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Gilead Sciences Announces Second Quarter 2017 Financial Results

Jaa

Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the second quarter ended June 30, 2017. The financial results that follow represent a year-over-year comparison of the second quarter 2017 to the second quarter 2016. Total revenues were $7.1 billion in 2017 compared to $7.8 billion in 2016. Net income was $3.1 billion or $2.33 per diluted share in 2017 compared to $3.5 billion or $2.58 per diluted share in 2016. Non-GAAP net income, which excludes amounts related to acquisition-related, up-front collaboration, stock-based compensation and other expenses, was $3.4 billion or $2.56 per diluted share in 2017 compared to $4.2 billion or $3.08 per diluted share in 2016.

  Three Months Ended   Six Months Ended
June 30, June 30,
(In millions, except per share amounts) 2017   2016 2017   2016
Product sales $ 7,046 $ 7,651 $ 13,423 $ 15,332
Royalty, contract and other revenues 95   125   223   238
Total revenues $ 7,141   $ 7,776   $ 13,646   $ 15,570
 
Net income attributable to Gilead $ 3,073 $ 3,497 $ 5,775 $ 7,063
Non-GAAP net income* $ 3,372 $ 4,177 $ 6,321 $ 8,451
 
Diluted earnings per share $ 2.33 $ 2.58 $ 4.38 $ 5.11
Non-GAAP diluted earnings per share* $ 2.56 $ 3.08 $ 4.79 $ 6.11
 

* Non-GAAP net income and non-GAAP diluted earnings per share exclude acquisition-related, up-front collaboration, stock-based compensation and other expenses. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 7 and 8.

Product Sales

Total product sales for the second quarter of 2017 were $7.0 billion compared to $7.7 billion for the same period in 2016. Product sales for the second quarter of 2017 were $5.0 billion in the United States, $1.4 billion in Europe and $665 million in other locations. Product sales for the second quarter of 2016 were $4.9 billion in the United States, $1.6 billion in Europe and $1.2 billion in other locations.

Antiviral Product Sales

Antiviral product sales, which include sales of our HIV, chronic hepatitis B (HBV) and chronic hepatitis C (HCV) products, were $6.4 billion for the second quarter of 2017 compared to $7.1 billion for the same period in 2016.

  • HIV and HBV product sales were $3.6 billion compared to $3.1 billion for the same period in 2016. The increase was primarily due to the continued uptake of our tenofovir alafenamide (TAF) based products, Genvoya® (elvitegravir 150 mg/cobicistat 150 mg/emtricitabine 200 mg/tenofovir alafenamide 10 mg), Descovy® (emtricitabine 200 mg/tenofovir alafenamide 25 mg) and Odefsey® (emtricitabine 200 mg/rilpivirine 25 mg/tenofovir alafenamide 25 mg).
  • HCV product sales, which consist of Harvoni® (ledipasvir 90 mg/sofosbuvir 400 mg), Sovaldi® (sofosbuvir 400 mg) and Epclusa® (sofosbuvir 400 mg/velpatasvir 100 mg), were $2.9 billion compared to $4.0 billion for the same period in 2016. The decline was due to lower sales of Harvoni and Sovaldi across all major markets, partially offset by sales of Epclusa, which was approved in the United States and Europe in June and July 2016, respectively.

Other Product Sales

Other product sales, which include Letairis® (ambrisentan), Ranexa® (ranolazine) and AmBisome® (amphotericin B liposome for injection), were $607 million for the second quarter of 2017 compared to $525 million for the same period in 2016.

Operating Expenses

  Three Months Ended   Six Months Ended
June 30, June 30,
(In millions) 2017   2016 2017   2016
Research and development expenses (R&D) $ 864 $ 1,484 $ 1,795 $ 2,749
Non-GAAP R&D expenses* $ 812 $ 1,040 $ 1,701 $ 1,809
 
Selling, general and administrative expenses (SG&A) $ 897 $ 890 $ 1,747 $ 1,575
Non-GAAP SG&A expenses* $ 827 $ 838 $ 1,634 $ 1,476
 

* Non-GAAP R&D and SG&A expenses exclude acquisition-related, up-front collaboration, stock-based compensation and other expenses. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 7 and 8.

