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Gilead Sciences Announces Third Quarter 2013 Financial Results

Interest expense decreased primarily due to the maturity of the May 2013 convertible senior notes and the repayment of $850.0 million in bank debt issued in connection with the acquisition of Pharmasset Inc.

  Three Months Ended   Nine Months Ended
September 30, September 30,
(In thousands, except percentages) 2013   2012 2013   2012
Non-GAAP research and development expenses $ 488,535 $ 383,553 $ 1,436,282 $ 1,086,289
Non-GAAP selling, general and administrative expenses $ 376,841 $ 287,205 $ 1,086,241 $ 893,677
Non-GAAP Interest expense $ (73,949 ) $ (89,322 ) $ (233,744 ) $ (267,677 )

Note: Non-GAAP R&D, SG&A and interest expenses exclude the impact of acquisition-related, restructuring and stock-based compensation expenses where applicable.

Net Foreign Currency Exchange Impact

The net foreign currency exchange impact on third quarter 2013 product sales and pre-tax earnings was an unfavorable $17.5 million and $15.9 million, respectively, compared to the third quarter of 2012.

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