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Gilead Sciences Announces Third Quarter 2016 Financial Results

1.11.2016 20:01 | Business Wire

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Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the third quarter ended September 30, 2016. The financial results that follow represent a year-over-year comparison of third quarter 2016 to the third quarter 2015. Total revenues were $7.5 billion in 2016 compared to $8.3 billion in 2015. Net income was $3.3 billion or $2.49 per diluted share in 2016 compared to $4.6 billion or $3.06 per diluted share in 2015. Non-GAAP net income, which excludes amounts related to acquisition-related, up-front collaboration, stock-based compensation and other expenses, was $3.7 billion or $2.75 per diluted share in 2016 compared to $4.8 billion or $3.22 per diluted share in 2015.

   
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions, except per share amounts) 2016   2015 2016   2015
Product sales $ 7,405 $ 8,211 $ 22,737 $ 23,742
Royalty, contract and other revenues 95   84   333   391
Total revenues $ 7,500   $ 8,295   $ 23,070   $ 24,133
 
Net income attributable to Gilead $ 3,330 $ 4,600 $ 10,393 $ 13,425
Non-GAAP net income* $ 3,677 $ 4,836 $ 12,128 $ 14,285
 
Diluted earnings per share $ 2.49 $ 3.06 $ 7.59 $ 8.73
Non-GAAP diluted earnings per share* $ 2.75 $ 3.22 $ 8.87 $ 9.29
 

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

Product Sales

Total product sales for the third quarter of 2016 were $7.4 billion compared to $8.2 billion for the same period in 2015. Product sales for the third quarter of 2016 were $5.1 billion in the United States, $1.4 billion in Europe, $452 million in Japan and $479 million in other locations. Product sales for the third quarter of 2015 were $5.6 billion in the United States, $1.7 billion in Europe, $454 million in Japan and $504 million in other locations.

Antiviral Product Sales

Antiviral product sales, which include primarily products in Gilead’s HIV and liver disease areas, were $6.8 billion for the third quarter of 2016 compared to $7.7 billion for the same period in 2015.

  • HIV and other antiviral product sales were $3.5 billion compared to $2.9 billion for the same period in 2015. The increase was primarily due to the continued uptake of our tenofovir alafenamide (TAF) based products, Genvoya® (elvitegravir 150 mg/cobicistat 150 mg/emtricitabine 200 mg/tenofovir alafenamide 10 mg), Descovy® (emtricitabine 200 mg/tenofovir alafenamide 25 mg) and Odefsey® (emtricitabine 200 mg/rilpivirine 25 mg/tenofovir alafenamide 25 mg).
  • HCV product sales, which consist of Harvoni® (ledipasvir 90 mg/sofosbuvir 400 mg), Sovaldi® (sofosbuvir 400 mg) and Epclusa® (sofosbuvir 400 mg/velpatasvir 100 mg), were $3.3 billion compared to $4.8 billion for the same period in 2015. The decline was due to lower sales of Harvoni and Sovaldi, partially offset by sales of Epclusa, which was launched in the United States and Europe in June and July 2016, respectively.

Other Product Sales

Other product sales, which include Letairis® (ambrisentan), Ranexa® (ranolazine) and AmBisome® (amphotericin B liposome for injection), were $564 million for the third quarter of 2016 compared to $509 million for the same period in 2015.

Operating Expenses

   
Three Months Ended Nine Months Ended
September 30, September 30,
(In millions) 2016   2015 2016   2015
Research and development expenses (R&D) $ 1,141 $ 743 $ 3,890 $ 2,257

Non-GAAP research and development expenses*

$ 981 $ 713 $ 2,790 $ 2,066
 
Selling, general and administrative expenses (SG&A) $ 831 $ 903 $ 2,406 $ 2,360
Non-GAAP selling, general and administrative expenses* $ 780 $ 850 $ 2,256 $ 2,211
 

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

During the third 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 the overall progression of Gilead’s clinical studies, including a $200 million milestone expense associated with Gilead’s purchase of Nimbus Apollo, Inc.
  • Selling, general and administrative expenses and non-GAAP selling, general and administrative expenses* decreased primarily due to lower branded prescription drug fee expense.

