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- Product Sales of
- Diluted EPS of
- Non-GAAP Diluted EPS of
- Revised Full Year 2016 Guidance -
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
(In millions, except per share amounts) | 2016 | 2015 | 2016 | 2015 | |||||
| Product sales | $ | 7,651 | $ | 8,126 | $ | 15,332 | $ | 15,531 | |
| Royalty, contract and other revenues | 125 | 118 | 238 | 307 | |||||
| Total revenues | $ | 7,776 | $ | 8,244 | $ | 15,570 | $ | 15,838 | |
| Net income attributable to Gilead | $ | 3,497 | $ | 4,492 | $ | 7,063 | $ | 8,825 | |
| Non-GAAP net income* | $ | 4,177 | $ | 4,845 | $ | 8,451 | $ | 9,449 | |
| Diluted earnings per share | $ | 2.58 | $ | 2.92 | $ | 5.11 | $ | 5.68 | |
| Non-GAAP diluted earnings per share* | $ | 3.08 | $ | 3.15 | $ | 6.11 | $ | 6.08 | |
*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 8 and 9.
Product Sales
Total product sales for the second quarter of 2016 were
Antiviral Product Sales
Antiviral product sales, which include products in Gilead's HIV and
liver disease areas, were
-
HIV and other antiviral product sales were
$3.1 billion compared to$2.7 billion for the same period in 2015 primarily due to increases in sales 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
$4.0 billion compared to$4.9 billion for the same period in 2015 primarily due to a decline in sales of Harvoni.
Other Product Sales
Other product sales, which include Letairis® (ambrisentan),
Ranexa® (ranolazine) and AmBisome® (amphotericin B
liposome for injection), were
Cost of Goods Sold
During the second quarter of 2016, compared to the same period in 2015,
cost of goods sold decreased to
Operating Expenses
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||
| Research and development expenses (R&D) | $ | 1,484 | $ | 818 | $ | 2,749 | $ | 1,514 | |
| Non-GAAP research and development expenses* | $ | 1,040 | $ | 702 | $ | 1,809 | $ | 1,353 | |
| Selling, general and administrative expenses (SG&A) | $ | 890 | $ | 812 | $ | 1,575 | $ | 1,457 | |
| Non-GAAP selling, general and administrative expenses* | $ | 838 | $ | 761 | $ | 1,476 | $ | 1,361 | |
*Non-GAAP Cost of Goods Sold, 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 8 and 9.
During the second quarter of 2016, compared to the same period in 2015:
-
Research and development expenses and non-GAAP research and
development expenses* increased primarily due to Gilead's
purchase of a
U.S. Food and Drug Administration (FDA ) priority review voucher and the overall progression of Gilead's clinical studies. Research and development expenses for the second quarter of 2016 also include Gilead’s purchase ofNimbus Apollo, Inc. (Nimbus). - Selling, general and administrative expenses and non-GAAP selling, general and administrative expenses* increased primarily due to higher costs to support Gilead's new product launches and geographic expansion of its business.
Cash,
As of
Revised 2016 Full Year Guidance
Gilead revised its full year 2016 guidance, which it initially provided
on
(In millions, except percentages and per share amounts) | Initially ProvidedFebruary 2, 2016ReiteratedApril 28, 2016 | UpdatedJuly 25, 2016 |
Net Product Sales | ||
Non-GAAP* | $30,000 - $31,000 | $29,500 - $30,500 |
| Product Gross Margin | 88% - 90% | 88% - 90% |
| R&D Expenses | $3,200 - $3,500 | $3,600 - $3,800 |
| SG&A Expenses | $3,300 - $3,600 | $3,100 - $3,300 |
| Effective Tax Rate | 18.0% - 20.0% | 18.0% - 20.0% |
Diluted EPS Impact of Acquisition-related, Up-front Collaboration, Stock-based Compensation and Other Expenses | $1.10 - $1.16 | $1.47 - $1.53 |
*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 2016 guidance is provided in the tables on page 10.
