- Product Sales of $7.0 billion -
- Diluted EPS of $2.33 per share -
- Non-GAAP Diluted EPS of $2.56 per share
-
- Revised Full Year 2017 Guidance -
Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results
of operations for the second quarter ended June 30, 2017. The
financial results that follow represent a year-over-year comparison
of the second quarter 2017 to the second quarter 2016. Total
revenues were $7.1 billion in 2017 compared to $7.8 billion in
2016. Net income was $3.1 billion or $2.33 per diluted share in
2017 compared to $3.5 billion or $2.58 per diluted share in 2016.
Non-GAAP net income, which excludes amounts related to
acquisition-related, up-front collaboration, stock-based
compensation and other expenses, was $3.4 billion or $2.56 per
diluted share in 2017 compared to $4.2 billion or $3.08 per diluted
share in 2016.
Three Months Ended Six Months Ended
June 30, June 30, (In millions, except per share
amounts) 2017 2016 2017
2016 Product sales $ 7,046 $ 7,651 $ 13,423 $ 15,332
Royalty, contract and other revenues 95 125 223
238 Total revenues $ 7,141 $ 7,776 $ 13,646
$ 15,570 Net income attributable to Gilead $ 3,073 $
3,497 $ 5,775 $ 7,063 Non-GAAP net income* $ 3,372 $ 4,177 $ 6,321
$ 8,451 Diluted earnings per share $ 2.33 $ 2.58 $ 4.38 $
5.11 Non-GAAP diluted earnings per share* $ 2.56 $ 3.08 $ 4.79 $
6.11
* 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 second quarter of 2017 were $7.0
billion compared to $7.7 billion for the same period in 2016.
Product sales for the second quarter of 2017 were $5.0 billion in
the United States, $1.4 billion in Europe and $665 million in other
locations. Product sales for the second quarter of 2016 were $4.9
billion in the United States, $1.6 billion in Europe and $1.2
billion in other locations.
Antiviral Product Sales
Antiviral product sales, which include sales of our HIV, chronic
hepatitis B (HBV) and chronic hepatitis C (HCV) products, were $6.4
billion for the second quarter of 2017 compared to $7.1 billion for
the same period in 2016.
- HIV and HBV product sales were $3.6
billion compared to $3.1 billion for the same period in 2016. 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
$2.9 billion compared to $4.0 billion for the same period in 2016.
The decline was due to lower sales of Harvoni and Sovaldi across
all major markets, partially offset by sales of Epclusa, which was
approved 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 $607 million for the second quarter of 2017
compared to $525 million for the same period in 2016.
Operating Expenses
Three Months Ended Six Months Ended
June 30, June 30, (In millions) 2017
2016 2017 2016 Research and
development expenses (R&D) $ 864 $ 1,484 $ 1,795 $ 2,749
Non-GAAP R&D expenses* $ 812 $ 1,040 $ 1,701 $ 1,809
Selling, general and administrative expenses (SG&A) $ 897 $ 890
$ 1,747 $ 1,575 Non-GAAP SG&A expenses* $ 827 $ 838 $ 1,634 $
1,476
* 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 second quarter of 2017, compared to the same period
in 2016:
- R&D expenses decreased primarily
due to the 2016 impact of Gilead’s purchase of Nimbus Apollo, Inc.
and a U.S. Food and Drug Administration (FDA) priority review
voucher.
- Non-GAAP R&D expenses* decreased
primarily due to the 2016 impact of Gilead’s purchase of an FDA
priority review voucher.
Cash, Cash Equivalents and Marketable
Securities
As of June 30, 2017, Gilead had $36.6 billion of cash, cash
equivalents and marketable securities compared to $34.0 billion as
of March 31, 2017. Cash flow from operating activities was $3.5
billion for the quarter. During the second quarter of 2017, Gilead
paid cash dividends of $680 million and utilized $130 million on
stock repurchases.
Revised Full Year 2017
Guidance
Gilead revised its full year 2017 guidance, initially provided
on February 7, 2017:
(In millions, except percentages and per share amounts)
Initially Provided
February 7, 2017
Reiterated
May 2, 2017
Updated
July 26, 2017
Net Product Sales
$22,500 -
$24,500
$24,000 -
$25,500
Non-HCV Product Sales $15,000 - $15,500
$15,500 - $16,000
HCV Product Sales $7,500 - $9,000 $8,500 - $9,500 Non-GAAP* Product
Gross Margin 86% - 88% 86% - 88% R&D Expenses
$3,100 - $3,400
$3,200 - $3,400
SG&A Expenses $3,100 - $3,400 $3,200 - $3,400 Effective Tax
Rate 25.0% - 28.0% 25.0% - 28.0% Diluted EPS Impact of
Acquisition-related, Up-front Collaboration, Stock-based
Compensation and Other Expenses $0.84 - $0.91 $0.86 - $0.93
* 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 2017 guidance is
provided in the tables on page 9.
