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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gilead Sciences Inc | NASDAQ:GILD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.31 | 0.48% | 65.51 | 65.43 | 65.89 | 65.8892 | 64.97 | 65.32 | 7,232,521 | 00:55:07 |
- Over 180,000 U.S. and EU Patients Treated Year-to-Date with Sovaldi or Harvoni -
- Product Sales of $8.1 billion -
- Non-GAAP EPS of $3.15 per share -
- Revised 2015 Full Year Guidance -
Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the second quarter ended June 30, 2015. The financial results that follow represent a year over year comparison of second quarter 2015 to the second quarter 2014. Total revenues were $8.2 billion in 2015 compared to $6.5 billion in 2014. Net income was $4.5 billion or $2.92 per diluted share in 2015 compared to $3.7 billion or $2.20 per diluted share in 2014. Non-GAAP net income, which excludes amounts related to acquisition, restructuring, stock-based compensation and other, was $4.8 billion or $3.15 per diluted share in 2015 compared to $3.9 billion or $2.36 per diluted share in 2014.
Three Months Ended Six Months Ended June 30, June 30, (In millions, except per share amounts) 2015 2014 2015 2014 Product sales $ 8,126 $ 6,413 $ 15,531 $ 11,284 Royalty, contract and other revenues 118 122 307 250 Total revenues $ 8,244 $ 6,535 $ 15,838 $ 11,534 Net income attributable to Gilead $ 4,492 $ 3,656 $ 8,825 $ 5,883 Non-GAAP net income attributable to Gilead $ 4,845 $ 3,929 $ 9,449 $ 6,417 Diluted EPS $ 2.92 $ 2.20 $ 5.68 $ 3.52 Non-GAAP diluted EPS $ 3.15 $ 2.36 $ 6.08 $ 3.84Product Sales
Total product sales for the second quarter of 2015 were $8.1 billion compared to $6.4 billion for the second quarter of 2014. Product sales in the U.S. were $5.6 billion compared to $4.8 billion for the second quarter of 2014. In Europe, product sales were $2.0 billion compared to $1.3 billion for the same period in 2014.
Antiviral Product Sales
Antiviral product sales increased to $7.6 billion for the second quarter of 2015, up from $6.0 billion for the second quarter of 2014 primarily due to sales of Harvoni® (ledipasvir 90 mg/sofosbuvir 400 mg), which was approved in the U.S. and Europe in the fourth quarter of 2014, partially offset by a decrease in sales of Sovaldi® (sofosbuvir 400 mg) due primarily to the uptake in Harvoni.
Other Product Sales
Other product sales, which include Letairis® (ambrisentan), Ranexa® (ranolazine) and AmBisome® (amphotericin B liposome for injection), were $495 million for the second quarter of 2015 compared to $401 million for the second quarter of 2014.
Operating Expenses
Three Months Ended Six Months Ended June 30, June 30, (In millions) 2015 2014 2015 2014 Non-GAAP research and development expenses $ 702 $ 542 $ 1,353 $ 1,100 Non-GAAP selling, general and administrative expenses $ 761 $ 570 $ 1,361 $ 1,070Note: Non-GAAP R&D and SG&A expenses exclude amounts related to acquisition, restructuring, stock-based compensation and other.
During the second quarter of 2015, compared to the same period in 2014:
Cash, Cash Equivalents and Marketable Securities
As of June 30, 2015, Gilead had $14.7 billion of cash, cash equivalents and marketable securities compared to $14.5 billion as of March 31, 2015. During the second quarter of 2015, Gilead generated $5.7 billion in operating cash flow, utilized $900 million to repurchase 9 million shares under the $15.0 billion share repurchase plan approved in January 2015 and $3.9 billion to retire 46 million warrants related to the 2016 convertible debt. At June 30, 2015, approximately 9 million warrants remain outstanding. Gilead also paid its first cash dividend of $633 million, or $0.43 per share, during the second quarter of 2015.
Revised 2015 Full Year Guidance
Gilead updated its full year 2015 guidance, which it initially provided on February 3, 2015, updated on April 30, 2015, and further revised on July 28, 2015.