During the second quarter of 2017, compared to the same period in 2016:

  • R&D expenses decreased primarily due to the 2016 impact of Gilead’s purchase of Nimbus Apollo, Inc. and a U.S. Food and Drug Administration (FDA) priority review voucher.
  • Non-GAAP R&D expenses* decreased primarily due to the 2016 impact of Gilead’s purchase of an FDA priority review voucher.

Cash, Cash Equivalents and Marketable Securities

As of June 30, 2017, Gilead had $36.6 billion of cash, cash equivalents and marketable securities compared to $34.0 billion as of March 31, 2017. Cash flow from operating activities was $3.5 billion for the quarter. During the second quarter of 2017, Gilead paid cash dividends of $680 million and utilized $130 million on stock repurchases.

Revised Full Year 2017 Guidance

Gilead revised its full year 2017 guidance, initially provided on February 7, 2017:

(In millions, except percentages and per share amounts)   Initially Provided

February 7, 2017

Reiterated

May 2, 2017

  Updated

July 26, 2017

Net Product Sales

   $22,500 - $24,500   

   $24,000 - $25,500   

Non-HCV Product Sales $15,000 - $15,500

$15,500 - $16,000

HCV Product Sales $7,500 - $9,000 $8,500 - $9,500
Non-GAAP*
Product Gross Margin 86% - 88% 86% - 88%
R&D Expenses

$3,100 - $3,400

$3,200 - $3,400

SG&A Expenses $3,100 - $3,400 $3,200 - $3,400
Effective Tax Rate 25.0% - 28.0% 25.0% - 28.0%
Diluted EPS Impact of Acquisition-related, Up-front Collaboration, Stock-based Compensation and Other Expenses $0.84 - $0.91 $0.86 - $0.93
 

* Non-GAAP Product Gross Margin, R&D and SG&A expenses and effective tax rate exclude acquisition-related, up-front collaboration, stock-based compensation and other expenses. A reconciliation between GAAP and non-GAAP full year 2017 guidance is provided in the tables on page 9.

Product and Pipeline Updates announced by Gilead during the Second Quarter of 2017 include:

Antiviral and Liver Diseases Programs

  • Announced that the European Committee for the Medicinal Products for Human Use, the scientific committee of the European Medicines Agency, adopted a positive opinion on the marketing authorization application for VoseviTM, a once-daily, single-tablet regimen of sofosbuvir 400 mg, velpatasvir 100 mg and voxilaprevir 100 mg for the treatment of HCV-infected patients. On July 18, 2017, Vosevi was approved by FDA.
  • Announced the submission of a new drug application (NDA) to FDA for an investigational, once-daily single-tablet regimen containing bictegravir (50 mg) (BIC), a novel investigational integrase strand transfer inhibitor, and emtricitabine/tenofovir alafenamide (200/25 mg) (FTC/TAF) for the treatment of HIV-1 infection in adults. BIC/FTC/TAF demonstrated high rates of virologic suppression and no treatment-emergent resistance through 48 weeks in Phase 3 clinical trials among treatment-naïve adult patients and among virologically suppressed adult patients who switched regimens. Additionally, Gilead submitted a marketing authorization application for BIC/FTC/TAF in the European Union during the second quarter of 2017.
  • Presented data at the 52nd Annual Meeting of the European Association for the Study of the Liver: The International Liver Congress™ 2017 which included the announcement of:
    • Positive results from an open-label, proof-of-concept study evaluating GS-0976, an investigational inhibitor of acetyl-CoA carboxylase, in patients with nonalcoholic steatohepatitis. The data, from ten patients treated with GS-0976 20 mg taken orally once daily for 12 weeks, indicated that treatment was associated with statistically significant improvements in liver fat content and noninvasive markers of fibrosis, via inhibition of hepatic de novo lipogenesis.
    • Positive results from two Phase 2 studies evaluating Harvoni tablets in HCV-infected patient populations not previously studied in dedicated clinical trials with direct-acting antiviral therapies. The studies demonstrated HCV cure rates of 99 percent in children aged 6 to 11 years, and 100 percent in adult patients co-infected with HCV and HBV.
    • Positive 96-week results from two ongoing Phase 3 studies evaluating the safety and efficacy of daily Vemlidy® (TAF 25mg) in immune active patients and in patients switching from Gilead’s Viread (tenofovir disoproxil fumarate, TDF 300 mg). Vemlidy is a once-daily treatment approved for adults with HBV infection with compensated liver disease.
  • Announced that FDA approved supplemental indications for Harvoni tablets and Sovaldi tablets for the treatment of HCV infection in adolescents without cirrhosis or with compensated cirrhosis, 12 years of age and older, or weighing at least 35kg. Harvoni was approved for pediatric patients with genotype 1, 4, 5 or 6 HCV infection. Sovaldi was approved for pediatric patients with genotype 2 or 3 HCV infection, in combination with ribavirin.

