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|Gilead Sciences Announces Fourth Quarter and Full Year 2016 Financial Results|
- Fourth Quarter Product Sales of
- Full Year 2016 Product Sales of
- Full Year 2016 Diluted EPS of
- Full Year 2016 Non-GAAP Diluted EPS of
Full year 2016 total revenues were
* 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.
Total product sales for the fourth quarter of 2016 were
Total product sales during 2016 were
Antiviral Product Sales
Antiviral product sales, which include sales of our HIV and other
antiviral products and our chronic hepatitis C (HCV) products, were
Other Product Sales
Other product sales, which include Letairis® (ambrisentan),
Ranexa® (ranolazine) and AmBisome® (amphotericin B
for liposome injection), were
* 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 fourth quarter of 2016, compared to the same period in 2015:
For 2016 compared to 2015:
Full Year 2017 Guidance
Gilead provided its full year 2017 guidance:
* 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 & Pipeline Updates announced by Gilead during the Fourth Quarter of 2016 include:
Antiviral and Liver Diseases Programs
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.
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
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 Epclusa, Harvoni, Genvoya, Odefsey, Descovy
and Vemlidy; 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
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 of Bristol-Myers Squibb &
Gilead Sciences, Inc.
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