July 14, 2003
Gilead Sciences Expects Second Quarter 2003 Financial Results Will Exceed Expectations; Increase Driven Primarily by Higher Viread Revenues
FOSTER CITY, Calif.--(BUSINESS WIRE)--July 14, 2003--Gilead Sciences, Inc. (Nasdaq:GILD) today announced that based on initial analyses, the company expects that its financial results for the second quarter 2003 will exceed analyst expectations, driven primarily by higher product revenues.
Gilead estimates its total net revenues for the second quarter 2003 will be in the range of $236-239 million. Median total net revenues projected by analysts who report their earnings forecasts to FirstCall are $179 million. The increase in revenue was driven primarily by strong sales growth of Viread(R) (tenofovir disoproxil fumarate), one of the company's antiviral drugs for the treatment of HIV. Gilead expects that Viread sales will be approximately $165 million for the quarter, compared to $107 million for the first quarter of 2003. Increasing Viread sales reflect broader prescribing patterns in all commercial markets, as well as increases in U.S. wholesaler inventory levels in the second quarter in anticipation of a Viread price increase, which was implemented on June 27, 2003.
In addition, Gilead estimates its total operating expenses for the second quarter 2003 will be in the range of $98-102 million.
Gilead will provide final financial results and more detail on its second quarter during its quarterly conference call scheduled for 4:30 p.m. Eastern time on Thursday, July 31. At that time, the company will also provide guidance on key financial parameters for the full year 2003.
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases worldwide. The company has seven marketed products and focuses its research and clinical programs on anti-infectives. Headquartered in Foster City, CA, Gilead has operations in the United States, Europe and Australia.
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, which could cause actual results to differ materially. These risks and uncertainties include those that can cause fluctuations in our financial results, such as our ability and the ability of our partners to successfully market our products and maintain revenue growth, in particular our ability to sustain the trends in revenues for Viread, Hepsera(R) (adefovir dipivoxil) and AmBisome(R) (amphotericin B) liposome for injection; our ability to control the timing and amount of spending in our research and clinical programs; our ability to accurately estimate the effect of inventory levels on our revenues; our ability to accurately estimate fluctuations in foreign currency against the U.S. dollar; our ability to achieve and the timing of milestones; and other risks identified from time to time in the company's reports filed with the U.S. Securities and Exchange Commission.
Viread, AmBisome and Hepsera are registered trademarks of Gilead Sciences, Inc.
For more information on Gilead Sciences, please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).
CONTACT: Gilead Sciences, Inc. Susan Hubbard, 650/522-5715 (Investors) Amy Flood, 650/522-5643 (Media) SOURCE: Gilead Sciences, Inc.