
3,482,162 Income from operations 829,381
1,065,438 3,962,222 3,529,221 Interest and other income, net 10,764
11,299 60,287 42,397 Interest expense (40,622 )
(17,290 ) (108,961 ) (69,662 ) Income before
provision for income taxes 799,523 1,059,447 3,913,548 3,501,956
Provision for income taxes 173,158 260,054
1,023,799 876,364 Net income
626,365 799,393 2,889,749 2,625,592 Net loss attributable to
noncontrolling interest 3,054 2,819
11,508 10,163 Net income attributable
to Gilead $ 629,419 $ 802,212 $ 2,901,257 $
2,635,755
Net income per share attributable to
Gilead common stockholders - basic
$ 0.78 $ 0.89 $ 3.39 $ 2.91
Net income per share attributable to
Gilead common stockholders - diluted
$ 0.76 $ 0.87 $ 3.32 $ 2.82 Shares used
in per share calculation - basic 809,097
899,829 856,060 904,604 Shares
used in per share calculation - diluted 824,076
926,913 873,396 934,109
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, 2010 2009 2010 2009
Cost of goods sold
reconciliation: GAAP cost of goods sold $ 496,337 $ 473,399 $
1,869,876 $ 1,595,558 Acquisition-related amortization of inventory
mark-up - (5,013 ) (7,020 ) (13,646 ) Acquisition-related
amortization of purchased intangibles (14,981 ) (14,480 ) (59,927 )
(41,131 ) Stock-based compensation expenses (1,632 )
(2,373 ) (10,180 ) (10,859 ) Non-GAAP cost of goods
sold $ 479,724 $ 451,533 $ 1,792,749 $
1,529,922
Product gross margin reconciliation:
GAAP product gross margin 74.4 %
73.8 % 74.8 % 75.4 % Acquisition-related amortization of inventory
mark-up - 0.3 % 0.1 % 0.2 % Acquisition-related amortization of
purchased intangibles 0.8 % 0.8 % 0.8 % 0.6 % Stock-based
compensation expenses 0.1 % 0.1 % 0.1 %
0.2 % Non-GAAP product gross margin (1) 75.3 %
75.0 % 75.8 % 76.4 %
Research and
development expenses reconciliation: GAAP research and
development expenses $ 392,760 $ 239,645 $ 1,072,930 $ 939,918
Acquisition-related IPR&D impairment (136,000 ) - (136,000 ) -
Restructuring expenses (3,493 ) (8,687 ) (14,038 ) (25,718 )
Stock-based compensation expenses (21,512 ) (19,701 )
(84,048 ) (82,893 ) Non-GAAP research and development
expenses $ 231,755 $ 211,257 $ 838,844 $
831,307
Selling, general and administrative
expenses reconciliation: GAAP selling, general and
administrative expenses $ 280,209 $ 253,897 $ 1,044,392 $ 946,686
Acquisition-related transaction costs - (30 ) (387 ) (8,434 )
Restructuring expenses (10,697 ) (10,689 ) (25,600 ) (26,167 )
Stock-based compensation expenses (30,207 ) (19,751 )
(105,813 ) (92,006 ) Non-GAAP selling, general and
administrative expenses $ 239,305 $ 223,427 $ 912,592
$ 820,079
Operating margin
reconciliation: GAAP operating margin 41.5 % 52.4 % 49.8 % 50.3
% Acquisition-related transaction costs - 0.0 % 0.0 % 0.1 %
Acquisition-related amortization of inventory mark-up - 0.2 % 0.1 %
0.2 % Acquisition-related amortization of purchased intangibles 0.7
% 0.7 % 0.8 % 0.6 % Acquisition-related IPR&D impairment 6.8 %
- 1.7 % - Restructuring expenses 0.7 % 1.0 % 0.5 % 0.7 %
Stock-based compensation expenses 2.7 % 2.1 %
2.5 % 2.6 % Non-GAAP operating margin (1) 52.4 %
56.4 % 55.4 % 54.6 %
Net income
attributable to Gilead reconciliation: GAAP net income
attributable to Gilead $ 629,419 $ 802,212 $ 2,901,257 $ 2,635,755
Acquisition-related transaction costs - 30 388 8,434
Acquisition-related amortization of inventory mark-up - 3,788 5,090
10,114 Acquisition-related amortization of purchased intangibles
11,663 10,941 44,343 30,716 Acquisition-related IPR&D
impairment 86,328 - 86,328 - Restructuring expenses 10,781 14,640
29,269 38,692 Stock-based compensation expenses 41,090
32,805 147,710 139,272
Non-GAAP net income attributable to Gilead $ 779,281
$ 864,416 $ 3,214,385 $ 2,862,983
Diluted earnings per share reconciliation: GAAP diluted