Corporate Highlights
-
Announced that
Kevin Young CBE was appointed Chief Operating Officer, andMartin Silverstein , MD was appointed Executive Vice President, Strategy. Both Mr. Young and Dr. Silverstein will report to John F. Milligan, PhD, President and Chief Executive Officer. -
Announced that Gilead acquired Nimbus, a wholly-owned subsidiary of
Nimbus Therapeutics, and its Acetyl- CoA Carboxylase (ACC) inhibitor
program. The Nimbus program includes the lead candidate NDI-010976, an
ACC inhibitor, and other pre-clinical ACC inhibitors for the potential
treatment of non-alcoholic steatohepatitis, hepatocellular carcinoma
and other diseases. NDI-010976 was granted Fast Track designation by
FDA inFebruary 2016 .
Product & Pipeline Updates announced by Gilead during the Second Quarter of 2016 include:
-
Announced that
FDA approved Epclusa (sofosbuvir 400 mg/velpatasvir 100 mg; SOF/VEL), the first all-oral, pan-genotypic, single tablet regimen (STR) for the treatment of adults with genotype 1-6 chronic hepatitis C virus (HCV) infection. Epclusa is also the first STR approved for the treatment of patients with HCV genotype 2 and 3, without the need for ribavirin (RBV). Epclusa for 12 weeks was approved in patients without cirrhosis or with compensated cirrhosis (Child-Pugh A), and in combination with RBV for patients with decompensated cirrhosis (Child-Pugh B or C).FDA granted Epclusa a Priority Review and Breakthrough Therapy designation, which is given to investigational medicines that may offer major advances in treatment over existing options. Additionally, theCommittee for Medicinal Products for Human Use , the scientific committee of theEuropean Medicines Agency , adopted a positive opinion on the company’s Marketing Authorization Application and inJuly 2016 , theEuropean Commission granted marketing authorization for Epclusa. -
Announced that the
European Commission granted marketing authorization for the once-daily STR Odefsey (emtricitabine 200 mg/rilpivirine 25 mg/tenofovir alafenamide 25 mg) for the treatment of HIV-1 infection. Odefsey combines Gilead's emtricitabine and tenofovir alafenamide (marketed as Descovy) with rilpivirine, marketed by Janssen Sciences Ireland UC, one of the Janssen Pharmaceutical Companies ofJohnson & Johnson . Odefsey is Gilead's second STR based on the Descovy backbone to receive marketing authorization in theEuropean Union and is currently the smallest STR for the treatment of HIV. -
Announced positive data from four pre-clinical and Phase 1 studies
evaluating bictegravir (GS-9883), a novel, unboosted, investigational
once-daily integrase inhibitor. The studies, which examined the
antiviral potency, resistance profile, pharmacokinetics and safety of
bictegravir, were presented at the
American Society of Microbiology Microbe 2016 Conference. -
Presented data at the 51st Annual Meeting of the
European Association for the Study of the Liver , which included the announcement of:- Positive results from the open-label, Phase 3 ASTRAL-5 study evaluating once-daily SOF/VEL for 12 weeks among patients with HCV genotype 1-6 who are co-infected with HIV demonstrated that SOF/ VEL was well-tolerated and resulted in high SVR12 rates.
- Positive results from three Phase 2 trials evaluating SOF/VEL plus voxilaprevir (VOX), a pan-genotypic protease inhibitor (Studies 1168 and 1169 and TRILOGY-3). Studies 1168 and 1169 evaluated 6 weeks of SOF/VEL plus VOX among treatment-naïve patients, 8 weeks of SOF/VEL plus VOX, with or without RBV, among treatment-naïve patients, and 12 weeks of SOF/VEL plus VOX among patients who failed prior treatment including those previously exposed to a direct acting antiviral (DAA) regimen. Study 1168 evaluated genotype 1 patients and Study 1169 evaluated genotype 2-6 patients. TRILOGY-3 featured data from the Phase 2 trial evaluating 12 weeks of a fixed-dose combination of SOF/VEL/ VOX, with or without RBV, among genotype 1, DAA-experienced, HCV-infected patients, including patients with cirrhosis.
