- Record Total Revenues of $1.80 Billion, Up 31 Percent over Third
Quarter 2008 -
- Record Product Sales of $1.65 Billion, Up 23 Percent over Third
Quarter 2008 -
- Third Quarter EPS of $0.72 per Share -
- Third Quarter Non-GAAP EPS of $0.78 per Share -
FOSTER CITY, Calif.--(BUSINESS WIRE)--Oct. 20, 2009--
Gilead Sciences, Inc. (Nasdaq:GILD) announced today its results of
operations for the quarter ended September 30, 2009. Total revenues for
the third quarter of 2009 were $1.80billion, up 31percent
compared to total revenues of $1.37 billion for the third quarter of
2008. Net income for the third quarter of 2009 was $673.0 million, or
$0.72 per diluted share. Net income for the third quarter of 2008 was
$495.9 million, or $0.52 per diluted share. Non-GAAP net income for the
third quarter of 2009, which excludes after-tax acquisition-related
expenses, restructuring expenses and stock-based compensation expenses,
was $730.3 million, or $0.78 per diluted share. Non-GAAP net income for
the third quarter of 2008, which excluded after-tax stock-based
compensation expenses of $30.1 million, was $525.9 million, or $0.55 per
diluted share.
Product Sales
Product sales increased 23 percent to a record $1.65 billion for the
third quarter of 2009, compared to $1.34 billion in the third quarter of
2008. This increase in sales was driven primarily by Gilead’s antiviral
franchise, including the strong growth in sales of Atripla® (efavirenz
600 mg/ emtricitabine 200 mg/ tenofovir disoproxil fumarate 300 mg) and
continued growth in sales of Truvada®
(emtricitabine/tenofovir disoproxil fumarate), as well as the addition
of Ranexa® (ranolazine) to our commercial portfolio.
Antiviral Franchise
Antiviral product sales increased 19 percent to $1.47 billion in the
third quarter of 2009, up from $1.23 billion for the same quarter of
2008. The increase was driven primarily by sales volume growth of
Atripla and Truvada.
Truvada sales increased 13 percent to $620.6 million for the third
quarter of 2009, up from $549.1 million in the third quarter of 2008,
driven primarily by sales volume growth in the United States and Europe.
Atripla sales increased 42 percent to $605.3 million for the third
quarter of 2009, up from $427.6 million in the third quarter of 2008,
driven primarily by sales volume growth in the United States and Europe.
Viread® (tenofovir disoproxil fumarate) sales increased nine
percent to $169.7 million for the third quarter of 2009, up from $156.0
million in the third quarter of 2008, driven primarily by sales volume
growth in the United States and Europe.
Other antiviral product sales which consist of Hepsera® (adefovir
dipivoxil) and Emtriva® (emtricitabine) were $74.7 million
for the third quarter of 2009.
Letairis
Sales of Letairis® (ambrisentan) for the treatment of
pulmonary arterial hypertension increased 52 percent to $48.1 million
for the third quarter of 2009, up from $31.7 million for the third
quarter of 2008, driven primarily by sales volume growth in the United
States.
Ranexa
Sales of Ranexa for the treatment of chronic angina were $49.0 million
for the third quarter of 2009.
Royalty, Contract and Other Revenues
Royalty, contract and other revenues resulting primarily from
collaborations with corporate partners were $152.4 million in the third
quarter of 2009, compared to $32.8 million for the third quarter of
2008. This increase was driven primarily by higher Tamiflu®
(oseltamivir phosphate) royalties from F. Hoffmann-La Roche Ltd of
$113.5 million in the third quarter of 2009, compared to Tamiflu
royalties of $8.6 million in the third quarter of 2008 resulting from
increased sales related to pandemic planning initiatives worldwide. The
Tamiflu royalties contributed approximately $0.09 to Gilead’s earnings
per share in the third quarter of 2009.
