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Gilead Sciences Announces Second Quarter 2013 Financial Results

Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the quarter ended June 30, 2013. Total revenues for the second quarter of 2013 increased 15 percent to $2.77 billion, from $2.41 billion for the second quarter of 2012. Product sales increased 14 percent to $2.66 billion for the second quarter of 2013 compared to $2.32 billion for the second quarter of 2012. Net income for the second quarter of 2013 was $772.6 million, or $0.46 per diluted share compared to $711.6 million, or $0.46 per diluted share for the second quarter of 2012. Non-GAAP net income for the second quarter of 2013, which excludes acquisition-related, restructuring and stock-based compensation expenses, was $839.7 million, or $0.50 per diluted share compared to $767.3 million, or $0.49 per diluted share for the second quarter of 2012.

  Three Months Ended   Six Months Ended
June 30, June 30,
(In thousands, except per share amounts) 2013   2012 2013   2012
Product sales $ 2,657,285 $ 2,321,240 $ 5,050,853 $ 4,529,582
Royalty, contract and other revenues 110,109   83,946   248,176   158,053
Total revenues $ 2,767,394   $ 2,405,186   $ 5,299,029   $ 4,687,635
 
Net income attributable to Gilead $ 772,605 $ 711,564 $ 1,494,791 $ 1,153,520
Non-GAAP net income attributable to Gilead $ 839,725 $ 767,277 $ 1,641,668 $ 1,471,666
 
Diluted EPS $ 0.46 $ 0.46 $ 0.89 $ 0.74
Non-GAAP diluted EPS $ 0.50 $ 0.49 $ 0.98 $ 0.95
 

Product Sales

Product sales were driven primarily by growth in Gilead's antiviral franchise during the second quarter of 2013. Contributing to the increase were sales of Complera ®/Eviplera ® (emtricitabine 200 mg/rilpivirine 25 mg/tenofovir disoproxil fumarate 300 mg) and the launch of Stribild ® (elvitegravir 150 mg/cobicistat 150 mg/emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg) in the third quarter of 2012. Product sales for the second quarter increased 20 percent in the U.S. and 4 percent in Europe compared to the second quarter of 2012.

Antiviral Product Sales

Antiviral product sales increased 15 percent to $2.31 billion for the second quarter of 2013, up from $2.01 billion for the second quarter of 2012, reflecting sales growth of 20 percent in the U.S. and 5 percent in Europe. The increase reflects strong underlying demand for our new single tablet regimen products, specifically Complera/Eviplera and Stribild.

  Three Months Ended     Six Months Ended  
June 30, June 30,
(In thousands, except percentages) 2013   2012 % Change 2013   2012 % Change
Antiviral product sales $ 2,312,247 $ 2,012,283 15 % $ 4,373,325 $ 3,938,089 11 %
Atripla 938,108 904,023 4 % 1,815,181 1,791,619 1 %
Truvada 807,779 785,933 3 % 1,508,021 1,544,196 (2 )%
Viread 250,188 215,414 16 % 460,520 407,107 13 %
Complera/Eviplera 188,683 72,909 159 % 336,872 125,089 169 %
Stribild 99,394 191,542
 

Cardiovascular Product Sales

Cardiovascular product sales increased 19 percent to $234.9 million for the second quarter of 2013.

  Three Months Ended     Six Months Ended  
June 30, June 30,
(In thousands, except percentages) 2013   2012 % Change 2013   2012 % Change
Cardiovascular product sales $ 234,854 $ 197,189 19 % $ 449,247 $ 367,678 22 %
Letairis 128,257 101,634 26 % 246,364 188,922 30 %
Ranexa 106,597 95,555 12 % 202,883 178,756 13 %
 

Operating Expenses and Other

Non-GAAP research and development (R&D) expenses increased due to Gilead's continued investment in its product pipeline, particularly in liver disease and oncology. Non-GAAP selling, general and administrative (SG&A) expenses increased primarily due to the ongoing growth and expansion of Gilead's business.

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