-
Announced that the
European Commission granted marketing authorization for two doses of Descovy (200/10 mg and 200/25 mg), a fixed-dose combination for the treatment of HIV-1 infection. Descovy is Gilead's second TAF-based therapy to receive marketing authorization in theEuropean Union . Descovy was approved byFDA and is indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection in adults and pediatric patients 12 years of age and older.
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 8, 9, and 10.
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
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 2016 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 Epclusa, Genvoya, Sovaldi and Harvoni; the
potential for increased pricing pressure and contracting pressure as
well as decreased volume and market share from additional competitive
HCV launches, austerity measures in European countries and
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
For more information on
| 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, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenues: | ||||||||||||||||
| Product sales | $ | 7,651 | $ | 8,126 | $ | 15,332 | $ | 15,531 | ||||||||
| Royalty, contract and other revenues | 125 | 118 | 238 | 307 | ||||||||||||
| Total revenues | 7,776 | 8,244 | 15,570 | 15,838 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of goods sold | 864 | 998 | 2,057 | 1,880 | ||||||||||||
| Research and development expenses | 1,484 | 818 | 2,749 | 1,514 | ||||||||||||
| Selling, general and administrative expenses | 890 | 812 | 1,575 | 1,457 | ||||||||||||
| Total costs and expenses | 3,238 | 2,628 | 6,381 | 4,851 | ||||||||||||
| Income from operations | 4,538 | 5,616 | 9,189 | 10,987 | ||||||||||||
| Interest expense | (227 | ) | (140 | ) | (457 | ) | (293 | ) | ||||||||
| Other income (expense), net | 88 | 35 | 169 | 56 | ||||||||||||
| Income before provision for income taxes | 4,399 | 5,511 | 8,901 | 10,750 | ||||||||||||
| Provision for income taxes | 902 | 1,014 | 1,837 | 1,921 | ||||||||||||
| Net income | 3,497 | 4,497 | 7,064 | 8,829 | ||||||||||||
| Net income attributable to noncontrolling interest | — | 5 | 1 | 4 | ||||||||||||
| Net income attributable to Gilead | $ | 3,497 | $ | 4,492 | $ | 7,063 | $ | 8,825 | ||||||||
| Net income per share attributable to Gilead common stockholders - basic | $ | 2.62 | $ | 3.05 | $ | 5.20 | $ | 5.96 | ||||||||
| Shares used in per share calculation - basic | 1,335 | 1,472 | 1,359 | 1,480 | ||||||||||||
| Net income per share attributable to Gilead common stockholders - diluted | $ | 2.58 | $ | 2.92 | $ | 5.11 | $ | 5.68 | ||||||||
| Shares used in per share calculation - diluted | 1,355 | 1,540 | 1,383 | 1,555 | ||||||||||||
| Cash dividends declared per share | $ | 0.47 | 0.43 | $ | 0.90 | 0.43 | ||||||||||
| 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, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Cost of goods sold reconciliation: | ||||||||||||||||
| GAAP cost of goods sold | $ | 864 | $ | 998 | $ | 2,057 | $ | 1,880 | ||||||||
