Gilead Sciences Announces Second Quarter 2021 Financial Results
Second Quarter 2021 Product Sales Increased 21% Year-Over-Year Primarily Driven by Veklury
Biktarvy Sales Increased 24% Year-Over-Year
“We maintained our positive momentum in the second quarter, with both a solid financial performance and strong progress across our increasingly diverse portfolio. Our flagship HIV therapy, Biktarvy, saw continued growth and gains in market share, despite the ongoing impact of the pandemic,” said Daniel O’Day, Chairman and Chief Executive Officer,
Second Quarter 2021 Financial Results
-
Total second quarter 2021 revenue of
$6.2 billion increased 21% compared to the same period in 2020, primarily due to Veklury® (remdesivir), higher demand for Biktarvy (bictegravir 50 mg/FTC /tenofovir alafenamide 25 mg (“TAF”)) and our hepatitis C virus (“HCV”) products, as well as continued uptake inthe United States of Trodelvy® (sacituzumab govitecan-hziy) and Tecartus® (brexucabtagene autoleucel). -
Diluted Earnings Per Share (“EPS”) increased to
$1.21 for the second quarter 2021 compared to net loss per share of$2.66 for the same period in 2020. This was primarily driven by the impact of higher in-process research and development (“IPR&D”) expenses in the second quarter 2020 related to theForty Seven, Inc. acquisition and revenue growth in the second quarter 2021, offset by fair value loss adjustments on Gilead’s equity investment in Galapagos NV. -
Non-GAAP diluted EPS increased 68% to
$1.87 for the second quarter 2021 compared to the same period in 2020, primarily due to higher operating income partially offset by lower interest income. -
As of
June 30, 2021 , Gilead had$7.4 billion of cash, cash equivalents and marketable debt securities compared to$7.9 billion as ofDecember 31, 2020 . -
During the second quarter 2021, Gilead generated
$2.3 billion in operating cash flow. -
During the second quarter 2021, Gilead paid cash dividends of
$894 million and utilized$43 million to repurchase common stock.
Product Sales Performance
Total second quarter 2021 product sales increased 21% to
HIV product sales decreased 2% to
- Biktarvy® sales increased 24% year-over-year in the second quarter 2021, reflecting higher demand in all geographies.
-
Descovy® (
FTC /TAF) sales increased 4% year-over-year in the second quarter 2021, driven by increased pre-exposure prophylaxis (“PrEP”) demand inthe United States and the impact in the same period last year of the COVID-related channel inventory drawdown, offset by lower average net selling price. -
Truvada and Atripla sales decreased 72% year-over-year to
$108 million and 42% year-over-year to$60 million , respectively, in the second quarter 2021 due to generic entrants inthe United States following loss of exclusivity in late 2020.
HCV product sales increased 23% to
Hepatitis B virus (“HBV”) and hepatitis delta virus (“HDV”) product sales increased 8% to
-
Yescarta® (axicabtagene ciloleucel) sales increased to
$178 million in the second quarter 2021, reflecting continued uptake in relapsed or refractory indolent follicular lymphoma (“FL”) inthe United States following its approval by theU.S. Food and Drug Administration (“FDA”) in the first quarter 2021 and expansion inEurope . -
Tecartus sales were
$41 million for the second quarter 2021, driven by the launch in mantle cell lymphoma inthe United States andEurope .
Trodelvy sales for the second quarter 2021 were
Veklury sales were
Other product sales increased 20% to
-
AmBisome® (amphotericin B) sales increased in the second quarter 2021 compared to the same period in 2020 driven by an increase in shipments outside
the United States , primarily inIndia andEurope .
Second Quarter 2021 Product Gross Margin, Operating Expenses and Tax
-
Product gross margin was 77.4% for the second quarter 2021 compared to 79.0% in the same period in 2020, reflecting additional amortization of intangibles acquired from Immunomedics, Inc. and
MYR GmbH . Non-GAAP product gross margin was 86.4% for the second quarter 2021 compared to 84.3% in the same period in 2020, driven by lower royalty expense. -
Research and Development (“R&D”) expenses for the second quarter 2021 were
$1.1 billion compared to$1.3 billion in the same period in 2020. Non-GAAP R&D expenses for the second quarter 2021 were$1.1 billion compared to$1.2 billion in the same period in 2020. Lower R&D expenses reflect completion or wind-down of remdesivir-related programs, partly offset by increases in Trodelvy and magrolimab clinical activities. -
Sales, General and Administrative (“SG&A”) expenses for the second quarter 2021 were
$1.4 billion compared to$1.2 billion in the same period in 2020. The increase in SG&A expenses was driven primarily by a significant donation of equity securities to theGilead Foundation . Non-GAAP SG&A expenses for the second quarter 2021 were$1.1 billion compared to$1.2 billion in the same period in 2020. The decrease in non-GAAP SG&A expenses was driven by lower legal expenses primarily due to a prior year settlement associated with aDepartment of Justice investigation, offset by increases in promotional and commercialization activities in geographies outsidethe United States . - The GAAP effective tax rate (“ETR”) and non-GAAP ETR for the second quarter 2021 were 16.5% and 19.6%, respectively, compared to (12.5)% and 22.8%, respectively, for the same periods in 2020.
Key Updates Since Our Last Quarterly Release
Viral Diseases
-
Gilead presented additional lenacapavir clinical development program data at the
International AIDS Society (“IAS”) 2021 Conference on HIV Science. Phase 2 data from CALIBRATE, an ongoing, open-label, active-controlled trial in treatment-naïve people with HIV-1 infection showed lenacapavir, given subcutaneously or orally, in combination with oral daily emtricitabine/tenofovir alafenamide (“F/TAF”) led to high rates of viral suppression by Week 28. These results support the ongoing evaluation and further development of lenacapavir in combination with other long-acting partner agents for the treatment of HIV-1 infection and will support Gilead’s long-acting oral and injectable development program. - Gilead also announced at IAS 2021 new results from the ongoing Phase 2/3 CAPELLA trial evaluating lenacapavir in heavily treatment-experienced people living with multi-drug resistant HIV. The findings demonstrate that lenacapavir administered subcutaneously every six months in combination with other antiretrovirals achieved high rates of virologic suppression at Week 26.
- Gilead filed a New Drug Application to FDA seeking approval of lenacapavir for the treatment of HIV-1 infection in heavily treatment-experienced people with multi-drug resistant infection.