Product and Pipeline Updates announced
by Gilead during the Second Quarter of 2017 include:
Antiviral and Liver Diseases Programs
- Announced that the European Committee
for the Medicinal Products for Human Use, the scientific committee
of the European Medicines Agency, adopted a positive opinion on the
marketing authorization application for VoseviTM, a once-daily,
single-tablet regimen of sofosbuvir 400 mg, velpatasvir 100 mg and
voxilaprevir 100 mg for the treatment of HCV-infected patients. On
July 18, 2017, Vosevi was approved by FDA.
- Announced the submission of a new drug
application (NDA) to FDA for an investigational, once-daily
single-tablet regimen containing bictegravir (50 mg) (BIC), a novel
investigational integrase strand transfer inhibitor, and
emtricitabine/tenofovir alafenamide (200/25 mg) (FTC/TAF) for the
treatment of HIV-1 infection in adults. BIC/FTC/TAF demonstrated
high rates of virologic suppression and no treatment-emergent
resistance through 48 weeks in Phase 3 clinical trials among
treatment-naïve adult patients and among virologically suppressed
adult patients who switched regimens. Additionally, Gilead
submitted a marketing authorization application for BIC/FTC/TAF in
the European Union during the second quarter of 2017.
- Presented data at the 52nd Annual
Meeting of the European Association for the Study of the Liver: The
International Liver Congress™ 2017 which included the announcement
of:
- Positive results from an open-label,
proof-of-concept study evaluating GS-0976, an investigational
inhibitor of acetyl-CoA carboxylase, in patients with nonalcoholic
steatohepatitis. The data, from ten patients treated with GS-0976
20 mg taken orally once daily for 12 weeks, indicated that
treatment was associated with statistically significant
improvements in liver fat content and noninvasive markers of
fibrosis, via inhibition of hepatic de novo lipogenesis.
- Positive results from two Phase 2
studies evaluating Harvoni tablets in HCV-infected patient
populations not previously studied in dedicated clinical trials
with direct-acting antiviral therapies. The studies demonstrated
HCV cure rates of 99 percent in children aged 6 to 11 years, and
100 percent in adult patients co-infected with HCV and HBV.
- Positive 96-week results from two
ongoing Phase 3 studies evaluating the safety and efficacy of daily
Vemlidy® (TAF 25mg) in immune active patients and in patients
switching from Gilead’s Viread (tenofovir disoproxil fumarate, TDF
300 mg). Vemlidy is a once-daily treatment approved for adults with
HBV infection with compensated liver disease.
- Announced that FDA approved
supplemental indications for Harvoni tablets and Sovaldi tablets
for the treatment of HCV infection in adolescents without cirrhosis
or with compensated cirrhosis, 12 years of age and older, or
weighing at least 35kg. Harvoni was approved for pediatric patients
with genotype 1, 4, 5 or 6 HCV infection. Sovaldi was approved for
pediatric patients with genotype 2 or 3 HCV infection, in
combination with ribavirin.
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 second quarter 2017 and 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 43105505 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 28, 2017.
To access the phone replay, please call 1-855-859-2056 (U.S.) or
1-404-537-3406 (international) and dial the conference ID
43105505.
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 2017
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 Vosevi, Vemlidy, Epclusa, Descovy, Odefsey
and Genvoya; the potential for increased pricing pressure globally
and contracting pressure as well as decreased volume and market
share from additional competitive HCV launches; a larger than
anticipated shift in payer mix to more highly discounted payer
segments and geographic regions and decreases in treatment
duration; availability of funding for state AIDS Drug Assistance
Programs (ADAPs) 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; market share and price erosion
caused by the introduction of generic versions of Viread and
Truvada outside the United States; potential amendments to the
Affordable Care Act or other government action that could have the
effect of lowering prices or reducing the number of insured
patients; the possibility of unfavorable results from clinical
trials involving investigational compounds; 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
and receive regulatory approval for new product candidates in the
timelines currently anticipated or at all, including for Vosevi and
BIC/FTC/TAF; 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, including GS-0976;
Gilead’s ability to pay dividends or 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. 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, 2017 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®,
SOVALDI®, STRIBILD®, TRUVADA®, TYBOST®, VEMLIDY®, VIREAD®,
VITEKTA®, VOLIBRIS®, VOSEVITM and ZYDELIG®.
