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- Product Sales of
- Sovaldi Sales of
- Non-GAAP EPS of
“During the second quarter, Gilead continued to make significant
progress led by strong Sovaldi sales. Since December’s launch, Sovaldi
has been prescribed for more than 80,000 patients in the U.S. and
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| (In thousands, except per share amounts) | 2014 | 2013 | 2014 | 2013 | ||||||||
| Product sales | $ | 6,412,937 | $ | 2,657,285 | $ | 11,283,911 | $ | 5,050,853 | ||||
| Royalty, contract and other revenues | 122,006 | 110,109 | 249,988 | 248,176 | ||||||||
| Total revenues | $ | 6,534,943 | $ | 2,767,394 | $ | 11,533,899 | $ | 5,299,029 | ||||
| Net income attributable to Gilead | $ | 3,655,593 | $ | 772,605 | $ | 5,883,003 | $ | 1,494,791 | ||||
| Non-GAAP net income attributable to Gilead | $ | 3,929,533 | $ | 839,725 | $ | 6,417,342 | $ | 1,641,668 | ||||
| Diluted EPS | $ | 2.20 | $ | 0.46 | $ | 3.52 | $ | 0.89 | ||||
| Non-GAAP diluted EPS | $ | 2.36 | $ | 0.50 | $ | 3.84 | $ | 0.98 | ||||
Product Sales
Compared to the second quarter of 2013, U.S. product sales for the
second quarter of 2014 increased to
Antiviral Product Sales
Antiviral product sales increased to
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| (In thousands, except percentages) | 2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||
| Antiviral product sales | $ | 6,012,144 | $ | 2,313,539 | 160 | % | $ | 10,520,641 | $ | 4,374,617 | 140 | % | |
| Sovaldi | 3,480,326 | — | — | % | 5,754,675 | — | — | % | |||||
| Atripla | 870,708 | 938,108 | (7) | % | 1,650,302 | 1,815,181 | (9) | % | |||||
| Truvada | 806,610 | 807,779 | — | % | 1,566,310 | 1,508,021 | 4 | % | |||||
| Complera/Eviplera | 299,464 | 188,683 | 59 | % | 550,197 | 336,872 | 63 | % | |||||
| Stribild | 269,520 | 99,394 | 171 | % | 484,791 | 191,542 | 153 | % | |||||
| Viread | 260,734 | 250,188 | 4 | % | 471,359 | 460,520 | 2 | % | |||||
Cardiovascular Product Sales
Cardiovascular product sales increased to
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| (In thousands, except percentages) | 2014 | 2013 | % Change | 2014 | 2013 | % Change | |||||||
| Cardiovascular product sales | $ | 266,672 | $ | 234,854 | 14% | $ | 501,175 | $ | 449,247 | 12% | |||
| Letairis | 144,716 | 128,257 | 13% | 267,601 | 246,364 | 9% | |||||||
| Ranexa | 121,956 | 106,597 | 14% | 233,574 | 202,883 | 15% | |||||||
Operating Expenses
During the second quarter of 2014, compared to the same period in 2013:
- Non-GAAP research and development (R&D) expenses increased primarily due to increases in headcount and other costs to support expansion of our R&D activities.
- Non-GAAP selling, general and administrative (SG&A) expenses increased primarily due to headcount and marketing expense increases to support our business expansion related to Sovaldi and pre-launch expenses for Zydelig® (idelalisib 150 mg).
