Gilead Sciences, Inc. (Nasdaq:GILD) announced today its results
of operations for the fourth quarter and full year 2011. Total
revenues for the fourth quarter of 2011 increased 10 percent to
$2.20 billion, from $2.00 billion for the fourth quarter of 2010.
Net income for the fourth quarter of 2011 was $665.1 million, or
$0.87 per diluted share, compared to $629.4 million, or $0.76 per
diluted share for the fourth quarter of 2010. Non-GAAP net income
for the fourth quarter of 2011, which excludes after-tax
acquisition-related, restructuring and stock-based compensation
expenses, was $743.1 million, or $0.97 per diluted share, compared
to $779.3 million, or $0.95 per diluted share for the fourth
quarter of 2010.
Full year 2011 total revenues were $8.39 billion, up 5 percent
compared to $7.95 billion for 2010. Net income for 2011 was $2.80
billion, or $3.55 per diluted share, compared to $2.90 billion, or
$3.32 per diluted share for 2010. Non-GAAP net income for 2011,
which excludes after-tax acquisition-related, restructuring and
stock-based compensation expenses, was $3.04 billion, or $3.86 per
diluted share, compared to $3.21 billion, or $3.69 per diluted
share for 2010.
Product Sales
Product sales increased 11 percent to $2.13 billion for the
fourth quarter of 2011, compared to $1.93 billion in the fourth
quarter of 2010. For 2011, product sales increased 10 percent to
$8.10 billion compared to $7.39 billion in 2010. This increase in
product sales was driven primarily by Gilead’s antiviral franchise,
resulting from continued growth in sales of Atripla® (efavirenz 600
mg/emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg) and
Truvada® (emtricitabine 200 mg/tenofovir disoproxil fumarate 300
mg).
Antiviral Franchise
Antiviral product sales increased 9 percent to $1.86 billion in
the fourth quarter of 2011, up from $1.70 billion for the same
quarter of 2010, reflecting sales growth of 12 percent in the U.S.
and 5 percent in Europe. For 2011, antiviral product sales
increased 8 percent to $7.05 billion from $6.54 billion in 2010,
reflecting sales growth of 9 percent in Europe and 6 percent in the
U.S.
Sales of Atripla increased 11 percent to $863.3
million for the fourth quarter of 2011, up from $775.2 million in
the fourth quarter of 2010, reflecting sales growth of 11 percent
in the U.S. and 10 percent in Europe. For 2011, Atripla sales
increased 10 percent to $3.22 billion from $2.93 billion in
2010.
Sales of Truvada increased 9 percent to $746.0 million for the
fourth quarter of 2011, up from $681.7 million in the fourth
quarter of 2010, reflecting sales growth of 10 percent in the U.S.
and 5 percent in Europe. For 2011, Truvada sales increased 8
percent to $2.88 billion from $2.65 billion in 2010.
Sales of Viread® (tenofovir disoproxil fumarate) were consistent
at $190.9 million for the fourth quarter of 2011, compared to
$191.1 million in the fourth quarter of 2010. For 2011, Viread
sales increased 1 percent to $737.9 million from $732.2 million in
2010.
Sales of Complera® (emtricitabine 200 mg/ rilpilvirine 25 mg/
tenofovir disoproxil fumarate 300 mg) were $19.7 million for the
fourth quarter of 2011 and $38.7 million for 2011. The U.S. Food
and Drug Administration (FDA) approved Complera, a new once-daily,
single-tablet complete HIV treatment regimen for patients new to
therapy in August 2011. In November 2011, the European Commission
granted marketing authorization for the product to be marketed in
Europe with the trade name Eviplera®.
Letairis
Sales of Letairis® (ambrisentan) increased 23 percent to $78.7
million for the fourth quarter of 2011, up from $64.0 million for
the fourth quarter of 2010. For 2011, Letairis sales increased 22
percent to $293.4 million from $240.3 million in 2010.
Ranexa
Sales of Ranexa® (ranolazine) increased 23 percent to $83.7
million for the fourth quarter of 2011, up from $67.8 million for
the fourth quarter of 2010. For 2011, Ranexa sales increased 33
percent to $320.0 million from $239.8 million in 2010.
