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Gilead Sciences Announces Second Quarter 2012 Financial Results

Stocks in this article: GILD

Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the quarter ended June 30, 2012. Total revenues for the second quarter of 2012 increased 13 percent to $2.41 billion, from $2.14 billion for the second quarter of 2011. Net income for the second quarter of 2012 was $711.6 million, or $0.91 per diluted share compared to $746.2 million, or $0.93 per diluted share for the second quarter of 2011. Non-GAAP net income for the second quarter of 2012, which excludes acquisition-related, restructuring and stock-based compensation expenses, was $767.3 million, or $0.99 per diluted share compared to $797.7 million, or $1.00 per diluted share for the second quarter of 2011.

Product Sales

Product sales increased 14 percent to $2.32 billion for the second quarter of 2012 compared to $2.04 billion for the second quarter of 2011. This increase in product sales was driven primarily by Gilead's antiviral franchise, resulting from increased sales of Atripla ® (efavirenz 600 mg/emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg), Truvada ® (emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg) and Complera ®/Eviplera ® (emtricitabine 200 mg/rilpivirine 25 mg/tenofovir disoproxil fumarate 300 mg) which was launched in the U.S. in August 2011.

Antiviral Franchise

Antiviral product sales increased 14 percent to $2.01 billion for the second quarter of 2012, up from $1.76 billion for the second quarter of 2011, reflecting sales growth of 21 percent in the U.S. and 3 percent in Europe. In the U.S., antiviral product sales for the second quarter of 2012 reflect the benefit of purchases by certain state AIDS Drug Assistance Programs (ADAPs) in excess of demand.

  • Atripla Sales of Atripla increased 10 percent to $904.0 million for the second quarter of 2012, up from $822.0 million for the second quarter of 2011, reflecting sales growth of 12 percent in the U.S. and 5 percent in Europe.
  • Truvada Sales of Truvada increased 10 percent to $785.9 million for the second quarter of 2012, up from $711.3 million for the second quarter of 2011, reflecting sales growth of 18 percent in the U.S. and 2 percent in Europe.
  • Viread Sales of Viread ® (tenofovir disoproxil fumarate) increased 16 percent to $215.4 million for the second quarter of 2012, up from $185.7 million for the second quarter of 2011, reflecting sales growth of 27 percent in the U.S. partially offset by a decrease of 2 percent in Europe.
  • Complera/Eviplera Sales of Complera/Eviplera increased 40 percent to $72.9 million during the second quarter of 2012 from $52.2 million for the first quarter of 2012. Complera was approved in the U.S. in August 2011, and Eviplera was approved in the European Union in November 2011.

Letairis

Sales of Letairis ® (ambrisentan) increased 38 percent to $101.6 million for the second quarter of 2012, up from $73.6 million for the second quarter of 2011.

Ranexa

Sales of Ranexa ® (ranolazine) increased 11 percent to $95.6 million for the second quarter of 2012, up from $86.1 million for the second quarter of 2011.

Other Products

Sales of other products were $111.8 million for the second quarter of 2012 compared to $115.5 million for the second quarter of 2011 and included AmBisome ® (amphotericin B) liposome for injection and Cayston ® (aztreonam for inhalation solution).

Royalty, Contract and Other Revenues

Royalty, contract and other revenues were $83.9 million for the second quarter of 2012, down 14 percent from $97.7 million for the second quarter of 2011, due primarily to lower Tamiflu royalties from F. Hoffmann-La Roche Ltd., partially offset by an increase in other royalty revenues.

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