| Acquisition related-amortization of purchased intangibles | (210 | ) | (207 | ) | (420 | ) | (413 | ) | ||||||||
| Stock-based compensation expenses | (4 | ) | (3 | ) | (7 | ) | (6 | ) | ||||||||
| Other (1) | 3 | — | 6 | 1 | ||||||||||||
| Non-GAAP cost of goods sold | $ | 653 | $ | 788 | $ | 1,636 | $ | 1,462 | ||||||||
| Product gross margin reconciliation: | ||||||||||||||||
| GAAP product gross margin | 88.7 | % | 87.7 | % | 86.6 | % | 87.9 | % | ||||||||
| Acquisition related-amortization of purchased intangibles | 2.7 | % | 2.5 | % | 2.7 | % | 2.7 | % | ||||||||
| Non-GAAP product gross margin(2) | 91.5 | % | 90.3 | % | 89.3 | % | 90.6 | % | ||||||||
| Research and development expenses reconciliation: | ||||||||||||||||
| GAAP research and development expenses | $ | 1,484 | $ | 818 | $ | 2,749 | $ | 1,514 | ||||||||
| Up-front collaboration expenses | — | — | (368 | ) | — | |||||||||||
| Acquisition related expenses-acquired IPR&D | (400 | ) | (66 | ) | (400 | ) | (66 | ) | ||||||||
| Acquisition related-IPR&D impairment | — | — | (114 | ) | — | |||||||||||
| Stock-based compensation expenses | (44 | ) | (42 | ) | (85 | ) | (84 | ) | ||||||||
| Other (1) | — | (8 | ) | 27 | (11 | ) | ||||||||||
| Non-GAAP research and development expenses | $ | 1,040 | $ | 702 | $ | 1,809 | $ | 1,353 | ||||||||
| Selling, general and administrative expenses reconciliation: | ||||||||||||||||
| GAAP selling, general and administrative expenses | $ | 890 | $ | 812 | $ | 1,575 | $ | 1,457 | ||||||||
| Stock-based compensation expenses | (47 | ) | (51 | ) | (91 | ) | (98 | ) | ||||||||
| Other (1) | (5 | ) | — | (8 | ) | 2 | ||||||||||
| Non-GAAP selling, general and administrative expenses | $ | 838 | $ | 761 | $ | 1,476 | $ | 1,361 | ||||||||
| Operating margin reconciliation: | ||||||||||||||||
| GAAP operating margin | 58.4 | % | 68.1 | % | 59.0 | % | 69.4 | % | ||||||||
| Up-front collaboration expenses | — | % | — | % | 2.4 | % | — | % | ||||||||
| Acquisition related-amortization of purchased intangibles | 2.7 | % | 2.5 | % | 2.7 | % | 2.6 | % | ||||||||
| Acquisition related expenses-acquired IPR&D | 5.1 | % | 0.8 | % | 2.6 | % | 0.4 | % | ||||||||
| Acquisition related-IPR&D impairment | — | % | — | % | 0.7 | % | — | % | ||||||||
| Stock-based compensation expenses | 1.2 | % | 1.2 | % | 1.2 | % | 1.2 | % | ||||||||
| Other (1) | — | % | 0.1 | % | (0.2 | )% | 0.1 | % | ||||||||
| Non-GAAP operating margin(2) | 67.5 | % | 72.7 | % | 68.4 | % | 73.6 | % | ||||||||
(1) Amounts related to consolidation of a contract manufacturer, contingent consideration 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, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Effective tax rate reconciliation: | ||||||||||||||||
| GAAP effective tax rate | 20.5 | % | 18.4 | % | 20.6 | % | 17.9 | % | ||||||||
| Up-front collaboration expenses | — | % | — | % | (0.7 | )% | — | % | ||||||||
| Acquisition related-amortization of purchased intangibles | (0.7 | )% | (0.5 | )% | (0.7 | )% | (0.5 | )% | ||||||||