Other Products
Sales of other products were $151.1 million for the fourth
quarter of 2011 compared to $150.4 million for the fourth quarter
of 2010 and included AmBisome® (amphotericin B) liposome for
injection, Hepsera® (adefovir dipivoxil), Emtriva® (emtricitabine)
and Cayston® (aztreonam for inhalation solution). For 2011, sales
of other products increased 2 percent to $612.7 million from $601.1
million in 2010.
Royalty, Contract and Other
Revenues
Royalty, contract and other revenues from collaborations were
$67.0 million in the fourth quarter of 2011, down 2 percent from
$68.4 million in the fourth quarter of 2010. For 2011, royalty,
contract and other revenues were $283.0 million, down 49 percent
from $559.5 million in 2010, primarily due to lower Tamiflu
royalties from F. Hoffmann-La Roche Ltd as pandemic planning
initiatives worldwide have declined.
Research and Development
Research and development (R&D) expenses in the fourth
quarter of 2011 were $402.2 million, compared to $392.8 million for
the fourth quarter of 2010. Non-GAAP R&D expenses for the
fourth quarter of 2011, which exclude acquisition-related,
restructuring and stock-based compensation expenses, were $349.3
million, compared to $231.8 million for the fourth quarter of 2010.
For 2011, R&D expenses were $1.23 billion compared to $1.07
billion in 2010. Non-GAAP R&D expenses for 2011 were $1.12
billion compared to $838.8 million in 2010. The increase in
non-GAAP R&D expenses was due primarily to increased clinical
activities and expenses associated with acquisitions,
collaborations and continued advancements of our clinical
pipeline.
Selling, General and
Administrative
Selling, general and administrative (SG&A) expenses in the
fourth quarter of 2011 were $346.2 million, compared to $280.2
million for the fourth quarter of 2010. Non-GAAP SG&A expenses
for the fourth quarter of 2011, which exclude acquisition-related,
restructuring and stock-based compensation expenses, were $289.9
million, compared to $239.3 million for the fourth quarter of 2010.
For 2011, SG&A expenses were $1.24 billion compared to $1.04
billion in 2010. Non-GAAP SG&A expenses for 2011 were $1.09
billion compared to $912.6 million in 2010. The increase in
non-GAAP SG&A expenses was driven primarily by the impact of
the pharmaceutical excise tax resulting from the U.S. healthcare
reform, increased expenses associated with the ongoing growth of
Gilead’s business, and increased bad debt expense due to slower
collections in certain Southern European countries.
Income Taxes
The effective tax rate for 2011 was 23.6 percent compared to
26.2 percent for 2010. The decrease was primarily due to lower
state taxes and the geographic mix of product sales, partially
offset by the impact of the U.S. pharmaceutical excise tax.
Net Foreign Currency Exchange
Impact
The net foreign currency exchange impact on fourth quarter 2011
revenues and pre-tax earnings was an unfavorable $21.2 million and
$22.1 million, respectively, compared to the fourth quarter of
2010. The net foreign currency exchange impact on full year 2011
revenues and pre-tax earnings was a favorable $21.4 million and an
unfavorable $18.6 million, respectively, compared to 2010.
Cash, Cash Equivalents and Marketable
Securities
As of December 31, 2011, Gilead had cash, cash equivalents and
marketable securities of $9.96 billion compared to $5.32 billion as
of December 31, 2010, which included the proceeds from $3.70
billion of investment grade bonds raised to partially fund the
Pharmasset, Inc. (Pharmasset) acquisition. Gilead generated $3.64
billion of operating cash flow in 2011 of which $978.1 million was
generated in the fourth quarter of 2011.
Acquisition of Pharmasset,
Inc.
In November, Gilead and Pharmasset announced that the companies
had signed a definitive agreement under which Gilead would acquire
Pharmasset for $137 per share in cash, or approximately $11.1
billion. In December, Gilead commenced a tender offer to purchase
all outstanding common stock of Pharmasset. The acquisition was
completed on January 17, 2012 at which time Pharmasset became a
wholly-owned subsidiary of Gilead.
Other Corporate
Highlights
In October, Gilead announced that it had entered into a
licensing agreement with Boehringer Ingelheim (BI), under which BI
granted Gilead exclusive worldwide rights for the research,
development and commercialization of its novel non-catalytic site
integrase inhibitors for HIV. This included the lead compound BI
224436, which has been evaluated in a Phase 1a dose-escalation
study to assess bioavailability and pharmacokinetics in healthy
volunteers.
