Gilead Sciences Announces First Quarter 2019 Financial Results
May 2, 2019
– Product Sales of $5.2 billion –
– Diluted EPS
of $1.54 per share –
– Non-GAAP Diluted EPS of $1.76
per share –
– Reiterates Full Year 2019 Guidance –
FOSTER CITY, Calif.–(BUSINESS WIRE)–Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of
operations for the first quarter ended March 31, 2019. The financial
results that follow represent a year-over-year comparison of the first
quarter 2019 to the first quarter 2018. Total revenues were $5.3 billion
in 2019 compared to $5.1 billion in 2018. Net income was $2.0 billion or
$1.54 per diluted share in 2019 compared to $1.5 billion or $1.17 per
diluted share in 2018. Non-GAAP net income was $2.3 billion or $1.76 per
diluted share in 2019 compared to $2.0 billion or $1.48 per diluted
share in 2018.
|
Three Months Ended | ||||||
March 31, | |||||||
(In millions, except per share amounts) | 2019 | 2018 | |||||
Product sales | $ | 5,200 | $ | 5,001 | |||
Royalty, contract and other revenues | 81 | 87 | |||||
Total revenues | $ | 5,281 | $ | 5,088 | |||
Net income attributable to Gilead | $ | 1,975 | $ | 1,538 | |||
Non-GAAP net income | $ | 2,258 | $ | 1,958 | |||
Diluted earnings per share | $ | 1.54 | $ | 1.17 | |||
Non-GAAP diluted earnings per share | $ | 1.76 | $ | 1.48 | |||
Product Sales
Total product sales for the first quarter of 2019 were $5.2 billion
compared to $5.0 billion for the same period in 2018. Product sales for
the first quarter of 2019 were $3.8 billion in the United States, $882
million in Europe and $522 million in other locations. Product sales for
the first quarter of 2018 were $3.5 billion in the United States, $1.0
billion in Europe and $469 million in other locations.
___________________________________
Note: |
Non-GAAP financial information excludes acquisition-related, up-front collaboration, stock-based compensation and other expenses, fair value adjustments of equity securities and discrete tax charges or benefits associated with changes in tax related laws and guidelines. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 8 through 10. |
-
HIV product sales were $3.6 billion for the
first quarter of 2019 compared to $3.2 billion for the same period in
2018. The increase was primarily driven by higher sales volume as a
result of the continued uptake of Biktarvy® (bictegravir 50
mg/emtricitabine 200 mg/tenofovir alafenamide 25 mg). -
Chronic hepatitis C virus (HCV) product sales were $790 million
for the first quarter of 2019 compared to $1.0 billion for the same
period in 2018. The decline was primarily due to lower patient starts
and competitive dynamics, including a decline in price in U.S.
Medicare, in 2019. -
Yescarta® (axicabtagene ciloleucel), which
was approved in the United States in October 2017 and Europe in August
2018, generated $96 million in sales during the first quarter of 2019
compared to $40 million for the same period in 2018. The increase was
driven by an increase in the number of therapies provided to patients. -
Other product sales, which include products from Gilead’s chronic
hepatitis B virus (HBV), cardiovascular, oncology and other categories
inclusive of Vemlidy® (tenofovir alafenamide 25 mg), Viread®
(tenofovir disoproxil fumarate 300 mg), Letairis®
(ambrisentan 5 mg and 10 mg), Ranexa® (ranolazine 500 mg
and 1000 mg), Zydelig® (idelalisib 150 mg) and AmBisome®
(amphotericin B liposome for injection 50 mg/vial), were $696 million
for the first quarter of 2019 compared to $745 million for the same
period in 2018. The decrease was primarily due to the expected decline
in Ranexa sales after generic entry in the first quarter of 2019.