(In millions, except percentages and per share amounts) Initially ProvidedFebruary 3, 2015
UpdatedApril 30, 2015
UpdatedJuly 28, 2015
Net Product Sales $26,000 - $27,000 $28,000 - $29,000 $29,000 - $30,000 Non-GAAP* Product Gross Margin 87% - 90% 87% - 90% 88% - 90% R&D expenses $3,000 - $3,300 $3,000 - $3,300 $2,800 - $3,000 SG&A expenses $3,000 - $3,300 $3,000 - $3,300 $3,000 - $3,200 Effective Tax Rate 18.0% - 20.0% 18.0% - 20.0% 17.0% - 18.0% Diluted EPS Impact of Acquisition-Related, Restructuring, Stock-Based Compensation Expenses and Other $0.82 - $0.87 $0.82 - $0.87 $0.82 - $0.87 * Non-GAAP product gross margin, R&D and SG&A expenses and effective tax rate exclude amounts related to acquisition, restructuring, stock-based compensation and other.Corporate Highlights
Product & Pipeline Updates Announced by Gilead During the Second Quarter of 2015 Include:
Antiviral Program
Oncology Program
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 2015 as well as provide a general business update. The live webcast of the call can be accessed at the company's Investors page at www.gilead.com/investors. Please connect to the company's website at least 15 minutes prior to the start of the call to ensure adequate time for any software download that may be required to listen to the webcast. Alternatively, please call 1-877-359-9508 (U.S.) or 1-224-357-2393 (international) and dial the conference ID 73361664 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 30, 2015. To access the phone replay, please call 1-855-859-2056 (U.S.) or 1-404-537-3406 (international) and dial the conference ID 73361664.
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.
Non-GAAP Financial Information
Gilead has presented certain financial information in accordance with U.S. generally accepted accounting principles (GAAP) and also on a non-GAAP basis. Management believes this non-GAAP information is useful for investors, when considered in conjunction with Gilead's GAAP financial statements, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead's operating results as reported under GAAP. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 7 and 8.
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 2015 financial results; Gilead's ability to sustain growth in revenues for its antiviral and other programs; availability of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead's earnings; the possibility of unfavorable results from clinical trials involving sofosbuvir-containing products, including the pan-genotypic regimen of sofosbuvir, velpatasvir and GS-9857; Gilead's ability to initiate clinical trials in its currently anticipated timeframes; the levels of inventory held by wholesalers and retailers which may cause fluctuations in Gilead's earnings; Gilead's ability to submit new drug applications for new product candidates in the timelines currently anticipated; Gilead's ability to receive regulatory approvals in a timely manner or at all, for new and current products, including F/TAF and E/C/F/TAF; Gilead's ability to successfully commercialize its products; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products; 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 Sovaldi and Harvoni; Gilead's ability to successfully develop its oncology, inflammation, cardiovascular and respiratory programs, including the compounds purchased from EpiTherapeutics; safety and efficacy data from clinical studies may not warrant further development of Gilead's product candidates, including the pan-genotypic regimen of sofosbuvir, velpatasvir and GS-9857; the potential for additional austerity measures in European countries that may increase the amount of discount required on Gilead's products; Gilead's ability to complete its share repurchase program due to changes in its stock price, corporate or other market conditions; Gilead’s ability to pay dividends under its dividend program and the risk that its Board of Directors may reduce the amount of the dividend; 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. 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 press releases, Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 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®, HARVONI®, SOVALDI®, TRUVADA®, STRIBILD®, COMPLERA®, EVIPLERA®, VIREAD®, LETAIRIS®, RANEXA®, AMBISOME®, ZYDELIG®, EMTRIVA®, TYBOST®, HEPSERA®, VITEKTA®, CAYSTON®, VOLIBRIS®, and RAPISCAN®.