Also in October, Gilead announced that it had entered into an
exclusive worldwide licensing and collaboration agreement with
GlobeImmune, Inc. for the development and commercialization of
therapeutic vaccine products for use in conjunction with Viread and
other oral therapies for the treatment of chronic hepatitis B.
Lastly, in October, Gilead announced a licensing agreement with
Bristol-Myers Squibb (BMS) for BMS to develop and commercialize a
fixed-dose combination containing BMS’s protease inhibitor
atazanavir and Gilead’s cobicistat, a pharmacoenhancing or
“boosting” agent that increases blood levels of certain HIV
medicines to potentially allow for one-pill, once-daily dosing.
In November, Gilead announced that it had entered into a license
agreement with Tibotec Pharmaceuticals (Tibotec) for the
development and commercialization of a single-tablet regimen
combining Tibotec’s darunavir with Gilead’s emtricitabine; the
investigational agent GS 7340, a novel prodrug of tenofovir; and
cobicistat.
In December, Gilead announced that it will donate 445,000 vials
of AmBisome over five years to help the World Health Organization
treat more than 50,000 patients with visceral leishmaniasis, a
parasitic disease that is prevalent in developing world
countries.
Product and Pipeline
Update
Antiviral Franchise
In October, Gilead announced that it submitted a New Drug
Application (NDA) to the FDA for marketing approval of the “Quad”,
a complete single-tablet regimen of elvitegravir, cobicistat,
emtricitabine and tenofovir disoproxil fumarate for the treatment
of HIV-1 infection in adults. Subsequently, the FDA accepted the
NDA and has set a target review date of August 27, 2012 under the
Prescription Drug User Fee Act. Gilead submitted the Marketing
Authorisation Application (MAA) for the Quad for the treatment of
HIV-1 infection in adults by the European Medicines Agency (EMA) on
November 24, 2011. The application was successfully validated by
EMEA on December 20, 2011.
In November, Gilead announced positive five-year data from the
open-label phase of two pivotal Phase 3 clinical trials (Studies
102 and 103) evaluating the efficacy of Viread for the treatment of
chronic hepatitis B virus infection among primarily treatment-naïve
patients. The findings were presented at the 62nd annual
meeting of the American Association for the Study of Liver Diseases
in San Francisco.
Also in November, the European Commission granted marketing
authorization for Eviplera, a complete once-daily single-tablet
regimen for the treatment of HIV-1 infection in antiretroviral
treatment-naïve adults with a viral load less than or equal to
100,000 HIV-1 RNA copies/mL. The authorization allowed for the
commercialization of Eviplera in all 27 countries of the European
Union.
In December, Gilead announced Phase 3 clinical trial results
showing that cobicistat, which increases blood levels of certain
HIV medicines to allow for one-pill, once-daily dosing, met its
48-week primary objective of non-inferiority to ritonavir. These
data have been submitted for presentation at a scientific
conference in 2012.
Also in December, Phase 3 clinical trial results showing that
elvitegravir, an integrase inhibitor being evaluated for the
treatment of HIV-1 infection, was non-inferior to the integrase
inhibitor raltegravir after two years (96 weeks) of therapy in
treatment-experienced patients. Gilead plans to file for U.S.
regulatory approval of elvitegravir in the second quarter of
2012.
Gilead also announced in December that the submission of a
supplemental NDA (sNDA) to the FDA for the approval of once-daily
Truvada for pre-exposure prophylaxis (PrEP) to reduce the risk of
HIV-1 infection among uninfected adults. If the sNDA is approved,
Truvada would be the first agent indicated for uninfected
individuals to reduce the risk of acquiring HIV through sex, a
prevention approach called PrEP.
Cardiovascular Franchise
In November, Gilead and the Cardiovascular Research Foundation
announced the initiation of RIVER-PCI (ranolazine for incomplete
vessel revascularization post-percutaneous coronary intervention
(PCI)), a Phase 3 clinical trial evaluating the utility of
ranolazine to prevent major adverse cardiovascular events in
patients with a history of chronic angina who have incomplete
revascularization following PCI.
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 2011 as well as provide 2012
guidance and 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 1-800-260-8140 (U.S.) or
1-617-614-3672 (international) and dial the participant passcode
15171649 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 February 6,
2012. To access the phone replay, please call 1-888-286-8010 (U.S.)
or 1-617-801-6888 (international) and dial the participant passcode
32699245.