Operating Expenses
Three Months Ended | |||||||
March 31, | |||||||
(In millions) | 2019 | 2018 | |||||
Research and development expenses (R&D) | $ | 1,057 | $ | 937 | |||
Non-GAAP R&D expenses | $ | 871 | $ | 814 | |||
Selling, general and administrative expenses (SG&A) | $ | 1,030 | $ | 997 | |||
Non-GAAP SG&A expenses | $ | 962 | $ | 884 | |||
During the first quarter of 2019, compared to the same period in 2018:
-
R&D expenses increased primarily due to up-front collaboration
expenses and higher investments to support Gilead’s cell therapy
programs partially offset by lower stock-based compensation expense.
Stock-based compensation expense was higher for the first quarter of
2018 following the acquisition of Kite Pharma, Inc. (Kite). -
Non-GAAP R&D expenses increased primarily due to higher investments to
support Gilead’s cell therapy programs. -
SG&A expenses increased primarily due to higher promotional expenses
in the United States and expenses associated with the expansion of
Gilead’s products in Europe and Japan, partially offset by lower
stock-based compensation expense. Stock-based compensation expense was
higher for the first quarter of 2018 following the acquisition of Kite. -
Non-GAAP SG&A expenses increased primarily due to higher promotional
expenses in the United States and expenses associated with the
expansion of Gilead’s products in Europe and Japan.
Effective Tax Rate
The effective tax rate and non-GAAP effective tax rate in the first
quarter of 2019 were 16.3% and 16.7% compared to 24.3% and 22.8% for the
same period in 2018, respectively. The decreases were primarily due to
favorable settlements with taxing authorities. For the full year 2019,
Gilead reiterates its effective tax rate guidance and non-GAAP effective
tax rate guidance to be in the range of 21.5% – 22.5% and 20.0% – 21.0%,
respectively.
Cash, Cash Equivalents and Marketable Debt
Securities
As of March 31, 2019, Gilead had $30.1 billion of cash, cash equivalents
and marketable debt securities, compared to $31.5 billion as of December
31, 2018. During the first quarter of 2019, Gilead generated $1.4
billion in operating cash flow, repaid $750 million of debt, paid cash
dividends of $817 million and utilized $834 million on stock repurchases.
Full Year 2019 Guidance Reiterated
Gilead reiterates its full year 2019 guidance, initially provided on
February 4, 2019. The guidance for product sales reflects the
anticipated entry of generic versions of Letairis and Ranexa in the
United States and the full year impact of generic products containing
tenofovir disoproxil fumarate in certain European countries.
(In millions, except percentages and per share amounts) |
Initially Provided February 4, 2019 |
|
Net Product Sales | $21,300 – $21,800 | |
Non-GAAP | ||
Product Gross Margin | 85% – 87% | |
R&D Expenses | $3,600 – $3,800 | |
SG&A Expenses | $3,900 – $4,100 | |
Effective Tax Rate | 20.0% – 21.0% | |
Diluted EPS Impact of Acquisition-related, Up-front Collaboration, Stock-based Compensation and Other Expenses |
$1.40 – $1.50 | |
Corporate Highlights, Including the
Announcement of:
-
HepConnect, a five-year, multi-million dollar initiative aimed at
addressing the sharp increase in chronic HCV infections fueled by the
nation’s opioid crisis. In partnership with the Harm Reduction
Coalition and local organizations, the initiative will support
evidence-based solutions to meet the needs of people most affected by
the opioid crisis in Indiana, Kentucky, North Carolina, Tennessee and
West Virginia. -
The departure of Alessandro Riva, MD, Executive Vice President,
Oncology Therapeutics, who left Gilead to become CEO of another
pharmaceutical company. -
The Gilead HIV Age Positively initiative, which will provide $17.6
million in grants to 30 organizations in the United States. This
effort aims to enhance the lives of individuals aging with HIV by
focusing in three priority areas: improving care coordination,
increasing resources for better well-being and educating and informing
policies that impact people living and aging with HIV.