-
Gilead announced interim results from the Phase 3 study (
MYR301 ) of bulevirtide for the treatment of HDV at theInternational Liver Congress (“ILC”) 2021 annual meeting. After 24 weeks, 36.7% of patients receiving a 2mg dose of bulevirtide and 28% of patients receiving a 10mg dose of bulevirtide showed a combined virological and biological response compared to 0% in the no treatment group. -
Gilead also announced at ILC 2021 the interim results from the Phase 2b study (
MYR204 ) of bulevirtide for the treatment of HDV. At week 24, results showed that bulevirtide alone or in combination with peginterferon alfa-2a, is associated with a significant HDV RNA decline and improvements in biochemical disease activity. - Gilead received FDA approval for a new formulation of Epclusa, expanding the pediatric indication for the treatment of HCV to now include children as young as 3 years of age.
Oncology
- Kite announced top-line results from the primary analysis of ZUMA-7 trial of Yescarta in second-line relapsed or refractory large B-cell lymphoma (“LBCL”). At a median follow-up of two years, Yescarta improved event free survival by 60% over the standard of care chemotherapy plus stem cell transplant. The study also met the key secondary endpoint of objective response rate. Full data will be presented later this year and discussions are underway with global regulatory authorities.
-
Kite announced that
Fosun Kite Biotechnology Co., Ltd. , a joint venture betweenKite and Shanghai Fosun Pharmaceutical (Group) Co., Ltd., received approval from theChina National Medical Products Administration for axicabtagene ciloleucel (FKC876) for the treatment of adult patients with relapsed or refractory LBCL after two or more lines of systemic therapy. Yescarta is the first and only commercially available chimeric antigen receptor (“CAR”) T-cell therapy approved inChina . -
Kite announced a partnership with
Shoreline Biosciences, Inc. to develop allogeneic candidates for a range of hematologic malignancies. The collaboration will focus initially on CAR NK targets, with Kite having an option to expand the collaboration to include an induced pluripotent stem cell CAR Macrophage program. -
Kite announced follow-up results from the pivotal ZUMA-5 trial of Yescarta in relapsed or refractory FL at the
American Society of Clinical Oncology (“ASCO”) 2021 annual meeting. At a minimum follow-up of 18 months, 94% of patients had achieved a response, and secondary endpoints of median progression-free survival and overall survival were not yet reached. -
Kite announced at ASCO 2021, with a publication in
The Lancet , primary analysis of ZUMA-3 evaluating Tecartus in adult patients with relapsed or refractory B-cell precursor acute lymphoblastic leukemia. In the pivotal Phase 2 portion of the trial, 71 patients with relapsed or refractory disease were enrolled and Kite observed a response rate of 71%. Importantly, the majority of these responses were associated with undetectable minimal residual disease. The findings have been designated for Priority Review by FDA with a Prescription Drug User Fee Act (“PDUFA”) date ofOctober 1, 2021 . - Gilead announced analyses from Phase 3 ASCENT study at ASCO 2021 in patients with relapsed or refractory mTNBC. Treatment with Trodelvy demonstrated significantly greater survival benefit over chemotherapy in patients treated in the second-line setting and in patients greater than 65 years old.
Corporate
-
Kite announced a purchase agreement with BioNTech SE to acquire Kite’s solid tumor neoantigen T cell receptor R&D platform and clinical manufacturing facility in
Gaithersburg, Maryland . -
Gilead welcomed
William Grossman , MD, PhD, as Senior Vice President,Oncology Clinical Research .Dr. Grossman brings extensive experience as a clinician and a veteran biopharmaceutical executive. -
Gilead announced that the company’s Board of Directors has declared a quarterly dividend of
$0.71 per share of common stock for the third quarter of 2021. The dividend is payable onSeptember 29, 2021 , to stockholders of record at the close of business onSeptember 15, 2021 . Future dividends will be subject to Board approval.
Guidance and Outlook
Gilead has updated its full-year guidance, and now expects:
-
Total product sales between
$24.4 billion and$25.0 billion , compared to$23.7 billion and$25.1 billion previously, reflecting solid results in the first half of the year and our updated expectations for the second half of 2021. -
Total product sales, excluding Veklury, between
$21.7 billion and$21.9 billion , compared to$21.7 billion to$22.1 billion previously, primarily reflecting the longer than expected pandemic impact on our HIV business, including the latest increase in COVID-19 cases. -
Total Veklury sales between
$2.7 billion and$3.1 billion , compared to$2.0 billion to$3.0 billion previously, reflecting the ongoing role of Veklury in the pandemic, in addition to the continued uncertainties around the path of the pandemic since Veklury revenue tends to track hospitalization rates. -
GAAP earnings per share between
$4.70 and$5.05 , compared to$4.75 to$5.45 previously. -
Non-GAAP earnings per share between
$6.90 and$7.25 , compared to$6.75 to$7.45 previously.
A reconciliation between GAAP and non-GAAP financial information for the 2021 guidance is provided in the accompanying tables. Also see the Forward-Looking Statements described below. The financial guidance is subject to a number of risks and uncertainties, including uncertainty around the duration and magnitude of the COVID-19 pandemic. While the pandemic can be expected to continue to impact Gilead’s business and broader market dynamics, the rate and degree of these impacts as well as the corresponding recovery from the pandemic may vary across Gilead’s business.
Non-GAAP Financial Information
The information presented in this document has been prepared in accordance with
Conference Call
At
About
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 those relating to: the impact of the COVID-19 pandemic on Gilead’s business, financial condition and results of operations; the development, manufacturing and distribution of Veklury as a treatment for COVID-19, including the uncertainty of the amount and timing of future Veklury sales, Gilead’s ability to recoup the expenses incurred to date and future expenses related to the development and production of Veklury, and Gilead’s ability to effectively manage the global supply and distribution of Veklury; Gilead’s ability to achieve its anticipated full year 2021 financial results, including as a result of potential adverse revenue impacts from COVID-19, increases in R&D expenses and potential revenues from Veklury; Gilead’s ability to make progress on any of its long-term ambitions or strategic priorities laid out in its corporate strategy; Gilead’s ability to accelerate or sustain revenues for its antiviral and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including those involving
The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.
Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®,
For more information on
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
|
|
|
||||||||||||||||
(in millions, except per share amounts) |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|||||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||||||
Product sales |
|
$ |
6,152 |
|
|
|
$ |
5,067 |
|
|
|
$ |
12,492 |
|
|
|
$ |
10,534 |
|
|
Royalty, contract and other revenues |
|
65 |
|
|
|
76 |
|
|
|
148 |
|
|
|
157 |
|
|
||||
Total revenues |
|
6,217 |
|
|
|
5,143 |
|
|
|
12,640 |
|
|
|
10,691 |
|
|
||||
Costs and expenses: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of goods sold |
|
1,390 |
|
|
|
1,064 |
|
|
|
2,751 |
|
|
|
2,033 |
|
|
||||
Research and development expenses |
|
1,134 |
|
|
|
1,299 |
|
|
|
2,189 |
|
|
|
2,303 |
|
|
||||
Acquired in-process research and development expenses |
|
96 |
|
|
|
4,524 |
|
|
|
158 |
|
|
|
4,621 |
|
|
||||
Selling, general and administrative expenses |
|
1,351 |
|
|
|
1,239 |
|
|
|
2,406 |
|
|
|
2,315 |
|
|
||||
Total costs and expenses |
|
3,971 |
|
|
|
8,126 |
|
|
|
7,504 |
|
|
|
11,272 |
|
|
||||
Income (loss) from operations |
|
2,246 |
|
|
|
(2,983 |
) |
|
|
5,136 |
|
|
|
(581 |
) |
|
||||
Interest expense |
|
(256 |
) |
|
|
(240 |
) |
|
|
(513 |
) |
|
|
(481 |
) |
|
||||
Other income (expense), net |
|
(173 |
) |
|
|
250 |
|
|
|
(542 |
) |
|
|
92 |
|
|
||||
Income (loss) before income taxes |
|
1,817 |
|
|
|
(2,973 |
) |
|
|
4,081 |
|
|
|
(970 |
) |
|
||||
Income tax expense |
|
(300 |
) |
|
|
(373 |
) |
|
|
(842 |
) |
|
|
(838 |
) |
|
||||
Net income (loss) |
|
1,517 |
|
|
|
(3,346 |
) |
|
|
3,239 |
|
|
|
(1,808 |
) |
|
||||
Net loss attributable to noncontrolling interest |
|
5 |
|
|
|
7 |
|
|
|
12 |
|
|
|
20 |
|
|
||||
Net income (loss) attributable to Gilead |
|
$ |
1,522 |
|
|
|
$ |
(3,339 |
) |
|
|
$ |
3,251 |
|
|
|
$ |
(1,788 |
) |
|
Net income (loss) per share attributable to Gilead common stockholders - basic |
|
$ |
1.21 |
|
|
|
$ |
(2.66 |
) |
|
|
$ |
2.59 |
|
|
|
$ |
(1.42 |
) |
|
Shares used in per share calculation - basic |
|
1,255 |
|
|
|
1,255 |
|
|
|
1,256 |
|
|
|
1,258 |
|
|
||||
Net income (loss) per share attributable to Gilead common stockholders - diluted |
|
$ |
1.21 |
|
|
|
$ |
(2.66 |
) |
|
|
$ |
2.58 |
|
|
|
$ |
(1.42 |
) |
|
Shares used in per share calculation - diluted |
|
1,260 |
|
|
|
1,255 |
|
|
|
1,261 |
|
|
|
1,258 |
|
|
||||
Cash dividends declared per share |
|
$ |
0.71 |
|
|
|
$ |
0.68 |
|
|
|
$ |
1.42 |
|
|
|
$ |
1.36 |
|
|
TOTAL REVENUE SUMMARY (unaudited) |
||||||||||||||||||||||
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
(In millions, except percentages) |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
||||||||||
Product sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
HIV |
|
$ |
3,938 |
|
|
$ |
4,000 |
|
|
(2 |
)% |
|
$ |
7,588 |
|
|
$ |
8,134 |
|
|
(7 |
)% |
HCV |
|
549 |
|
|
448 |
|
|
23 |
% |
|
1,059 |
|
|
1,177 |
|
|
(10 |
)% |
||||
HBV/HDV(1) |
|
237 |
|
|
219 |
|
|
8 |
% |
|
457 |
|
|
405 |
|
|
13 |
% |
||||
|
|
219 |
|
|
157 |
|
|
39 |
% |
|
410 |
|
|
297 |
|
|
38 |
% |
||||
Trodelvy |
|
89 |
|
|
— |
|
|
NM |
|
|
161 |
|
|
— |
|
|
NM |
|
||||
Other |
|
291 |
|
|
243 |
|
|
20 |
% |
|
532 |
|
|
521 |
|
|
2 |
% |
||||
Total product sales excluding Veklury |
|
5,323 |
|
|
5,067 |
|
|
5 |
% |
|
10,207 |
|
|
10,534 |
|
|
(3 |
)% |
||||
Veklury |
|
829 |
|
|
— |
|
|
NM |
|
|
2,285 |
|
|
— |
|
|
NM |
|
||||
Total product sales |
|
6,152 |
|
|
5,067 |
|
|
21 |
% |
|
12,492 |
|
|
10,534 |
|
|
19 |
% |
||||
Royalty, contract and other revenues |
|
65 |
|
|
76 |
|
|
(14 |
)% |
|
148 |
|
|
157 |
|
|
(6 |
)% |
||||
Total revenues |
|
$ |
6,217 |
|
|
$ |
5,143 |
|
|
21 |
% |
|
$ |
12,640 |
|
|
$ |
10,691 |
|
|
18 |
% |
NM - Not Meaningful |
||
(1) |
The six months ended |
|
NON-GAAP FINANCIAL INFORMATION(1) (unaudited) |
|||||||||||||||||||||||
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
(In millions, except percentages) |
|
2021 |
|
2020 |
|
Change |
|
2021 |
|
2020 |
|
Change |
|||||||||||
Non-GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cost of goods sold |
|
$ |
836 |
|
|
$ |
798 |
|
|
5 |
% |
|
$ |
1,691 |
|
|
|
$ |
1,501 |
|
|
13 |
% |
Research and development expenses |
|
$ |
1,084 |
|
|
$ |
1,186 |
|
|
(9 |
)% |
|
$ |
2,133 |
|
|
|
$ |
2,190 |
|
|
(3 |
)% |
Selling, general and administrative expenses |
|
$ |
1,121 |
|
|
$ |
1,164 |
|
|
(4 |
)% |
|
$ |
2,154 |
|
|
|
$ |
2,240 |
|
|
(4 |
)% |
Other income (expense), net |
|
$ |
1 |
|
|
$ |
49 |
|
|
(98 |
)% |
|
$ |
(17 |
) |
|
|
$ |
174 |
|
|
(110 |
)% |
Diluted EPS |
|
$ |
1.87 |
|
|
$ |
