Analyst Conference Summary

Gilead Sciences

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

Forward-looking statements

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):
y/y increase 18%


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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Copyright 2009 William P. Meyers