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Gilead Sciences Announces Fourth Quarter And Full Year 2012 Financial Results

Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2012. Total revenues for the fourth quarter of 2012 increased 18 percent to $2.59 billion, from $2.20 billion for the fourth quarter of 2011. Net income for the fourth quarter of 2012 was $762.5 million, or $0.47 per diluted share compared to $665.1 million, or $0.43 per diluted share for the fourth quarter of 2011. Non-GAAP net income for the fourth quarter of 2012, which excludes acquisition-related, restructuring and stock-based compensation expenses, was $823.4 million, or $0.50 per diluted share compared to $743.1 million, or $0.49 per diluted share for the fourth quarter of 2011. All earnings per share and share have been adjusted to reflect the two-for-one stock split that became effective on January 25, 2013.

Full year 2012 total revenues were $9.70 billion, up 16 percent compared to $8.39 billion for 2011. Net income for 2012 was $2.59 billion, or $1.64 per diluted share, compared to $2.80 billion, or $1.77 per diluted share for 2011. Non-GAAP net income for 2012, which excludes acquisition-related, restructuring and stock-based compensation expenses, was $3.08 billion, or $1.95 per diluted share, compared to $3.04 billion, or $1.93 per diluted share for 2011.

Product Sales

Product sales increased 18 percent to $2.51 billion for the fourth quarter of 2012 compared to $2.13 billion for the fourth quarter of 2011. For 2012, product sales increased 16 percent to $9.40 billion compared to $8.10 billion in 2011. The increase in product sales was due primarily to Gilead's antiviral franchise, resulting from increased sales of Complera ®/Eviplera ® (emtricitabine 200 mg/rilpivirine 25 mg/tenofovir disoproxil fumarate 300 mg), Atripla ® (efavirenz 600 mg/emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg) and Truvada ® (emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg) as well as the launch of Stribild ® (elvitegravir 150 mg/cobicistat 150 mg/emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg).

Antiviral Franchise

Antiviral product sales increased 17 percent to $2.17 billion for the fourth quarter of 2012, up from $1.86 billion for the fourth quarter of 2011, reflecting sales growth of 20 percent in the U.S. and 9 percent in Europe. For 2012, antiviral product sales increased 15 percent to $8.14 billion from $7.05 billion in 2011, reflecting sales growth of 21 percent in the U.S. and 6 percent in Europe.
  • Atripla Sales of Atripla increased 6 percent to $917.5 million for the fourth quarter of 2012, up from $863.3 million for the fourth quarter of 2011, reflecting sales growth of 6 percent in the U.S. and 5 percent in Europe. For 2012, Atripla sales increased 11 percent to $3.57 billion from $3.22 billion in 2011.
  • Truvada Sales of Truvada increased 12 percent to $832.7 million for the fourth quarter of 2012, up from $746.0 million for the fourth quarter of 2011, reflecting sales growth of 16 percent in the U.S. and 6 percent in Europe. For 2012, Truvada sales increased 11 percent to $3.18 billion from $2.88 billion in 2011.
  • Viread Sales of Viread ® (tenofovir disoproxil fumarate) increased 19 percent to $226.7 million for the fourth quarter of 2012, up from $190.9 million for the fourth quarter of 2011, reflecting sales growth of 25 percent in the U.S. and 2 percent in Europe. For 2012, Viread sales increased 15 percent to $848.7 million from $737.9 million in 2011.
  • Complera/Eviplera Sales of Complera/Eviplera grew to $117.8 million for the fourth quarter of 2012 compared to $19.7 million for the fourth quarter of 2011. For 2012, Complera/Eviplera sales increased to $342.2 million from $38.7 million in 2011. Complera was approved in the U.S. in August 2011, and Eviplera was approved in the European Union in November 2011.
  • Stribild Sales of our newest product, Stribild, which was launched in the U.S. in August 2012, were $40.0 million for the fourth quarter of 2012.

Cardiovascular Franchise

Cardiovascular product sales increased 33 percent to $215.2 million for the fourth quarter of 2012, up from $162.3 million for the fourth quarter of 2011. For 2012, cardiovascular product sales increased 28 percent to $783.0 million from $613.4 million in 2011.
  • Letairis Sales of Letairis ® (ambrisentan) increased 48 percent to $116.1 million for the fourth quarter of 2012, up from $78.7 million for the fourth quarter of 2011. For 2012, Letairis sales increased 40 percent to $410.1 million from $293.4 million in 2011.
  • Ranexa Sales of Ranexa ® (ranolazine) increased 19 percent to $99.1 million for the fourth quarter of 2012, up from $83.7 million for the fourth quarter of 2011. For 2012, Ranexa sales increased 17 percent to $372.9 million from $320.0 million in 2011.

Other Products

Sales of other products increased 15 percent to $127.7 million for the fourth quarter of 2012 compared to $111.0 million for the fourth quarter of 2011 and included AmBisome ® (amphotericin B) liposome for injection and Cayston ® (aztreonam for inhalation solution). For 2012, sales of other products increased 8 percent to $473.6 million from $439.2 million in 2011.

Royalty, Contract and Other Revenues

Royalty, contract and other revenues from collaborations were $77.5 million for the fourth quarter of 2012, up 16 percent from $67.0 million for the fourth quarter of 2011. For 2012, royalty, contract and other revenues were $304.1 million, up 7 percent from $283.0 million in 2011.

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