| Acquisition related expenses-acquired IPR&D | (1.5 | )% | (0.2 | )% | (0.8 | )% | (0.1 | )% | ||||||||
| Other (1) | — | % | — | % | 0.1 | % | — | % | ||||||||
| Non-GAAP effective tax rate (2) | 18.3 | % | 17.7 | % | 18.5 | % | 17.3 | % | ||||||||
| Net income attributable to Gilead reconciliation: | ||||||||||||||||
| GAAP net income attributable to Gilead | $ | 3,497 | $ | 4,492 | $ | 7,063 | $ | 8,825 | ||||||||
| Up-front collaboration expenses | — | — | 368 | — | ||||||||||||
| Acquisition related-amortization of purchased intangibles | 204 | 202 | 408 | 403 | ||||||||||||
| Acquisition related expenses-acquired IPR&D | 400 | 66 | 400 | 66 | ||||||||||||
| Acquisition related-IPR&D Impairment | — | — | 99 | — | ||||||||||||
| Stock-based compensation expenses | 69 | 71 | 133 | 140 | ||||||||||||
| Other (1) | 7 | 14 | (20 | ) | 15 | |||||||||||
| Non-GAAP net income | $ | 4,177 | $ | 4,845 | $ | 8,451 | $ | 9,449 | ||||||||
| Diluted earnings per share reconciliation: | ||||||||||||||||
| GAAP diluted earnings per share | $ | 2.58 | $ | 2.92 | $ | 5.11 | $ | 5.68 | ||||||||
| Up-front collaboration expenses | — | — | 0.27 | — | ||||||||||||
| Acquisition related-amortization of purchased intangibles | 0.15 | 0.13 | 0.30 | 0.26 | ||||||||||||
| Acquisition related expenses-acquired IPR&D | 0.30 | 0.04 | 0.29 | 0.04 | ||||||||||||
| Acquisition related-IPR&D Impairment | — | — | 0.07 | — | ||||||||||||
| Stock-based compensation expenses | 0.05 | 0.05 | 0.10 | 0.09 | ||||||||||||
| Other (1) | 0.01 | — | (0.01 | ) | 0.01 | |||||||||||
| Non-GAAP diluted earnings per share(2) | $ | 3.08 | $ | 3.15 | $ | 6.11 | $ | 6.08 | ||||||||
| Shares used in per share calculation (diluted) reconciliation: | ||||||||||||||||
| GAAP shares used in per share calculation (diluted) | 1,355 | 1,540 | 1,383 | 1,555 | ||||||||||||
| Share impact of current stock-based compensation rules | (1 | ) | — | — | — | |||||||||||
| Non-GAAP shares used in per share calculation (diluted) | 1,354 | 1,540 | 1,383 | 1,555 | ||||||||||||
| Non-GAAP adjustment summary: | ||||||||||||||||
| Cost of goods sold adjustments | $ | 211 | $ | 210 | $ | 421 | $ | 418 | ||||||||
| Research and development expenses adjustments | 444 | 116 | 940 | 161 | ||||||||||||
| Selling, general and administrative expenses adjustments | 52 | 51 | 99 | 96 | ||||||||||||
| Total non-GAAP adjustments before tax | 707 | 377 | 1,460 | 675 | ||||||||||||
| Income tax effect | (32 | ) | (30 | ) | (77 | ) | (58 | ) | ||||||||
| Other(1) | 5 | 6 | 5 | 7 | ||||||||||||
| Total non-GAAP adjustments after tax | $ | 680 | $ | 353 | $ | 1,388 | $ | 624 | ||||||||
Notes:(1) Amounts related to consolidation of a contract manufacturer, contingent consideration and/or other individually insignificant amounts(2) Amounts may not sum due to rounding
| GILEAD SCIENCES, INC. | ||||
| RECONCILIATION OF GAAP TO NON-GAAP 2016 FULL YEAR GUIDANCE | ||||
| (unaudited) | ||||
| (in millions, except percentages and per share amounts) | ||||