1.11 |
|
|
68 |
% |
|
$ |
3.95 |
|
|
|
$ |
2.80 |
|
|
41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Product gross margin |
|
86.4 |
% |
|
84.3 |
% |
|
210 bps |
|
86.5 |
% |
|
85.8 |
% |
|
70 bps |
|||||||
Research and development expenses as a % of revenues |
|
17.4 |
% |
|
23.1 |
% |
|
(6 |
)% |
|
16.9 |
% |
|
20.5 |
% |
|
(4 |
)% |
|||||
Selling, general and administrative expenses as a % of revenues |
|
18.0 |
% |
|
22.6 |
% |
|
(5 |
)% |
|
17.0 |
% |
|
21.0 |
% |
|
(4 |
)% |
|||||
Operating expenses as a % of revenues |
|
35.5 |
% |
|
45.7 |
% |
|
(10 |
)% |
|
33.9 |
% |
|
41.4 |
% |
|
(8 |
)% |
|||||
Operating margin |
|
51.1 |
% |
|
38.8 |
% |
|
1230 bps |
|
52.7 |
% |
|
44.5 |
% |
|
820 bps |
|||||||
Effective tax rate |
|
19.6 |
% |
|
22.8 |
% |
|
(3 |
)% |
|
19.0 |
% |
|
21.0 |
% |
|
(2 |
)% |
|||||
NM - Not Meaningful |
||
(1) |
A reconciliation between GAAP and non-GAAP financial information is provided in the accompanying tables. |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
|
|
|
||||||||||||||||
(in millions, except percentages and per share amounts) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
Cost of goods sold reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP cost of goods sold |
|
$ |
1,390 |
|
|
|
$ |
1,064 |
|
|
|
$ |
2,751 |
|
|
|
$ |
2,033 |
|
|
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
(554 |
) |
|
|
(266 |
) |
|
|
(1,060 |
) |
|
|
(532 |
) |
|
||||
Non-GAAP cost of goods sold |
|
$ |
836 |
|
|
|
$ |
798 |
|
|
|
$ |
1,691 |
|
|
|
$ |
1,501 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Product gross margin reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP product gross margin |
|
77.4 |
|
% |
|
79.0 |
|
% |
|
78.0 |
|
% |
|
80.7 |
|
% |
||||
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
9.0 |
|
% |
|
5.2 |
|
% |
|
8.5 |
|
% |
|
5.1 |
|
% |
||||
Non-GAAP product gross margin(1) |
|
86.4 |
|
% |
|
84.3 |
|
% |
|
86.5 |
|
% |
|
85.8 |
|
% |
||||
|
|
|
|
|
|
|
|
|
||||||||||||
Research and development expenses reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP research and development expenses |
|
$ |
1,134 |
|
|
|
$ |
1,299 |
|
|
|
$ |
2,189 |
|
|
|
$ |
2,303 |
|
|
Acquisition-related – other costs(2) |
|
(6 |
) |
|
|
(113 |
) |
|
|
(12 |
) |
|
|
(113 |
) |
|
||||
Other |
|
(44 |
) |
|
|
— |
|
|
|
(44 |
) |
|
|
— |
|
|
||||
Non-GAAP research and development expenses |
|
$ |
1,084 |
|
|
|
$ |
1,186 |
|
|
|
$ |
2,133 |
|
|
|
$ |
2,190 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired IPR&D expenses reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP acquired IPR&D expenses |
|
$ |
96 |
|
|
|
$ |
4,524 |
|
|
|
$ |
158 |
|
|
|
$ |
4,621 |
|
|
Acquired IPR&D expenses |
|
(96 |
) |
|
|
(4,524 |
) |
|
|
(158 |
) |
|
|
(4,621 |
) |
|
||||
Non-GAAP acquired IPR&D expenses |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP selling, general and administrative expenses |
|
$ |
1,351 |
|
|
|
$ |
1,239 |
|
|
|
$ |
2,406 |
|
|
|
$ |
2,315 |
|
|
Acquisition-related – other costs(2) |
|
(10 |
) |
|
|
(77 |
) |
|
|
(32 |
) |
|
|
(77 |
) |
|
||||
Other(3) |
|
(220 |
) |
|
|
2 |
|
|
|
(220 |
) |
|
|
2 |
|
|
||||
Non-GAAP selling, general and administrative expenses |
|
$ |
1,121 |
|
|
|
$ |
1,164 |
|
|
|
$ |
2,154 |
|
|
|
$ |
2,240 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP operating income (loss) |
|
$ |
2,246 |
|
|
|
$ |
(2,983 |
) |
|
|
$ |
5,136 |
|
|
|
$ |
(581 |
) |
|
Acquired IPR&D expenses |
|
96 |
|
|
|
4,524 |
|
|
|
158 |
|
|
|
4,621 |
|
|
||||
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
554 |
|
|
|
266 |
|
|
|
1,060 |
|
|
|
532 |
|
|
||||
Acquisition-related – other costs(2) |
|
16 |
|
|
|
190 |
|
|
|
44 |
|
|
|
190 |
|
|
||||
Other(3) |
|
264 |
|
|
|
(2 |
) |
|
|
264 |
|
|
|
(2 |
) |
|
||||
Non-GAAP operating income |
|
$ |
3,176 |
|
|
|
$ |
1,995 |
|
|
|
$ |
6,662 |
|
|
|
$ |
4,760 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating margin reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP operating margin |
|
36.1 |
|
% |
|
(58.0 |
) |
% |
|
40.6 |
|
% |
|
(5.4 |
) |
% |
||||
Acquired IPR&D expenses |
|
1.5 |
|
% |
|
88.0 |
|
% |
|
1.2 |
|
% |
|
43.2 |
|
% |
||||
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
8.9 |
|
% |
|
5.2 |
|
% |
|
8.4 |
|
% |
|
5.0 |
|
% |
||||
Acquisition-related – other costs(2) |
|
0.3 |
|
% |
|
3.7 |
|
% |
|
0.3 |
|
% |
|
1.8 |
|
% |
||||
Other(3) |
|
4.2 |
|
% |
|
— |
|
% |
|
2.1 |
|
% |
|
— |
|
% |
||||
Non-GAAP operating margin(1) |
|
51.1 |
|
% |
|
38.8 |
|
% |
|
52.7 |
|
% |
|
44.5 |
|
% |
||||
|
|
|
|
|
|
|
|
|
||||||||||||