Research and Development
Research and development (R&D) expenses in the third quarter of 2009
were $269.9 million compared to $188.1 million for the third quarter of
2008. Non-GAAP R&D expenses for the third quarter of 2009, which exclude
restructuring and stock-based compensation expenses, were $242.2 million
compared to $170.4 million for the third quarter of 2008, which excluded
stock-based compensation expenses. This increase was driven primarily by
R&D expense reimbursement related to Gilead’s collaboration with Tibotec
Pharmaceuticals (Tibotec) as well as higher headcount and expenses to
support the growth of Gilead’s R&D activities.
Selling, General and Administrative
Selling, general and administrative (SG&A) expenses in the third quarter
of 2009 were $227.4 million compared to $189.2 million for the third
quarter of 2008. Non-GAAP SG&A expenses for the third quarter of 2009,
which exclude acquisition-related transaction costs, restructuring
expenses and stock-based compensation expenses, were $200.3 million,
compared to $167.9 million for the same quarter in 2008, which excluded
stock-based compensation expenses. This increase was driven primarily by
higher headcount and expenses to support Gilead’s expanding commercial
activities.
Net Foreign Currency Exchange Impact
The net foreign currency exchange impact on third quarter 2009 revenues
and pre-tax earnings, which includes revenues and expenses generated
from outside the United States, was an unfavorable $51.0 million and
$22.1 million, respectively, compared to the third quarter of 2008.
Cash, Cash Equivalents and Marketable
Securities
As of September 30, 2009, Gilead had cash, cash equivalents and
marketable securities of $3.29 billion compared to $3.24 billion as of
December 31, 2008. This increase was primarily due to cash flows
generated from operations, partially offset by cash paid to acquire CV
Therapeutics and share repurchase activities. For the first nine months
of 2009, Gilead generated $2.12 billion of operating cash flows
including $860.6 million in the third quarter of 2009.
Adoption of New Accounting
Pronouncements
On July 1, 2009, Gilead adopted Statement of Financial Accounting
Standards (SFAS) No. 168, “The Financial Accounting Standards Board
(FASB) Accounting Standards Codification (ASC) and the Hierarchy of
Generally Accepted Accounting Principles (GAAP) - a replacement of SFAS
No. 162” (SFAS 168), which establishes the FASB ASC as the source of
authoritative U.S. GAAP recognized by the FASB to be applied by
non-governmental entities. As a result of the adoption of SFAS 168, the
majority of references to historically issued accounting pronouncements
are now superseded by references to the FASB ASC, with no financial
impact. Certain accounting pronouncements, such as SFAS 168, will remain
authoritative until they are integrated into the codification standard.
On January 1, 2009, Gilead adopted guidance in the Debt Topic of the
FASB ASC (formerly FASB Staff Position APB No. 14-1, “Accounting for
Convertible Debt Instruments That May Be Settled In Cash Upon Conversion
(Including Partial Cash Settlement)”) and recorded additional after-tax
interest expense for the third quarter of 2009 of $8.8 million. This
guidance requires retrospective application upon adoption; therefore,
net income attributable to Gilead for the third quarter of 2008 has been
adjusted from that which was previously reported to reflect additional
after-tax interest expense of $8.2 million.
On January 1, 2009, Gilead adopted guidance in the Consolidation Topic
of the FASB ASC (formerly SFAS No. 160, “Noncontrolling Interests in
Consolidated Financial Statements, an amendment of Accounting Research
Bulletin No. 51, Consolidated Financial Statements”), and reflected the
change in presentation of the noncontrolling interest (formerly minority
interest) on a retrospective basis in Gilead’s financial statements.
Corporate Highlights
In July 2009, Gilead announced that Kevin E. Lofton had been appointed
to the company’s Board of Directors. Mr. Lofton is currently the
President and Chief Executive Officer of Catholic Health Initiatives, a
Denver-based healthcare system operating the full continuum of services
from hospitals to home health agencies throughout the nation.