Product and Pipeline Updates, Including the
Announcement of:
Inflammation Program
-
Week 24 results of FINCH 1, an ongoing, randomized, double-blind,
placebo- and active-controlled Phase 3 study of filgotinib, an
investigational, oral, selective JAK1 inhibitor, in adults with
moderately-to-severely active rheumatoid arthritis (RA). FINCH 1
evaluated filgotinib versus adalimumab or placebo, on a stable
background dose of methotrexate in patients with prior inadequate
response to methotrexate. The study achieved its primary endpoint for
both doses of filgotinib in the proportion of patients achieving an
American College of Rheumatology 20% response (ACR20) compared to
placebo at week 12. -
Week 24 results of FINCH 3, an ongoing, randomized, double-blind,
active-controlled Phase 3 study of filgotinib in adults with
moderately-to-severely active RA. FINCH 3 evaluated filgotinib in
combination with methotrexate (MTX) and as monotherapy in MTX-naïve
patients. The study achieved its primary endpoint in the proportion of
patients achieving an ACR20 response at week 24. The proportion of
patients achieving the primary endpoint of ACR20 response at week 24
was significantly higher for filgotinib 200 mg plus MTX and filgotinib
100 mg plus MTX compared with MTX alone. -
Interim safety information from four studies of filgotinib for the
treatment of RA. The data include 24 week results of the ongoing Phase
3 FINCH 1, 2 and 3 trials and updated week 156 safety data from the
Phase 2b DARWIN 3 long-term extension study in patients with RA.
HIV and Liver Diseases Programs
-
Data from Gilead’s research and development programs in nonalcoholic
steatohepatitis (NASH), primary sclerosing cholangitis and viral
hepatitis presented at The International Liver Congress™ 2019 in
Vienna, Austria. These data reflect Gilead’s ongoing focus and
commitment to advancing research and patient care across the field of
liver disease. -
Approval by Japan’s Ministry of Health, Labour and Welfare (MHLW) of
Biktarvy for the treatment of HIV-1 infection. -
The presentation of data at the 2019 Conference on Retroviruses and
Opportunistic Infections, which included:-
Results from the DISCOVER trial, a two-year Phase 3 randomized,
controlled, double-blind study evaluating the safety and efficacy
of the investigational use of once-daily Descovy®
(emtricitabine 200 mg/tenofovir alafenamide 25 mg) for HIV
pre-exposure prophylaxis (PrEP), compared with Truvada®
(emtricitabine 200 mg and tenofovir disoproxil fumarate 300 mg)
for PrEP, in men who have sex with men and transgender women at
risk for sexually acquired HIV infection. In the trial, Descovy
achieved the primary efficacy endpoint and demonstrated
non-inferiority to Truvada. Statistically significant advantages
with respect to bone and renal laboratory parameters were observed
for participants receiving Descovy as compared with those
receiving Truvada. -
Results from a Phase 2/3 study at 48 weeks, evaluating the
efficacy and safety of Biktarvy in virologically suppressed
adolescents and children at least 6 years of age who are living
with HIV. -
Results from two studies evaluating the resistance profile of
Biktarvy in virologically suppressed adults switching from
dolutegravir/abacavir/lamivudine or a boosted protease
inhibitor-based regimen for the treatment of HIV-1. -
Results from two studies that support the further development of
GS-6207, an investigational, novel, selective, first-in-class
inhibitor of HIV-1 capsid function, for potential future use as
part of long-acting HIV combination therapy. Interim blinded data
from a Phase 1 study in healthy trial participants demonstrated
that single doses of GS-6207 of up to 450 mg, administered
subcutaneously, achieved sustained concentration levels and were
well-tolerated.
-
Results from the DISCOVER trial, a two-year Phase 3 randomized,
-
Results from STELLAR-4, a Phase 3, randomized, double-blind,
placebo-controlled study evaluating the safety and efficacy of
selonsertib, an investigational, once-daily, oral inhibitor of
apoptosis signal-regulating kinase 1, in patients with compensated
cirrhosis (F4) due to NASH, did not meet the pre-specified week 48
primary endpoint of a ≥ 1-stage histologic improvement in fibrosis
without worsening of NASH. -
Approval by Japan’s MHLW of Epclusa® (sofosbuvir 400
mg/velpatasvir 100 mg) for adults with chronic HCV infection with
decompensated cirrhosis and for patients with chronic HCV infection
without cirrhosis or with compensated cirrhosis who have had prior
treatment with a direct-acting antiviral therapy. -
Licensing agreement and collaboration agreement with Yuhan Corporation
to co-develop novel therapeutic candidates for the treatment of
advanced fibrosis due to NASH.