Other income (expense), net reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP other income (expense), net |
|
$ |
(173 |
) |
|
|
$ |
250 |
|
|
|
$ |
(542 |
) |
|
|
$ |
92 |
|
|
Losses (gains) from equity securities, net |
|
174 |
|
|
|
(201 |
) |
|
|
525 |
|
|
|
82 |
|
|
||||
Non-GAAP other income (expense), net |
|
$ |
1 |
|
|
|
$ |
49 |
|
|
|
$ |
(17 |
) |
|
|
$ |
174 |
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) (unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
|
|
|
||||||||||||||||
(in millions, except percentages and per share amounts) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
Effective tax rate reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP effective tax rate |
|
16.5 |
|
% |
|
(12.5 |
) |
% |
|
20.6 |
|
% |
|
(86.4 |
) |
% |
||||
Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments |
|
3.1 |
|
% |
|
35.3 |
|
% |
|
(1.6 |
) |
% |
|
107.4 |
|
% |
||||
Non-GAAP effective tax rate(1) |
|
19.6 |
|
% |
|
22.8 |
|
% |
|
19.0 |
|
% |
|
21.0 |
|
% |
||||
|
|
|
|
|
|
|
|
|
||||||||||||
Net income attributable to Gilead reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP net income (loss) attributable to Gilead |
|
$ |
1,522 |
|
|
|
$ |
(3,339 |
) |
|
|
$ |
3,251 |
|
|
|
$ |
(1,788 |
) |
|
Acquired IPR&D expenses (after tax) |
|
75 |
|
|
|
4,514 |
|
|
|
125 |
|
|
|
4,589 |
|
|
||||
Acquisition-related – amortization of acquired intangibles and inventory step-up charges (after tax) |
|
446 |
|
|
|
224 |
|
|
|
855 |
|
|
|
448 |
|
|
||||
Acquisition-related – other costs (after tax)(2) |
|
15 |
|
|
|
148 |
|
|
|
37 |
|
|
|
148 |
|
|
||||
Losses (gains) from equity securities, net (after tax) |
|
169 |
|
|
|
(149 |
) |
|
|
533 |
|
|
|
107 |
|
|
||||
Discrete and related tax charges (benefits)(4) |
|
(40 |
) |
|
|
4 |
|
|
|
14 |
|
|
|
37 |
|
|
||||
Other (after tax)(3) |
|
166 |
|
|
|
(2 |
) |
|
|
166 |
|
|
|
(2 |
) |
|
||||
Non-GAAP net income attributable to Gilead |
|
$ |
2,353 |
|
|
|
$ |
1,400 |
|
|
|
$ |
4,981 |
|
|
|
$ |
3,539 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted EPS reconciliation: |
|
|
|
|
|
|
|
|
||||||||||||
GAAP diluted earnings (loss) per share |
|
$ |
1.21 |
|
|
|
$ |
(2.66 |
) |
|
|
$ |
2.58 |
|
|
|
$ |
(1.42 |
) |
|
Acquired IPR&D expenses |
|
0.06 |
|
|
|
3.58 |
|
|
|
0.10 |
|
|
|
3.62 |
|
|
||||
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
0.35 |
|
|
|
0.18 |
|
|
|
0.68 |
|
|
|
0.35 |
|
|
||||
Acquisition-related – other costs(2) |
|
0.01 |
|
|
|
0.12 |
|
|
|
0.03 |
|
|
|
0.12 |
|
|
||||
Losses (gains) from equity securities, net |
|
0.13 |
|
|
|
(0.12 |
) |
|
|
0.42 |
|
|
|
0.08 |
|
|
||||
Discrete and related tax charges (benefits)(4) |
|
(0.03 |
) |
|
|
— |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
||||
Other(3) |
|
0.13 |
|
|
|
— |
|
|
|
0.13 |
|
|
|
— |
|
|
||||
Non-GAAP diluted EPS(1) |
|
$ |
1.87 |
|
|
|
$ |
1.11 |
|
|
|
$ |
3.95 |
|
|
|
$ |
2.80 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-GAAP adjustment summary: |
|
|
|
|
|
|
|
|
||||||||||||
Cost of goods sold adjustments |
|
$ |
554 |
|
|
|
$ |
266 |
|
|
|
$ |
1,060 |
|
|
|
$ |
532 |
|
|
Research and development expenses adjustments |
|
50 |
|
|
|
113 |
|
|
|
56 |
|
|
|
113 |
|
|
||||
Acquired IPR&D expenses adjustments |
|
96 |
|
|
|
4,524 |
|
|
|
158 |
|
|
|
4,621 |
|
|
||||
Selling, general and administrative expenses adjustments |
|
230 |
|
|
|
75 |
|
|
|
252 |
|
|
|
75 |
|
|
||||
Total non-GAAP adjustments before other income (expense), net, and income taxes |
|
930 |
|
|
|
4,978 |
|
|
|
1,526 |
|
|
|
5,341 |
|
|
||||
Other income (expense), net, adjustments |
|
174 |
|
|
|
(201 |
) |
|
|
525 |
|
|
|
82 |
|
|
||||
Total non-GAAP adjustments before income taxes |
|
1,104 |
|
|
|
4,777 |
|
|
|
2,051 |
|
|
|
5,423 |
|
|
||||
Income tax effect of non-GAAP adjustments above |
|
(233 |
) |
|
|
(42 |
) |
|
|
(335 |
) |
|
|
(133 |
) |
|
||||
Discrete and related tax charges (benefits)(4) |
|
(40 |
) |
|
|
4 |
|
|
|
14 |
|
|
|
37 |
|
|
||||
Total non-GAAP adjustments after tax |
|
$ |
831 |
|
|
|
$ |
4,739 |
|
|
|
$ |
1,730 |
|
|
|
$ |
5,327 |
|
|
(1) |
Amounts may not sum due to rounding. |
|
(2) |
Includes primarily employee-related expenses and contingent consideration, as well as other expenses associated with Gilead’s acquisitions of Immunomedics, Inc., |
|
(3) |
Includes primarily a significant donation of equity securities to the |
|
(4) |
Primarily represents discrete and related deferred tax charges or benefits associated with a transfer of intangible assets from a foreign subsidiary to |
|
RECONCILIATION OF GAAP TO NON-GAAP 2021 FULL YEAR GUIDANCE(1) (unaudited) |
||||||
(in millions, except percentages and per share amounts) |