Cash, Cash Equivalents and Marketable Securities

As of September 30, 2016, Gilead had $31.6 billion of cash, cash equivalents and marketable securities compared to $24.6 billion as of June 30, 2016. This increase was primarily due to the issuance of $5.0 billion aggregate principal amount of senior unsecured notes in September 2016. Cash flow from operating activities was $4.3 billion for the quarter. During the third quarter and the first nine months of 2016, Gilead utilized $1.0 billion and $10.0 billion on stock repurchases, respectively.

Full Year 2016 Guidance Reiterated

Gilead reiterates its full year 2016 guidance, as revised on July 25, 2016:

 
(In millions, except percentages and per share amounts) Updated July 25, 2016

Reiterated November 1, 2016

Net Product Sales $29,500 - $30,500
Non-GAAP*
Product Gross Margin 88% - 90%
R&D Expenses $3,600 - $3,800
SG&A Expenses $3,100 - $3,300
Effective Tax Rate 18.0% - 20.0%
Diluted EPS Impact of Acquisition-related, Up-front Collaboration, Stock-based Compensation and Other Expenses $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 9.

Corporate Highlights

  • Announced that Kelly A. Kramer was appointed to the company’s Board of Directors and Audit Committee. Ms. Kramer is currently Executive Vice President and Chief Financial Officer of Cisco Systems, Inc.
  • Announced that Gilead entered into a partnership with the World Health Organization (WHO) to provide $20 million in funding and drug donations over five years to expand access to diagnostic services and treatment for visceral leishmaniasis (VL). As part of this collaboration, Gilead will donate 380,000 vials of AmBisome to meet the needs of WHO to treat VL in key endemic countries, including Bangladesh, Ethiopia, India, Nepal, South Sudan and Sudan.

Product and Pipeline Updates announced by Gilead during the Third Quarter of 2016 include:

  • Announced that the European Commission granted marketing authorization for once-daily Truvada® (emtricitabine 200 mg/tenofovir disoproxil 245 mg) in combination with safer-sex practices to reduce the risk of sexually acquired HIV-1 infection among uninfected adults at high risk, a strategy known as pre-exposure prophylaxis, or PrEP. Truvada was approved by the European Medicines Agency in 2005 for use in combination with other antiretroviral agents for the treatment of HIV-1 infection in adults aged 18 years and over, and is currently the most prescribed antiretroviral medicine in Europe as part of combination therapy.
  • Announced that the European Commission granted marketing authorization for Epclusa, the first pan-genotypic, single tablet regimen for the treatment of adults with genotype 1-6 chronic hepatitis C virus (HCV) infection. Epclusa for 12 weeks was authorized for use in patients without cirrhosis or with compensated cirrhosis (Child-Pugh A), and in combination with ribavirin (RBV) for patients with decompensated cirrhosis (Child-Pugh B or C). Epclusa is also the first single tablet regimen approved for the treatment of patients with HCV genotype 2 and 3, without the need for RBV. Physicians also have the flexibility to consider the addition of RBV for genotype 3 infected patients with compensated cirrhosis. The marketing authorization followed an accelerated review procedure by the European Medicines Agency, reserved for medicinal products expected to be of major public health interest.

Non-GAAP Financial Information

The information presented in this document has been prepared by Gilead in accordance with U.S. generally accepted accounting principles (GAAP), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 7, 8 and 9.

