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- Product Sales of
| 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-GAAPdiluted earnings per share | $ | 1.76 | $ | 1.48 | |
Product Sales
Total product sales for the first quarter of 2019 were
___________________________________
| 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 saleswere
$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 inOctober 2017 andEurope inAugust 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 inEurope andJapan , 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 inEurope andJapan .
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,
As of
Full Year 2019 Guidance Reiterated
Gilead reiterates its full year 2019 guidance, initially provided on
| (In millions, except percentages and per share amounts) | Initially ProvidedFebruary 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 inIndiana ,Kentucky ,North Carolina ,Tennessee andWest 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 inthe 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 inVienna, 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 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 ofNASH . - 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 toNASH .
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
About
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
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®,
LEXISCAN® is a registered trademark of
For more information on
| 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 | ||||
| ____________________ | ||
| Notes: | ||
(1) | The period-over-period decrease was primarily due to stock-based compensation expenses incurred in the first quarter of 2018 associated with Gilead’s acquisition of Kite | |
(2) | Amounts represent restructuring, contingent consideration and/or other individually insignificant amounts | |
(3) | Amounts may not sum due to rounding | |
| GILEAD SCIENCES, INC. | ||
| RECONCILIATION OF GAAP TO NON-GAAP 2019 FULL YEAR GUIDANCE | ||
| (unaudited) | ||
| (in millions, except percentages and per share amounts) | ||
Initially ProvidedFebruary 4, 2019ReiteratedMay 2, 2019 | ||
| Projected product gross margin GAAP to non-GAAP reconciliation: | ||
| GAAP projected product gross margin | 80% - 81% | |
| Acquisition-related expenses | 5% - 6% | |
| Non-GAAP projected product gross margin(1) | 85% - 87% | |
| Projected research and development expenses GAAP to non-GAAP reconciliation: | ||
| GAAP projected research and development expenses | $4,195 - $4,480 | |
| Stock-based compensation expenses | (345) - (380) | |
| Up-front collaboration expenses | (250) - (300) | |
| Non-GAAP projected research and development expenses | $3,600 - $3,800 | |
| Projected selling, general and administrative expenses GAAP to non-GAAP reconciliation: | ||
| GAAP projected selling, general and administrative expenses | $4,255 - $4,490 | |
| Stock-based compensation expenses | (355) - (390) | |
| Non-GAAP projected selling, general and administrative expenses | $3,900 - $4,100 | |
| Projected effective tax rate GAAP to non-GAAP reconciliation: | ||
| GAAP projected effective tax rate (2) | 21.5% - 22.5% | |
| Tax rate effect of adjustments noted above (2) | (1.5%) - (1.5%) | |
| Non-GAAP projected effective tax rate | 20.0% - 21.0% | |
| Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses(2): | ||
| Acquisition-related expenses / up-front collaboration expenses | $0.93 - $0.97 | |
| Stock-based compensation expenses | $0.47 - $0.53 | |
| Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses(2) | $1.40 - $1.50 | |
| ____________________ | ||
Notes: | ||
(1) | Total stock-based compensation expenses have a less than one percent impact on non-GAAP projected product gross margin | |
(2) | Excludes fair value adjustments of equity securities and the associated income tax effect, as Gilead is unable to project future fair value adjustments, and other discrete tax charges or benefits | |
| GILEAD SCIENCES, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (unaudited) | |||||||
| (in millions) | |||||||
| March 31, | December 31, | ||||||
| 2019 | 2018 | ||||||
| Cash, cash equivalents and marketable securities | $ | 30,125 | $ | 31,512 | |||
| Accounts receivable, net | 3,283 | 3,327 | |||||
| Inventories | 898 | 814 | |||||
| Property, plant and equipment, net | 4,116 | 4,006 | |||||
| Intangible assets, net | 15,438 | 15,738 | |||||
| Goodwill | 4,117 | 4,117 | |||||
| Other assets | 4,860 | 4,161 | |||||
| Total assets | $ | 62,837 | $ | 63,675 | |||
| Current liabilities | $ | 9,397 | $ | 10,605 | |||
| Long-term liabilities | 31,349 | 31,536 | |||||
