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发帖数: 192 | 3 Gilead Sciences 3Q Rev $6.04B >GILDBY Dow Jones & Company, Inc.
— 4:05 PM ET 10/28/2014
Gilead Sciences Announces Third Quarter 2014 Financial Results
- Product Sales of $5.97 billion -
- Sovaldi Sales of $2.80 billion -
- Non-GAAP EPS of $1.84 per share -
- Revised 2014 Full Year Guidance - FOSTER CITY, Calif.--(BUSINESS WIRE)--
October 28, 2014--
Gilead Sciences, Inc. (GILD
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) announced today its results of operations for the quarter ended September
30, 2014. Total revenues for the third quarter of 2014 increased to $6.04
billion compared to $2.78 billion for the third quarter of 2013. Product
sales for the third quarter of 2014 increased to $5.97 billion compared to $
2.71 billion for the third quarter of 2013. Net income for the third quarter
of 2014 was $2.73 billion, or $1.67 per diluted share compared to $788.6
million or $0.47 per diluted share for the third quarter of 2013. Included
in our GAAP and Non-GAAP earnings per share amounts for the third quarter of
2014 is a cumulative catch-up of $337 million ($0.21 per diluted share)
related to the non-tax deductible Branded Prescription Drug (BPD) Fee for
the final regulations in the Affordable Care Act issued during the quarter.
Non-GAAP net income for the third quarter of 2014, which excludes
acquisition- related, restructuring and stock-based compensation expenses,
was $3.01 billion, or $1.84 per diluted share compared to $879.1 million or
$0.52 per diluted share for the third quarter of 2013. Excluding the $0.21
impact of the non-tax deductible BPD cumulative catch-up fee, Non-GAAP
diluted EPS would have been $2.05 for the third quarter of 2014.
"To date approximately 117,000 patients have been treated with Sovaldi and
with the introduction of Harvoni - a single tablet regimen for the treatment
of HCV-infected individuals which does not require either interferon or
ribavirin - many more patients will have the potential to be cured of HCV
infection," said John C. Martin, PhD, Gilead's Chairman and Chief Executive
Officer.
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- -----------------------
(In thousands,
except per
share amounts) 2014 2013 2014 2013
--------------- ---------- ---------- ----------- ----------
Product sales $5,968,208 $2,709,652 $17,252,119 $7,760,505
Royalty,
contract and
other revenues 73,624 73,181 323,612 321,357
---------- ---------- ----------- ----------
Total revenues $6,041,832 $2,782,833 $17,575,731 $8,081,862
--------- --------- ---------- ---------
Net income
attributable to
Gilead $2,731,274 $ 788,606 $ 8,614,277 $2,283,397
Non-GAAP net
income
attributable to
Gilead $3,013,691 $ 879,081 $ 9,431,033 $2,520,749
Diluted EPS $ 1.67 $ 0.47 $ 5.18 $ 1.35
Non-GAAP diluted
EPS $ 1.84 $ 0.52 $ 5.68 $ 1.49
Product Sales
U.S. product sales for the third quarter of 2014 increased to $4.21 billion
from $1.67 billion and Europe product sales increased to $1.44 billion from
$823.6 million compared to the third quarter of 2013.
Antiviral Product Sales
Antiviral product sales increased to $5.54 billion for the third quarter of
2014, up from $2.33 billion for the third quarter of 2013 primarily due to
sales of Sovaldi(R) (sofosbuvir 400 mg), which launched in December 2013.
Three Months Ended Nine Months
Ended
September 30, September 30,
---------------------- -------------------
----
(In thousands,
except percentages) 2014 2013 % Change 2014
2013 % Change
-------------------- ---------- ---------- -------- ----------- ------
---- --------
Antiviral product
sales $5,544,513 $2,326,727 138% $16,065,154 $6,701
,344 140%
Sovaldi 2,796,093 -- --% 8,550,768
-- --%
Atripla 894,787 899,669 (1)% 2,545,089 2,714
,850 (6)%
Truvada 875,454 813,652 8% 2,441,764 2,321
,673 5%
Complera/Eviplera 330,263 210,736 57% 880,460 547
,608 61%
Stribild 328,035 143,953 128% 812,826 335
,495 142%
Viread 275,637 231,555 19% 746,996 692
,075 8%
Cardiovascular Product Sales
Cardiovascular product sales increased to $278.9 million for the third
quarter of 2014, compared to $250.9 million for the third quarter of 2013.
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
(In thousands,
except
percentages) 2014 2013 % Change 2014 2013 % Change
--------------- -------- -------- -------- -------- -------- --------
Cardiovascular
product sales $278,925 $250,887 11% $780,100 $700,134 11%
Letairis 146,415 135,072 8% 414,016 381,436 9%
Ranexa 132,510 115,815 14% 366,084 318,698 15%
Operating Expenses
During the third quarter of 2014, compared to the same period in 2013:
-- Non-GAAP research and development (R&D) expenses increased primarily
due
to the progression and expansion of our clinical studies.
-- Non-GAAP selling, general and administrative (SG&A) expenses increased
primarily due to a cumulative catch-up of $337 million ($0.21 per
diluted
share) related to the non-tax deductible BPD fee for final regulations
in
the Affordable Care Act issued during the quarter. SG&A expense
increases
also reflect costs to support our business expansion related primarily
to
Sovaldi and Zydelig(R) (idelalisib 150 mg).
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ----------------------
(In thousands) 2014 2013 2014 2013
--------------- -------- -------- ---------- ----------
Non-GAAP
research and
development
expenses $586,325 $488,535 $1,686,104 $1,436,282
Non-GAAP
selling,
general and
administrative
expenses $888,251 $376,841 $1,957,586 $1,086,241
Note: Non-GAAP R&D and SG&A expenses exclude the impact of
acquisition-related, restructuring and stock-based compensation
expenses.
Cash, Cash Equivalents and Marketable Securities
As of September 30, 2014, Gilead had $7.69 billion of cash, cash equivalents
and marketable securities compared to $ 9.58 billion as of June 30, 2014.
During the third quarter of 2014, Gilead generated $4.04 billion in
operating cash flow and utilized $5.79 billion to repurchase shares and
settle the warrants related to the 2014 convertible senior notes, which were
retired in May 2014.
Revised 2014 Full Year Guidance
Gilead updated its full year 2014 guidance, which it initially provided on
February 4, 2014, updated on July 23, 2014, and further revised on October
28, 2014:
Initially
Provided February
(In millions, except 4, 2014;
percentages and per Reiterated April Updated Provided on
share amounts) 22, 2014 July 23, 2014 October 28,
2014
--------------------- ----------------- ----------------- --------------
---
Net Product Sales $11,300 - $11,500 $21,000 - $23,000 $22,000 - $23,
000
Non-GAAP*
Product Gross Margin 75% - 77% 85% - 88% 86% - 88%
R&D $2,200 - $2,300 $2,300 - $2,400 $2,300 - $2,
400
$2,700 - $2,
800
SG&A $2,100 - $2,200 $2,300 - $2,400 **
Effective Tax Rate 28% - 29% 17.5% - 20.5% 17.5% - 19.5%
Diluted EPS Impact of $0.63 - $0.66 $0.63 - $0.66 $0.63 - $0.
66
Acquisition-Related,
Restructuring and
Stock-Based
Compensation
Expenses
* Non-GAAP product gross margin, expenses and effective tax rate exclude the
impact of acquisition-related, restructuring and stock-based compensation
expenses, where applicable.
** Includes the impact of the Internal Revenue Service regulations related
to
the change in accounting of the branded prescription drug fee, which is
estimated at approximately $400 million. |