ATRIPLA® is a registered trademark of Bristol-Myers
Squibb & Gilead Sciences, LLC. LEXISCAN® is a registered
trademark of Astellas U.S. LLC. MACUGEN® is a registered trademark
of Eyetech, Inc. SUSTIVA® is a registered trademark of
Bristol-Myers Squibb Pharma Company. TAMIFLU® is a registered
trademark of 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, 2017 2016
2017 2016 Revenues: Product sales $ 7,046 $
7,651 $ 13,423 $ 15,332 Royalty, contract and other revenues 95
125 223 238 Total revenues 7,141
7,776 13,646 15,570 Costs and expenses: Cost
of goods sold 1,126 864 2,083 2,057 Research and development
expenses 864 1,484 1,795 2,749 Selling, general and administrative
expenses 897 890 1,747 1,575 Total
costs and expenses 2,887 3,238 5,625 6,381
Income from operations 4,254 4,538 8,021 9,189 Interest
expense (269 ) (227 ) (530 ) (457 ) Other income (expense), net 130
88 241 169 Income before provision for
income taxes 4,115 4,399 7,732 8,901 Provision for income taxes
1,046 902 1,964 1,837 Net income 3,069
3,497 5,768 7,064 Net income (loss) attributable to noncontrolling
interest (4 ) — (7 ) 1 Net income attributable to
Gilead $ 3,073 $ 3,497 $ 5,775 $ 7,063
Net income per share attributable to Gilead common
stockholders - basic $ 2.35 $ 2.62 $ 4.42 $ 5.20 Shares used in per
share calculation - basic 1,307 1,335 1,307 1,359 Net income per
share attributable to Gilead common stockholders - diluted $ 2.33 $
2.58 $ 4.38 $ 5.11 Shares used in per share calculation - diluted
1,317 1,355 1,319 1,383 Cash dividends declared per share $ 0.52 $
0.47 $ 1.04 $ 0.90
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, 2017 2016
2017 2016 Cost of goods sold
reconciliation: GAAP cost of goods sold $ 1,126 $ 864 $ 2,083 $
2,057 Acquisition related-amortization of purchased intangibles
(210 ) (210 ) (420 ) (420 ) Stock-based compensation expenses (4 )
(4 ) (8 ) (7 ) Other(1) (20 ) 3 (20 ) 6 Non-GAAP cost
of goods sold $ 892 $ 653 $ 1,635 $ 1,636
Product gross margin reconciliation: GAAP
product gross margin 84.0 % 88.7 % 84.5 % 86.6
%
Acquisition related-amortization of purchased intangibles 3.0 % 2.7
% 3.1 % 2.7
%
Other(1) 0.3 % — % 0.1 % —
%
Non-GAAP product gross margin(2) 87.3 % 91.5 % 87.8 % 89.3
%
Research and development expenses reconciliation:
GAAP research and development expenses $ 864 $ 1,484 $ 1,795 $
2,749 Up-front collaboration expenses — — — (368 ) Acquisition
related expenses-acquired IPR&D — (400 ) — (400 ) Acquisition
related-IPR&D impairment — — — (114 ) Stock-based compensation
expenses (47 ) (44 ) (89 ) (85 ) Other(1) (5 ) — (5 ) 27
Non-GAAP research and development expenses $ 812 $
1,040 $ 1,701 $ 1,809
Selling,
general and administrative expenses reconciliation: GAAP
selling, general and administrative expenses $ 897 $ 890 $ 1,747 $
1,575 Stock-based compensation expenses (51 ) (47 ) (94 ) (91 )
Other(1) (19 ) (5 ) (19 ) (8 ) Non-GAAP selling, general and
administrative expenses $ 827 $ 838 $ 1,634 $
1,476
Operating margin reconciliation: GAAP