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| (In thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||
| Non-GAAP research and development expenses | $ | 541,974 | $ | 487,771 | $ | 1,099,779 | $ | 947,747 | ||||
| Non-GAAP selling, general and administrative expenses | $ | 569,230 | $ | 376,336 | $ | 1,069,335 | $ | 709,400 | ||||
Note: | Non-GAAP R&D and SG&A expenses exclude the impact of acquisition-related, restructuring and stock-based compensation expenses. |
Tax Rate
Our non-GAAP effective tax rate for the three and six months ended
Cash,
As of
Updated Full Year 2014 Guidance
Gilead updated its full year 2014 guidance, which it initially provided
on
| (In millions, except percentages and per share amounts) | Initially ProvidedFebruary 4, 2014;Reiterated April 22, 2014 | Updated July 23, 2014 | ||
| Net Product Sales | $11,300 - $11,500 | $21,000 - $23,000 | ||
| Non-GAAP* | ||||
| Product Gross Margin | 75% - 77% | 85% - 88% | ||
| R&D | $2,200 - $2,300 | $2,300 - $2,400 | ||
| SG&A | $2,100 - $2,200 | $2,300 - $2,400 | ||
| Effective Tax Rate | 28% - 29% | 17.5% - 20.5% | ||
| Diluted EPS Impact of Acquisition-Related, Restructuring and Stock-Based Compensation Expenses | $0.63 - $0.66 | $0.63 - $0.66 | ||
| * Non-GAAP product gross margin, expenses and effective tax rate exclude the impact of acquisition-related, restructuring and stock-based compensation expenses, where applicable. | ||||
Product & Pipeline Updates Announced by
Antiviral Program
-
Submission of a New Drug Application (NDA) to Japan’s
Pharmaceutical and Medical Devices Agency (PMDA) for approval of sofosbuvir (SOF), a once-daily nucleotide analog polymerase inhibitor for the treatment of chronic HCV infection. The NDA is based primarily on data from a Phase 3 clinical trial conducted inJapan among 153 treatment-naïve and treatment-experienced genotype 2 patients. In the study, 97 percent of HCV-infected patients receiving 12 weeks of an all-oral regimen of SOF plus ribavirin (RBV) 600-1,000 mg/day achieved a sustained virologic response 12 weeks after completing therapy (SVR12). If approved, SOF would form the basis of the first all-oral, interferon-free treatment regimen for genotype 2 patients inJapan . -
Positive results from a Phase 3 clinical trial in
Japan evaluating the investigational once-daily fixed-dose combination of the NS5A inhibitor ledipasvir (LDV) 90 mg and SOF 400 mg, with and without RBV, for the treatment of genotype 1 chronic HCV infection. In the arm that utilized LDV/SOF without RBV, 100 percent of patients treated achieved SVR12, including the subset of patients with cirrhosis. Based on these data, Gilead plans to submit an NDA for the LDV/SOF fixed-dose combination with the Japanese PMDA by the end of 2014. U.S. Food and Drug Administration (FDA ) acceptance of the company’s refiling of two NDAs for cobicistat and elvitegravir.FDA set target review dates under the Prescription Drug User Fee Act (PDUFA) ofOctober 3, 2014 for cobicistat andOctober 4, 2014 for elvitegravir.-
Presentations of data on SOF-based regimens in chronic HCV patients at
the 49th Annual Meeting of the
European Association for the Study of the Liver included:- Positive data from two Phase 2 studies and a compassionate access study in which a regimen containing once-daily Sovaldi was administered for the treatment of chronic HCV infection in patients with advanced liver disease.
- Positive data from two Phase 2 studies, evaluating investigational all-oral regimens containing SOF for the treatment of chronic HCV infection.
- Positive results from an open-label clinical trial, evaluating once-daily Sovaldi for the retreatment of chronic HCV infection among patients who failed prior therapy.
-
Priority review granted by the
FDA of the NDA for a once-daily fixed-dose combination of LDV/SOF for the treatment of chronic HCV genotype 1 infection in adults. TheFDA set a target action date under PDUFA ofOctober 10, 2014 .
Oncology Program
-
Updated interim results of a Phase 2 study evaluating GS-9973,
Gilead's investigational oral inhibitor of spleen tyrosine kinase
(Syk), for the treatment of patients with relapsed chronic lymphocytic
leukemia (CLL) at the 50th Annual Meeting of the
American Society of Clinical Oncology . Based on these data, Gilead plans to initiate new CLL study cohorts to include patients who have relapsed following treatment with other inhibitors of the B-cell receptor signaling pathway.
Other
-
Positive results from a placebo-controlled, Phase 2a challenge study
in healthy adult patients intranasally infected with respiratory
syncytial virus (RSV) at the
American Thoracic Society 2014International Conference . The study of GS-5806, an investigational oral RSV fusion inhibitor, achieved its primary and secondary endpoints of lower viral load (the amount of virus detected in the nasal wash), improvements in total mucus weight (the amount of mucus produced) and also symptom score compared to placebo. -
Positive results from HARMONY, a randomized, double-blind,
placebo-controlled Phase 2 study evaluating the effect of ranolazine
and low-dose dronedarone, each given alone and in combination, on
atrial fibrillation burden (AFB) in patients with paroxysmal atrial
fibrillation at the annual meeting of the
Heart Rhythm Society . In HARMONY, the combination of ranolazine and low-dose dronedarone provided greater reductions in AFB from baseline than either therapy used alone. -
Positive results from a Phase 1 clinical trial of GS-6615, an
investigational, selective late sodium current inhibitor, showing a
shortening of the QTc interval (the time interval between the start of
the Q-wave and end of the T-wave in the heart’s electrical cycle) in
patients with long QT-3 (LQT3) syndrome at the annual meeting of the
Heart Rhythm Society . Based on these results, Gilead plans to initiate a Phase 2 study of GS-6615 in LQT3 patients later this year. Additionally, based on pre-clinical data for GS-6615 and clinical data involving the role of late sodium current inhibition in other cardiovascular diseases, Gilead plans to initiate Phase 2 clinical trials in patients with hypertrophic cardiomyopathy and ventricular tachycardia/ventricular fibrillation.
