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- Fourth Quarter Product Sales of
- Full Year 2013 Product Sales of
Full year 2013 total revenues were
| Three Months Ended | Twelve Months Ended | |||||||||||
| December 31, | December 31, | |||||||||||
| (In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||
| Product sales | $ | 3,043,190 | $ | 2,510,811 | $ | 10,803,695 | $ | 9,398,371 | ||||
| Royalty, contract and other revenues | 76,636 | 77,474 | 397,993 | 304,146 | ||||||||
| Total revenues | $ | 3,119,826 | $ | 2,588,285 | $ | 11,201,688 | $ | 9,702,517 | ||||
| Net income attributable to Gilead | $ | 791,411 | $ | 762,541 | $ | 3,074,808 | $ | 2,591,566 | ||||
| Non-GAAP net income attributable to Gilead | $ | 929,807 | $ | 823,434 | $ | 3,450,556 | $ | 3,084,040 | ||||
| Diluted EPS | $ | 0.47 | $ | 0.47 | $ | 1.81 | $ | 1.64 | ||||
| Non-GAAP diluted EPS | $ | 0.55 | $ | 0.50 | $ | 2.04 | $ | 1.95 | ||||
Product Sales
Product sales increased 21 percent to
Antiviral Product Sales
Antiviral product sales increased 22 percent to
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| (In thousands, except percentages) | 2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||
| Antiviral product sales | $ | 2,639,827 | $ | 2,167,868 | 22 | % | $ | 9,339,879 | $ | 8,141,790 | 15 | % | ||||
| Atripla | 933,646 | 917,486 | 2 | % | 3,648,496 | 3,574,483 | 2 | % | ||||||||
| Truvada | 814,098 | 832,724 | (2 | )% | 3,135,771 | 3,181,110 | (1 | )% | ||||||||
| Viread | 266,894 | 226,681 | 18 | % | 958,969 | 848,697 | 13 | % | ||||||||
| Complera/Eviplera | 261,844 | 117,814 | 122 | % | 809,452 | 342,200 | 137 | % | ||||||||
| Stribild | 203,761 | 40,025 | 409 | % | 539,256 | 57,536 | 837 | % | ||||||||
| Sovaldi | 139,435 | — | — | 139,435 | — | — | ||||||||||
Cardiovascular Product Sales
Cardiovascular product sales increased 25 percent to
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| (In thousands, except percentages) | 2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||
| Cardiovascular product sales | $ | 268,456 | $ | 215,205 | 25 | % | $ | 968,590 | $ | 783,003 | 24 | % | ||||
| Letairis | 138,530 | 116,078 | 19 | % | 519,966 | 410,054 | 27 | % | ||||||||
| Ranexa | 129,926 | 99,127 | 31 | % | 448,624 | 372,949 | 20 | % | ||||||||
Operating Expenses and Other
During the fourth quarter and full year 2013, compared to the same periods in 2012:
- Non-GAAP research and development (R&D) expenses increased due primarily to the progression of Gilead's clinical studies, particularly in oncology, liver diseases and HIV;
- Non-GAAP selling, general and administrative (SG&A) expenses increased due primarily to the ongoing growth and expansion of Gilead's business, including commercial expansion related to the launch of Sovaldi; and
- Non-GAAP interest expense decreased due to debt repayments.
| Three Months Ended | Twelve Months Ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| (In thousands, except percentages) | 2013 | 2012 | 2013 | 2012 | |||||||||
| Non-GAAP research and development expenses | $ | 511,385 | $ | 409,331 | $ | 1,947,667 | $ | 1,495,620 | |||||
| Non-GAAP selling, general and administrative expenses | $ | 470,965 | $ | 332,263 | $ | 1,557,206 | $ | 1,225,940 | |||||
| Non-GAAP interest expense | $ | (73,150 | ) | $ | (85,906 | ) | $ | (306,894 | ) | $ | (353,583 | ) | |
Note: Non-GAAP R&D, SG&A and interest expenses exclude the impact of acquisition-related, restructuring and stock-based compensation expenses, where applicable.