operating margin 59.6 % 58.4 % 58.8 % 59.0
%
Up-front collaboration expenses — % — % — % 2.4
%
Acquisition related-amortization of purchased intangibles 2.9 % 2.7
% 3.1 % 2.7
%
Acquisition related expenses-acquired IPR&D — % 5.1 % — % 2.6
%
Acquisition related-IPR&D impairment — % — % — % 0.7
%
Stock-based compensation expenses 1.4 % 1.2 % 1.4 % 1.2
%
Other(1) 0.6 % — % 0.3 % (0.2 )% Non-GAAP operating margin(2) 64.6
% 67.5 % 63.6 % 68.4
%
Notes: (1) Amounts related to restructuring, contingent
consideration, consolidation of a contract manufacturer 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, 2017 2016
2017 2016 Effective tax rate
reconciliation: GAAP effective tax rate 25.4
%
20.5
%
25.4
%
20.6
%
Up-front collaboration expenses —
%
—
%
—
%
(0.7 )% Acquisition related-amortization of purchased intangibles
(1.1 )% (0.7 )% (1.1 )% (0.7 )% Acquisition related
expenses-acquired IPR&D —
%
(1.5 )% —
%
(0.8 )% Stock-based compensation expenses(1) 0.5
%
—
%
0.5
%
—
%
Other(2) (0.1 )% —
%
(0.1 )% 0.1
%
Non-GAAP effective tax rate(3) 24.7
%
18.3
%
24.7
%
18.5
%
Net income attributable to Gilead reconciliation:
GAAP net income attributable to Gilead $ 3,073 $ 3,497 $ 5,775 $
7,063 Up-front collaboration expenses — — — 368 Acquisition
related-amortization of purchased intangibles 202 204 404 408
Acquisition related expenses-acquired IPR&D — 400 — 400
Acquisition related-IPR&D impairment — — — 99 Stock-based
compensation expenses(1) 61 69 106 133 Other(2) 36 7
36 (20 ) Non-GAAP net income attributable to Gilead $ 3,372
$ 4,177 $ 6,321 $ 8,451
Diluted earnings per share reconciliation: GAAP diluted
earnings per share $ 2.33 $ 2.58 $ 4.38 $ 5.11 Up-front
collaboration expenses — — — 0.27 Acquisition related-amortization
of purchased intangibles 0.15 0.15 0.31 0.30 Acquisition related
expenses-acquired IPR&D — 0.30 — 0.29 Acquisition
related-IPR&D impairment — — — 0.07 Stock-based compensation
expenses(1) 0.05 0.05 0.08 0.10 Other(2) 0.03 0.01
0.03 (0.01 ) Non-GAAP diluted earnings per share(3) $ 2.56
$ 3.08 $ 4.79 $ 6.11
Non-GAAP
adjustment summary: Cost of goods sold adjustments $ 234 $ 211
$ 448 $ 421 Research and development expenses adjustments 52 444 94
940 Selling, general and administrative expenses adjustments 70
52 113 99 Total non-GAAP adjustments
before tax 356 707 655 1,460 Income tax effect(1) (57 ) (32 ) (109
) (77 ) Other(2) — 5 — 5 Total non-GAAP
adjustments after tax $ 299 $ 680 $ 546 $
1,388 Notes: (1) Income tax effect related to
stock-based compensation expenses for the three and six months
ended June 30, 2017 include the incremental tax benefit of $13
million and $33 million, respectively, recognized from the adoption
of Accounting Standards Update 2016-09 “Improvements to Employee
Share-Based Payment Accounting” (2) Amounts related to
restructuring, contingent consideration, consolidation of a
contract manufacturer and/or other individually insignificant
amounts (3) Amounts may not sum due to rounding
GILEAD SCIENCES, INC.