Initially ProvidedFebruary 2, 2016ReiteratedApril 28, 2016 | Updated July 25, 2016 | |||
| Projected product gross margin GAAP to non-GAAP reconciliation: | ||||
| GAAP projected product gross margin | 85% - 87% | 85% - 87% | ||
| Acquisition-related expenses | 3% - 3% | 3% - 3% | ||
| Non-GAAP projected product gross margin * | 88% - 90% | 88% - 90% | ||
| Projected research and development expenses GAAP to non-GAAP reconciliation: | ||||
| GAAP projected research and development expenses | $3,837 - $4,182 | $4,700 - $4,945 | ||
| Acquisition-related expenses / up-front collaboration expenses | (447) - (477) | (915) - (945) | ||
| Stock-based compensation expenses | (190) - (205) | (185) - (200) | ||
| Non-GAAP projected research and development expenses | $3,200 - $3,500 | $3,600 - $3,800 | ||
Projected selling, general and administrative expenses GAAP to non-GAAP reconciliation: | ||||
| GAAP projected selling, general and administrative expenses | $3,530 - $3,840 | $3,305 - $3,515 | ||
| Stock-based compensation expenses | (230) - (240) | (205) - (215) | ||
| Non-GAAP projected selling, general and administrative expenses | $3,300 - $3,600 | $3,100 - $3,300 | ||
| Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses: | ||||
| Acquisition-related expenses / up-front collaboration expenses | $0.88 - $0.92 | $1.26 - $1.30 | ||
| Stock-based compensation expenses | $0.22 - $0.24 | $0.21 - $0.23 | ||
| Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses | $1.10 - $1.16 | $1.47 - $1.53 | ||
Notes:* 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, | ||||||
| 2016 | 2015(1) | ||||||
| Cash, cash equivalents and marketable securities | $ | 24,616 | $ | 26,208 | |||
| Accounts receivable, net | 5,752 | 5,854 | |||||
| Inventories | 1,862 | 1,955 | |||||
| Property, plant and equipment, net | 2,599 | 2,276 | |||||
| Intangible assets, net | 9,713 | 10,247 | |||||
| Goodwill | 1,172 | 1,172 | |||||
| Other assets | 4,266 | 4,004 | |||||
| Total assets | $ | 49,980 | $ | 51,716 | |||
| Current liabilities | $ | 10,444 | $ | 9,890 | |||
| Long-term liabilities | 23,421 | 22,711 | |||||
| Equity component of currently redeemable convertible notes | — | 2 | |||||
| Stockholders’ equity(2) | 16,115 | 19,113 | |||||
| Total liabilities and stockholders’ equity | $ | 49,980 | $ | 51,716 | |||
Notes:(1) Derived from the audited consolidated
financial statements as of
| GILEAD SCIENCES, INC. | ||||||||||||
| PRODUCT SALES SUMMARY | ||||||||||||
| (unaudited) | ||||||||||||
| (in millions) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||
| Antiviral products: | ||||||||||||
| Harvoni – U.S. | $ | 1,474 | $ | 2,826 | $ | 2,881 | $ | 5,842 | ||||
| Harvoni – Europe | 512 | 623 | 1,067 | 1,100 | ||||||||
| Harvoni – Japan | 448 | — | 1,335 | — | ||||||||
| Harvoni – Other International | 130 | 159 | 298 | 245 | ||||||||
| 2,564 | 3,608 | 5,581 | 7,187 | |||||||||
| Sovaldi – U.S. | 775 | 615 | 1,420 | 1,036 | ||||||||
| Sovaldi – Europe | 263 | 522 | 543 | 1,005 | ||||||||
| Sovaldi – Japan | 171 | 62 | 373 | 62 | ||||||||