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. generally accepted accounting principles (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 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 GS-9973, GS-5806,
GS-6615, sofosbuvir, including in combination with other product
candidates such as LDV; 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 submit NDAs for new product candidates in
the timelines currently anticipated, including the fixed dose
combination of LDV/SOF with the PDMA; Gilead's ability to receive
regulatory approvals in a timely manner or at all, for new and current
products, including sofosbuvir in
All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation to update any such forward-looking statements.
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 | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Revenues: | ||||||||||||||||
| Product sales | $ | 6,412,937 | $ | 2,657,285 | $ | 11,283,911 | $ | 5,050,853 | ||||||||
| Royalty, contract and other revenues | 122,006 | 110,109 | 249,988 | 248,176 | ||||||||||||
| Total revenues | 6,534,943 | 2,767,394 | 11,533,899 | 5,299,029 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of goods sold | 924,709 | 684,663 | 1,737,914 | 1,319,111 | ||||||||||||
| Research and development | 583,924 | 523,902 | 1,178,902 | 1,021,534 | ||||||||||||
| Selling, general and administrative | 613,555 | 404,991 | 1,161,678 | 779,287 | ||||||||||||
| Total costs and expenses | 2,122,188 | 1,613,556 | 4,078,494 | 3,119,932 | ||||||||||||
| Income from operations | 4,412,755 | 1,153,838 | 7,455,405 | 2,179,097 | ||||||||||||
| Interest expense | (102,004 | ) | (78,008 | ) | (178,273 | ) | (159,795 | ) | ||||||||
| Other income (expense), net | (3,645 | ) | (231 | ) | (21,557 | ) | (3,555 | ) | ||||||||
| Income before provision for income taxes | 4,307,106 | 1,075,599 | 7,255,575 | 2,015,747 | ||||||||||||
| Provision for income taxes | 656,621 | 307,981 | 1,382,503 | 530,419 | ||||||||||||
| Net income | 3,650,485 | 767,618 | 5,873,072 | 1,485,328 | ||||||||||||
| Net loss attributable to noncontrolling interest | 5,108 | 4,987 | 9,931 | 9,463 | ||||||||||||
| Net income attributable to Gilead | $ | 3,655,593 | $ | 772,605 | $ | 5,883,003 | $ | 1,494,791 | ||||||||
| Net income per share attributable to Gilead common stockholders - basic | $ | 2.39 | $ | 0.51 | $ | 3.83 | $ | 0.98 | ||||||||
| Net income per share attributable to Gilead common stockholders - diluted | $ | 2.20 | $ | 0.46 | $ | 3.52 | $ | 0.89 | ||||||||
| Shares used in per share calculation - basic | 1,532,723 | 1,526,945 | 1,534,614 | 1,524,174 | ||||||||||||
| Shares used in per share calculation - diluted | 1,664,415 | 1,694,577 | 1,672,435 | 1,683,269 | ||||||||||||
GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (unaudited) (in thousands, except percentages and per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Cost of goods sold reconciliation: | ||||||||||||||||
| GAAP cost of goods sold | $ | 924,709 | $ | 684,663 | $ | 1,737,914 | $ | 1,319,111 | ||||||||
| Stock-based compensation expenses | (2,565 | ) | (2,632 | ) | (5,207 | ) | (4,473 | ) | ||||||||
| Acquisition related-amortization of purchased intangibles | (199,230 | ) | (21,264 | ) | (398,460 | ) | (42,528 | ) | ||||||||
| Non-GAAP cost of goods sold | $ | 722,914 | $ | 660,767 | $ | 1,334,247 | $ | 1,272,110 | ||||||||
| Product gross margin reconciliation: | ||||||||||||||||
| GAAP product gross margin | 85.6 | % | 74.2 | % | 84.6 | % | 73.9 | % | ||||||||