|
Provided
|
|
Updated
|
|
Updated
|
Projected product sales GAAP to non-GAAP reconciliation: |
|
|
|
|
|
|
GAAP projected product sales |
|
|
|
Unchanged |
|
|
Less: Veklury sales |
|
2,000 - 3,000 |
|
|
2,700 - 3,100 |
|
Non-GAAP projected product sales excluding Veklury sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected product gross margin GAAP to non-GAAP reconciliation: |
|
|
|
|
|
|
GAAP projected product gross margin |
|
78% - 79% |
|
Unchanged |
|
77% - 78% |
Acquisition-related expenses |
|
9% |
|
|
9% |
|
Non-GAAP projected product gross margin |
|
87% - 88% |
|
|
86% - 87% |
|
|
|
|
|
|
|
|
Projected operating income GAAP to non-GAAP reconciliation: |
|
|
|
|
|
|
GAAP projected operating income |
|
|
|
|
|
|
Acquisition-related, acquired IPR&D and other expenses |
|
2,200 |
|
2,500 |
|
2,700 |
Non-GAAP projected operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected effective tax rate GAAP to non-GAAP reconciliation: |
|
|
|
|
|
|
GAAP projected effective tax rate |
|
~ 23% |
|
Unchanged |
|
Unchanged |
Less: Income tax effect of non-GAAP adjustments and discrete and related tax adjustments |
|
2% |
|
|
||
Non-GAAP projected effective tax rate |
|
~ 21% |
|
|
||
|
|
|
|
|
|
|
Projected diluted EPS GAAP to non-GAAP reconciliation: |
|
|
|
|
|
|
GAAP projected diluted EPS |
|
|
|
|
|
|
Acquisition-related, acquired IPR&D and other expenses, historical fair value adjustments of equity securities, related tax effects as well as discrete and related tax adjustments |
|
1.50 |
|
2.00 |
|
2.20 |
Non-GAAP projected diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The 2021 guidance non-GAAP financial information excludes the impact of any potential future acquisition-related, acquired IPR&D and other expenses, fair value adjustments of equity securities and discrete tax and related charges or benefits associated with changes in tax related laws and guidelines as Gilead is unable to project such amounts. |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
||||||||
|
|
|
|
|
||||
(in millions) |
|
2021 |
|
2020 |
||||
Assets |
|
|
|
|
||||
Cash, cash equivalents and marketable securities |
|
$ |
7,361 |
|
|
$ |
7,910 |
|
Accounts receivable, net |
|
4,149 |
|
|
4,892 |
|
||
Inventories |
|
2,988 |
|
|
3,014 |
|
||
Property, plant and equipment, net |
|
4,996 |
|
|
4,967 |
|
||
Intangible assets, net |
|
34,341 |
|
|
33,126 |
|
||
|
|
8,334 |
|
|
8,108 |
|
||
Other assets |
|
5,815 |
|
|
6,390 |
|
||
Total assets |
|
$ |
67,984 |
|
|
$ |
68,407 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
Current liabilities |
|
$ |
10,214 |
|
|
$ |
11,397 |
|
Long-term liabilities |
|
38,060 |
|
|
38,789 |
|
||
Stockholders’ equity(1) |
|
19,710 |
|
|
18,221 |
|
||
Total liabilities and stockholders’ equity |
|
$ |
67,984 |
|
|
$ |
68,407 |
|
(1) |
As of |
SELECTED CASH FLOW INFORMATION (unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
|
|
|
||||||||||||||||
(in millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
Net cash provided by operating activities |
|
$ |
2,316 |
|
|
|
$ |
2,566 |
|
|
|
$ |
4,926 |
|
|
|
$ |
4,002 |
|
|
Net cash used in investing activities |
|
(577 |
) |
|
|
(5,023 |
) |
|
|
(2,619 |
) |
|
|
(5,367 |
) |
|
||||
Net cash used in financing activities |
|
(931 |
) |
|
|
(874 |
) |
|
|
(3,408 |
) |
|
|
(3,485 |
) |
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
20 |
|
|
|
26 |
|
|
|
(3 |
) |
|
|
(35 |
) |
|
||||
Net change in cash and cash equivalents |
|
828 |
|
|
|
(3,305 |
) |
|
|
(1,104 |
) |
|
|
(4,885 |
) |
|
||||
Cash and cash equivalents at beginning of period |
|
4,065 |
|
|
|
10,051 |
|
|
|
5,997 |
|
|
|
11,631 |
|
|
||||
Cash and cash equivalents at end of period |
|
$ |
4,893 |
|
|
|
$ |
6,746 |
|
|
|
$ |
4,893 |
|
|
|
$ |
6,746 |
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
|
|
|
|
||||||||||||||||
(in millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||
Net cash provided by operating activities |
|
$ |
2,316 |
|
|
|
$ |
2,566 |
|
|
|
$ |
4,926 |
|
|
|
$ |
4,002 |
|
|
Capital expenditures |
|
(119 |
) |
|
|
(143 |
) |
|
|
(284 |
) |
|
|
(314 |
) |
|
||||
Free cash flow |
|
$ |
2,197 |
|
|
|
$ |
2,423 |
|
|
|
$ |
4,642 |
|
|
|
$ |
3,688 |
|
|
PRODUCT SALES SUMMARY (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
(in millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
HIV Products |
|
|
|
|
|
|
|
|
||||||||
Descovy ( |
|
|
|
|
|
|
|
|
||||||||
Biktarvy – |
|
$ |
1,586 |
|
|
$ |
1,350 |
|
|
$ |
3,051 |
|
|
$ |
2,762 |
|
Biktarvy – |
|
237 |
|
|
153 |
|
|
453 |
|
|
334 |
|
||||
Biktarvy – Other International |
|
171 |
|
|
101 |
|