Non-GAAP Financial Information

The information presented in this document has been prepared by Gilead 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 7, 8 and 9.

Conference Call

At 4:30 p.m. Eastern Time today, Gilead’s management will host a conference call and a simultaneous webcast to discuss results from its second quarter 2017 and a general business update. To access the webcast live via the internet, please connect to the company’s website at www.gilead.com/investors 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 1-877-359-9508 (U.S.) or 1-224-357-2393 (international) and dial the conference ID 43105505 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 July 28, 2017. To access the phone replay, please call 1-855-859-2056 (U.S.) or 1-404-537-3406 (international) and dial the conference ID 43105505.

About Gilead

Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need. The company’s mission is to advance the care of patients suffering from life-threatening diseases. Gilead has operations in more than 30 countries worldwide, with headquarters in Foster City, California.

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 2017 financial results; Gilead’s ability to sustain growth in revenues for its antiviral and other programs; the risk that estimates of patients with HCV or anticipated patient demand may not be accurate; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Vemlidy, Epclusa, Descovy, Odefsey and Genvoya; the potential for increased pricing pressure globally and contracting pressure as well as decreased volume and market share from additional competitive HCV launches; 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) and Veterans Administration (VA); continued fluctuations in ADAP and VA purchases driven by federal and state grant cycles which 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 Viread and Truvada outside the United States; 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; the possibility of unfavorable results from clinical trials involving investigational compounds; the levels of inventory held by wholesalers and retailers which may cause fluctuations in Gilead’s earnings; Gilead’s ability to submit new drug applications and receive regulatory approval for new product candidates in the timelines currently anticipated or at all, including for Vosevi and BIC/FTC/TAF; Gilead’s ability to successfully develop its oncology, inflammation, cardiovascular and respiratory programs; safety and efficacy data from clinical studies may not warrant further development of Gilead’s product candidates, including GS-0976; 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 (SEC). In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. 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 press releases, Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 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 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®, GILEAD SCIENCES®, AMBISOME®, CAYSTON®, COMPLERA®, DESCOVY®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPSERA®, LETAIRIS®, ODEFSEY®, RANEXA®, SOVALDI®, STRIBILD®, TRUVADA®, TYBOST®, VEMLIDY®, VIREAD®, VITEKTA®, VOLIBRIS®, VOSEVITM and ZYDELIG®.

ATRIPLA® is a registered trademark of Bristol-Myers Squibb & Gilead Sciences, LLC. LEXISCAN® is a registered trademark of Astellas U.S. LLC. MACUGEN® is a registered trademark of Eyetech, Inc. SUSTIVA® is a registered trademark of Bristol-Myers Squibb Pharma Company. 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 Six Months Ended
June 30, June 30,
2017   2016 2017   2016
Revenues:
Product sales $ 7,046 $ 7,651 $ 13,423 $ 15,332
Royalty, contract and other revenues 95   125   223   238  
Total revenues 7,141   7,776   13,646   15,570  
Costs and expenses:
Cost of goods sold 1,126 864 2,083 2,057
Research and development expenses 864 1,484 1,795 2,749
Selling, general and administrative expenses 897   890   1,747   1,575  
Total costs and expenses 2,887   3,238   5,625   6,381  
Income from operations 4,254 4,538 8,021 9,189
Interest expense (269 ) (227 ) (530 ) (457 )
Other income (expense), net 130   88   241   169  
Income before provision for income taxes 4,115 4,399 7,732 8,901
Provision for income taxes 1,046   902   1,964   1,837  
Net income 3,069 3,497 5,768 7,064
Net income (loss) attributable to noncontrolling interest (4 )   (7 ) 1  
Net income attributable to Gilead $ 3,073   $ 3,497   $ 5,775   $ 7,063  
 