In August 2009, Gilead announced the promotion of Gregg H. Alton to
Executive Vice President, Corporate and Medical Affairs. Mr. Alton was
previously Senior Vice President and General Counsel, responsible for
legal, government and public affairs and international access
operations, and recently assumed the additional responsibility of
management for Gilead’s global medical affairs activities and personnel.
Product and Pipeline Update
Antiviral Franchise
In July 2009, Gilead announced that it had entered into a license and
collaboration agreement with Tibotec for the development and
commercialization of a new once-daily fixed-dose antiretroviral regimen
containing Gilead’s Truvada and Tibotec’s investigational non-nucleoside
reverse transcriptase inhibitor TMC278 (rilpivirine hydrochloride, 25
mg) for treatment-naïve HIV-infected individuals.
Also in July, Gilead highlighted results from the DART (Development of
Anti-Retroviral Treatment in Africa) study, which evaluated the need for
routine laboratory monitoring in adults taking antiretroviral therapy in
Africa. Data from this study were presented at the 5th International
AIDS Society Conference on HIV Pathogenesis, Treatment and Prevention
(IAS 2009) in Cape Town, South Africa on July 21, 2009.
Cardiovascular Franchise
In September 2009, Gilead announced the online publication in The
Lancet of data from DAR-311 (DORADO), a Phase III clinical trial
evaluating the company’s once-daily oral endothelin receptor antagonist
darusentan as an add-on treatment for resistant hypertension.
Respiratory Franchise
In September 2009, Gilead announced that the European Commission had
granted conditional marketing authorization for Cayston® 75
mg powder and solvent for nebuliser solution for the suppressive therapy
of chronic pulmonary infections due to Pseudomonas aeruginosa in
patients with cystic fibrosis aged 18 years and older. Cayston will be
made available in certain countries of the European Union, subject to
the requirements of national authorities, beginning in early 2010. Also
in September, Cayston received conditional marketing approval in Canada.
Conference Call
At 4:30 p.m. Eastern Time today, Gilead will host a conference call and
a simultaneous webcast to discuss the results of its third quarter of
2009. During this call/webcast, Gilead’s management will discuss the
company’s third quarter of 2009 results and provide a general business
update. The webcast will be available live via the internet by accessing
Gilead’s website at www.gilead.com.
To access the webcast, please connect to the company’s website at least
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 1-800-299-0148 (U.S.) or 1-617-801-9711 (international) and
dial the participant passcode 45136998 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 October 23, 2009. To access the phone replay,
please call 1-888-286-8010 (U.S.) or 1-617-801-6888 (international) and
dial the participant passcode 98856771.
About Gilead
Gilead Sciences is a biopharmaceutical company that discovers, develops
and commercializes innovative therapeutics in areas of unmet medical
need. Gilead’s mission is to advance the care of patients suffering from
life-threatening diseases worldwide. Headquartered in Foster City,
California, Gilead has operations in North America, Europe and Australia.
Non-GAAP Financial Information
Non-GAAP net income attributable to Gilead and net income attributable
to Gilead per diluted share for the three and nine months ended
September 30, 2009 are presented excluding the after-tax impact of
acquisition-related transaction costs, amortization of inventory mark-up
and amortization of purchased intangibles; restructuring expenses; and
stock-based compensation expenses, and have been adjusted for the
application of Accounting Principles Board Opinion No. 25, “Accounting
for Stock Issued to Employees” (APB 25), in computing non-GAAP dilutive
securities. Non-GAAP net income attributable to Gilead and net income
attributable to Gilead per diluted share for the three months ended
September 30, 2008 are presented excluding the after-tax impact of
stock-based compensation expenses, and have been adjusted for the
application of APB 25 in computing non-GAAP dilutive securities.
Non-GAAP net income attributable to Gilead and net income attributable
to Gilead per diluted share for the nine months ended September 30, 2008
are presented excluding the after-tax impact of stock-based compensation
expenses and purchased in-process R&D expense, and have been adjusted
for the application of APB 25 in computing non-GAAP dilutive securities.