|
314 |
|
|
201 |
|
||||
|
|
1,994 |
|
|
1,604 |
|
|
3,818 |
|
|
3,297 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Descovy – |
|
357 |
|
|
337 |
|
|
639 |
|
|
700 |
|
||||
Descovy – |
|
44 |
|
|
46 |
|
|
86 |
|
|
107 |
|
||||
Descovy – Other International |
|
34 |
|
|
34 |
|
|
69 |
|
|
68 |
|
||||
|
|
435 |
|
|
417 |
|
|
794 |
|
|
875 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Genvoya – |
|
551 |
|
|
646 |
|
|
1,057 |
|
|
1,258 |
|
||||
Genvoya – |
|
100 |
|
|
109 |
|
|
206 |
|
|
260 |
|
||||
Genvoya – Other International |
|
55 |
|
|
61 |
|
|
116 |
|
|
122 |
|
||||
|
|
706 |
|
|
816 |
|
|
1,379 |
|
|
1,640 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Odefsey – |
|
258 |
|
|
273 |
|
|
498 |
|
|
542 |
|
||||
Odefsey – |
|
111 |
|
|
98 |
|
|
224 |
|
|
225 |
|
||||
Odefsey – Other International |
|
13 |
|
|
11 |
|
|
27 |
|
|
24 |
|
||||
|
|
382 |
|
|
382 |
|
|
749 |
|
|
791 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue share – Symtuza(1) – |
|
86 |
|
|
90 |
|
|
175 |
|
|
162 |
|
||||
Revenue share – Symtuza(1) – |
|
40 |
|
|
40 |
|
|
84 |
|
|
78 |
|
||||
Revenue share – Symtuza(1) – Other International |
|
3 |
|
|
2 |
|
|
5 |
|
|
4 |
|
||||
|
|
129 |
|
|
132 |
|
|
264 |
|
|
244 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Descovy ( |
|
2,838 |
|
|
2,696 |
|
|
5,420 |
|
|
5,424 |
|
||||
Total Descovy ( |
|
532 |
|
|
446 |
|
|
1,053 |
|
|
1,004 |
|
||||
Total Descovy ( |
|
276 |
|
|
209 |
|
|
531 |
|
|
419 |
|
||||
|
|
3,646 |
|
|
3,351 |
|
|
7,004 |
|
|
6,847 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Truvada ( |
|
|
|
|
|
|
|
|
||||||||
Atripla – |
|
52 |
|
|
95 |
|
|
75 |
|
|
176 |
|
||||
Atripla – |
|
4 |
|
|
5 |
|
|
8 |
|
|
12 |
|
||||
Atripla – Other International |
|
4 |
|
|
3 |
|
|
8 |
|
|
10 |
|
||||
|
|
60 |
|
|
103 |
|
|
91 |
|
|
198 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Complera / Eviplera – |
|
20 |
|
|
27 |
|
|
45 |
|
|
51 |
|
||||
Complera / Eviplera – |
|
39 |
|
|
42 |
|
|
73 |
|
|
89 |
|
||||
Complera / Eviplera – Other International |
|
3 |
|
|
3 |
|
|
7 |
|
|
8 |
|
||||
|
|
62 |
|
|
72 |
|
|
125 |
|
|
148 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Stribild – |
|
35 |
|
|
39 |
|
|
66 |
|
|
73 |
|
||||
Stribild – |
|
11 |
|
|
12 |
|
|
22 |
|
|
29 |
|
||||
Stribild – Other International |
|
5 |
|
|
8 |
|
|
9 |
|
|
10 |
|
||||
|
|
51 |
|
|
59 |
|
|
97 |
|
|
112 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Truvada – |
|
94 |
|
|
370 |
|
|
213 |
|
|
753 |
|
||||
Truvada – |
|
6 |
|
|
6 |
|
|
13 |
|
|
14 |
|
||||
Truvada – Other International |
|
8 |
|
|
11 |
|
|
17 |
|
|
26 |
|
||||
|
|
108 |
|
|
387 |
|
|
243 |
|
|
793 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Truvada ( |
|
201 |
|
|
531 |
|
|
399 |
|
|
1,053 |
|
||||
Total Truvada ( |
|
60 |
|
|
65 |
|
|
116 |
|
|
144 |
|
||||
Total Truvada ( |
|
20 |
|
|
25 |
|
|
41 |
|
|
54 |
|
||||
|
|
281 |
|
|
621 |
|
|
556 |
|
|
1,251 |
|
||||
|
|
|
|
|
|
|
|
|
PRODUCT SALES SUMMARY - (Continued) (unaudited) |
||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
|
|
|
||||||||
(in millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
|
|
|
|
|
|
|
|
|
||||
Other HIV(2) – |
|
5 |
|
|
11 |
|
|
11 |
|
|
14 |
|
Other HIV(2) – |
|
4 |
|
|
1 |
|
|
5 |
|
|
3 |
|
Other HIV(2) – Other International |
|
2 |
|
|
16 |
|
|
12 |
|
|
19 |
|
|
|
11 |
|
|
28 |
|
|
28 |
|
|
36 |
|
|
|
|
|
|
|
|
|
|
||||
Total HIV – |
|
3,044 |
|
|
3,238 |
|
|
5,830 |
|
|
6,491 |
|
Total HIV – |
|
596 |
|
|
512 |
|
|
1,174 |
|
|
1,151 |
|
Total HIV – Other International |
|
298 |
|
|
250 |
|
|
584 |
|
|
492 |
|
|
|
3,938 |
|
|
4,000 |
|
|
7,588 |
|
|
8,134 |
|
|
|
|
|
|
|
|
|
|
||||
HCV Products |
|
|
|
|
|
|
|
|
||||
Ledipasvir / Sofosbuvir(3) – |
|
30 |
|
|
24 |
|
|
49 |
|
|
77 |
|
Ledipasvir / Sofosbuvir(3) – |
|
3 |
|
|
4 |
|
|
19 |
|
|
15 |
|
Ledipasvir / Sofosbuvir(3) – Other International |
|
29 |
|
|
39 |
|
|
50 |
|
|
87 |
|
|
|
62 |
|
|
67 |
|
|
118 |
|
|
179 |
|
|
|
|
|
|
|
|
|
|
||||
Sofosbuvir / Velpatasvir(4) – |
|
262 |
|
|
165 |
|
|
476 |
|
|
476 |
|
Sofosbuvir / Velpatasvir(4) – |
|
82 |
|
|
57 |
|
|
157 |
|
|
179 |
|
Sofosbuvir / Velpatasvir(4) – Other International |
|
98 |
|
|
113 |
|
|
190 |
|
|
244 |
|
|
|
442 |
|
|
335 |
|
|
823 |
|
|
899 |
|
|
|
|
|
|
|
|
|
|
||||
Other HCV(5) – |
|
35 |
|
|
31 |
|
|
60 |
|
|
65 |
|
Other HCV(5) – |
|
8 |
|
|
9 |
|
|
52 |
|
|
24 |
|
Other HCV(5) – Other International |
|
2 |
|
|
6 |
|
|
6 |
|
|
10 |
|
|
|
45 |
|
|
46 |
|
|
118 |
|
|
99 |
|
|
|
|
|
|
|
|
|
|
||||
Total HCV – |
|
327 |
|
|
220 |
|
|
585 |
|
|
618 |
|
Total HCV – |
|
93 |
|
|
70 |
|
|
228 |
|
|
218 |
|
