<\/p>\n
Gilead Sciences Announces First Quarter 2021 Financial Results<\/b><\/p>\n
First Quarter 2021 Product Sales Increased 16% Year-Over-Year Primarily Driven by Veklury<\/i><\/p>\n
Returned $1.2 Billion of Cash to Shareholders in First Quarter 2021 Through Dividends and Share Repurchases<\/i><\/p>\n
FOSTER CITY, Calif.–(BUSINESS WIRE<\/a>)– \n\u201cWe have made strong progress in this first quarter, with our new partnership with Merck in long-acting HIV therapies, two newly approved indications in the U.S. for Trodelvy in metastatic triple-negative breast cancer and metastatic urothelial cancer, and the addition of Hepcludex to our portfolio,\u201d said Daniel O\u2019Day, Chairman and Chief Executive Officer, Gilead Sciences. \u201c2021 is a pivotal year for Gilead, with key milestones across our virology and oncology portfolios. We\u2019re looking forward to advancing our pipeline of promising therapies in the coming months.\u201d\n<\/p>\n First Quarter 2021 Financial Results<\/span><\/b><\/p>\n Product Sales Performance<\/b><\/p>\n \nTotal first quarter 2021 product sales increased 16% to $6.3 billion compared to the same period in 2020. Total product sales excluding Veklury decreased 11% to $4.9 billion for the first quarter 2021 compared to the same period in 2020, with contributions from new product launches such as Tecartus and Trodelvy offset, as expected, by loss of exclusivity of Truvada\u00ae<\/sup><\/b> (emtricitabine 200 mg (\u201cFTC\u201d) and tenofovir disoproxil fumarate 300 mg (\u201cTDF\u201d)) and Atripla\u00ae<\/sup><\/b>(efavirenz 600 mg\/FTC\/TDF) in the United States and COVID-19 pandemic-related impacts in both HIV and hepatitis C virus (\u201cHCV\u201d).\n<\/p>\n \nHIV product sales decreased 12% to $3.7 billion for the first quarter 2021 compared to the same period in 2020, reflecting the expected loss of exclusivity of Truvada and Atripla in the United States, in addition to channel inventory dynamics including COVID-19 pandemic-related stocking in the first quarter 2020.\n<\/p>\n \nHCV product sales decreased 30% to $510 million for the first quarter 2021 compared to the same period in 2020. Sales volumes were impacted by lower patient starts in the United States and Europe associated with the COVID-19 pandemic.\n<\/p>\n \nHBV and hepatitis delta virus (\u201cHDV\u201d) product sales increased 18% to $220 million for the first quarter 2021 compared to the same period in 2020. Vemlidy<\/b> sales increased 33% in the first quarter 2021 compared to the same period in 2020. Hepcludex\u00ae<\/sup><\/b> (bulevirtide) contributed $6 million in sales subsequent to Gilead\u2019s acquisition of MYR GmbH (\u201cMYR\u201d), representing a partial quarter of sales.\n<\/p>\n \nCell Therapy product sales increased 36% to $191 million for the first quarter 2021 compared to the same period in 2020.\n<\/p>\n Trodelvy<\/b> sales for the first quarter 2021 were $72 million, representing the first full quarter of sales for Gilead.\n<\/p>\n Veklury <\/b>sales were$1.5 billionfor the first quarter 2021. Sales of Veklury are generally affected by COVID-19 related rates of infections, hospitalizations and vaccinations.\n<\/p>\n \nOther product sales decreased 13% to $241 million for the first quarter 2021 compared to the same period in 2020.\n<\/p>\n First Quarter 2021 Product Gross Margin, Operating Expenses and Tax <\/b><\/p>\n Key Updates Since Our Last Quarterly Release<\/b><\/p>\n Viral Diseases<\/i><\/b><\/p>\n Oncology<\/i><\/b><\/p>\n Inflammatory Diseases<\/i><\/b><\/p>\n Corporate<\/i><\/b><\/p>\n Guidance and Outlook<\/span><\/b><\/p>\n \nThe COVID-19 pandemic is expected to continue to impact our business and broader market dynamics, such as HCV treatment initiations and HIV new starts and switches. We now expect a more gradual recovery in the COVID-19 related dynamics starting in the second quarter 2021, and the rate and degree of recovery may vary by geography. Sales of Veklury will continue to be subject to significant volatility and uncertainty. As a result, Gilead believes providing full year 2021 revenue guidance excluding Veklury is useful for investors, when considered in conjunction with its GAAP financial information.\n<\/p>\n \nExcept for GAAP earnings per diluted share, there is no change to the guidance shared on February 4, 2021, including: full year product sales excluding Veklury between $21.7 billion and $22.1 billion; full year Veklury sales between $2 billion and $3 billion; total product sales for 2021 between $23.7 billion and $25.1 billion; and non-GAAP earnings per share for 2021 between $6.75 and $7.45. GAAP earnings per diluted share for 2021 is now expected to be between $4.75 and $5.45, updated primarily for actual changes in fair value of equity investments in the first quarter 2021. A reconciliation between GAAP and non-GAAP financial information for the 2021 guidance is provided in the table on page 12.\n<\/p>\n Non-GAAP Financial Information<\/span><\/b><\/p>\n \nThe information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead\u2019s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead\u2019s operating results as reported under GAAP. Non-GAAP financial information excludes acquisition-related expenses including amortization of acquired intangible assets and inventory step-up charges in cost of goods sold, acquired IPR&D expenses, and other items that are considered unusual or not representative of underlying trends of Gilead\u2019s business, fair value adjustments of equity securities and discrete and related tax charges or benefits associated with changes in tax related laws and guidelines. Acquired IPR&D expenses reflect IPR&D impairments as well as the initial costs of externally developed IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use, including upfront payments related to various collaborations and the initial costs of rights to IPR&D projects. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation.Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the tables on pages 10 – 11.