Net income per share attributable to Gilead common stockholders - basic $ 2.35 $ 2.62 $ 4.42 $ 5.20
Shares used in per share calculation - basic 1,307 1,335 1,307 1,359
Net income per share attributable to Gilead common stockholders - diluted $ 2.33 $ 2.58 $ 4.38 $ 5.11
Shares used in per share calculation - diluted 1,317 1,355 1,319 1,383
Cash dividends declared per share $ 0.52 $ 0.47 $ 1.04 $ 0.90
 
 

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(unaudited)

(in millions, except percentages and per share amounts)

   
Three Months Ended Six Months Ended
June 30, June 30,
2017   2016 2017   2016
Cost of goods sold reconciliation:
GAAP cost of goods sold $ 1,126 $ 864 $ 2,083 $ 2,057
Acquisition related-amortization of purchased intangibles (210 ) (210 ) (420 ) (420 )
Stock-based compensation expenses (4 ) (4 ) (8 ) (7 )
Other(1) (20 ) 3   (20 ) 6  
Non-GAAP cost of goods sold $ 892   $ 653   $ 1,635   $ 1,636  
 
Product gross margin reconciliation:
GAAP product gross margin 84.0 % 88.7 % 84.5 % 86.6

 %

Acquisition related-amortization of purchased intangibles 3.0 % 2.7 % 3.1 % 2.7

 %

Other(1) 0.3 % % 0.1 %

 %

Non-GAAP product gross margin(2) 87.3 % 91.5 % 87.8 % 89.3

 %

 
Research and development expenses reconciliation:
GAAP research and development expenses $ 864 $ 1,484 $ 1,795 $ 2,749
Up-front collaboration expenses (368 )
Acquisition related expenses-acquired IPR&D (400 ) (400 )
Acquisition related-IPR&D impairment (114 )
Stock-based compensation expenses (47 ) (44 ) (89 ) (85 )
Other(1) (5 )   (5 ) 27  
Non-GAAP research and development expenses $ 812   $ 1,040   $ 1,701   $ 1,809  
 
Selling, general and administrative expenses reconciliation:
GAAP selling, general and administrative expenses $ 897 $ 890 $ 1,747 $ 1,575
Stock-based compensation expenses (51 ) (47 ) (94 ) (91 )
Other(1) (19 ) (5 ) (19 ) (8 )
Non-GAAP selling, general and administrative expenses $ 827   $ 838   $ 1,634   $ 1,476  
 
Operating margin reconciliation:
GAAP operating margin 59.6 % 58.4 % 58.8 % 59.0

 %

Up-front collaboration expenses % % % 2.4

 %

Acquisition related-amortization of purchased intangibles 2.9 % 2.7 % 3.1 % 2.7

 %

Acquisition related expenses-acquired IPR&D % 5.1 % % 2.6

 %

Acquisition related-IPR&D impairment % % % 0.7

 %

Stock-based compensation expenses 1.4 % 1.2 % 1.4 % 1.2

 %

Other(1) 0.6 % % 0.3 % (0.2 )%
Non-GAAP operating margin(2) 64.6 % 67.5 % 63.6 % 68.4

 %

 
Notes:
(1) Amounts related to restructuring, contingent consideration, consolidation of a contract manufacturer and/or other individually insignificant amounts
(2) Amounts may not sum due to rounding
 
 

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued)

(unaudited)

(in millions, except percentages and per share amounts)

   
Three Months Ended Six Months Ended
June 30, June 30,
2017   2016 2017   2016
Effective tax rate reconciliation:
GAAP effective tax rate 25.4

 %

20.5

 %

25.4

 %

20.6

 %

Up-front collaboration expenses

 %

 %

 %

(0.7 )%
Acquisition related-amortization of purchased intangibles (1.1 )% (0.7 )% (1.1 )% (0.7 )%
Acquisition related expenses-acquired IPR&D

 %

(1.5 )%

 %

(0.8 )%
Stock-based compensation expenses(1) 0.5

 %

 %

0.5

 %

 %

Other(2) (0.1 )%

 %

(0.1 )% 0.1

 %

Non-GAAP effective tax rate(3) 24.7

 %

18.3

 %

24.7

 %

18.5

 %

 
Net income attributable to Gilead reconciliation:
GAAP net income attributable to Gilead $ 3,073 $ 3,497 $ 5,775 $ 7,063
Up-front collaboration expenses 368
Acquisition related-amortization of purchased intangibles 202 204 404 408
Acquisition related expenses-acquired IPR&D 400 400
Acquisition related-IPR&D impairment 99
Stock-based compensation expenses(1) 61 69 106 133
Other(2) 36   7   36   (20 )
Non-GAAP net income attributable to Gilead $ 3,372   $ 4,177   $ 6,321   $ 8,451  
 
