Market Overview

Gilead Sciences Announces Third Quarter 2019 Financial Results

Share:

- Product Sales of $5.5 billion -

- GAAP Loss of $0.92 per share -

- Non-GAAP Diluted EPS of $1.75 per share -

- Revised Full Year 2019 Guidance -

Gilead Sciences, Inc. (NASDAQ:GILD) announced today its results of operations for the third quarter ended September 30, 2019. The financial results that follow represent a year-over-year comparison of the third quarter of 2019 to the third quarter of 2018. Total revenues were $5.6 billion for the third quarter of 2019 compared to $5.6 billion for the same period in 2018. Net loss for the third quarter of 2019 was $1.2 billion, or $0.92 per diluted share, compared to net income of $2.1 billion or $1.60 per diluted share for the same period in 2018. The net loss for the third quarter of 2019 includes up-front collaboration and licensing expenses of $3.92 billion, or $2.40 per share, related to Gilead's global research and development collaboration agreement with Galapagos NV (Galapagos). Non-GAAP net income was $2.2 billion or $1.75 per diluted share for the third quarter of 2019 compared to $2.4 billion or $1.84 per diluted share for the same period in 2018.

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

(In millions, except per share amounts)

 

2019

 

2018

 

2019

 

2018

Product sales

 

$

5,516

 

 

$

5,455

 

 

$

16,323

 

 

$

15,996

 

Royalty, contract and other revenues

 

88

 

 

141

 

 

247

 

 

336

 

Total revenues

 

$

5,604

 

 

$

5,596

 

 

$

16,570

 

 

$

16,332

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Gilead

 

$

(1,165

)

 

$

2,097

 

 

$

2,690

 

 

$

5,452

 

Non-GAAP net income

 

$

2,224

 

 

$

2,403

 

 

$

6,813

 

 

$

6,855

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share

 

$

(0.92

)

 

$

1.60

 

 

$

2.10

 

 

$

4.15

 

Non-GAAP diluted earnings per share

 

$

1.75

 

 

$

1.84

 

 

$

5.33

 

 

$

5.22

 

___________________________________

Note: Non-GAAP financial information excludes acquisition-related, up-front collaboration and licensing, stock-based compensation and other expenses, fair value adjustments of equity securities and discrete tax charges or benefits associated with changes in tax related laws and guidelines. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 7 through 9.

Product Sales

Total product sales for the third quarter of 2019 were $5.5 billion compared to $5.5 billion for the same period in 2018. For the third quarter of 2019, product sales in the United States, Europe and other locations were $4.2 billion, $804 million and $513 million, respectively. For the third quarter of 2018, product sales in the United States, Europe and other locations were $4.1 billion, $873 million and $451 million, respectively.

  • HIV product sales were $4.2 billion for the third quarter of 2019 compared to $3.7 billion for the same period in 2018. The increase was primarily driven by higher sales volume as a result of the continued uptake of Biktarvy® (bictegravir
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