Income Taxes
The effective tax rate for 2013 decreased to 27.3 percent from 28.7
percent for 2012 and the non-GAAP effective tax rate for 2013 decreased
to 26.5 percent from 26.8 percent for 2012. The decreases were due
primarily to the retroactive extension of the federal R&D tax credit for
2012 and 2013 in
Net Foreign Currency Exchange Impact
The net foreign currency exchange impact on fourth quarter 2013 product
sales and pre-tax earnings was an unfavorable
Cash,
As of
Full Year 2014 Guidance
Gilead provided its full year 2014 guidance, which excludes the impact of Sovaldi product sales:
| (In millions, except percentages and per share amounts) | Provided February 4, 2014 | |
| Net Product Sales | $11,300 - $11,500 | |
| Non-GAAP* | ||
| Product Gross Margin | 75% - 77% | |
| R&D | $2,200 - $2,300 | |
| SG&A | $2,100 - $2,200 | |
| Effective Tax Rate | 28% - 29% | |
| Diluted EPS Impact of Acquisition-Related, Restructuring and Stock-Based Compensation Expenses | $0.63 - $0.66 | |
* Non-GAAP product gross margin, expense and effective tax rate exclude the impact of acquisition-related, restructuring and stock-based compensation expenses, where applicable.
Recent Product & Pipeline Updates Announced by Gilead Include:
Antiviral Program
-
Presentation of positive 144-week efficacy and safety results from two
pivotal Phase 3 studies (Studies 102 and 103) evaluating the
once-daily single tablet regimen Stribild among treatment-naïve
patients with HIV-1 infection at the 14th
European AIDS Clinical Society Conference . -
Presentation of data on sofosbuvir-based regimens in chronic HCV
patients at the 64th Annual Meeting of the
American Association for the Study of Liver Diseases included:- Positive results from two studies, the Phase 3 VALENCE study and the Phase 2 LONESTAR-2 study, evaluating sofosbuvir for the treatment of chronic HCV infection among patients infected with genotype 2 and 3 HCV.
- Positive results from a Phase 3 study, PHOTON-1, evaluating sofosbuvir for the treatment of HCV infection among patients co-infected with HIV.
- Positive results from two Phase 2 studies evaluating sofosbuvir plus ribavirin (RBV) for both the prevention and treatment of recurrent HCV infection among patients who underwent liver transplantation.
-
Granting of marketing authorization by the
European Commission for Vitekta ® (elvitegravir 85 mg and 150 mg), an integrase inhibitor for the treatment of HIV-1 infection in adults without known mutations associated with resistance to elvitegravir. -
Approval by the
FDA for Sovaldi, a once-daily oral nucleotide analog polymerase inhibitor for the treatment of HCV as a component of a combination antiviral treatment regimen. Sovaldi’s efficacy has been established in subjects with HCV genotypes 1, 2, 3 or 4 infection, including those with hepatocellular carcinoma meetingMilan criteria (awaiting liver transplantation) and those with HCV/HIV-1 co-infection. -
Approval by the
FDA andEuropean Commission of Complera/Eviplera for use in certain virologically-suppressed (HIV RNA -
Approval by
Health Canada for Sovaldi. - Positive interim results from three Phase 3 clinical studies (ION-1, ION-2 and ION-3) evaluating the once-daily fixed-dose combination of sofosbuvir and our NS5A inhibitor ledipasvir, with and without RBV, for the treatment of genotype 1 HCV infection.
