Biktarvy Sales Increased Year-Over-Year by 19% for Full Year 2021 & 22% for Fourth Quarter 2021
EPS Results Reflect $1.25 Billion Charge for a Legal Settlement & $625 Million Arcus Opt-In Charge
FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2021.
“Gilead is at an important point in its transformation journey, having built considerable momentum in the expansion of our commercial and clinical portfolios in both virology and oncology in 2021,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “We are planning to further increase the number of clinical development studies across our novel oncology portfolio in 2022. We also look forward to advancing our long-acting programs for HIV. Today our cancer therapies, Trodelvy, Yescarta and Tecartus are reaching increasing numbers of cancer patients, Veklury is playing a critical role in the pandemic and Biktarvy remains the most prescribed HIV treatment in the US. We have all the elements in place for a strong year and a strong decade.”
Fourth Quarter 2021 Financial Results
Product Sales Performance for the Fourth Quarter 2021
Total fourth quarter 2021 product sales decreased 2% to $7.2 billion compared to the same period in 2020. Total product sales excluding Veklury increased 8% to $5.8 billion for the fourth quarter 2021 compared to the same period in 2020, primarily reflecting higher demand for Biktarvy® (bictegravir 50 mg/emtricitabine (“FTC”) 200 mg/tenofovir alafenamide (“TAF”) 25mg) and favorable pricing dynamics in HIV as well as contributions from Trodelvy® (sacituzumab govitecan-hziy) and Cell Therapy.
HIV product sales increased 7% to $4.5 billion for the fourth quarter 2021 compared to the same period in 2020, reflecting higher Biktarvy demand and favorable pricing dynamics in HIV, partially offset, as expected, by the loss of exclusivity of Truvada® (FTC 200mg/tenofovir disoproxil fumarate (“TDF”) 300mg) and Atripla® (efavirenz 600mg/FTC 200mg/TDF 300mg) in the United States.
Hepatitis C virus (“HCV”) product sales decreased 7% to $393 million for the fourth quarter 2021 compared to the same period in 2020, primarily driven by unfavorable changes in payer mix and fewer patient starts.
Hepatitis B virus (“HBV”) and hepatitis delta virus (“HDV”) product sales increased 9% to $265 million for the fourth quarter 2021 compared to the same period in 2020. Vemlidy® (TAF 25 mg) sales increased 17% in the fourth quarter 2021 compared to the same period in 2020, driven primarily by uptake in all geographies. Hepcludex® (bulevirtide) contributed $12 million in the fourth quarter 2021 as launch activities continued across Europe.
Cell Therapy product sales increased 47% to $239 million for the fourth quarter 2021 compared to the same period in 2020.
Trodelvy sales for the fourth quarter 2021 were $118 million, reflecting continued uptake in the second-line setting for treatment of metastatic triple-negative breast cancer (“TNBC”) in the United States and Europe as well as second-line metastatic urothelial cancer (“UC”) in the United States.
Veklury sales decreased 30% to $1.4 billionfor the fourth quarter 2021 compared to the same period in 2020. Sales of Veklury are generally affected by COVID-19 related rates of infections, hospitalizations and vaccinations as well as the availability, uptake and effectiveness of alternative treatments for COVID-19.
Fourth Quarter 2021 Product Gross Margin, Operating Expenses and Tax
Full Year 2021 Financial Results
Product Sales Performance for the Full Year 2021
Total full year 2021 product sales increased 11% to $27.0 billion compared to the same period in 2020. Total product sales excluding Veklury decreased 0.5% to $21.4 billion for the full year 2021 compared to 2020 primarily driven by, as expected, the loss of exclusivity of Truvada, Atripla and Letairis® (ambrisentan 5 mg and 10 mg) in the United States, partially offset by Biktarvy demand and contributions from Cell Therapy and Trodelvy.
HIV product sales decreased 4% to $16.3 billion for the full year 2021 compared to 2020, reflecting, as expected, the loss of exclusivity of Truvada and Atripla in the United States, partially offset by improved treatment and PrEP medication demand.
HCV product sales decreased 9% to $1.9 billion for the full year 2021 compared to 2020, primarily due to fewer patient starts.