\n<\/p>\n Conference Call<\/span><\/b><\/p>\n \nAt 4:30 p.m. Eastern Time today, Gilead will host a conference call to discuss Gilead\u2019s results. The live webcast can be accessed through the Gilead website at http:\/\/investors.gilead.com<\/a>. Alternatively, individuals can access the call by dialing 877-359-9508 (U.S.) or 224-357-2393 (international) with conference ID 5069935. A replay of the conference call will be posted on the Gilead website after the event and will be available for one year.\n<\/p>\n About Gilead Sciences <\/span><\/b><\/p>\n \nGilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis and cancer. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.\n<\/p>\n Forward-Looking Statements<\/span><\/b><\/p>\n \nStatements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: the impact of the COVID-19 pandemic on Gilead\u2019s business, financial condition and results of operations; the development, manufacturing and distribution of Veklury as a treatment for COVID-19, including the uncertainty of the amount and timing of future Veklury sales, Gilead\u2019s ability to recoup the expenses incurred to date and future expenses related to the development and production of Veklury, and Gilead\u2019s ability to effectively manage the global supply and distribution of Veklury; Gilead\u2019s ability to achieve its anticipated full year 2021 financial results, including as a result of potential adverse revenue impacts from COVID-19, increases in R&D expenses and potential revenues from Veklury; Gilead\u2019s ability to make progress on any of its long-term ambitions or strategic priorities laid out in its corporate strategy; Gilead\u2019s ability to accelerate or sustain revenues for its antiviral and other programs; Gilead\u2019s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including those involving Merck, MYR and Novo Nordisk; Gilead\u2019s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all; the possibility of unfavorable results from ongoing and additional clinical trials; the risk that safety and efficacy data from clinical studies may not warrant further development of Gilead\u2019s product candidates, including lenacapavir, or the product candidates of Gilead\u2019s strategic partners; Gilead\u2019s ability to submit new drug applications for new product candidates in the currently anticipated timelines; Gilead\u2019s ability to receive regulatory approvals in a timely manner or at all, including EMA approval of Trodelvy for treatment of TNBC and EMA approval of Hepcludex for treatment of chronic HDV, and the risk that any such approvals may be subject to significant limitations on use; Gilead\u2019s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead\u2019s products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products; and other risks identified from time to time in Gilead\u2019s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended March 31, 2021 are not necessarily indicative of operating results for any future periods. Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements.\n<\/p>\n \nAll forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.\n<\/p>\n \n# # #\n<\/p>\n \nGilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD\u00ae<\/sup>, GILEAD SCIENCES\u00ae<\/sup>, AMBISOME\u00ae<\/sup>, ATRIPLA\u00ae<\/sup>, BIKTARVY\u00ae<\/sup>, CAYSTON\u00ae<\/sup>, COMPLERA\u00ae<\/sup>, DESCOVY\u00ae<\/sup>, DESCOVY FOR PREP\u00ae<\/sup>, EMTRIVA\u00ae<\/sup>, EPCLUSA\u00ae<\/sup>, EVIPLERA\u00ae<\/sup>, GENVOYA\u00ae<\/sup>, HARVONI\u00ae<\/sup>, HEPCLUDEX\u00ae<\/sup> (BULEVIRTIDE), HEPSERA\u00ae<\/sup>, JYSELECA\u00ae<\/sup>, LETAIRIS\u00ae<\/sup>, ODEFSEY\u00ae<\/sup>, RANEXA\u00ae<\/sup>, SOVALDI\u00ae<\/sup>, STRIBILD\u00ae<\/sup>, TECARTUS\u00ae<\/sup>, TRODELVY\u00ae<\/sup>, TRUVADA\u00ae<\/sup>, TRUVADA FOR PREP\u00ae<\/sup>, TYBOST\u00ae<\/sup>, VEKLURY\u00ae<\/sup>, VEMLIDY\u00ae<\/sup>, VIREAD\u00ae<\/sup>, VOSEVI\u00ae<\/sup>, YESCARTA\u00ae<\/sup> and ZYDELIG\u00ae<\/sup>. This report also refers to trademarks, service marks and trade names of other companies.\n<\/p>\n For more information on Gilead Sciences, Inc., please visit www.gilead.com<\/a> or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).<\/i><\/p>\n GILEAD SCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n CONDENSED CONSOLIDATED STATEMENTS OF INCOME<\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in millions, except per share amounts)<\/b><\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenues:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProduct sales\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,340\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,467\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRoyalty, contract and other revenues\n<\/p>\n<\/td>\n \n83\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n81\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues\n<\/p>\n<\/td>\n \n6,423\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,548\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCosts and expenses:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of goods sold\n<\/p>\n<\/td>\n \n1,361\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n969\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses\n<\/p>\n<\/td>\n \n1,055\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,004\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAcquired in-process research and development expenses\n<\/p>\n<\/td>\n \n62\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n97\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses\n<\/p>\n<\/td>\n \n1,055\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,076\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal costs and expenses\n<\/p>\n<\/td>\n \n3,533\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,146\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome from operations\n<\/p>\n<\/td>\n \n2,890\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,402\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense\n<\/p>\n<\/td>\n \n(257\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(241\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net\n<\/p>\n<\/td>\n \n(369\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(158\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nIncome before income taxes\n<\/p>\n<\/td>\n \n2,264\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,003\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense\n<\/p>\n<\/td>\n \n542\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n465\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\n<\/p>\n<\/td>\n \n1,722\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,538\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to noncontrolling interest\n<\/p>\n<\/td>\n \n(7\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n(13\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet income attributable to Gilead\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,729\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,551\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income per share attributable to Gilead common stockholders – basic\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.38\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.23\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShares used in per share calculation – basic\n<\/p>\n<\/td>\n \n1,256\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,262\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income per share attributable to Gilead common stockholders – diluted\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.37\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.22\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShares used in per share calculation – diluted\n<\/p>\n<\/td>\n \n1,262\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,270\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash dividends declared per share\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.71\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.68\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n GILEAD SCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n TOTAL REVENUE SUMMARY<\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (In millions, except percentages)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nProduct sales:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nHIV\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,650\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,134\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (12)%<\/i><\/p>\n<\/td>\n<\/tr>\n \nHCV\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n510\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n729\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (30)%<\/i><\/p>\n<\/td>\n<\/tr>\n \nHBV\/HDV(1)<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n220\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n186\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 18%<\/i><\/p>\n<\/td>\n<\/tr>\n \nCell Therapy\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n191\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n140\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 36%<\/i><\/p>\n<\/td>\n<\/tr>\n \nTrodelvy\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n72\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n NM<\/i><\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n241\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (13)%<\/i><\/p>\n<\/td>\n<\/tr>\n \nTotal product sales excluding Veklury\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,884\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,467\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (11)%<\/i><\/p>\n<\/td>\n<\/tr>\n \nVeklury\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,456\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n NM<\/i><\/p>\n<\/td>\n<\/tr>\n \nTotal product sales\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,340\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,467\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 16%<\/i><\/p>\n<\/td>\n<\/tr>\n \nRoyalty, contract and other revenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n83\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n81\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2%<\/i><\/p>\n<\/td>\n<\/tr>\n \nTotal revenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,423\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,548\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 16%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n________________________________\n<\/p>\n \nNM – Not Meaningful\n<\/p>\n<\/td>\n<\/tr>\n (1) <\/sup><\/p>\n<\/td>\n \nFirst quarter 2021 includes $6 million of Hepcludex sales recorded subsequent to Gilead\u2019s acquisition of MYR. First quarter 2021 Hepcludex sales, including the period prior to the completion of Gilead\u2019s acquisition of MYR, were $13 million.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n GILEAD SCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n NON-GAAP FINANCIAL INFORMATION(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n (In millions, except percentages)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCost of goods sold\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n855\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n703\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 22%<\/i><\/p>\n<\/td>\n<\/tr>\n \nProduct gross margin\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n87.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n -60 bps<\/i><\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,049\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,004\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 4%<\/i><\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,033\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,076\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (4)%<\/i><\/p>\n<\/td>\n<\/tr>\n
\nGilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the first quarter 2021.\n<\/p>\n\n
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