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 2011 and 2010. 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
8.
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 achieve its anticipated full year 2012
financial results, including the possibility that its full year
2012 guidance may be revised at a later date; 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; the availability of
funding for state AIDS Drug Assistance Programs (ADAPs) and their
ability to purchase at levels to support the number of patients
that rely on ADAPs; the levels of inventory held by wholesalers and
retailers which may cause fluctuations in Gilead’s earnings;
Gilead’s ability to submit NDAs for new product candidates in the
timelines currently anticipated, including for cobicistat and
elvitegravir; Gilead’s ability to receive regulatory approvals in a
timely manner or at all, for new and current products, including
the Quad or Truvada for PrEP to reduce the risk of HIV infection;
Gilead’s ability to successfully commercialize its products,
including Complera and Eviplera; Gilead’s ability to successfully
develop its respiratory, cardiovascular and oncology franchises;
safety and efficacy data from clinical studies may not warrant
further development of Gilead’s product candidates, including the
RIVER-PCI clinical trial evaluating ranolazine; the potential for
additional austerity measures in European countries that may
increase the amount of discount required on Gilead’s products;
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
advance Pharmasset’s product pipeline or develop an all-oral
antiviral regimen for HCV; the effects of the Pharmasset
acquisition on relationships with employees and the risk that
anticipated synergies and benefits will not be realized; risks that
Gilead will not commercialize any novel non-catalytic site
integrase inhibitors for HIV, including BI 224436, under its
licensing agreement with BI; risks that Gilead’s collaboration with
GlobeImmune, Inc. will not lead to the commercialization of
therapeutic vaccine products for use in conjunction with Viread and
other oral therapies for the treatment of chronic hepatitis B;
risks that the collaboration with BMS will not lead to the
commercialization of a fixed-dose combination containing atazanavir
and cobicistat; risks that the collaboration with Tibotec will not
lead to the commercialization of a single-tablet regimen containing
darunavir, emtricitabine, GS 7340 and cobicistat; 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 quarter ended September 30,
2011 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, Complera, Eviplera,
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, 2011 2010 2011
2010 Revenues: Product sales $ 2,133,334 $ 1,930,238 $
8,102,359 $ 7,389,921 Royalty, contract and other revenues
67,044 68,449 283,026
559,499 Total revenues 2,200,378
1,998,687 8,385,385 7,949,420
Costs and expenses: Cost of goods sold 584,447 496,337 2,124,410
1,869,876 Research and development 402,236 392,760 1,229,151
1,072,930 Selling, general and administrative 346,219
280,209 1,241,983 1,044,392
Total costs and expenses 1,332,902
1,169,306 4,595,544 3,987,198
Income from operations 867,476 829,381 3,789,841 3,962,222 Interest
and other income, net 26,365 10,764 66,581 60,287 Interest expense
(74,998 ) (40,622 ) (205,418 ) (108,961
) Income before provision for income taxes 818,843 799,523
3,651,004 3,913,548 Provision for income taxes 157,084
173,158 861,945 1,023,799
Net income 661,759 626,365 2,789,059 2,889,749 Net loss
attributable to noncontrolling interest 3,386
3,054 14,578 11,508 Net income
attributable to Gilead $ 665,145 $ 629,419 $
2,803,637 $ 2,901,257
Net income per share attributable to
Gilead common stockholders - basic
$ 0.88 $ 0.78 $ 3.62 $ 3.39