Non-GAAP R&D expenses for the three and nine months ended September 30,
2009 are presented excluding the impact of restructuring expenses and
stock-based compensation expenses. Non-GAAP SG&A expenses for the three
and nine months ended September 30, 2009 are presented excluding the
impact of acquisition-related transaction costs, restructuring expenses
and stock-based compensation expenses. Non-GAAP R&D expenses and SG&A
expenses for the three and nine months ended September 30, 2008 are
presented excluding the impact of stock-based compensation expenses.
Management believes this non-GAAP information is useful for investors,
taken 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.
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 sustain
growth in revenues for its antiviral and cardiovascular franchises;
unpredictable variability of Tamiflu royalties and the strong
relationship between this royalty revenue and global pandemic planning
and supply; Gilead’s ability to receive regulatory approvals in a timely
manner or at all, for new and current products, darusentan for resistant
hypertension and full marketing authorization of Cayston in the European
Union and Canada; Gilead’s ability to advance the fixed-dose
antiretroviral regimen under its collaboration with Tibotec
Pharmaceuticals; Gilead’s ability to successfully commercialize any
products that receive regulatory approvals; Gilead’s ability to
successfully develop its respiratory and cardiovascular franchises;
initiating and completing clinical trials may take longer or cost more
than expected; fluctuations in the foreign exchange rate of the U.S.
dollar that may reduce or eliminate the favorable foreign currency
exchange impact on Gilead’s future revenues and pre-tax earnings; our
ability to consummate additional purchases under our share repurchase
program due to changes in our stock price, corporate or other market
conditions; Gilead’s ability to increase sales of CV Therapeutics’
approved products and its ability to advance pipeline programs; and
other risks identified from time to time in Gilead’s reports filed with
the U.S. Securities and Exchange Commission. In addition, Gilead makes
estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses and related disclosures. Gilead bases
its estimates on historical experience and on various other
market-specific and other relevant assumptions that it believes to be
reasonable under the circumstances, the results of which form the basis
for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. 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
Annual Report on Form 10-K for the year ended December 31, 2008, its
Quarterly Reports on Form 10-Q for the first and second quarters of 2009
and its subsequent Current Reports on Form 8-K. 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.
Truvada, Viread, Emtriva, Hepsera, AmBisome, Letairis, Ranexa and
Cayston are registered trademarks of Gilead Sciences, Inc.
Atripla is a registered trademark of Bristol-Myers Squibb & Gilead
Sciences, LLC.
Tamiflu is a registered trademark of F. Hoffmann-La Roche Ltd.
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 thousands, except per share amounts)
|
|
Three Months Ended
|
Nine Months Ended
|
|
September 30,
|
September 30,
|