Oncology Program
FDA accepted for review Gilead’s new drug application (NDA) for idelalisib, a targeted, oral inhibitor of PI3K delta, for the treatment of refractory indolent non-Hodgkin’s lymphoma (iNHL) and set a target review date ofSeptember 11, 2014 under the Prescription Drug User Fee Act. OnDecember 6 , a second NDA was submitted for idelalisib for the treatment of chronic lymphocytic leukemia (CLL). In addition, Gilead submitted Marketing Authorisation Applications for both iNHL and CLL inEurope .-
Presentation of 11 abstracts on clinical and preclinical data from
studies of idelalisib, which is currently under review by the
FDA andEuropean Medicines Agency for treatment of refractory iNHL and previously treated CLL, as well as for GS-9973, GS-9820 and momelotinib, during the Annual Meeting of theAmerican Society of Hematology .Select presentations on idelalisib, Gilead's investigational, targeted, oral inhibitor of PI3K delta included:- The Phase 3 study (Study 116) for previously-treated CLL patients who are not fit for chemotherapy, which was stopped early based on a recommendation by the Data Monitoring Committee. The recommendation followed a predefined interim analysis showing highly statistically significant efficacy for the primary endpoint of progression-free survival in patients receiving idelalisib plus rituximab compared to those receiving rituximab alone.
- Positive results of the Phase 2 study (Study 101-09) for the treatment of patients with iNHL that is refractory (non-responsive) to rituximab and to alkylating-agent-containing chemotherapy.
- Updated safety and efficacy results from a Phase 1/2 study evaluating momelotinib, a selective inhibitor of JAK1 and JAK2, in myelofibrosis.
- Positive interim results from the single-arm, open-label Phase 2 study evaluating GS-9973, an investigational oral inhibitor of spleen tyrosine kinase (Syk), for the treatment of patients with relapsed or refractory CLL, iNHL and other lymphoid malignancies.
- Data from a Phase 1b dose escalation monotherapy study evaluating GS-9820, a second-generation inhibitor of PI3K delta for recurrent CLL or iNHL.
Conference Call
At
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
About Gilead
Non-GAAP Financial Information
Gilead has presented certain financial information in accordance with U.S. GAAP (GAAP) and also on a non-GAAP basis. Management believes this non-GAAP information is useful for investors, when considered 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 pages 8 and 9.
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 2014 financial results; Gilead's ability to
sustain growth in revenues for its antiviral, cardiovascular and
respiratory programs; availability of funding for state AIDS Drug
Assistance Programs (ADAPs); continued fluctuations in ADAP purchases
driven by federal and state grant cycles which may not mirror patient
demand and may cause fluctuations in Gilead's earnings; the possibility
of unfavorable results from clinical trials involving sofosbuvir and the
fixed-dose combination of sofosbuvir/ledipasvir; 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 the
fixed-dose combination of ledipasvir/sofosbuvir for the treatment of
HCV; Gilead's ability to receive regulatory approvals in a timely manner
or at all, for new and current products, including idelalisib for iNHL