Net income per share attributable to
Gilead common stockholders - diluted
$ 0.87 $ 0.76 $ 3.55 $ 3.32 Shares used
in per share calculation - basic 752,224
809,097 774,903 856,060 Shares
used in per share calculation - diluted 766,326
824,076 790,118 873,396
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, 2011 2010 2011
2010
Cost of goods sold reconciliation:
GAAP cost of goods sold $ 584,447 $ 496,337 $ 2,124,410 $ 1,869,876
Acquisition-related amortization of inventory mark-up - - - (7,020
) Acquisition-related amortization of purchased intangibles (17,407
) (14,981 ) (69,629 ) (59,927 ) Stock-based compensation expenses
(668 ) (1,632 ) (8,433 ) (10,180 )
Non-GAAP cost of goods sold $ 566,372 $ 479,724 $
2,046,348 $ 1,792,749
Product gross margin
reconciliation: GAAP product gross margin 72.6 %
74.4 % 73.8 % 74.8 % Acquisition-related amortization of inventory
mark-up - - - 0.1 % Acquisition-related amortization of purchased
intangibles 0.8 % 0.8 % 0.9 % 0.8 % Stock-based compensation
expenses 0.0 % 0.1 % 0.1 % 0.1 %
Non-GAAP product gross margin (1) 73.4 %
75.3 % 74.8 % 75.8 %
Research and
development expenses reconciliation: GAAP research and
development expenses $ 402,236 $ 392,760 $ 1,229,151 $ 1,072,930
Acquisition-related IPR&D impairment (26,630 ) (136,000 )
(26,630 ) (136,000 ) Acquisition-related transaction costs - - (446
) - Acquisition-related remeasurement of contingent consideration
(7,286 ) - (8,484 ) - Restructuring expenses (78 ) (3,493 ) (1,438
) (14,038 ) Stock-based compensation expenses (18,961 )
(21,512 ) (73,490 ) (84,048 ) Non-GAAP
research and development expenses $ 349,281 $ 231,755
$ 1,118,663 $ 838,844
Selling, general and
administrative expenses reconciliation: GAAP selling, general
and administrative expenses $ 346,219 $ 280,209 $ 1,241,983 $
1,044,392 Acquisition-related transaction costs (28,466 ) - (29,744
) (387 ) Restructuring expenses (1,233 ) (10,697 ) (7,287 ) (25,600
) Stock-based compensation expenses (26,634 ) (30,207
) (110,455 ) (105,813 ) Non-GAAP selling, general and
administrative expenses $ 289,886 $ 239,305 $
1,094,497 $ 912,592
Operating margin
reconciliation: GAAP operating margin 39.4 % 41.5 % 45.2 % 49.8
% Acquisition-related transaction costs 1.3 % - 0.4 % 0.0 %
Acquisition-related amortization of inventory mark-up - - - 0.1 %
Acquisition-related amortization of purchased intangibles 0.8 % 0.7
% 0.8 % 0.8 % Acquisition-related IPR&D impairment 1.2 % 6.8 %
0.3 % 1.7 % Acquisition-related remeasurement of contingent
consideration 0.3 % - 0.1 % - Restructuring expenses 0.1 % 0.7 %
0.1 % 0.5 % Stock-based compensation expenses 2.1 %
2.7 % 2.3 % 2.5 % Non-GAAP operating margin (1)
45.2 % 52.4 % 49.2 % 55.4 %
Interest expense reconciliation: GAAP interest expense
(74,998 ) (40,622 ) (205,418 ) (108,961 ) Acquisition-related
transaction costs 23,817 -
23,817 - Non-GAAP Interest Expense
(51,181 ) (40,622 ) (181,601 ) (108,961 )
Net income attributable to Gilead reconciliation:
GAAP net income attributable to Gilead, net of tax $ 665,145 $
629,419 $ 2,803,637 $ 2,901,257 Acquisition-related transaction
costs 12,798 - 14,522 388 Acquisition-related amortization of
inventory mark-up - - - 5,090 Acquisition-related amortization of
purchased intangibles 13,275 11,663 52,500 44,343
Acquisition-related IPR&D impairment 7,989 86,328 7,989 86,328
Acquisition-related remeasurement of contingent consideration 7,584
- 8,484 - Restructuring expenses 1,010 10,781 6,579 29,269
Stock-based compensation expenses 35,303
41,090 145,053 147,710 Non-GAAP
net income attributable to Gilead, net of tax $ 743,104 $
779,281 $ 3,038,764 $ 3,214,385
Diluted earnings per share reconciliation: GAAP diluted
earnings per share $ 0.87 $ 0.76 $ 3.55 $ 3.32 Acquisition-related
transaction costs 0.02 - 0.02 0.00 Acquisition-related amortization