|
2009
|
2008
|
2009
|
2008
|
|
Revenues:
|
|
Product sales
|
$
|
1,648,955
|
$
|
1,338,502
|
$
|
4,664,913
|
$
|
3,697,024
|
|
Royalty, contract and other revenues
|
152,434
|
32,766
|
314,091
|
210,521
|
|
Total revenues
|
1,801,389
|
1,371,268
|
4,979,004
|
3,907,545
|
|
Costs and expenses:
|
|
Cost of goods sold
|
409,700
|
300,183
|
1,122,159
|
805,715
|
|
Research and development
|
269,856
|
188,062
|
700,273
|
519,905
|
|
Selling, general and administrative
|
227,427
|
189,189
|
692,789
|
603,679
|
|
Purchased in-process research and development
|
-
|
-
|
-
|
10,851
|
|
Total costs and expenses
|
906,983
|
677,434
|
2,515,221
|
1,940,150
|
|
Income from operations
|
894,406
|
693,834
|
2,463,783
|
1,967,395
|
|
Interest and other income, net
|
14,017
|
3,637
|
31,098
|
40,363
|
|
Interest expense (1)
|
(17,217
|
)
|
(16,382
|
)
|
(52,372
|
)
|
(48,811
|
)
|
|
Income before provision for income taxes
|
891,206
|
681,089
|
2,442,509
|
1,958,947
|
|
Provision for income taxes (1)
|
220,728
|
187,396
|
616,310
|
546,206
|
|
Net income (2)
|
670,478
|
493,693
|
1,826,199
|
1,412,741
|
|
Net loss attributable to noncontrolling interest (2)
|
2,555
|
2,160
|
7,344
|
6,195
|
|
Net income attributable to Gilead (2)
|
$
|
673,033
|
$
|
495,853
|
$
|
1,833,543
|
$
|
1,418,936
|
|
Net income per share attributable to Gilead common stockholders -
basic (2)
|
$
|
0.75
|
$
|
0.54
|
$
|
2.02
|
$
|
1.54
|
|
Net income per share attributable to Gilead common stockholders -
diluted (2)
|
$
|
0.72
|
$
|
0.52
|
$
|
1.96
|
$
|
1.47
|
|
Shares used in per share calculation - basic
|
903,319
|
920,807
|
906,213
|
923,894
|
|
Shares used in per share calculation - diluted
|
932,424
|
960,585
|
936,530
|
964,267
|
|
Notes:
|
|
(1)
|
On January 1, 2009, Gilead adopted guidance in the Debt Topic of the
FASB ASC (formerly FSP APB 14-1) on a retrospective basis for its
convertible senior notes and reflected additional after-tax interest
expense of $8.8 million and $8.2 million for the three months ended
September 30, 2009 and 2008, respectively, and reflected additional
after-tax interest expense of $25.6 million and $24.0 million for
the nine months ended September 30, 2009 and 2008, respectively.
|
|
(2)
|
On January 1, 2009, Gilead adopted guidance in the Consolidation
Topic of the FASB ASC (formerly SFAS 160) and presented on a
retrospective basis its noncontrolling interest (formerly minority
interest) as net loss attributable to noncontrolling interest which
is a component of consolidated net income.
|
| GILEAD SCIENCES, INC. |
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION |
|
(unaudited)
|
|
(in thousands, except per share amounts)
|
|
Three Months Ended
|
Nine Months Ended
|
|
September 30,
|
September 30,
|
|
2009
|
2008
|
2009
|
2008
|
|
Net income attributable to Gilead (GAAP)
|
$
|
673,033
|
$
|
495,853
|
$
|
1,833,543
|
$
|
1,418,936
|
|
Acquisition-related transaction costs
|
239
|
-
|
8,404
|
-
|
|
Acquisition-related amortization of inventory mark-up
|
3,667
|
-
|
6,326
|
-
|
|
Acquisition-related amortization of purchased intangibles
|
10,866
|
-
|
19,775
|
-
|
|
Restructuring expenses
|
6,260
|
-
|
24,052
|
-
|
|
Stock-based compensation expenses
|
36,218
|
30,081
|
106,467
|
82,491
|
|
Purchased in-process research and development expense