and CLL; Gilead's ability to successfully commercialize its products,
including Sovaldi, Stribild and Tybost; the risk that estimates of
patients with HCV or anticipated patient demand may not be accurate;
Gilead's ability to successfully develop its respiratory, cardiovascular
and oncology/inflammation programs; safety and efficacy data from
clinical studies may not warrant further development of Gilead's product
candidates, including the fixed-dose combination of
ledipasvir/sofosbuvir, TAF and idelalisib; 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; and other risks identified from time to time in Gilead's
reports filed with the
Gilead owns or has rights to various trademarks, copyrights and trade
names used in our business, including the following: GILEAD®,
ATRIPLA® is a registered trademark belonging to Bristol-Myers
Squibb &
For more information on
GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues: | ||||||||||||||||
| Product sales | $ | 3,043,190 | $ | 2,510,811 | $ | 10,803,695 | $ | 9,398,371 | ||||||||
| Royalty, contract and other revenues | 76,636 | 77,474 | 397,993 | 304,146 | ||||||||||||
| Total revenues | 3,119,826 | 2,588,285 | 11,201,688 | 9,702,517 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of goods sold | 857,523 | 675,818 | 2,858,502 | 2,471,363 | ||||||||||||
| Research and development | 551,978 | 439,659 | 2,119,756 | 1,759,945 | ||||||||||||
| Selling, general and administrative | 513,284 | 365,825 | 1,699,431 | 1,461,034 | ||||||||||||
| Total costs and expenses | 1,922,785 | 1,481,302 | 6,677,689 | 5,692,342 | ||||||||||||
| Income from operations | 1,197,041 | 1,106,983 | 4,523,999 | 4,010,175 | ||||||||||||
| Interest expense | (73,150 | ) | (85,906 | ) | (306,894 | ) | (360,916 | ) | ||||||||
| Other income (expense), net | (11,108 | ) | 1,386 | (8,886 | ) | (37,279 | ) | |||||||||
| Income before provision for income taxes | 1,112,783 | 1,022,463 | 4,208,219 | 3,611,980 | ||||||||||||
| Provision for income taxes | 326,041 | 263,504 | 1,150,933 | 1,038,381 | ||||||||||||
| Net income | 786,742 | 758,959 | 3,057,286 | 2,573,599 | ||||||||||||
| Net loss attributable to noncontrolling interest | 4,669 | 3,582 | 17,522 | 17,967 | ||||||||||||
| Net income attributable to Gilead | $ | 791,411 | $ | 762,541 | $ | 3,074,808 | $ | 2,591,566 | ||||||||
| Net income per share attributable to Gilead common stockholders - basic | $ | 0.52 | $ | 0.50 | $ | 2.01 | $ | 1.71 | ||||||||
| Net income per share attributable to Gilead common stockholders - diluted | $ | 0.47 | $ | 0.47 | $ | 1.81 | $ | 1.64 | ||||||||
| Shares used in per share calculation - basic | 1,533,882 | 1,517,208 | 1,528,620 | 1,514,621 | ||||||||||||
| Shares used in per share calculation - diluted | 1,694,212 | 1,636,939 | 1,694,747 | 1,582,549 | ||||||||||||
GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (unaudited) (in thousands, except percentages and per share amounts) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Cost of goods sold reconciliation: | ||||||||||||||||
| GAAP cost of goods sold | $ | 857,523 | $ | 675,818 | $ | 2,858,502 | $ | 2,471,363 | ||||||||
| Stock-based compensation expenses | (513 | ) | (977 | ) | (6,809 | ) | (7,061 | ) | ||||||||
| Acquisition related-amortization of purchased intangibles | (79,526 | ) | (15,837 | ) | (143,318 | ) | (63,346 | ) | ||||||||
| Non-GAAP cost of goods sold | $ | 777,484 | $ | 659,004 | $ | 2,708,375 | $ | 2,400,956 | ||||||||