Diluted earnings per share reconciliation:
GAAP diluted earnings per share $ 2.33 $ 2.58 $ 4.38 $ 5.11
Up-front collaboration expenses 0.27
Acquisition related-amortization of purchased intangibles 0.15 0.15 0.31 0.30
Acquisition related expenses-acquired IPR&D 0.30 0.29
Acquisition related-IPR&D impairment 0.07
Stock-based compensation expenses(1) 0.05 0.05 0.08 0.10
Other(2) 0.03   0.01   0.03   (0.01 )
Non-GAAP diluted earnings per share(3) $ 2.56   $ 3.08   $ 4.79   $ 6.11  
 
Non-GAAP adjustment summary:
Cost of goods sold adjustments $ 234 $ 211 $ 448 $ 421
Research and development expenses adjustments 52 444 94 940
Selling, general and administrative expenses adjustments 70   52   113   99  
Total non-GAAP adjustments before tax 356 707 655 1,460
Income tax effect(1) (57 ) (32 ) (109 ) (77 )
Other(2)   5     5  
Total non-GAAP adjustments after tax $ 299   $ 680   $ 546   $ 1,388  
 
Notes:
(1) Income tax effect related to stock-based compensation expenses for the three and six months ended June 30, 2017 include the incremental tax benefit of $13 million and $33 million, respectively, recognized from the adoption of Accounting Standards Update 2016-09 “Improvements to Employee Share-Based Payment Accounting”
(2) Amounts related to restructuring, contingent consideration, consolidation of a contract manufacturer and/or other individually insignificant amounts
(3) Amounts may not sum due to rounding
 
 

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP 2017 FULL YEAR GUIDANCE

(unaudited)

(in millions, except percentages and per share amounts)

   
Initially Provided

February 7, 2017

Reiterated

May 2, 2017

Updated

July 26, 2017

Projected product gross margin GAAP to non-GAAP reconciliation:
GAAP projected product gross margin 82% - 84% 82% - 84%
Acquisition-related expenses 4% - 4% 4% - 4%
Non-GAAP projected product gross margin(1) 86% - 88% 86% - 88%
 
Projected research and development expenses GAAP to non-GAAP reconciliation:
GAAP projected research and development expenses

   $3,295 - $3,640   

$3,410 - $3,655
Acquisition-related expenses / up-front collaboration expenses (15) - (45) (15) - (45)
Stock-based compensation expenses (180) - (195) (195) - (210)
Non-GAAP projected research and development expenses $3,100 - $3,400

   $3,200 - $3,400   

 
Projected selling, general and administrative expenses GAAP to non-GAAP reconciliation:
GAAP projected selling, general and administrative expenses $3,305 - $3,615 $3,435 - $3,645
Stock-based compensation expenses (205) - (215) (235) - (245)
Non-GAAP projected selling, general and administrative expenses $3,100 - $3,400 $3,200 - $3,400
 
Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses:
Acquisition-related expenses / up-front collaboration expenses $0.62 - $0.67 $0.62 - $0.67
Stock-based compensation expenses 0.22 - 0.24 0.24 - 0.26
Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses $0.84 - $0.91 $0.86 - $0.93
 
Note:
(1) Stock-based compensation expenses have a less than one percent impact on non-GAAP projected product gross margin
 
 

GILEAD SCIENCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions)

   
June 30, December 31,
2017 2016 (1)
 
Cash, cash equivalents and marketable securities $ 36,576 $ 32,380
Accounts receivable, net 4,478 4,514
Inventories 1,408 1,587
Property, plant and equipment, net 3,012 2,865
Intangible assets, net 8,551 8,971
Goodwill 1,172 1,172
Other assets 5,066   5,488
Total assets $ 60,263   $ 56,977
 
Current liabilities $ 8,492 $ 9,218
Long-term liabilities 28,680 28,396
Stockholders’ equity(2) 23,091   19,363
Total liabilities and stockholders’ equity $ 60,263   $ 56,977
 
Notes:
(1) Derived from the audited consolidated financial statements as of December 31, 2016. Certain amounts have been reclassified to conform to current year presentation
(2) As of June 30, 2017, there were 1,306 million shares of common stock issued and outstanding
 
 

GILEAD SCIENCES, INC.