|
-
|
-
|
-
|
7,769
|
|
Net income attributable to Gilead (Non-GAAP)
|
$
|
730,283
|
$
|
525,934
|
$
|
1,998,567
|
$
|
1,509,196
|
|
Net income per share attributable to Gilead common stockholders -
diluted (GAAP)
|
$
|
0.72
|
$
|
0.52
|
$
|
1.96
|
$
|
1.47
|
|
Acquisition-related transaction costs
|
0.00
|
-
|
0.01
|
-
|
|
Acquisition-related amortization of inventory mark-up
|
0.00
|
-
|
0.01
|
-
|
|
Acquisition-related amortization of purchased intangibles
|
0.01
|
-
|
0.02
|
-
|
|
Restructuring expenses
|
0.01
|
-
|
0.03
|
-
|
|
Stock-based compensation expenses
|
0.04
|
0.03
|
0.11
|
0.09
|
|
Purchased in-process research and development expense
|
-
|
-
|
-
|
0.01
|
|
Net income per share attributable to Gilead common stockholders -
diluted (Non-GAAP) (1)
|
$
|
0.78
|
$
|
0.55
|
$
|
2.13
|
$
|
1.56
|
|
Shares used in per share calculation - diluted (GAAP)
|
932,424
|
960,585
|
936,530
|
964,267
|
|
Effect of SFAS 123R
|
(119
|
)
|
1,924
|
245
|
2,103
|
|
Shares used in per share calculation - diluted (Non-GAAP)
|
932,305
|
962,509
|
936,775
|
966,370
|
|
Research and development expenses (GAAP)
|
$
|
269,856
|
$
|
188,062
|
$
|
700,273
|
$
|
519,905
|
|
Restructuring expenses
|
(5,780
|
)
|
-
|
(17,031
|
)
|
-
|
|
Stock-based compensation expenses
|
(21,916
|
)
|
(17,680
|
)
|
(63,192
|
)
|
(49,945
|
)
|
|
Research and development expenses (Non-GAAP)
|
$
|
242,160
|
$
|
170,382
|
$
|
620,050
|
$
|
469,960
|
|
Selling, general and administrative expenses (GAAP)
|
$
|
227,427
|
$
|
189,189
|
$
|
692,789
|
$
|
603,679
|
|
Acquisition-related transaction costs
|
(239
|
)
|
-
|
(8,404
|
)
|
-
|
|
Restructuring expenses
|
(2,623
|
)
|
-
|
(15,478
|
)
|
-
|
|
Stock-based compensation expenses
|
(24,230
|
)
|
(21,322
|
)
|
(72,255
|
)
|
(57,526
|
)
|
|
Selling, general and administrative expenses (Non-GAAP)
|
$
|
200,335
|
$
|
167,867
|
$
|
596,652
|
$
|
546,153
|
|
Note:
|
|
(1) Amounts may not sum due to rounding
|
| GILEAD SCIENCES, INC. |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(in thousands)
|
|
September 30,
|
December 31,
|
|
2009
|
2008
|
|
(unaudited)
|
(Note 2)
|
|
Cash, cash equivalents and marketable securities
|
$
|
3,292,130
|
$
|
3,239,639
|
|
Accounts receivable, net
|
1,339,165
|
1,023,397
|
|
Inventories
|
1,017,827
|
927,868
|
|
Property, plant and equipment, net
|
701,371
|
528,799
|
|
Intangible assets (1)
|
1,555,602
|
123,008
|
|
Other assets (3)
|
1,030,885
|
1,094,120
|
|
Total assets
|
$
|
8,936,980
|
$
|
6,936,831
|
|
Current liabilities
|
$
|
1,889,249
|
$
|
1,220,992
|
|
Long-term liabilities (3)(4)
|
1,295,574
|
1,250,256
|
|
Stockholders’ equity (3)(4)
|
5,752,157
|
4,465,583
|
|
Total liabilities and stockholders’ equity
|
$
|
8,936,980
|
$
|
6,936,831
|
|
Notes:
|
|
(1)
|
In April 2009, Gilead acquired CV Therapeutics for $1.39 billion.
Gilead allocated the purchase price in accordance with guidance in
the Business Combinations Topic of the FASB ASC (formerly SFAS 141R)
and recorded $951.2 million in intangible assets relating to
marketed products, which constituted a significant portion of the
purchase price allocation.
|
|
(2)
|
Derived from audited consolidated financial statements at that date
adjusted for retrospective application of guidance per notes 3 and 4
below.