| Stock-based compensation expenses | 0.0 | % | 0.1 | % | 0.0 | % | 0.1 | % | ||||||||
| Acquisition related-amortization of purchased intangibles | 3.1 | % | 0.8 | % | 3.5 | % | 0.8 | % | ||||||||
| Non-GAAP product gross margin(1) | 88.7 | % | 75.1 | % | 88.2 | % | 74.8 | % | ||||||||
| Research and development expenses reconciliation: | ||||||||||||||||
| GAAP research and development expenses | $ | 583,924 | $ | 523,902 | $ | 1,178,902 | $ | 1,021,534 | ||||||||
| Stock-based compensation expenses | (36,633 | ) | (24,646 | ) | (70,983 | ) | (51,521 | ) | ||||||||
| Restructuring expenses | (29 | ) | (67 | ) | (174 | ) | (4,824 | ) | ||||||||
| Acquisition related-contingent consideration remeasurement | (5,288 | ) | (11,418 | ) | (7,966 | ) | (17,442 | ) | ||||||||
| Non-GAAP research and development expenses | $ | 541,974 | $ | 487,771 | $ | 1,099,779 | $ | 947,747 | ||||||||
| Selling, general and administrative expenses reconciliation: | ||||||||||||||||
| GAAP selling, general and administrative expenses | $ | 613,555 | $ | 404,991 | $ | 1,161,678 | $ | 779,287 | ||||||||
| Stock-based compensation expenses | (43,935 | ) | (28,675 | ) | (89,168 | ) | (61,726 | ) | ||||||||
| Restructuring expenses | (2 | ) | 306 | (5 | ) | (438 | ) | |||||||||
| Acquisition related-transaction costs | (107 | ) | (4 | ) | (555 | ) | (7,160 | ) | ||||||||
| Acquisition related-amortization of purchased intangibles | (281 | ) | (282 | ) | (2,615 | ) | (563 | ) | ||||||||
| Non-GAAP selling, general and administrative expenses | $ | 569,230 | $ | 376,336 | $ | 1,069,335 | $ | 709,400 | ||||||||
| Operating margin reconciliation: | ||||||||||||||||
| GAAP operating margin | 67.5 | % | 41.7 | % | 64.6 | % | 41.1 | % | ||||||||
| Stock-based compensation expenses | 1.3 | % | 2.0 | % | 1.4 | % | 2.2 | % | ||||||||
| Restructuring expenses | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | ||||||||
| Acquisition related-transaction costs | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | ||||||||
| Acquisition related-amortization of purchased intangibles | 3.1 | % | 0.8 | % | 3.5 | % | 0.8 | % | ||||||||
| Acquisition related-contingent consideration remeasurement | 0.1 | % | 0.4 | % | 0.1 | % | 0.3 | % | ||||||||
| Non-GAAP operating margin(1) | 71.9 | % | 44.9 | % | 69.6 | % | 44.7 | % | ||||||||
| Other income (expense) reconciliation: | ||||||||||||||||
| GAAP other income (expense), net | $ | (3,645 | ) | $ | (231 | ) | $ | (21,557 | ) | $ | (3,555 | ) | ||||
| Acquisition related-transaction costs | 2 | — | (1,851 | ) | — | |||||||||||
| Non-GAAP other income (expense), net | $ | (3,643 | ) | $ | (231 | ) | $ | (23,408 | ) | $ | (3,555 | ) | ||||
GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) (unaudited) (in thousands, except percentages and per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Effective tax rate reconciliation: | ||||||||||||||||
| GAAP effective tax rate | 15.2 | % | 28.6 | % | 19.1 | % | 26.3 | % | ||||||||
| Restructuring expenses | 0.0 | % | 0.0 | % | 0.0 | % | (0.1 | )% | ||||||||
| Acquisition related-amortization of purchased intangibles | (0.6 | )% | 0.0 | % | (0.9 | )% | 0.0 | % | ||||||||
| Acquisition related-contingent consideration remeasurement | 0.0 | % | (0.3 | )% | 0.0 | % | (0.2 | )% | ||||||||
| Non-GAAP effective tax rate(1) | 14.6 | % | 28.3 | % | 18.2 | % | 26.0 | % | ||||||||
| Net income attributable to Gilead reconciliation: | ||||||||||||||||