| Stockholders’ equity(1) | 22,091 | 21,534 | |||||
| Total liabilities and stockholders’ equity | $ | 62,837 | $ | 63,675 | |||
| ____________________ | ||
Note: | ||
(1) | As of March 31, 2019, there were 1,274 million shares of common stock issued and outstanding | |
| GILEAD SCIENCES, INC. | |||||||
| PRODUCT SALES SUMMARY | |||||||
| (unaudited) | |||||||
| (in millions) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2019 | 2018 | ||||||
| Atripla – U.S. | $ | 133 | $ | 228 | |||
| Atripla – Europe | 16 | 51 | |||||
| Atripla – Other International | 22 | 35 | |||||
| 171 | 314 | ||||||
| Biktarvy – U.S. | 739 | 35 | |||||
| Biktarvy – Europe | 48 | — | |||||
| Biktarvy – Other International | 6 | — | |||||
| 793 | 35 | ||||||
| Complera / Eviplera – U.S. | 44 | 67 | |||||
| Complera / Eviplera – Europe | 62 | 109 | |||||
| Complera / Eviplera – Other International | 9 | 14 | |||||
| 115 | 190 | ||||||
| Descovy – U.S. | 233 | 274 | |||||
| Descovy – Europe | 68 | 75 | |||||
| Descovy – Other International | 41 | 12 | |||||
| 342 | 361 | ||||||
| Genvoya – U.S. | 728 | 853 | |||||
| Genvoya – Europe | 193 | 186 | |||||
| Genvoya – Other International | 94 | 43 | |||||
| 1,015 | 1,082 | ||||||
| Odefsey – U.S. | 282 | 279 | |||||
| Odefsey – Europe | 106 | 58 | |||||
| Odefsey – Other International | 9 | 5 | |||||
| 397 | 342 | ||||||
| Stribild – U.S. | 67 | 133 | |||||
| Stribild – Europe | 18 | 29 | |||||
| Stribild – Other International | 11 | 12 | |||||
| 96 | 174 | ||||||
| Truvada – U.S. | 551 | 507 | |||||
| Truvada – Europe | 33 | 97 | |||||
| Truvada – Other International | 22 | 48 | |||||
| 606 | 652 | ||||||
| Other HIV(1) – U.S. | 11 | 9 | |||||
| Other HIV(1) – Europe | 1 | 1 | |||||
| Other HIV(1) – Other International | 5 | 3 | |||||
| 17 | 13 | ||||||
| Revenue share – Symtuza(2) – U.S. | 42 | — | |||||
| Revenue share – Symtuza(2) – Europe | 24 | 7 | |||||
| 66 | 7 | ||||||
| Total HIV – U.S. | 2,830 | 2,385 | |||||
| Total HIV – Europe | 569 | 613 | |||||
| Total HIV – Other International | 219 | 172 | |||||
| 3,618 | 3,170 | ||||||
| AmBisome – U.S. | 8 | 17 | |||||
| AmBisome – Europe | 57 | 56 | |||||
| AmBisome – Other International | 28 | 34 | |||||
| 93 | 107 | ||||||
| GILEAD SCIENCES, INC. | ||||||
| PRODUCT SALES SUMMARY - (Continued) | ||||||
| (unaudited) | ||||||
| (in millions) | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
| 2019 | 2018 | |||||
| Ledipasvir/Sofosbuvir(3) – U.S. | $ | 117 | $ | 234 | ||
| Ledipasvir/Sofosbuvir(3) – Europe | 27 | 56 | ||||
| Ledipasvir/Sofosbuvir(3) – Other International | 81 | 58 | ||||
| 225 | 348 | |||||
| Letairis – U.S. | 197 | 204 | ||||
| Ranexa – U.S. | 155 | 195 | ||||
| Sofosbuvir/Velpatasvir(4) – U.S. | 230 | 269 | ||||
| Sofosbuvir/Velpatasvir(4) – Europe | 154 | 198 | ||||
| Sofosbuvir/Velpatasvir(4) – Other International | 107 | 69 | ||||
| 491 | 536 | |||||
| Vemlidy – U.S. | 65 | 47 | ||||
| Vemlidy – Europe | 4 | 3 | ||||
| Vemlidy – Other International | 32 | 8 | ||||
| 101 | 58 | |||||
| Viread – U.S. | 12 | 7 | ||||
| Viread – Europe | 14 | 30 | ||||
| Viread – Other International | 46 | 60 | ||||
| 72 | 97 | |||||
| Vosevi – U.S. | 45 | 86 | ||||
| Vosevi – Europe | 16 | 16 | ||||
| Vosevi – Other International | 2 | 5 | ||||
63 | 107 | |||||
| Yescarta – U.S. | 90 | 40 | ||||
| Yescarta – Europe | 6 | — | ||||
| Yescarta – Other International | — | — | ||||
96 | 40 | |||||
| Zydelig – U.S. | 11 | 14 | ||||
| Zydelig – Europe | 15 | 18 | ||||
| Zydelig – Other International | 1 | 1 | ||||
27 | 33 | |||||
| Other(5) – U.S. | 36 | 29 | ||||
| Other(5) – Europe | 20 | 15 | ||||
| Other(5) – Other International | 6 | 62 | ||||
62 | 106 | |||||
| Total product sales – U.S. | 3,796 | 3,527 | ||||
| Total product sales – Europe | 882 | 1,005 | ||||
| Total product sales – Other International | 522 | 469 | ||||
| $ | 5,200 | $ | 5,001 | |||
| ____________________ | ||
| Notes: | ||
(1) | Includes Emtriva and Tybost | |
(2) | Represents Gilead’s revenue from cobicistat (C), emtricitabine (FTC) and tenofovir alafenamide (TAF) in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland UC | |
(3) | Amounts consist of sales of Harvoni and the authorized generic version of Harvoni sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC | |
(4) | Amounts consist of sales of Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC | |
(5) | Includes Cayston, Hepsera and Sovaldi | |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190502005790/en/
Source:
InvestorsRobin Washington(650) 522-5688Sung Lee(650) 524-7792MediaAmy Flood(650) 522-5643
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