ATRIPLA® is a registered trademark belonging to Bristol-Myers Squibb & Gilead Sciences, LLC. LEXISCAN® is a registered trademark belonging to Astellas U.S. LLC. MACUGEN® is a registered trademark belonging to Eyetech, Inc. SUSTIVA® is a registered trademark of Bristol-Myers Squibb Pharma Company. TAMIFLU® is a registered trademark belonging to 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, 2015 2014 2015 2014 Revenues: Product sales $ 8,126 $ 6,413 $ 15,531 $ 11,284 Royalty, contract and other revenues 118 122 307 250 Total revenues 8,244 6,535 15,838 11,534 Costs and expenses: Cost of goods sold 998 925 1,880 1,738 Research and development expenses 818 584 1,514 1,179 Selling, general and administrative expenses 812 614 1,457 1,162 Total costs and expenses 2,628 2,123 4,851 4,079 Income from operations 5,616 4,412 10,987 7,455 Interest expense (140 ) (102 ) (293 ) (178 ) Other income (expense), net 35 (4 ) 56 (22 ) Income before provision for income taxes 5,511 4,306 10,750 7,255 Provision for income taxes 1,014 656 1,921 1,382 Net income 4,497 3,650 8,829 5,873 Net income (loss) attributable to noncontrolling interest 5 (6 ) 4 (10 ) Net income attributable to Gilead $ 4,492 $ 3,656 $ 8,825 $ 5,883 Net income per share attributable to Gilead common stockholders - basic $ 3.05 $ 2.39 $ 5.96 $ 3.83 Net income per share attributable to Gilead common stockholders - diluted $ 2.92 $ 2.20 $ 5.68 $ 3.52 Shares used in per share calculation - basic 1,472 1,533 1,480 1,535 Shares used in per share calculation - diluted 1,540 1,664 1,555 1,672 Cash dividends declared per share $ 0.43 $ — $ 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, 2015 2014 2015 2014 Cost of goods sold reconciliation: GAAP cost of goods sold $ 998 $ 925 $ 1,880 $ 1,738 Stock-based compensation expenses (3 ) (2 ) (6 ) (5 ) Acquisition related-amortization of purchased intangibles (207 ) (200 ) (413 ) (399 ) Variable interest entity consolidated costs(1) — — 1 — Non-GAAP cost of goods sold $ 788 $ 723 $ 1,462 $ 1,334 Product gross margin reconciliation: GAAP product gross margin 87.7 % 85.6 % 87.9 % 84.6 % Acquisition related-amortization of purchased intangibles 2.5 % 3.1 % 2.7 % 3.5 % Non-GAAP product gross margin(2) 90.3 % 88.7 % 90.6 % 88.2 % Research and development expenses reconciliation: GAAP research and development expenses $ 818 $ 584 $ 1,514 $ 1,179 Stock-based compensation expenses (42 ) (37 ) (84 ) (71 ) Acquisition related expenses (67 ) — (67 ) — Acquisition related-contingent consideration remeasurement (7 ) (5 ) (10 ) (8 ) Non-GAAP research and development expenses $ 702 $ 542 $ 1,353 $ 1,100 Selling, general and administrative expenses reconciliation: GAAP selling, general and administrative expenses $ 812 $ 614 $ 1,457 $ 1,162 Stock-based compensation expenses (51 ) (44 ) (98 ) (90 ) Restructuring expenses — — 2 — Acquisition related-amortization of purchased intangibles — — — (2 ) Non-GAAP selling, general and administrative expenses $ 761 $ 570 $ 1,361 $ 1,070 Operating margin reconciliation: GAAP operating margin 68.1 % 67.5 % 69.4 % 64.6 % Stock-based compensation expenses 1.2 % 1.3 % 1.2 % 1.4 % Acquisition related expenses 0.8 % — % 0.4 % — % Acquisition related-amortization of purchased intangibles 2.5 % 3.1 % 2.6 % 3.5 % Acquisition related-contingent consideration remeasurement 0.1 % 0.1 % 0.1 % 0.1 % Non-GAAP operating margin(2) 72.7 % 71.9 % 73.6 % 69.6 % Other income (expense) reconciliation: GAAP other income (expense), net $ 35 $ (4 ) $ 56 $ (22 ) Acquisition related-transaction costs — — — (2 ) Non-GAAP other income (expense), net $ 35 $ (4 ) $ 56 $ (24 ) Notes: Immaterial amounts are not presented in the tables above (1) Consolidation of a contract manufacturer(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, 2015 2014 2015 2014 Effective tax rate reconciliation: GAAP effective tax rate 18.4 % 15.2 % 17.9 % 19.1 % Acquisition related expenses/transaction costs (0.2 )% — % (0.1 )% — % Acquisition related-amortization of purchased intangibles (0.5 )% (0.6 )% (0.5 )% (0.9 )% Non-GAAP effective tax rate(1) 17.7 % 14.6 % 17.3 % 18.2 % Net income attributable to Gilead reconciliation: GAAP net income attributable to Gilead $ 4,492 $ 3,656 $ 8,825 $ 5,883 Stock-based compensation expenses 71 72 140 136 Restructuring