| GAAP net income attributable to Gilead, net of tax | $ | 3,655,593 | $ | 772,605 | $ | 5,883,003 | $ | 1,494,791 | ||||||||
| Stock-based compensation expenses | 72,199 | 40,379 | 135,335 | 85,759 | ||||||||||||
| Restructuring expenses | 25 | (244 | ) | 173 | 5,124 | |||||||||||
| Acquisition related-transaction costs | 109 | 4 | (866 | ) | 7,160 | |||||||||||
| Acquisition related-amortization of purchased intangibles | 196,319 | 15,563 | 391,731 | 31,392 | ||||||||||||
| Acquisition related-contingent consideration remeasurement | 5,288 | 11,418 | 7,966 | 17,442 | ||||||||||||
| Non-GAAP net income attributable to Gilead, net of tax | $ | 3,929,533 | $ | 839,725 | $ | 6,417,342 | $ | 1,641,668 | ||||||||
| Diluted earnings per share reconciliation: | ||||||||||||||||
| GAAP diluted earnings per share | $ | 2.20 | $ | 0.46 | $ | 3.52 | $ | 0.89 | ||||||||
| Stock-based compensation expenses | 0.04 | 0.02 | 0.08 | 0.05 | ||||||||||||
| Restructuring expenses | 0.00 | (0.00 | ) | 0.00 | 0.00 | |||||||||||
| Acquisition related-transaction costs | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
| Acquisition related-amortization of purchased intangibles | 0.12 | 0.01 | 0.23 | 0.02 | ||||||||||||
| Acquisition related-contingent consideration remeasurement | 0.00 | 0.01 | 0.00 | 0.01 | ||||||||||||
| Non-GAAP diluted earnings per share(1) | $ | 2.36 | $ | 0.50 | $ | 3.84 | $ | 0.98 | ||||||||
| Shares used in per share calculation (diluted) reconciliation: | ||||||||||||||||
| GAAP shares used in per share calculation (diluted) | 1,664,415 | 1,694,577 | 1,672,435 | 1,683,269 | ||||||||||||
| Share impact of current stock-based compensation rules | (965 | ) | (1,228 | ) | (950 | ) | (1,453 | ) | ||||||||
| Non-GAAP shares used in per share calculation (diluted) | 1,663,450 | 1,693,349 | 1,671,485 | 1,681,816 | ||||||||||||
| Non-GAAP adjustment summary: | ||||||||||||||||
| Cost of goods sold adjustments | $ | 201,795 | $ | 23,896 | $ | 403,667 | $ | 47,001 | ||||||||
| Research and development expenses adjustments | 41,950 | 36,131 | 79,123 | 73,787 | ||||||||||||
| Selling, general and administrative expenses adjustments | 44,325 | 28,655 | 92,343 | 69,887 | ||||||||||||
| Other income (expense) adjustments | 2 | — | (1,851 | ) | — | |||||||||||
| Total non-GAAP adjustments before tax | 288,072 | 88,682 | 573,282 | 190,675 | ||||||||||||
| Income tax effect | (14,132 | ) | (21,562 | ) | (38,943 | ) | (43,798 | ) | ||||||||
| Total non-GAAP adjustments after tax | $ | 273,940 | $ | 67,120 | $ | 534,339 | $ | 146,877 | ||||||||
| (1) Amounts may not sum due to rounding. | ||||||||||||||||
GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||
| June 30, | December 31, | ||||||
| 2014 | 2013(1) | ||||||
| (unaudited) | |||||||
| Cash, cash equivalents and marketable securities | $ | 9,581,383 | $ | 2,570,590 | |||
| Accounts receivable, net | 3,436,711 | 2,100,286 | |||||
| Inventories | 2,068,753 | 2,055,788 | |||||
| Property, plant and equipment, net | 1,380,776 | 1,166,181 | |||||
| Intangible assets, net | 11,508,319 | 11,900,106 | |||||
| Goodwill | 1,171,561 | 1,169,023 | |||||
| Other assets | 2,058,661 | 1,534,811 | |||||
| Total assets | $ | 31,206,164 | $ | 22,496,785 | |||
| Current liabilities | $ | 6,227,997 | $ | 6,325,421 | |||
| Long-term liabilities | 8,512,950 | 4,363,032 | |||||
| Equity component of currently redeemable convertible notes | 35,875 | 63,831 | |||||
| Stockholders’ equity(2) | 16,429,342 | 11,744,501 | |||||