Non-GAAP Financial Information
The information presented in this document has been prepared in
accordance with U.S. generally accepted accounting principles (GAAP),
unless otherwise noted as non-GAAP. Management believes non-GAAP
information is useful for investors, when considered in conjunction with
Gilead’s GAAP financial information, 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 GAAP. Non-GAAP measures may be defined and calculated differently
by other companies in the same industry. A reconciliation between GAAP
and non-GAAP financial information is provided in the tables on pages 8
through 10.
Conference Call
At 4:30 p.m. Eastern Time today, Gilead’s management will host a
conference call and a simultaneous webcast to discuss the company’s
financial results for the first quarter 2019 and provide a business
update. The live webcast of the call can be accessed at Gilead’s
Investor page at http://investors.gilead.com/.
Please connect to Gilead’s website at least 15 minutes prior to the
start of the call to allow adequate time for any software download that
may be required to listen to the webcast. Alternatively, please call
877-359-9508 (U.S.) or 224-357-2393 (international) and dial the
conference ID 5259422 to access the call. Telephone replay will be
available approximately two hours after the call through 8:00 p.m.
Eastern Time, May 4, 2019. To access the replay, please call
855-859-2056 (U.S.) or 404-537-3406 (international) and dial the
conference ID 5259422. The webcast will be archived on www.gilead.com
for one year.
About Gilead Sciences
Gilead Sciences, Inc. is a research-based biopharmaceutical company that
discovers, develops and commercializes innovative medicines in areas of
unmet medical need. The company strives to transform and simplify care
for people with life-threatening illnesses around the world. Gilead has
operations in more than 35 countries worldwide, with headquarters in
Foster City, California.
Forward-Looking Statement
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 2019 financial results; Gilead’s ability to
sustain growth in revenues for its antiviral and other programs; the
risk that private and public payers may be reluctant to provide, or
continue to provide, coverage or reimbursement for new products;
austerity measures in European countries that may increase the amount of
discount required on Gilead’s products; an increase in discounts,
chargebacks and rebates due to ongoing contracts and future negotiations
with commercial and government payers; a larger than anticipated shift
in payer mix to more highly discounted payer segments and geographic
regions and decreases in treatment duration; availability of funding for
state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in
ADAP purchase driven by federal and state grant cycles as well as
purchase by retail pharmacies and other non-wholesaler locations with
whom we have no inventory management agreements may not mirror patient
demand and may cause fluctuations in Gilead’s earnings; market share and
price erosion caused by the introduction of generic versions of our
products; an uncertain global macroeconomic environment; potential
amendments to the Affordable Care Act or other government action that
could have the effect of lowering prices or reducing the number of
insured patients; Gilead’s ability to initiate clinical trials in its
currently anticipated timeframes; the levels of inventory held by
wholesalers and retailers which may cause fluctuations in Gilead’s
earnings; Gilead’s ability to realize the potential benefits of
collaborations, including with Yuhan Corporation; Gilead’s ability to
submit new drug applications 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; Gilead’s
ability to successfully commercialize its products, including Yescarta;
the risk that physicians and patients may not see advantages of these
products over other therapies and may therefore be reluctant to
prescribe the products; safety and efficacy data from clinical studies
may not warrant further development of Gilead’s product candidates,
including filgotinib, selonsertib and GS-6207; Gilead’s ability to pay
dividends or complete its share repurchase program due to changes in its
stock price, corporate or other market conditions; 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; and other risks identified from time to time in Gilead’s
reports filed with the U.S. Securities and Exchange Commission (the
SEC). 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.
There may be other factors of which Gilead is not currently aware that
may affect matters discussed in the forward-looking statements and may
also cause actual results to differ significantly from these estimates.
Further, results for the quarter ended March 31, 2019 are not
necessarily indicative of operating results for any future periods. 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 press
releases, Annual Report on Form 10-K for the year ended December 31,
2018 and other subsequent disclosure documents filed with the SEC.