Conference Call

At 4:30 p.m. Eastern Time today, Gilead’s management will host a conference call and a simultaneous webcast to discuss results from its third quarter 2016 as well as provide a general business update. To access the webcast live via the internet, please connect to the company’s website at www.gilead.com/investors 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed to hear the webcast. Alternatively, please call 1-877-359-9508 (U.S.) or 1-224-357-2393 (international) and dial the conference ID 82848433 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 November 3, 2016. To access the phone replay, please call 1-855-859-2056 (U.S.) or 1-404-537-3406 (international) and dial the conference ID 82848433.

About Gilead

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

Forward-looking Statements

Statements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: Gilead’s ability to achieve its anticipated full year 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, Harvoni, Genvoya, Odefsey and Descovy; 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 Japan that may increase the amount of discount required on Gilead’s products, additional negotiated discounts for patient access, shifts in payer mix to more deeply discounted government payer segments and geographic regions and decreases in treatment duration; availability of funding for state AIDS Drug Assistance Programs (ADAPs) and Veterans Administration (VA); continued fluctuations in ADAP and VA purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead’s earnings; the possibility of unfavorable results from clinical trials involving investigational compounds; 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; Gilead’s ability to successfully commercialize its products, including Epclusa, Harvoni, Genvoya, Odefsey and Descovy; 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; Gilead’s ability to successfully develop its oncology, inflammation, cardiovascular and respiratory programs; safety and efficacy data from clinical studies may not warrant further development of Gilead’s product candidates; Gilead’s ability to complete its share repurchase program due to changes in its stock price, corporate or other market conditions; fluctuations in the foreign exchange rate of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead’s future revenues and pre-tax earnings; and other risks identified from time to time in Gilead’s reports filed with the U.S. Securities and Exchange Commission (SEC). In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. 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 June 30, 2016 and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation to update any such forward-looking statements.

Gilead owns or has rights to various trademarks, copyrights and trade names used in our business, including the following: GILEAD®, GILEAD SCIENCES®, AMBISOME®, CAYSTON®, COMPLERA®, DESCOVY®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPSERA®, LETAIRIS®, ODEFSEY®, RANEXA®, RAPISCAN®, SOVALDI®, STRIBILD®, TRUVADA®, TYBOST®, VIREAD®, VITEKTA®, VOLIBRIS®, and ZYDELIG®.

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   Nine Months Ended
September 30, September 30,
2016   2015 2016   2015
Revenues:
Product sales $ 7,405 $ 8,211 $ 22,737 $ 23,742
Royalty, contract and other revenues 95   84   333   391  
Total revenues 7,500   8,295   23,070   24,133  
Costs and expenses:
Cost of goods sold 1,129 1,064 3,186 2,944
Research and development expenses 1,141 743 3,890 2,257
Selling, general and administrative expenses 831   903   2,406   2,360  
Total costs and expenses 3,101   2,710   9,482   7,561  
Income from operations 4,399 5,585 13,588 16,572
Interest expense (242 ) (165 ) (699 ) (458 )
Other income (expense), net 119   52   288   108  
Income before provision for income taxes 4,276 5,472 13,177 16,222
Provision for income taxes 951   880   2,788   2,801  
Net income 3,325 4,592 10,389 13,421
Net loss attributable to noncontrolling interest (5 ) (8 ) (4 ) (4 )
Net income attributable to Gilead $ 3,330   $ 4,600   $ 10,393   $ 13,425  
 
Net income per share attributable to Gilead common stockholders - basic $ 2.52 $ 3.14 $ 7.72 $ 9.11
Shares used in per share calculation - basic 1,322 1,463 1,347 1,474
Net income per share attributable to Gilead common stockholders - diluted $ 2.49 $ 3.06 $ 7.59 $ 8.73
Shares used in per share calculation - diluted 1,339 1,503 1,369 1,538
Cash dividends declared per share $ 0.47 $ 0.43 $ 1.37 $ 0.86
 
 

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(unaudited)

(in millions, except percentages and per share amounts)

   
Three Months Ended Nine Months Ended
September 30, September 30,
2016   2015 2016   2015
Cost of goods sold reconciliation:
GAAP cost of goods sold $ 1,129 $ 1,064 $ 3,186 $ 2,944
Acquisition related-amortization of purchased intangibles (210 ) (207