| Product gross margin reconciliation: | ||||||||||||||||
| GAAP product gross margin | 71.8 | % | 73.2 | % | 73.5 | % | 73.8 | % | ||||||||
| Stock-based compensation expenses | 0.0 | % | 0.0 | % | 0.1 | % | 0.1 | % | ||||||||
| Acquisition related-amortization of purchased intangibles | 2.6 | % | 0.6 | % | 1.3 | % | 0.7 | % | ||||||||
| Non-GAAP product gross margin(1) | 74.5 | % | 73.8 | % | 74.9 | % | 74.5 | % | ||||||||
| Research and development expenses reconciliation: | ||||||||||||||||
| GAAP research and development expenses | $ | 551,978 | $ | 439,659 | $ | 2,119,756 | $ | 1,759,945 | ||||||||
| Stock-based compensation expenses | (29,511 | ) | (24,886 | ) | (108,772 | ) | (187,100 | ) | ||||||||
| Restructuring expenses | 176 | (89 | ) | (4,617 | ) | (7,411 | ) | |||||||||
| Acquisition related-transaction costs | — | — | — | (345 | ) | |||||||||||
| Acquisition related-contingent consideration remeasurement | (11,258 | ) | (5,353 | ) | (58,700 | ) | (69,469 | ) | ||||||||
| Non-GAAP research and development expenses | $ | 511,385 | $ | 409,331 | $ | 1,947,667 | $ | 1,495,620 | ||||||||
| Selling, general and administrative expenses reconciliation: | ||||||||||||||||
| GAAP selling, general and administrative expenses | $ | 513,284 | $ | 365,825 | $ | 1,699,431 | $ | 1,461,034 | ||||||||
| Stock-based compensation expenses | (41,894 | ) | (31,264 | ) | (136,630 | ) | (208,501 | ) | ||||||||
| Restructuring expenses | (144 | ) | 63 | 2,390 | (13,136 | ) | ||||||||||
| Acquisition related-transaction costs | — | (1,236 | ) | (6,860 | ) | (12,332 | ) | |||||||||
| Acquisition related-amortization of purchased intangibles | (281 | ) | (1,125 | ) | (1,125 | ) | (1,125 | ) | ||||||||
| Non-GAAP selling, general and administrative expenses | $ | 470,965 | $ | 332,263 | $ | 1,557,206 | $ | 1,225,940 | ||||||||
| Operating margin reconciliation: | ||||||||||||||||
| GAAP operating margin | 38.4 | % | 42.8 | % | 40.4 | % | 41.3 | % | ||||||||
| Stock-based compensation expenses | 2.3 | % | 2.2 | % | 2.3 | % | 4.2 | % | ||||||||
| Restructuring expenses | (0.0 | )% | 0.0 | % | 0.0 | % | 0.2 | % | ||||||||
| Acquisition related-transaction costs | — | % | 0.0 | % | 0.1 | % | 0.1 | % | ||||||||
| Acquisition related-amortization of purchased intangibles | 2.6 | % | 0.7 | % | 1.3 | % | 0.7 | % | ||||||||
| Acquisition related-contingent consideration remeasurement | 0.4 | % | 0.2 | % | 0.5 | % | 0.7 | % | ||||||||
| Non-GAAP operating margin(1) | 43.6 | % | 45.9 | % | 44.5 | % | 47.2 | % | ||||||||
| Interest expense reconciliation: | ||||||||||||||||
| GAAP interest expense | $ | (73,150 | ) | $ | (85,906 | ) | $ | (306,894 | ) | $ | (360,916 | ) | ||||
| Acquisition related-transaction costs | — | — | — | 7,333 | ||||||||||||
| Non-GAAP interest expense | $ | (73,150 | ) | $ | (85,906 | ) | $ | (306,894 | ) | $ | (353,583 | ) | ||||
| Net income attributable to Gilead reconciliation: | ||||||||||||||||
| GAAP net income attributable to Gilead, net of tax | $ | 791,411 | $ | 762,541 | $ | 3,074,808 | $ | 2,591,566 | ||||||||
| Stock-based compensation expenses | 52,967 | 42,423 | 185,302 | 346,705 | ||||||||||||
| Restructuring expenses | (40 | ) | 101 | 3,008 | 15,038 | |||||||||||
| Acquisition related-transaction costs | — | 981 | 6,860 | 14,646 | ||||||||||||