|
|
(3)
|
On January 1, 2009, Gilead adopted guidance in the Debt Topic of the
FASB ASC (formerly FSP APB 14-1) on a retrospective basis for its
convertible senior notes. As of December 31, 2008, the retrospective
adoption of this guidance decreased deferred tax assets and debt
issuance costs included in other assets by an aggregate of $81.7
million, decreased convertible senior notes included in long-term
liabilities by $201.8 million, and increased total stockholders’
equity by $120.1 million after a charge of $82.6 million to retained
earnings.
|
|
(4)
|
On January 1, 2009, Gilead adopted guidance in the Consolidation
Topic of the FASB ASC (formerly SFAS 160) and reclassified its
noncontrolling interest (formerly minority interest) of $193.0
million from liabilities to stockholders’ equity on a retrospective
basis.
|
| GILEAD SCIENCES, INC. |
| PRODUCT SALES SUMMARY |
|
(unaudited)
|
|
(in thousands)
|
|
Three Months Ended
|
Nine Months Ended
|
|
September 30,
|
September 30,
|
2009
|
2008
|
2009
|
2008
|
|
Antiviral products:
|
|
Truvada – U.S.
|
$
|
292,918
|
$
|
262,065
|
$
|
859,603
|
$
|
736,999
|
|
Truvada – Europe
|
292,819
|
257,315
|
859,036
|
716,593
|
|
Truvada – Other International
|
34,827
|
29,721
|
100,357
|
91,043
|
|
620,564
|
549,101
|
1,818,996
|
1,544,635
|
|
Atripla – U.S.
|
407,896
|
346,377
|
1,180,072
|
965,254
|
|
Atripla – Europe
|
182,222
|
71,028
|
461,836
|
122,727
|
|
Atripla – Other International
|
15,181
|
10,218
|
42,416
|
18,960
|
|
605,299
|
427,623
|
1,684,324
|
1,106,941
|
|
Viread – U.S.
|
74,675
|
63,431
|
212,122
|
184,913
|
|
Viread – Europe
|
67,989
|
66,320
|
199,329
|
193,309
|
|
Viread – Other International
|
27,047
|
26,207
|
77,790
|
81,084
|
|
169,711
|
155,958
|
489,241
|
459,306
|
|
Hepsera – U.S.
|
25,795
|
36,744
|
74,218
|
102,600
|
|
Hepsera – Europe
|
38,123
|
49,437
|
117,837
|
148,431
|
|
Hepsera – Other International
|
4,010
|
5,036
|
15,661
|
13,573
|
|
67,928
|
91,217
|
207,716
|
264,604
|
|
Emtriva – U.S.
|
3,865
|
4,001
|
11,211
|
11,945
|
|
Emtriva – Europe
|
1,863
|
2,762
|
6,369
|
7,437
|
|
Emtriva – Other International
|
1,001
|
871
|
3,421
|
4,729
|
|
6,729
|
7,634
|
21,001
|
24,111
|
|
Total Antiviral products – U.S.
|
805,149
|
712,618
|
2,337,226
|
2,001,711
|
|
Total Antiviral products – Europe
|
583,016
|
446,862
|
1,644,407
|
1,188,497
|
|
Total Antiviral products – Other International
|
82,066
|
72,053
|
239,645
|
209,389
|
|
1,470,231
|
1,231,533
|
4,221,278
|
3,399,597
|
|
AmBisome
|
77,064
|
72,884
|
214,645
|
213,680
|
|
Letairis
|
48,073
|
31,656
|
131,781
|
76,679
|
|
Ranexa
|
49,005
|
-
|
85,070
|
-
|
|
Other products
|
4,582
|
2,429
|
12,139
|
7,068
|
|
178,724
|
106,969
|
443,635
|
297,427
|
|
Total product sales
|
$
|
1,648,955
|
$
|
1,338,502
|
$
|
4,664,913
|
$
|
3,697,024
|
Source: Gilead Sciences, Inc.
Gilead Sciences, Inc.Robin Washington, 650-522-5688 (Investors)Susan
Hubbard, 650-522-5715 (Investors)Amy Flood, 650-522-5643 (Media)