expenses — — (2 ) — Acquisition related expenses/transaction costs 67 — 67 (1 ) Acquisition related-amortization of purchased intangibles 202 196 403 391 Acquisition related-contingent consideration remeasurement 7 5 10 8 Variable interest entity consolidated costs(2) 6 — 6 — Non-GAAP net income attributable to Gilead $ 4,845 $ 3,929 $ 9,449 $ 6,417 Diluted earnings per share reconciliation: GAAP diluted earnings per share $ 2.92 $ 2.20 $ 5.68 $ 3.52 Stock-based compensation expenses 0.05 0.04 0.09 0.08 Acquisition related expenses/transaction costs 0.04 — 0.04 — Acquisition related-amortization of purchased intangibles 0.13 0.12 0.26 0.23 Acquisition related-contingent consideration remeasurement — — 0.01 — Non-GAAP diluted earnings per share(1) $ 3.15 $ 2.36 $ 6.08 $ 3.84 Shares used in per share calculation (diluted) reconciliation: GAAP shares used in per share calculation (diluted) 1,540 1,664 1,555 1,672 Share impact of current stock-based compensation rules — (1 ) — (1 ) Non-GAAP shares used in per share calculation (diluted) 1,540 1,663 1,555 1,671 Non-GAAP adjustment summary: Cost of goods sold adjustments $ 210 $ 202 $ 418 $ 404 Research and development expenses adjustments 116 42 161 79 Selling, general and administrative expenses adjustments 51 44 96 92 Other income (expense) adjustments — — — (2 ) Total non-GAAP adjustments before tax 377 288 675 573 Income tax effect (30 ) (14 ) (58 ) (38 ) Variable interest entity consolidated costs(2) 6 — 7 — Total non-GAAP adjustments after tax attributable to Gilead $ 353 $ 274 $ 624 $ 535 Notes: Immaterial amounts are not presented in the tables above (1) Amounts may not sum due to rounding (2) Consolidation of a contract manufacturerGILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions)
June 30,
December 31, 2015 2014(1) Cash, cash equivalents and marketable securities $ 14,667 $ 11,726 Accounts receivable, net 5,331 4,635 Inventories 2,039 1,386 Property, plant and equipment, net 1,899 1,674 Intangible assets, net 10,660 11,073 Goodwill 1,172 1,172 Other assets 3,399 2,998 Total assets $ 39,167 $ 34,664 Current liabilities $ 8,925 $ 5,761 Long-term liabilities 13,601 13,069 Equity component of currently redeemable convertible notes 7 15 Stockholders’ equity(2) 16,634 15,819 Total liabilities and stockholders’ equity $ 39,167 $ 34,664 Notes:(1) Derived from the audited consolidated financial statements as of December 31, 2014.
(2) As of June 30, 2015, there were 1,473 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, 2015 2014 2015 2014 Antiviral products: Harvoni – U.S. $ 2,826 $ — $ 5,842 $ — Harvoni – Europe 623 — 1,100 — Harvoni – Other International 159 — 245 — 3,608 — 7,187 — Sovaldi – U.S. 615 3,031 1,036 5,129 Sovaldi – Europe 522 401 1,005 564 Sovaldi – Other International 154 49 222 62 1,291 3,481 2,263 5,755 Truvada – U.S. 500 399 909 767 Truvada – Europe 277 338 578 661 Truvada – Other International 72 69 133 138 849 806 1,620 1,566 Atripla – U.S. 549 578 1,043 1,068 Atripla – Europe 178 234 372 471 Atripla – Other International 55 58 101 111 782 870 1,516 1,650 Stribild – U.S. 364 230 646 417 Stribild – Europe 65 31 126 55 Stribild – Other International 18 9 31 13 447 270 803 485 Complera / Eviplera – U.S. 207 153 370 284 Complera / Eviplera – Europe 145 132 290 241 Complera / Eviplera – Other International 15 14 27 25 367 299 687 550 Viread – U.S. 134 117 234 198 Viread – Europe 77 88 157 172 Viread – Other International 60 56 114 102 271 261 505 472 Other Antiviral – U.S. 8 13 22 20 Other Antiviral – Europe 7 10 14 19 Other Antiviral – Other International 1 2 2 4 16 25 38 43 Total antiviral products – U.S. 5,203 4,521 10,102 7,883 Total antiviral products – Europe 1,894 1,234 3,642 2,183 Total antiviral products – Other International 534 257 875 455 7,631 6,012 14,619 10,521 Other products: Letairis 176 145 327 268 Ranexa 141 123 258 234 AmBisome 103 94 188 186 Zydelig 30 — 56 — Other 45 39 83 75 495 401 912 763 Total product sales $ 8,126 $ 6,413 $ 15,531 $ 11,284
View source version on businesswire.com: http://www.businesswire.com/news/home/20150728006596/en/
Gilead Sciences, Inc.Robin Washington, 650-522-5688 (Investors)Patrick O'Brien, 650-522-1936 (Investors)Amy Flood, 650-522-5643 (Media)
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