| Total liabilities and stockholders’ equity | $ | 31,206,164 | $ | 22,496,785 | |||
| (1) Derived from the audited consolidated financial statements as of December 31, 2013. |
| (2) As of June 30, 2014, there were 1,526,043 shares of common stock issued and outstanding. |
GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY (unaudited) (in thousands) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2014 | 2013 | 2014 | 2013 | ||||||||||||
| Antiviral products: | |||||||||||||||
| Sovaldi – U.S. | $ | 3,031,507 | $ | — | $ | 5,129,298 | $ | — | |||||||
| Sovaldi – Europe | 400,218 | — | 563,909 | — | |||||||||||
| Sovaldi – Other International | 48,601 | — | 61,468 | — | |||||||||||
| 3,480,326 | — | 5,754,675 | — | ||||||||||||
| Atripla – U.S. | 578,349 | 611,330 | 1,068,278 | 1,165,156 | |||||||||||
| Atripla – Europe | 234,328 | 270,780 | 470,836 | 548,995 | |||||||||||
| Atripla – Other International | 58,031 | 55,998 | 111,188 | 101,030 | |||||||||||
| 870,708 | 938,108 | 1,650,302 | 1,815,181 | ||||||||||||
| Truvada – U.S. | 399,570 | 415,541 | 767,352 | 723,402 | |||||||||||
| Truvada – Europe | 337,981 | 324,992 | 661,167 | 657,019 | |||||||||||
| Truvada – Other International | 69,059 | 67,246 | 137,791 | 127,600 | |||||||||||
| 806,610 | 807,779 | 1,566,310 | 1,508,021 | ||||||||||||
| Complera / Eviplera – U.S. | 153,846 | 120,187 | 284,272 | 223,484 | |||||||||||
| Complera / Eviplera – Europe | 132,132 | 59,301 | 241,126 | 98,263 | |||||||||||
| Complera / Eviplera – Other International | 13,486 | 9,195 | 24,799 | 15,125 | |||||||||||
| 299,464 | 188,683 | 550,197 | 336,872 | ||||||||||||
| Stribild – U.S. | 229,417 | 96,961 | 416,507 | 188,939 | |||||||||||
| Stribild – Europe | 31,308 | 1,848 | 54,938 | 1,848 | |||||||||||
| Stribild – Other International | 8,795 | 585 | 13,346 | 755 | |||||||||||
| 269,520 | 99,394 | 484,791 | 191,542 | ||||||||||||
| Viread – U.S. | 116,554 | 113,965 | 197,607 | 196,593 | |||||||||||
| Viread – Europe | 87,591 | 88,042 | 171,656 | 176,248 | |||||||||||
| Viread – Other International | 56,589 | 48,181 | 102,096 | 87,679 | |||||||||||
| 260,734 | 250,188 | 471,359 | 460,520 | ||||||||||||
| LDV/SOF – Europe | 439 | — | 439 | — | |||||||||||
| 439 | — | 439 | — | ||||||||||||
| Other Antiviral – U.S. | 13,445 | 15,931 | 20,491 | 33,410 | |||||||||||
| Other Antiviral – Europe | 9,027 | 10,852 | 18,306 | 23,826 | |||||||||||
| Other Antiviral – Other International | 1,871 | 2,604 | 3,771 | 5,245 | |||||||||||
| 24,343 | 29,387 | 42,568 | 62,481 | ||||||||||||
| Total antiviral products – U.S. | 4,522,688 | 1,373,915 | 7,883,805 | 2,530,984 | |||||||||||
| Total antiviral products – Europe | 1,233,024 | 755,815 | 2,182,377 | 1,506,199 | |||||||||||
| Total antiviral products – Other International | 256,432 | 183,809 | 454,459 | 337,434 | |||||||||||
| 6,012,144 | 2,313,539 | 10,520,641 | 4,374,617 | ||||||||||||
| Letairis | 144,716 | 128,257 | 267,601 | 246,364 | |||||||||||
| Ranexa | 121,956 | 106,597 | 233,574 | 202,883 | |||||||||||
| AmBisome | 94,794 | 75,137 | 186,887 | 160,412 | |||||||||||
| Other products | 39,327 | 33,755 | 75,208 | 66,577 | |||||||||||
| 400,793 | 343,746 | 763,270 | 676,236 | ||||||||||||
| Total product sales | $ | 6,412,937 | $ | 2,657,285 | $ | 11,283,911 | $ | 5,050,853 | |||||||
Source:
Gilead Sciences, Inc.Robin Washington, 650-522-5688 (Investors)Patrick O'Brien, 650-522-1936 (Investors)Amy Flood, 650-522-5643 (Media)
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