Total HCV – Other International |
|
129 |
|
|
158 |
|
|
246 |
|
|
341 |
|
|
|
549 |
|
|
448 |
|
|
1,059 |
|
|
1,177 |
|
|
|
|
|
|
|
|
|
|
||||
HBV/HDV Products |
|
|
|
|
|
|
|
|
||||
Vemlidy – |
|
86 |
|
|
76 |
|
|
163 |
|
|
149 |
|
Vemlidy – |
|
8 |
|
|
7 |
|
|
16 |
|
|
14 |
|
Vemlidy – Other International |
|
106 |
|
|
68 |
|
|
202 |
|
|
124 |
|
|
|
200 |
|
|
151 |
|
|
381 |
|
|
287 |
|
|
|
|
|
|
|
|
|
|
||||
Viread – |
|
3 |
|
|
3 |
|
|
7 |
|
|
7 |
|
Viread – |
|
8 |
|
|
8 |
|
|
15 |
|
|
19 |
|
Viread – Other International |
|
17 |
|
|
54 |
|
|
37 |
|
|
79 |
|
|
|
28 |
|
|
65 |
|
|
59 |
|
|
105 |
|
|
|
|
|
|
|
|
|
|
||||
Other HBV/HDV(6) – |
|
1 |
|
|
1 |
|
|
1 |
|
|
9 |
|
Other HBV/HDV(6) – |
|
8 |
|
|
2 |
|
|
16 |
|
|
4 |
|
|
|
9 |
|
|
3 |
|
|
17 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
||||
Total HBV/HDV – |
|
90 |
|
|
80 |
|
|
171 |
|
|
165 |
|
Total HBV/HDV – |
|
24 |
|
|
17 |
|
|
47 |
|
|
37 |
|
Total HBV/HDV – Other International |
|
123 |
|
|
122 |
|
|
239 |
|
|
203 |
|
|
|
237 |
|
|
219 |
|
|
457 |
|
|
405 |
|
|
|
|
|
|
|
|
|
|
||||
Veklury |
|
|
|
|
|
|
|
|
||||
Veklury – |
|
416 |
|
|
— |
|
|
1,236 |
|
|
— |
|
Veklury – |
|
264 |
|
|
— |
|
|
652 |
|
|
— |
|
Veklury – Other International |
|
149 |
|
|
— |
|
|
397 |
|
|
— |
|
|
|
829 |
|
|
— |
|
|
2,285 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
PRODUCT SALES SUMMARY - (Continued) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
(in millions) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Cell Therapy Products |
|
|
|
|
|
|
|
|
||||||||
Tecartus – |
|
32 |
|
|
— |
|
|
59 |
|
|
— |
|
||||
Tecartus – |
|
9 |
|
|
1 |
|
|
13 |
|
|
1 |
|
||||
|
|
41 |
|
|
1 |
|
|
72 |
|
|
1 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Yescarta – |
|
108 |
|
|
95 |
|
|
200 |
|
|
198 |
|
||||
Yescarta – |
|
61 |
|
|
56 |
|
|
122 |
|
|
93 |
|
||||
Yescarta – Other International |
|
9 |
|
|
5 |
|
|
16 |
|
|
5 |
|
||||
|
|
178 |
|
|
156 |
|
|
338 |
|
|
296 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total |
|
140 |
|
|
95 |
|
|
259 |
|
|
198 |
|
||||
Total |
|
70 |
|
|
57 |
|
|
135 |
|
|
94 |
|
||||
Total |
|
9 |
|
|
5 |
|
|
16 |
|
|
5 |
|
||||
|
|
219 |
|
|
157 |
|
|
410 |
|
|
297 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Trodelvy - |
|
89 |
|
|
— |
|
|
161 |
|
|
— |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other Products |
|
|
|
|
|
|
|
|
||||||||
AmBisome – |
|
13 |
|
|
10 |
|
|
25 |
|
|
28 |
|
||||
AmBisome – |
|
69 |
|
|
49 |
|
|
135 |
|
|
108 |
|
||||
AmBisome – Other International |
|
74 |
|
|
36 |
|
|
117 |
|
|
78 |
|
||||
|
|
156 |
|
|
95 |
|
|
277 |
|
|
214 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Letairis – |
|
57 |
|
|
80 |
|
|
111 |
|
|
163 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Ranexa – |
|
2 |
|
|
1 |
|
|
5 |
|
|
9 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Zydelig – |
|
8 |
|
|
8 |
|
|
16 |
|
|
16 |
|
||||
Zydelig – |
|
13 |
|
|
9 |
|
|
20 |
|
|
21 |
|
||||
Zydelig – Other International |
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
||||
|
|
22 |
|
|
18 |
|
|
37 |
|
|
38 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Other(7) – |
|
27 |
|
|
38 |
|
|
54 |
|
|
71 |
|
||||
Other(7) – |
|
18 |
|
|
10 |
|
|
31 |
|
|
22 |
|
||||
Other(7) – Other International |
|
9 |
|
|
1 |
|
|
17 |
|
|
4 |
|
||||
|
|
54 |
|
|
49 |
|
|
102 |
|
|
97 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total Other – |
|
107 |
|
|
137 |
|
|
211 |
|
|
287 |
|
||||
Total Other – |
|
100 |
|
|
68 |
|
|
186 |
|
|
151 |
|
||||
Total Other – Other International |
|
84 |
|
|
38 |
|
|
135 |
|
|
83 |
|
||||
|
|
291 |
|
|
243 |
|
|
532 |
|
|
521 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Total product sales – |
|
4,213 |
|
|
3,770 |
|
|
8,453 |
|
|
7,759 |
|
||||
Total product sales – |
|
1,147 |
|
|
724 |
|
|
2,422 |
|
|
1,651 |
|
||||
Total product sales – Other International |
|
792 |
|
|
573 |
|
|
1,617 |
|
|
1,124 |
|
||||
|
|
$ |
6,152 |
|
|
$ |
5,067 |
|
|
$ |
12,492 |
|
|
$ |
10,534 |
|
(1) |
Represents Gilead’s revenue from cobicistat (C), emtricitabine (FTC) and tenofovir alafenamide (TAF) in Symtuza (darunavir/C/ |
|
(2) |
Includes Emtriva and Tybost. |
|
(3) |
Amounts consist of sales of Harvoni and the authorized generic version of Harvoni sold by Gilead’s separate subsidiary, |
|
(4) |
Amounts consist of sales of Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, |
|
(5) |
Includes Vosevi and Sovaldi. |
|
(6) |
The six months ended |
|
(7) |
Includes Cayston and Jyseleca. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005981/en/
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