| Sovaldi – Other International | 149 | 92 | 299 | 160 | ||||||||
| 1,358 | 1,291 | 2,635 | 2,263 | |||||||||
| Truvada – U.S. | 631 | 500 | 1,207 | 909 | ||||||||
| Truvada – Europe | 245 | 277 | 496 | 578 | ||||||||
| Truvada – Other International | 66 | 72 | 137 | 133 | ||||||||
| 942 | 849 | 1,840 | 1,620 | |||||||||
| Atripla – U.S. | 479 | 549 | 968 | 1,043 | ||||||||
| Atripla – Europe | 140 | 178 | 283 | 372 | ||||||||
| Atripla – Other International | 54 | 55 | 97 | 101 | ||||||||
| 673 | 782 | 1,348 | 1,516 | |||||||||
| Stribild – U.S. | 326 | 364 | 702 | 646 | ||||||||
| Stribild – Europe | 84 | 65 | 165 | 126 | ||||||||
| Stribild – Other International | 19 | 18 | 39 | 31 | ||||||||
| 429 | 447 | 906 | 803 | |||||||||
| Complera / Eviplera – U.S. | 199 | 207 | 421 | 370 | ||||||||
| Complera / Eviplera – Europe | 156 | 145 | 302 | 290 | ||||||||
| Complera / Eviplera – Other International | 13 | 15 | 26 | 27 | ||||||||
| 368 | 367 | 749 | 687 | |||||||||
| Genvoya – U.S. | 268 | — | 409 | — | ||||||||
| Genvoya – Europe | 30 | — | 46 | — | ||||||||
| Genvoya – Other International | 4 | — | 5 | — | ||||||||
| 302 | — | 460 | — | |||||||||
| Viread – U.S. | 142 | 134 | 265 | 234 | ||||||||
| Viread – Europe | 81 | 77 | 157 | 157 | ||||||||
| Viread – Other International | 64 | 60 | 137 | 114 | ||||||||
| 287 | 271 | 559 | 505 | |||||||||
| Epclusa – U.S. | 64 | — | 64 | — | ||||||||
| Descovy – U.S. | 49 | — | 49 | — | ||||||||
| Descovy – Europe | 12 | — | 12 | — | ||||||||
| 61 | — | 61 | — | |||||||||
| Odefsey – U.S. | 58 | — | 69 | — | ||||||||
| GILEAD SCIENCES, INC. | ||||||||||||
| PRODUCT SALES SUMMARY - (Continued) | ||||||||||||
| (unaudited) | ||||||||||||
| (in millions) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||
| Other Antiviral - US | $ | 12 | $ | 8 | $ | 22 | $ | 22 | ||||
| Other Antiviral - Europe | 7 | 7 | 13 | 14 | ||||||||
| Other Antiviral - Other International | 1 | 1 | 2 | 2 | ||||||||
| 20 | 16 | 37 | 38 | |||||||||
| Total antiviral products – U.S. | 4,477 | 5,203 | 8,477 | 10,102 | ||||||||
| Total antiviral products – Europe | 1,530 | 1,894 | 3,084 | 3,642 | ||||||||
| Total antiviral products – Japan | 619 | 62 | 1,708 | 62 | ||||||||
| Total antiviral products – Other International | 500 | 472 | 1,040 | 813 | ||||||||
| 7,126 | 7,631 | 14,309 | 14,619 | |||||||||
| Other products: | ||||||||||||
| Letairis | 203 | 176 | 378 | 327 | ||||||||
| Ranexa | 153 | 141 | 297 | 258 | ||||||||
| AmBisome | 85 | 103 | 171 | 188 | ||||||||
| Zydelig | 41 | 30 | 90 | 56 | ||||||||
| Other | 43 | 45 | 87 | 83 | ||||||||
| 525 | 495 | 1,023 | 912 | |||||||||
| Total product sales | $ | 7,651 | $ | 8,126 | $ | 15,332 | $ | 15,531 | ||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160725006279/en/
Source:
Gilead Sciences, Inc.InvestorsRobin Washington, 650-522-5688Sung Lee, 650-524-7792orMediaAmy Flood, 650-522-5643
Investors
Jacquie Ross
investors_relations@gilead.com
Media Contact
Meaghan Smith
public_affairs@gilead.com
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