of inventory mark-up - - - 0.01 Acquisition-related amortization of
purchased intangibles 0.02 0.01 0.07 0.05 Acquisition-related
IPR&D impairment 0.01 0.10 0.01 0.10 Acquisition-related
remeasurement of contingent consideration 0.01 - 0.01 -
Restructuring expenses 0.00 0.01 0.01 0.03 Stock-based compensation
expenses 0.05 0.05 0.18
0.17 Non-GAAP diluted earnings per share (1) $ 0.97
$ 0.95 $ 3.86 $ 3.69
Shares
used in per share calculation (diluted) reconciliation: GAAP
shares used in per share calculation (diluted) 766,326 824,076
790,118 873,396 Share impact of current stock-based compensation
rules (2,133 ) (2,185 ) (2,016 ) (1,741
) Non-GAAP shares used in per share calculation (diluted)
764,193 821,891 788,102
871,655
Non-GAAP adjustment summary: Cost of
goods sold adjustments $ 18,075 $ 16,613 $ 78,062 $ 77,127 Research
and development expenses adjustments 52,955 161,005 110,488 234,086
Selling, general and administrative expenses adjustments 56,333
40,904 147,486 131,800 Interest Expense 23,817
- 23,817 - Total non-GAAP
adjustments before tax 151,180 218,522 359,853 443,013 Income tax
effect (73,221 ) (68,660 ) (124,726 )
(129,885 ) Total non-GAAP adjustments after tax $ 77,959 $
149,862 $ 235,127 $ 313,128
GILEAD
SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) December 31, December 31, 2011 2010
(unaudited) (Note 1) Cash, cash equivalents and
marketable securities $ 9,963,972 $ 5,318,071 Accounts receivable,
net 1,951,167 1,621,966 Inventories 1,389,983 1,203,809 Property,
plant and equipment, net 774,406 701,235 Intangible assets
2,066,966 1,425,592 Other assets 1,156,640 1,321,957
Total assets $ 17,303,134 $ 11,592,630 Current liabilities $
2,514,790 $ 2,464,950 Long-term liabilities 7,920,995 3,005,843
Stockholders’ equity (Note 2) 6,867,349 6,121,837
Total liabilities and stockholders’ equity $ 17,303,134 $
11,592,630 Notes:
(1)
Derived from audited consolidated financial statements at that
date.
(2)
As of December 31, 2011, there were 753,106 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, 2011 2010 2011 2010 Antiviral products: Atripla – U.S. $
547,469 $ 494,516 $ 2,022,049 $ 1,908,881 Atripla – Europe 267,501
248,762 1,042,668 910,186 Atripla – Other International
48,345 31,933 159,801 107,512 863,315
775,211 3,224,518 2,926,579 Truvada –
U.S. 373,574 339,047 1,385,411 1,308,931 Truvada – Europe 316,953
303,422 1,257,265 1,171,351 Truvada – Other International
55,475 39,217 232,465 169,626 746,002
681,686 2,875,141 2,649,908 Viread –
U.S. 84,321 80,567 324,741 319,792 Viread – Europe 83,250 76,422
328,312 293,058 Viread – Other International 23,297
34,130 84,814 119,390 190,868 191,119
737,867 732,240 Hepsera – U.S. 14,450 16,458
57,259 76,548 Hepsera – Europe 14,845 23,651 75,138 110,672 Hepsera
– Other International 3,001 3,506 12,282
13,372 32,296 43,615 144,679
200,592 Complera / Eviplera – U.S. 19,463 - 38,507 -
Complera / Eviplera – Europe 85 - 85 - Complera / Eviplera – Other
155 - 155 - 19,703 -
38,747 - Emtriva – U.S. 4,734 4,397 17,216
16,742 Emtriva – Europe 1,698 1,659 6,860 6,875 Emtriva – Other
International 1,357 1,026 4,688 4,062
7,789 7,082 28,764 27,679 Total
Antiviral products – U.S. 1,044,011 934,985 3,845,183 3,630,894
Total Antiviral products – Europe 684,332 653,916 2,710,328
2,492,142 Total Antiviral products – Other International
131,630 109,812 494,205 413,962
1,859,973 1,698,713 7,049,716 6,536,998
AmBisome 80,784 75,501 330,156 305,856 Letairis 78,661 63,986
293,426 240,279 Ranexa 83,651 67,817 320,004 239,832 Other products
30,265 24,221 109,057 66,956
273,361 231,525 1,052,643 852,923 Total
product sales $ 2,133,334 $ 1,930,238 $ 8,102,359 $ 7,389,921
Gilead Sciences (NASDAQ:GILD)
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Gilead Sciences (NASDAQ:GILD)
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