earnings per share $ 0.76 $ 0.87 $ 3.32 $ 2.82 Acquisition-related
transaction costs - 0.00 0.00 0.01 Acquisition-related amortization
of inventory mark-up - 0.00 0.01 0.01 Acquisition-related
amortization of purchased intangibles 0.01 0.01 0.05 0.03
Acquisition-related IPR&D impairment 0.10 - 0.10 -
Restructuring expenses 0.01 0.02 0.03 0.04 Stock-based compensation
expenses 0.05 0.04 0.17
0.15 Non-GAAP diluted earnings per share (1) $ 0.95
$ 0.93 $ 3.69 $ 3.06
Shares
used in per share calculation (diluted) reconciliation: GAAP
shares used in per share calculation (diluted) 824,076 926,913
873,396 934,109 Share impact of current stock-based compensation
guidance (2,185 ) (598 ) (1,741 ) 28
Non-GAAP shares used in per share calculation (diluted)
821,891 926,315 871,655
934,137
Non-GAAP adjustment summary:
Cost of goods sold adjustments $ 16,613 $ 21,866 $ 77,127 $ 65,636
Research and development expenses adjustments 161,005 28,388
234,086 108,611 Selling, general and administrative expenses
adjustments 40,904 30,470
131,800 126,607 Total non-GAAP adjustments
before tax 218,522 80,724 443,013 300,854 Income tax effect
(68,660 ) (18,520 ) (129,885 ) (73,626 ) Total
non-GAAP adjustments after tax $ 149,862 $ 62,204 $
313,128 $ 227,228 Note: (1) Amounts may not
sum due to rounding
GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
December 31, December 31, 2010 2009 (unaudited) (Note
1) Cash, cash equivalents and marketable securities $
5,318,071 $ 3,904,846 Accounts receivable, net 1,621,966 1,389,534
Inventories 1,203,809 1,051,771 Property, plant and equipment, net
701,235 699,970 Intangible assets 1,425,592 1,524,777 Other assets
1,321,957 1,127,661 Total assets $ 11,592,630 $
9,698,559 Current liabilities $ 2,464,950 $ 1,871,631
Long-term liabilities 3,005,843 1,321,770 Stockholders’ equity
(Note 2) 6,121,837 6,505,158 Total liabilities and
stockholders’ equity $ 11,592,630 $ 9,698,559 Notes:
(1) Derived from audited consolidated financial statements at that
date. (2) As of December 31, 2010, there were 801,998 shares of
common stock issued and outstanding.
GILEAD SCIENCES,
INC. PRODUCT SALES SUMMARY (unaudited) (in thousands)
Three Months Ended Year Ended
December 31, December 31, 2010 2009 2010 2009 Antiviral
products: Atripla – U.S. $ 494,516 $ 465,870 $ 1,908,881 $
1,645,942 Atripla – Europe 248,762 215,723 910,186 677,559 Atripla
– Other International 31,933 16,196 107,512
58,612 775,211 697,789 2,926,579
2,382,113 Truvada – U.S. 339,047 318,146 1,308,931 1,177,749
Truvada – Europe 303,422 310,555 1,171,351 1,169,591 Truvada –
Other International 39,217 41,985 169,626
142,342 681,686 670,686 2,649,908
2,489,682 Viread – U.S. 80,567 77,640 319,792 289,762
Viread – Europe 76,422 73,670 293,058 272,999 Viread – Other
International 34,130 26,959 119,390
104,749 191,119 178,269 732,240 667,510
Hepsera – U.S. 16,458 23,430 76,548 97,648 Hepsera – Europe
23,651 36,072 110,672 153,909 Hepsera – Other International
3,506 4,377 13,372 20,038 43,615
63,879 200,592 271,595 Emtriva – U.S. 4,397
4,094 16,742 15,305 Emtriva – Europe 1,659 1,817 6,875 8,186
Emtriva – Other International 1,026 1,062
4,062 4,483 7,082 6,973 27,679
27,974 Total Antiviral products – U.S. 934,985 889,180
3,630,894 3,226,406 Total Antiviral products – Europe 653,916
637,837 2,492,142 2,282,244 Total Antiviral products – Other
International 109,812 90,579 413,962
330,224 1,698,713 1,617,596 6,536,998
5,838,874 AmBisome 75,501 83,952 305,856 298,597 Letairis
63,986 52,168 240,279 183,949 Ranexa 67,817 45,992 239,832 131,062
Other products 24,221 4,690 66,956
16,829 231,525 186,802 852,923 630,437
Total product sales $ 1,930,238 $ 1,804,398 $ 7,389,921 $
6,469,311
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