)

(630 ) (620 )
Stock-based compensation expenses (4 ) (3 ) (11 ) (9 )
Other(1) 3   2   9   3  
Non-GAAP cost of goods sold $ 918   $ 856   $ 2,554   $ 2,318  
 
Product gross margin reconciliation:
GAAP product gross margin 84.8

 %

87.0

 %

86.0

 %

87.6 %
Acquisition related-amortization of purchased intangibles 2.8

 %

2.5

 %

2.8

 %

2.6 %
Non-GAAP product gross margin(2)

87.6

 %

89.6

 %

88.8

 %

90.2 %
 
Research and development expenses reconciliation:
GAAP research and development expenses $ 1,141 $ 743 $ 3,890 $ 2,257
Up-front collaboration expenses (5 ) (373 )
Acquisition related expenses-acquired IPR&D (400 ) (66 )
Acquisition related-IPR&D impairment (117 ) (231 )
Stock-based compensation expenses (44 ) (44 ) (129 ) (128 )
Other(1) 6   14   33   3  
Non-GAAP research and development expenses $ 981   $ 713   $ 2,790   $ 2,066  
 
Selling, general and administrative expenses reconciliation:
GAAP selling, general and administrative expenses $ 831 $ 903 $ 2,406 $ 2,360
Stock-based compensation expenses (47 ) (50 ) (138 ) (148 )
Other(1) (4 ) (3 ) (12 ) (1 )
Non-GAAP selling, general and administrative expenses $ 780   $ 850   $ 2,256   $ 2,211  
 
Operating margin reconciliation:
GAAP operating margin 58.7

 %

67.3

 %

58.9

 %

68.7 %
Up-front collaboration expenses 0.1

 %

 %

1.6

 %

%
Acquisition related-amortization of purchased intangibles 2.8

 %

2.5

 %

2.7

 %

2.6 %
Acquisition related expenses-acquired IPR&D

 %

 %

1.7

 %

0.3 %
Acquisition related-IPR&D impairment 1.6

 %

 %

1.0

 %

%
Stock-based compensation expenses 1.3

 %

1.2

 %

1.2

 %

1.2 %
Other(1) (0.1 )% (0.2 )% (0.1 )% %
Non-GAAP operating margin(2) 64.3

 %

70.8

 %

67.1

 %

72.7 %
 
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 FINANCIAL INFORMATION - (Continued)

(unaudited)

(in millions, except percentages and per share amounts)

   
Three Months Ended Nine Months Ended
September 30, September 30,
2016   2015 2016   2015
Effective tax rate reconciliation:
GAAP effective tax rate 22.2

 %

16.1

 %

21.2

 %

17.3

 %

Up-front collaboration expenses

 %

 %

(0.5 )%

 %

Acquisition related-amortization of purchased intangibles (0.4

)%

(0.2 )% (0.7 )% (0.4 )%
Acquisition related expenses-acquired IPR&D

 %

 %

(0.5 )%

 %

Stock-based compensation expenses

 %

0.4

 %

 %

0.1

 %

Non-GAAP effective tax rate(1) 21.8

 %

16.3

 %

19.5

 %

17.0

 %

 
Net income attributable to Gilead reconciliation:
GAAP net income attributable to Gilead $ 3,330 $ 4,600 $ 10,393 $ 13,425
Up-front collaboration expenses 5 373
Acquisition related-amortization of purchased intangibles 204 202 612 605
Acquisition related expenses-acquired IPR&D 400 66
Acquisition related-IPR&D impairment 74 173
Stock-based compensation expenses 70 44 203 184
Other(2) (6 ) (10 ) (26 ) 5  
Non-GAAP net income $ 3,677   $ 4,836   $ 12,128   $ 14,285  
 
