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|Gilead Sciences Announces First Quarter 2017 Financial Results|
- Product Sales of
- Diluted EPS of
- Non-GAAP Diluted EPS of
- Reiterates Full Year 2017 Guidance -
* 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 first quarter of 2017 were
Antiviral Product Sales
Antiviral product sales, which include sales of our HIV, chronic
hepatitis B (HBV) and chronic hepatitis C (HCV) products, were
Other Product Sales
Other product sales, which include Letairis® (ambrisentan),
Ranexa® (ranolazine) and AmBisome® (amphotericin B
liposome for 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 first quarter of 2017, compared to the same period in 2016:
Full Year 2017 Guidance Reiterated
Gilead reiterates its full year 2017 guidance, initially provided on
* 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 First Quarter of 2017 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 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
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.
Minimum 20 minute delay