| Acquisition related-amortization of purchased intangibles | 74,211 | 12,605 | 121,878 | 47,186 | ||||||||||||
| Acquisition related-contingent consideration remeasurement | 11,258 | 4,783 | 58,700 | 68,899 | ||||||||||||
| Non-GAAP net income attributable to Gilead, net of tax | $ | 929,807 | $ | 823,434 | $ | 3,450,556 | $ | 3,084,040 | ||||||||
GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) (unaudited) (in thousands, except percentages and per share amounts) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Diluted earnings per share reconciliation: | ||||||||||||||||
| GAAP diluted earnings per share | $ | 0.47 | $ | 0.47 | $ | 1.81 | $ | 1.64 | ||||||||
| Stock-based compensation expenses | 0.03 | 0.03 | 0.11 | 0.22 | ||||||||||||
| Restructuring expenses | (0.00 | ) | 0.00 | 0.00 | 0.01 | |||||||||||
| Acquisition related-transaction costs | — | 0.00 | 0.00 | 0.01 | ||||||||||||
| Acquisition related-amortization of purchased intangibles | 0.04 | 0.01 | 0.07 | 0.03 | ||||||||||||
| Acquisition related-contingent consideration remeasurement | 0.01 | 0.00 | 0.03 | 0.04 | ||||||||||||
| Non-GAAP diluted earnings per share(1) | $ | 0.55 | $ | 0.50 | $ | 2.04 | $ | 1.95 | ||||||||
| Shares used in per share calculation (diluted) reconciliation: | ||||||||||||||||
| GAAP shares used in per share calculation (diluted) | 1,694,212 | 1,636,939 | 1,694,747 | 1,582,549 | ||||||||||||
| Share impact of current stock-based compensation rules | (1,002 | ) | (1,965 | ) | (1,190 | ) | (2,522 | ) | ||||||||
| Non-GAAP shares used in per share calculation (diluted) | 1,693,210 | 1,634,974 | 1,693,557 | 1,580,027 | ||||||||||||
| Non-GAAP adjustment summary: | ||||||||||||||||
| Cost of goods sold adjustments | $ | 80,039 | $ | 16,814 | $ | 150,127 | $ | 70,407 | ||||||||
| Research and development expenses adjustments | 40,593 | 30,328 | 172,089 | 264,325 | ||||||||||||
| Selling, general and administrative expenses adjustments | 42,319 | 33,562 | 142,225 | 235,094 | ||||||||||||
| Interest expense adjustments | — | — | — | 7,333 | ||||||||||||
| Total non-GAAP adjustments before tax | 162,951 | 80,704 | 464,441 | 577,159 | ||||||||||||
| Income tax effect | (24,555 | ) | (19,811 | ) | (88,693 | ) | (84,685 | ) | ||||||||
| Total non-GAAP adjustments after tax | $ | 138,396 | $ | 60,893 | $ | 375,748 | $ | 492,474 | ||||||||
| (1) Amounts may not sum due to rounding | ||||||||||||||||
GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||
| December 31, | December 31, | ||||||
| 2013 | 2012(1) | ||||||
| (unaudited) | |||||||
| Cash, cash equivalents and marketable securities | $ | 2,570,590 | $ | 2,582,086 | |||
| Accounts receivable, net | 2,100,286 | 1,751,388 | |||||
| Inventories | 2,055,788 | 1,744,982 | |||||
| Property, plant and equipment, net | 1,166,181 | 1,100,259 | |||||
| Intangible assets, net | 11,900,106 | 11,736,393 | |||||
| Goodwill | 1,169,023 | 1,060,919 | |||||
| Other assets | 1,534,811 | 1,263,811 | |||||
| Total assets | $ | 22,496,785 | $ | 21,239,838 | |||
| Current liabilities | $ | 6,325,528 | $ | 4,237,897 | |||
| Long-term liabilities | 4,362,925 | 7,451,072 | |||||
Equity component of redeemable convertible notes | 63,831 | 7,147 | |||||
| Stockholders’ equity(2) | 11,744,501 | 9,543,722 | |||||
| Total liabilities and stockholders’ equity | $ | 22,496,785 | $ | 21,239,838 | |||