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 or
supplement any such forward-looking statements other than as required by
law. Any forward-looking statements speak only as of the date hereof or
as of the dates indicated in the statements.
# # #
Gilead owns or has rights to various trademarks, copyrights and trade
names used in its business, including the following: GILEAD®,
GILEAD SCIENCES®, AMBISOME®, ATRIPLA®,
BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®,
EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®,
HARVONI®, HEPSERA®, LETAIRIS®, ODEFSEY®,
RANEXA®, SOVALDI®, STRIBILD®, TRUVADA®,
TRUVADAFORPREP®, TYBOST®, VEMLIDY®,
VIREAD®, VOSEVI®, YESCARTA® and ZYDELIG®.
LEXISCAN® is a registered trademark of Astellas U.S. LLC.
MACUGEN® is a registered trademark of Eyetech, Inc. SYMTUZA®
is a registered trademark of Janssen Sciences Ireland UC. TAMIFLU®
is a registered trademark of Hoffmann-La Roche Inc.
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 millions, except per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Revenues: | ||||||||
Product sales | $ | 5,200 | $ | 5,001 | ||||
Royalty, contract and other revenues | 81 | 87 | ||||||
Total revenues | 5,281 | 5,088 | ||||||
Costs and expenses: | ||||||||
Cost of goods sold | 957 | 1,001 | ||||||
Research and development expenses | 1,057 | 937 | ||||||
Selling, general and administrative expenses | 1,030 | 997 | ||||||
Total costs and expenses | 3,044 | 2,935 | ||||||
Income from operations | 2,237 | 2,153 | ||||||
Interest expense | (254 | ) | (290 | ) | ||||
Other income (expense), net | 367 | 170 | ||||||
Income before provision for income taxes | 2,350 | 2,033 | ||||||
Provision for income taxes | 382 | 494 | ||||||
Net income | 1,968 | 1,539 | ||||||
Net income (loss) attributable to noncontrolling interest | (7 | ) | 1 | |||||
Net income attributable to Gilead | $ | 1,975 | $ | 1,538 | ||||
Net income per share attributable to Gilead common stockholders – basic |
$ | 1.55 | $ | 1.18 | ||||
Shares used in per share calculation – basic | 1,276 | 1,307 | ||||||
Net income per share attributable to Gilead common stockholders – diluted |
$ | 1.54 | $ | 1.17 | ||||
Shares used in per share calculation – diluted | 1,283 | 1,320 | ||||||
Cash dividends declared per share | $ | 0.63 | $ | 0.57 | ||||
GILEAD SCIENCES, INC. | ||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION | ||||||||
(unaudited) | ||||||||
(in millions, except percentages and per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Cost of goods sold reconciliation: | ||||||||
GAAP cost of goods sold | $ | 957 | $ | 1,001 | ||||
Acquisition-related – amortization of purchased intangibles | (283 | ) | (301 | ) | ||||
Stock-based compensation expenses(1) | (14 | ) | (13 | ) | ||||
Non-GAAP cost of goods sold | $ | 660 | $ | 687 | ||||
Product gross margin reconciliation: | ||||||||
GAAP product gross margin | 81.6 | % | 80.0 | % | ||||
Acquisition-related – amortization of purchased intangibles | 5.4 | % | 6.0 | % | ||||
Stock-based compensation expenses(1) | 0.3 | % | 0.3 | % | ||||
Non-GAAP product gross margin | 87.3 | % | 86.3 | % | ||||
Research and development expenses reconciliation: | ||||||||
GAAP research and development expenses | $ | 1,057 | $ | 937 | ||||
Up-front collaboration expenses | (126 | ) | — | |||||
Acquisition-related – other costs | — | (16 | ) | |||||
Stock-based compensation expenses(1) | (61 | ) | (103 | ) | ||||
Other(2) | 1 | (4 | ) | |||||