Diluted earnings per share reconciliation:
GAAP diluted earnings per share $ 2.49 $ 3.06 $ 7.59 $ 8.73
Up-front collaboration expenses 0.27
Acquisition related-amortization of purchased intangibles 0.15 0.13 0.45 0.39
Acquisition related expenses-acquired IPR&D 0.29 0.04
Acquisition related-IPR&D impairment 0.06 0.13
Stock-based compensation expenses 0.05 0.03 0.15 0.12
Other(2)   (0.01 ) (0.02 ) 0.01  
Non-GAAP diluted earnings per share(1) $ 2.75   $ 3.22   $ 8.87   $ 9.29  
 
Shares used in per share calculation (diluted) reconciliation:
GAAP shares used in per share calculation (diluted) 1,339 1,503 1,369 1,538
Share impact of current stock-based compensation rules (1 ) (1 ) (1 ) (1 )
Non-GAAP shares used in per share calculation (diluted) 1,338   1,502   1,368   1,537  
 
Non-GAAP adjustment summary:
Cost of goods sold adjustments $ 211 $ 208 $ 632 $ 626
Research and development expenses adjustments 160 30 1,100 191
Selling, general and administrative expenses adjustments 51 53 150 149
Other income (expense) adjustments   1     1  
Total non-GAAP adjustments before tax 422 292 1,882 967
Income tax effect (74 ) (58 ) (151 ) (116 )
Other(2) (1 ) 2   4   9  
Total non-GAAP adjustments after tax $ 347   $ 236   $ 1,735   $ 860  
 
Notes:
(1) Amounts may not sum due to rounding
(2) Amounts related to consolidation of a contract manufacturer, contingent consideration and/or other individually insignificant amounts
 
 

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP 2016 FULL YEAR GUIDANCE

(unaudited)

(in millions, except percentages and per share amounts)

 
Updated July 25, 2016

Reiterated November 1, 2016

Projected product gross margin GAAP to non-GAAP reconciliation:
GAAP projected product gross margin 85% - 87%
Acquisition-related expenses 3% - 3%
Non-GAAP projected product gross margin(1) 88% - 90%
 
Projected research and development expenses GAAP to non-GAAP reconciliation:
GAAP projected research and development expenses $4,700 - $4,945
Acquisition-related expenses / up-front collaboration expenses (915) - (945)
Stock-based compensation expenses (185) - (200)
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 $3,305 - $3,515
Stock-based compensation expenses (205) - (215)
Non-GAAP projected selling, general and administrative expenses $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 $1.26 - $1.30
Stock-based compensation expenses 0.21 - 0.23
Projected diluted EPS impact of acquisition-related, up-front collaboration, stock-based compensation and other expenses $1.47 - $1.53
 
Note:
(1) Stock-based compensation expenses have a less than one percent impact on non-GAAP projected product gross margin
 
 

GILEAD SCIENCES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions)

   
September 30, December 31,
2016 2015 (1)
 
Cash, cash equivalents and marketable securities $ 31,611 $ 26,208
Accounts receivable, net 5,075 5,854
Inventories 1,900 1,955
Property, plant and equipment, net 2,714 2,276
Intangible assets, net 9,386 10,247
Goodwill 1,172 1,172
Other assets 4,751   4,004
Total assets $ 56,609   $ 51,716
 
Current liabilities $ 11,073 $ 9,890
Long-term liabilities 28,176 22,711
Equity component of currently redeemable convertible notes 2
Stockholders’ equity(2) 17,360   19,113
Total liabilities and stockholders’ equity $ 56,609   $ 51,716
 
Notes:
(1) Derived from the audited consolidated financial statements as of December 31, 2015. Certain amounts have been reclassified to conform to current year presentation
(2) As of September 30, 2016, there were 1,322 million shares of common stock issued and outstanding
 
 

GILEAD SCIENCES, INC.

