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Analyst Conference Summary
Gilead Sciences
GILD
conference date: July 21, 2009 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2009 (second quarter)
Note: this is a minimal summary due to my work load
Overview: Continued strong sales growth.
Basic data (GAAP) :
Revenues were $1.65 billion, up 8% sequentially from $1.53 billion and up 29% from $1.28 billion in the year-earlier quarter.
Net income was $571 million, down 3% sequentially from $589 million, but up 31% from $435 million year-earlier.
Earnings per share (EPS) were $0.61, down 3% sequentially from $0.63, but up 36% from $0.45 year-earlier.
Conference Highlights:
Non-GAAP net income was $469.0 million or $0.48 per share.
Product sales were $1.57 billion, up 29% from $1.22 billion year-earlier. Ranexa sales for chronic agina date from CV Therapeutics acquisition on April 15, 2009. Royalty, contract and other revenues were $78.8 million, up 29% y/y, largely driven by Tamiflu royalties.
| Revenues by product (millions): | ||
| Truvada | $608.1 |
y/y increase 18% |
| Atripla | $569.1 |
60% |
| Viread | $158.9 |
5% |
| Hepsera | $67.1 |
-26% |
| AmBisome | $73.3 |
5% |
| Emtriva | $7.1 |
-12% |
| Letairis | $44.1 |
79% |
| Ranexa | $36.1 |
- |
Cost of goods sold was $383.0 million. Research and development expense was $241.6 million. Selling, general and administrative expense was $261.4 million. Leaving operating income of $761.1 million. Interest and other net expense $5.5 million. Income tax provision $186.4 million. $2.3 million loss from noncontrolling interest.
Foreign currency exchange rates had an unfavorable $50.0 million impact on revenue.
Cash and equivalents decreased to $3.24 billion due to acquisition of CV Therapeutics for $1.39 billion.
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Disclaimer: Our analyst summaries may include both our condensations of statements made by company representatives and our own analysis. They are not covered by any warranty. We cannot guarantee anything said by company representatives is true. We try not to make errors, but it is possible. Before making or terminating an investment you should always verify any factual basis of your decision.
Copyright 2009 William P. Meyers