Non-GAAP research and development expenses | $ | 871 | $ | 814 |
|
|||
Selling, general and administrative expenses reconciliation: | ||||||||
GAAP selling, general and administrative expenses | $ | 1,030 | $ | 997 | ||||
Acquisition-related – other costs | — | (6 |
) |
|||||
Stock-based compensation expenses(1) | (68 | ) | (104 | ) | ||||
Other(2) |
— |
|
(3 | ) | ||||
Non-GAAP selling, general and administrative expenses | $ | 962 | $ | 884 | ||||
Operating margin reconciliation: | ||||||||
GAAP operating margin | 42.4 | % | 42.3 | % | ||||
Up-front collaboration expenses | 2.4 | % | — | % | ||||
Acquisition-related – amortization of purchased intangibles | 5.4 | % | 5.9 | % | ||||
Acquisition-related – other costs | — | % | 0.4 | % | ||||
Stock-based compensation expenses(1) | 2.7 | % | 4.3 | % | ||||
Other(2) | — | % | 0.1 | % | ||||
Non-GAAP operating margin(3) | 52.8 | % | 53.1 | % | ||||
Other income (expense), net reconciliation: | ||||||||
GAAP other income (expense), net | $ | 367 | $ | 170 | ||||
Unrealized gains from equity securities, net | (197 | ) | (45 | ) | ||||
Non-GAAP other income (expense), net | $ | 170 | $ | 125 | ||||
GILEAD SCIENCES, INC. | ||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION – (Continued) |
||||||||
(unaudited) | ||||||||
(in millions, except percentages and per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Effective tax rate reconciliation: | ||||||||
GAAP effective tax rate | 16.3 | % | 24.3 | % | ||||
Up-front collaboration expenses | 0.3 | % | — | % | ||||
Acquisition-related – amortization of purchased intangibles |
(1.0) |
% |
(2.3) |
% |
||||
Acquisition-related – other costs | — | % |
(0.1) |
% |
||||
Stock-based compensation expenses(1) | 0.1 | % | 0.3 | % | ||||
Unrealized gains from equity securities, net | 1.1 | % | 0.6 | % | ||||
Non-GAAP effective tax rate(3) | 16.7 | % | 22.8 | % | ||||
Net income attributable to Gilead reconciliation: | ||||||||
GAAP net income attributable to Gilead | $ | 1,975 | $ | 1,538 | ||||
Up-front collaboration expenses | 98 | — | ||||||
Acquisition-related – amortization of purchased intangibles | 260 | 281 | ||||||
Acquisition-related – other costs | — | 18 | ||||||
Stock-based compensation expenses(1) | 117 | 160 | ||||||
Unrealized gains from equity securities, net |
(191) |
|
(45) |
|
||||
Other(2) |
(1) |
|
6 | |||||
Non-GAAP net income attributable to Gilead | $ | 2,258 | $ | 1,958 | ||||
Diluted earnings per share reconciliation: | ||||||||
GAAP diluted earnings per share | $ | 1.54 | $ | 1.17 | ||||
Up-front collaboration expenses | 0.08 | — | ||||||
Acquisition-related – amortization of purchased intangibles | 0.20 | 0.21 | ||||||
Acquisition-related – other costs | — | 0.01 | ||||||
Stock-based compensation expenses(1) | 0.09 | 0.12 | ||||||
Unrealized gains from equity securities, net |
(0.15) |
|
(0.03 | ) | ||||
Non-GAAP diluted earnings per share | $ | 1.76 | $ | 1.48 | ||||
Non-GAAP adjustment summary: | ||||||||
Cost of goods sold adjustments | $ | 297 | $ | 314 | ||||
Research and development expenses adjustments | 186 | 123 | ||||||
Selling, general and administrative expenses adjustments | 68 | 113 | ||||||
Other income (expense), net adjustments |
(197) |
|
(45 | ) | ||||
Total non-GAAP adjustments before tax | 354 | 505 | ||||||
Income tax effect |
(71) |
|
(85 | ) | ||||
Total non-GAAP adjustments after tax | $ | 283 | $ | 420 |
Contacts
Investors
Robin Washington
(650) 522-5688
Sung
Lee
(650) 524-7792
Media
Amy
Flood
(650) 522-5643