| (1) Derived from the audited consolidated financial statements as of December 31, 2012. |
| (2) As of December 31, 2013, there were 1,534,414 shares of common stock issued and outstanding. |
GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY (unaudited) (in thousands) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||
| Antiviral products: | |||||||||||||||
| Atripla – U.S. | $ | 615,281 | $ | 579,979 | $ | 2,355,970 | $ | 2,252,655 | |||||||
| Atripla – Europe | 255,891 | 281,476 | 1,061,739 | 1,102,570 | |||||||||||
| Atripla – Other International | 62,474 | 56,031 | 230,787 | 219,258 | |||||||||||
| 933,646 | 917,486 | 3,648,496 | 3,574,483 | ||||||||||||
| Truvada – U.S. | 416,502 | 431,715 | 1,570,077 | 1,612,506 | |||||||||||
| Truvada – Europe | 324,594 | 334,907 | 1,295,576 | 1,315,533 | |||||||||||
| Truvada – Other International | 73,002 | 66,102 | 270,118 | 253,071 | |||||||||||
| 814,098 | 832,724 | 3,135,771 | 3,181,110 | ||||||||||||
| Viread – U.S. | 122,879 | 105,192 | 428,190 | 387,929 | |||||||||||
| Viread – Europe | 91,362 | 84,585 | 353,787 | 335,540 | |||||||||||
| Viread – Other International | 52,653 | 36,904 | 176,992 | 125,228 | |||||||||||
| 266,894 | 226,681 | 958,969 | 848,697 | ||||||||||||
| Complera / Eviplera – U.S. | 152,818 | 84,328 | 503,190 | 280,070 | |||||||||||
| Complera / Eviplera – Europe | 95,278 | 27,932 | 267,566 | 52,703 | |||||||||||
| Complera / Eviplera – Other International | 13,748 | 5,554 | 38,696 | 9,427 | |||||||||||
| 261,844 | 117,814 | 809,452 | 342,200 | ||||||||||||
| Stribild – U.S. | 186,310 | 40,022 | 509,949 | 57,533 | |||||||||||
| Stribild – Europe | 14,469 | — | 24,228 | — | |||||||||||
| Stribild – Other International | 2,982 | 3 | 5,079 | 3 | |||||||||||
| 203,761 | 40,025 | 539,256 | 57,536 | ||||||||||||
| Sovaldi – U.S. | 136,364 | — | 136,364 | — | |||||||||||
| Sovaldi – Europe | 3,071 | — | 3,071 | — | |||||||||||
| 139,435 | — | 139,435 | — | ||||||||||||
| Hepsera – U.S. | 2,776 | 9,766 | 34,175 | 43,362 | |||||||||||
| Hepsera – Europe | 8,475 | 12,907 | 38,726 | 54,291 | |||||||||||
| Hepsera – Other International | 1,649 | 2,835 | 8,194 | 10,662 | |||||||||||
| 12,900 | 25,508 | 81,095 | 108,315 | ||||||||||||
| Emtriva – U.S. | 5,524 | 4,951 | 19,948 | 18,531 | |||||||||||
| Emtriva – Europe | 1,569 | 1,544 | 6,464 | 6,713 | |||||||||||
| Emtriva – Other International | 156 | 1,135 | 993 | 4,205 | |||||||||||
| 7,249 | 7,630 | 27,405 | 29,449 | ||||||||||||
| Total antiviral products – U.S. | 1,638,454 | 1,255,953 | 5,557,863 | 4,652,586 | |||||||||||
| Total antiviral products – Europe | 794,709 | 743,351 | 3,051,157 | 2,867,350 | |||||||||||
| Total antiviral products – Other International | 206,664 | 168,564 | 730,859 | 621,854 | |||||||||||
| 2,639,827 | 2,167,868 | 9,339,879 | 8,141,790 | ||||||||||||
| Letairis | 138,530 | 116,078 | 519,966 | 410,054 | |||||||||||
| Ranexa | 129,926 | 99,127 | 448,624 | 372,949 | |||||||||||
| AmBisome | 93,603 | 90,781 | 351,827 | 346,646 | |||||||||||
| Other products | 41,304 | 36,957 | 143,399 | 126,932 | |||||||||||
| 403,363 | 342,943 | 1,463,816 | 1,256,581 | ||||||||||||
| Total product sales | $ | 3,043,190 | $ | 2,510,811 | $ | 10,803,695 | $ | 9,398,371 | |||||||
Source:
Gilead Sciences, Inc.InvestorsRobin Washington, 650-522-5688Patrick O'Brien, 650-522-1936MediaAmy Flood, 650-522-5643
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