PRODUCT SALES SUMMARY

(unaudited)

(in millions)

   
Three Months Ended Six Months Ended
June 30, June 30,
2017   2016 2017   2016
Antiviral products:
Harvoni – U.S. $ 984 $ 1,474 $ 1,910 $ 2,881
Harvoni – Europe 230 512 473 1,067
Harvoni – Other International 168   578   370   1,633
1,382   2,564   2,753   5,581
 
Epclusa – U.S. 864 64 1,599 64
Epclusa – Europe 248 386
Epclusa – Other International 59     78  
1,171   64   2,063   64
 
Genvoya – U.S. 710 268 1,379 409
Genvoya – Europe 125 30 212 46
Genvoya – Other International 22   4   35   5
857   302   1,626   460
 
Truvada – U.S. 567 631 1,031 1,207
Truvada – Europe 184 245 373 496
Truvada – Other International 61   66   122   137
812   942   1,526   1,840
 
Atripla – U.S. 334 479 650 968
Atripla – Europe 86 140 180 283
Atripla – Other International 55   54   97   97
475   673   927   1,348
 
Sovaldi – U.S. 61 775 88 1,420
Sovaldi – Europe 113 263 219 543
Sovaldi – Other International 141   320   321   672
315   1,358   628   2,635
 
Viread – U.S. 141 142 258 265
Viread – Europe 76 81 147 157
Viread – Other International 83   64   155   137
300   287   560   559
 
Stribild – U.S. 225 326 451 702
Stribild – Europe 54 84 121 165
Stribild – Other International 14   19   30   39
293   429   602   906
 
Descovy – U.S. 232 49 441 49
Descovy – Europe 47 12 84 12
Descovy – Other International 7     12  
286   61   537   61
 
Odefsey – U.S. 230 58 433 69
Odefsey – Europe 27 50
Odefsey – Other International 1     2  
258   58   485   69
 
Complera / Eviplera – U.S. 112 199 224 421
Complera / Eviplera – Europe 127 156 252 302
Complera / Eviplera – Other International 15   13   31   26
254   368   507   749
 
 

GILEAD SCIENCES, INC.

PRODUCT SALES SUMMARY - (Continued)

(unaudited)

(in millions)

   
Three Months Ended Six Months Ended
June 30, June 30,
2017   2016 2017   2016
 
Other Antiviral – U.S. $ 28 $ 12 $ 53 $ 22
Other Antiviral – Europe 6 7 10 13
Other Antiviral – Other International 2   1   3   2
36   20   66   37
 
Total antiviral products – U.S. 4,488 4,477 8,517 8,477
Total antiviral products – Europe 1,323 1,530 2,507 3,084
Total antiviral products – Other International 628   1,119   1,256   2,748
6,439   7,126   12,280   14,309
 
Other products:
Letairis 230 203 441 378
Ranexa 200 153 353 297
AmBisome 92 85 184 171
Zydelig 35 41 70 90
Other 50   43   95   87
607   525   1,143   1,023
 
Total product sales $ 7,046   $ 7,651   $ 13,423   $ 15,332

Contact information

Gilead Sciences, Inc.
Investors
Robin Washington, 650-522-5688
Sung Lee, 650-524-7792
or
Media
Amy Flood, 650-522-5643

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Mobile Ticket Option Launches for Tampa Bay CityPASS17.10.2017 12:00Tiedote

City Pass, Inc., the company that specializes in packaging discounted admission to the most iconic attractions in 12 North American destinations, recently launched a mobile ticket option for its Tampa Bay CityPASS® program. Since 1997, CityPASS products have been designed to make travel easier and less expensive. And while the Tampa Bay CityPASS program will continue to excel at the latter—saving visitors 51 percent off combined admission to the included attractions—the new mobile ticket option dramatically enhances the convenience factor. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171017005538/en/ Busch Gardens Tampa Bay (Photo: SeaWorld Parks & Entertainment, Inc.) “We’re always looking for ways to improve the customer experience and make travel more convenient,” said CityPASS President a

Opus Trust Marketing Invests in Pitney Bowes’ Technology to Accelerate Growth17.10.2017 11:00Tiedote