PRODUCT SALES SUMMARY

(unaudited)

(in millions)

   
Three Months Ended Nine Months Ended
September 30, September 30,
2016   2015 2016   2015
Antiviral products:
Harvoni – U.S. $ 1,084 $ 2,541 $ 3,965 $ 8,383
Harvoni – Europe 380 532 1,447 1,632
Harvoni – Japan 309 111 1,644 111
Harvoni – Other International 87   148   385   393
1,860   3,332   7,441   10,519
 
Truvada – U.S. 573 561 1,780 1,470
Truvada – Europe 217 268 713 846
Truvada – Other International 68   74   205   207
858   903   2,698   2,523
 
Sovaldi – U.S. 363 692 1,783 1,728
Sovaldi – Europe 184 337 727 1,342
Sovaldi – Japan 143 343 516 405
Sovaldi – Other International 135   94   434   254
825   1,466   3,460   3,729
 
Atripla – U.S. 486 597 1,454 1,640
Atripla – Europe 129 161 412 533
Atripla – Other International 35   60   132   161
650   818   1,998   2,334
 
Epclusa – U.S. 593 657
Epclusa – Europe 40 40
Epclusa – Other International 7     7  
640     704  
 
Stribild – U.S.(1) 525 422 1,227 1,068
Stribild – Europe 78 73 243 199
Stribild – Other International 18   16   57   47
621   511   1,527   1,314
 
Genvoya – U.S. 407 816
Genvoya – Europe 46 92
Genvoya – Other International 8     13  
461     921  
 
Complera / Eviplera – U.S.(1) 254 210 675 580
Complera / Eviplera – Europe 143 137 445 427
Complera / Eviplera – Other International 14   13   40   40
411   360   1,160   1,047
 
Viread – U.S. 155 151 420 385
Viread – Europe 77 76 234 233
Viread – Other International 71   70   208   184
303   297   862   802
 
Odefsey – U.S. 95 164
Odefsey – Europe 10     10  
105     174  
 
Descovy – U.S. 65 114
Descovy – Europe 23     35  
88     149  
 
Note:
(1) Amounts for the three and nine months ended September 30, 2016 include a favorable adjustment of rebate reserves of $223 million and $89 million for Stribild and Complera, respectively
 
 

GILEAD SCIENCES, INC.

PRODUCT SALES SUMMARY - (Continued)

(unaudited)

(in millions)

   
Three Months Ended Nine Months Ended
September 30, September 30,
2016   2015 2016   2015
Other Antiviral – U.S. $ 14 $ 8 $ 36 $ 30
Other Antiviral – Europe 5 6 18 20
Other Antiviral – Other International   1   2   3
19   15   56   53
 
Total antiviral products – U.S. 4,614 5,182 13,091 15,284
Total antiviral products – Europe 1,332 1,590 4,416 5,232
Total antiviral products – Japan 452 454 2,160 516
Total antiviral products – Other International 443   476   1,483   1,289
6,841   7,702   21,150   22,321
 
Other products:
Letairis 215 181 593 508
Ranexa 170 161 467 419
AmBisome 91 88 262 276
Zydelig 39 36 129 92
Other 49   43   136   126
564   509   1,587   1,421
 
Total product sales $ 7,405   $ 8,211   $ 22,737   $ 23,742

Contact information

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

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Lenovo Continues to Gain Momentum in First Quarter FY 2017/1818.8.2017 00:04Pressemelding

Behind the strength of its 3-wave strategy, Lenovo’s business transformation continued to gain traction during the first quarter, delivering solid profitability in its core PC and smart devices business, and revenue and profit improvements in targeted growth areas, including the data center and mobile businesses. Fueled by new investments in people and products, Lenovo’s Data Center Group (DCG) introduced the most comprehensive product lineup in its history, with the new ThinkSystem and ThinkAgile portfolio, and continued to build out its end-to-end sales organization. Similarly, Lenovo’s Mobile Business Group launched significant new products led by the Moto Z2 Force, available now on all major U.S. carriers, and ramped up its branding efforts worldwide. “In the first quarter this fiscal year, we had stable performance as we executed our 3-wave strategy with commitment. We