RECONCILIATION OF GAAP TO NON-GAAP 2017
FULL YEAR GUIDANCE
(unaudited)
(in millions, except percentages and
per share amounts)
Initially Provided
February 7, 2017
Reiterated
May 2, 2017
Updated
July 26, 2017
Projected product gross margin GAAP to non-GAAP
reconciliation: GAAP projected product gross margin 82% - 84%
82% - 84% Acquisition-related expenses 4% - 4% 4% - 4% Non-GAAP
projected product gross margin(1) 86% - 88% 86% - 88%
Projected research and development expenses GAAP to non-GAAP
reconciliation: GAAP projected research and development
expenses
$3,295 -
$3,640
$3,410 - $3,655 Acquisition-related expenses / up-front
collaboration expenses (15) - (45) (15) - (45) Stock-based
compensation expenses (180) - (195) (195) - (210) Non-GAAP
projected research and development expenses $3,100 - $3,400
$3,200 -
$3,400
Projected selling, general and administrative expenses
GAAP to non-GAAP reconciliation: GAAP projected selling,
general and administrative expenses $3,305 - $3,615 $3,435 - $3,645
Stock-based compensation expenses (205) - (215) (235) - (245)
Non-GAAP projected selling, general and administrative expenses
$3,100 - $3,400 $3,200 - $3,400
Projected diluted EPS
impact of acquisition-related, up-front collaboration, stock-based
compensation and other expenses: Acquisition-related expenses /
up-front collaboration expenses $0.62 - $0.67 $0.62 - $0.67
Stock-based compensation expenses 0.22 - 0.24 0.24 - 0.26 Projected
diluted EPS impact of acquisition-related, up-front collaboration,
stock-based compensation and other expenses $0.84 - $0.91 $0.86 -
$0.93 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)
June 30, December 31, 2017
2016(1) Cash, cash equivalents and marketable
securities $ 36,576 $ 32,380 Accounts receivable, net 4,478 4,514
Inventories 1,408 1,587 Property, plant and equipment, net 3,012
2,865 Intangible assets, net 8,551 8,971 Goodwill 1,172 1,172 Other
assets 5,066 5,488 Total assets $ 60,263 $ 56,977
Current liabilities $ 8,492 $ 9,218 Long-term liabilities
28,680 28,396 Stockholders’ equity(2) 23,091 19,363 Total
liabilities and stockholders’ equity $ 60,263 $ 56,977
Notes: (1) Derived from the audited consolidated financial
statements as of December 31, 2016. Certain amounts have been
reclassified to conform to current year presentation (2) As of June
30, 2017, there were 1,306 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, 2017 2016
2017 2016 Antiviral products: Harvoni – U.S. $
984 $ 1,474 $ 1,910 $ 2,881 Harvoni – Europe 230 512 473 1,067
Harvoni – Other International 168 578 370
1,633 1,382 2,564 2,753 5,581 Epclusa –
U.S. 864 64 1,599 64 Epclusa – Europe 248 — 386 — Epclusa – Other
International 59 — 78 — 1,171 64
2,063 64 Genvoya – U.S. 710 268 1,379 409 Genvoya –
Europe 125 30 212 46 Genvoya – Other International 22 4
35 5 857 302 1,626 460
Truvada – U.S. 567 631 1,031 1,207 Truvada – Europe 184 245 373 496
Truvada – Other International 61 66 122 137
812 942 1,526 1,840 Atripla – U.S. 334
479 650 968 Atripla – Europe 86 140 180 283 Atripla – Other
International 55 54 97 97 475 673
927 1,348 Sovaldi – U.S. 61 775 88 1,420
Sovaldi – Europe 113 263 219 543 Sovaldi – Other International 141
320 321 672 315 1,358 628
2,635 Viread – U.S. 141 142 258 265 Viread – Europe 76 81
147 157 Viread – Other International 83 64 155
137 300 287 560 559 Stribild – U.S. 225
326 451 702 Stribild – Europe 54 84 121 165 Stribild – Other
International 14 19 30 39 293 429
602 906 Descovy – U.S. 232 49 441 49 Descovy –
Europe 47 12 84 12 Descovy – Other International 7 —
12 — 286 61 537 61 Odefsey –
U.S. 230 58 433 69 Odefsey – Europe 27 — 50 — Odefsey – Other
International 1 — 2 — 258 58 485
69 Complera / Eviplera – U.S. 112 199 224 421
Complera / Eviplera – Europe 127 156 252 302 Complera / Eviplera –
Other International 15 13 31 26 254 368
507 749
GILEAD SCIENCES, INC.
PRODUCT SALES SUMMARY -
(Continued)
(unaudited)
(in millions)
Three Months Ended Six Months Ended
June 30, June 30, 2017 2016
2017 2016 Other Antiviral – U.S. $ 28 $
12 $ 53 $ 22 Other Antiviral – Europe 6 7 10 13 Other Antiviral –
Other International 2 1 3 2 36 20
66 37 Total antiviral products – U.S. 4,488
4,477 8,517 8,477 Total antiviral products – Europe 1,323 1,530
2,507 3,084 Total antiviral products – Other International 628
1,119 1,256 2,748 6,439 7,126
12,280 14,309 Other products: Letairis 230 203 441
378 Ranexa 200 153 353 297 AmBisome 92 85 184 171 Zydelig 35 41 70
90 Other 50 43 95 87 607 525
1,143 1,023 Total product sales $ 7,046 $
7,651 $ 13,423 $ 15,332
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Gilead Sciences, Inc.InvestorsRobin Washington, 650-522-5688Sung
Lee, 650-524-7792orMediaAmy
Flood, 650-522-5643
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