Pitney Bowes Inc. (NYSE:PBI), a global technology company providing innovative products and solutions to power commerce, today announced that it has won a contract with Leicester-based Opus Trust Marketing. The contract will help Opus Trust accelerate growth and deliver its ambitious strategic development plans. Opus Trust specialises in multichannel communications, critical document printing and mailing for a diversity of high profile clients, including 20% of the FTSE 100. It is investing in Pitney Bowes’ Pulse™ inserting system as well as two of Pitney Bowes’ high-performance multi format inserters, Epic™. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171017005541/en/ The Pulse™ inserting system (Photo: Business Wire) Opus Trust is also investing its time in Pitney Bowes’ digital cus

NEC Europe Appoints Hironobu Kurosaki as President and CEO17.10.2017 11:00Tiedote

NEC Europe Ltd. today announced the appointment of Hironobu Kurosaki as President and CEO. In this role, Mr. Kurosaki will lead the growth of NEC Europe’s business for a broad range of customers spanning across its key business segments of Public Safety, Public IT services and Telecom Carrier Solutions in the EMEA region (Europe, the Middle East and Africa). Since joining NEC in 1983, Mr. Kurosaki has gained extensive international experience in the development of sales, marketing and strategy throughout the Americas and EMEA. In recent years, he has played a leading role in the development of NEC’s global business, where his experience as President of NEC Telecommunication and Information Technology Ltd. (Turkey), and contributions as General Manager of NEC’s Americas and EMEA Division have helped to deliver high-powered solutions and drive new growth in strategic ma

MagicStay, The Start-up of Short-Term Rental for Business, Affirms Its Ambitions at the Web Summit 201717.10.2017 11:00Tiedote

The French start-up MagicStay.com launched 3 years ago, now offers more than 130,000 apartments in 110 countries on its specialized platform for business travelers. As the only 100% B2B platform, MagicStay has developed many services adapted to the requirements of businesses, especially in terms of security and integration into their tools, which will be presented at the Web Summit in Lisbon from 6 to 9 November. For three years now, the start-up has been developing an exclusive technology that makes it possible to provide a global supply of short-term rentals in immediate reservations. These professionally managed accommodations meet corporate requirements: security, legislation compliance, and integration into booking tools used by corporate companies. "The Business Travel Market is very complex in terms of technology and actors, and is highly

Sigma Systems Appoints Vladimir Mitrasinovic as Senior Vice-President of Sales and Managing Director for EMEA and APAC17.10.2017 11:00Tiedote

Sigma Systems, the leader in catalog-driven software, has appointed Vladimir Mitrasinovic as Senior Vice-President of Sales and Managing Director for EMEA and APAC. Mr. Mitrasinovic was previously Head of the Cloud and Software as a Service business unit for Cerillion Technologies, and served as Executive Vice-President of Global Channels and Alliances at Acision (XURA). As Senior Vice President of Sales and Managing Director of EMEA and APAC, Vladimir will oversee all sales and business development efforts within the regions. “We are delighted to welcome Vladimir to the Sigma team,” said Simon Muderack, Sigma’s Executive Vice President and Chief Commercial Officer. “Vladimir’s background in high-growth corporate development in the technology sector and experience in sales and business expansion will be an excellent asset to Sigma as we continue to expand across EMEA and

REFLEX CES Partners with NOLAM EMBEDDED SYTEMS to Provide Integrated CANbus IP Core Solutions on FPGA COTS Boards17.10.2017 10:00Tiedote

NOLAM EMBEDDED SYSTEMS, manufacturer of semiconductor IP and board level products and systems for the Aerospace, Defense, telecom and industrial markets, today announced their partnership with REFLEX CES, a leading provider of complex, high-density FPGA-based boards. This partnership benefits customers by providing them a fully integrated solution based on REFLEX CES FPGA boards and NOLAM EMBEDDED SYSTEMS CANbus IP core and CANbus FMC module. «We are thrilled to collaborate with REFLEX CES to offer a fully integrated CANbus solution», stated Benjamin Nakache, Vice-President of Sales at Nolam Embedded Systems «By integrating our CANbus IP solution with our CANbus FMC to the REFLEX CES hardware, we bring a very easy-to use solution to CANbus users in the automotive industry.» One of the first outcomes of this collaborative venture is the release of an SDK, composed of REF

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