Spirent Tests Wi-Fi Network Performance with O2 at the Coca-Cola London Eye17.8.2017 15:57Pressemelding

Spirent Communications plc (LSE:SPT), today announced its Landslide E10 network test platform has been used with O2 to validate the Wi-Fi network performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application last month. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005758/en/ Spirent Landslide E10 helped O2 validate Wi-Fi performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application last month. (Photo: Busines Wire) Merlin Entertainments plc, operator of the London Eye, wanted to measure its Wi-Fi network performance, to ensure its infrastructure could provide an excellent experience for users of the new app, which puts increased demands on the Wi-Fi network. “The London Eye is a global attractio

Watch BizWireTV: A Camera You Can Wear and Krispy Kreme’s Famous Donuts Get Eclipsed with Chocolate17.8.2017 12:08Pressemelding

On BizWireTV, catch some Quick Biz Hits and see the latest in Star Power. Also see what’s happening in the startup world with the Accelerator Report, featuring the VC Watch and this week’s Startup Standout. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005305/en/ BizWireTV is hosted by Jordyn Rolling (Photo: Business Wire Now you can watch BizWireTV, and the latest breakthroughs in tech from the biggest brands, on any screen you want by downloading the new app through the Apple TV and iPhone App Store and Google Play for Android devices. Top of the Wire Introducing FrontRow: the camera re-invented. Watch BizWireTV to see more disruptors as well as the top 5 trending stories of the week! A core c

PsiOxus Therapeutics Announce Two New Board Appointments: New Board Appointments Strengthen Company’s US Presence17.8.2017 07:00Pressemelding

PsiOxus Therapeutics, Ltd. (PsiOxus) today announced the appointment of Charles Rowland and Duncan Higgons to the Board of Directors as part of an ongoing drive to expand in the US. Charles Rowland was most recently the President and Chief Executive Officer (CEO) of Aurinia Pharmaceuticals, a clinical stage pharmaceutical company focused on the global lupus nephritis market. Prior to this, he served as the Vice President and Chief Financial Officer (CFO) of ViroPharma, during which time the company grew into a global biopharmaceutical business with $500 million in annual revenues until it was acquired by Shire plc for $4.2 billion. Before joining ViroPharma, Mr. Rowland was executive Vice President, CFO, and interim co-CEO, for Endo Pharmaceuticals. In his earlier career, Charles held finance and operational positions at Biovail Pharmaceuticals, Breakaway Technologies, Pharmacia

Smarsh Adds Voice Archiving Offering with Acquisition of London-Based Cognia17.8.2017 06:59Pressemelding

Smarsh®, providing information archiving solutions for compliance, e-discovery and risk management, has completed the acquisition of Cognia, a worldwide leader in cloud-based voice archiving, audio search and analytics. Smarsh will leverage Cognia’s intellectual property and development resources to offer its global customer base enhanced capabilities around mobile and fixed-line voice communication – alongside a market-leading range of electronic communications – within The Archiving Platform. The acquisition will expand the existing presence of Smarsh in Europe and is central to its MiFID II compliance solution for financial firms. In addition to capturing incoming and outgoing communication from fixed-line recording solutions, Cognia uniquely captures voice content directly from leading mobile carriers. Carrier-direct capture is the most reliable and automated method for capt

Schlumberger Announces Third-Quarter 2017 Results Conference Call16.8.2017 21:23Pressemelding

Schlumberger Limited (NYSE:SLB) will hold a conference call on October 20, 2017 to discuss the results for the third quarter ending September 30, 2017. The conference call is scheduled to begin at 8:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (800) 288-8967 within North America or +1 (612) 333-4911 outside of North America approximately 10 minutes prior to the start of the call, and ask for the “Schlumberger Earnings Conference Call.” A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call,

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