HBV and HDV product sales increased 13% to $969 million for the full year 2021 compared to 2020, driven primarily by higher demand for Vemlidy in all geographies as well as ongoing launch activities with Hepcludex in Europe.
Cell Therapy product sales increased 43% to $871 million for the full year 2021 compared to 2020, primarily due to launches of Tecartus in MCL and Yescarta in FL.
Trodelvy sales for the full year 2021 were $380 million, reflecting continued uptake and launch activities in second-line metastatic TNBC in the United States and Europe as well as second-line metastatic UC in the United States.
Veklury sales increased 98% to $5.6 billionfor the full year 2021 compared to 2020. Sales of Veklury are generally affected by COVID-19 related rates of infections, hospitalizations and vaccinations as well as the availability, uptake and effectiveness of alternative treatments for COVID-19.
Full Year 2021 Product Gross Margin, Operating Expenses and Tax
Key Updates Since Our Last Quarterly Release
Viral Diseases
Oncology
Corporate
Guidance and Outlook
Gilead is providing full-year 2022 guidance below:
A reconciliation between GAAP and non-GAAP financial information for the 2022 guidance is provided in the accompanying tables. Also see the Forward-Looking Statements described below. The financial guidance is subject to a number of risks and uncertainties, including uncertainty around the duration and magnitude of the COVID-19 pandemic. While the pandemic can be expected to continue to impact Gilead’s business and broader market dynamics, the rate and degree of these impacts as well as the corresponding recovery from the pandemic may vary across Gilead’s business.
Non-GAAP Financial Information
The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s 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’s operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets and inventory step-up charges, acquired IPR&D expenses, and other items that are considered unusual or not representative of underlying trends of Gilead’s 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 and other 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 accompanying tables.
Conference Call
At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on http://investors.gilead.com and will be archived on www.gilead.com for one year.
About Gilead Sciences
Gilead 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.
Forward-Looking Statements
Statements 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’s 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 and Gilead’s ability to effectively manage the global supply and distribution of Veklury; Gilead’s ability to achieve its anticipated full year 2022 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’s ability to make progress on any of its long-term ambitions or strategic priorities laid out in its corporate strategy; Gilead’s ability to accelerate or sustain revenues for its virology, oncology and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including those involving Arcus, Daiichi Sankyo, Everest Medicines and Merck; Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the risk that FDA may not remove clinical holds currently in place on any clinical trials, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving Trodelvy, Veklury, Yescarta and lenacapavir, and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead’s product candidates or the product candidates of Gilead’s strategic partners; Gilead’s ability to submit new drug applications for new product candidates or expanded indications, including Trodelvy and Yescarta, in the currently anticipated timelines; Gilead’s ability to receive regulatory approvals in a timely manner or at all, including FDA approval of bulevirtide for treatment of chronic HDV infection in adults with compensated liver disease or FDA or EMA approval of Yescarta for second-line LBCL, and the risk that any such approvals may be subject to significant limitations on use; Gilead’s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s 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, including Trodelvy, Veklury and Yescarta; and other risks identified from time to time in Gilead’s 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 December 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.
The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All 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.
Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, GILEAD SCIENCES®, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX® (BULEVIRTIDE), HEPSERA®, JYSELECA®, LETAIRIS®, ODEFSEY®, RANEXA®, SOVALDI®, STRIBILD®, TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA® and ZYDELIG®. This report may also refer to trademarks, service marks and trade names of other companies.
GILEAD SCIENCES, INC. | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(unaudited) | ||||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||||||
|
| December 31, |
| December 31, | ||||||||||||
(in millions, except per share amounts) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||||||
Revenues: |
|
|
|
|
|
|
|
| ||||||||
Product sales |
| $ | 7,160 |
|
| $ | 7,328 |
|
| $ | 27,008 |
|
| $ | 24,355 |
|
Royalty, contract and other revenues |
|
| 84 |
|
|
| 93 |
|
|
| 297 |
|
|
| 334 |
|
Total revenues |
|
| 7,244 |
|
|
| 7,421 |
|
|
| 27,305 |
|
|
| 24,689 |
|
Costs and expenses: |
|
|
|
|
|
|
|
| ||||||||
Cost of goods sold |
|
| 2,627 |
|
|
| 1,398 |
|
|
| 6,601 |
|
|
| 4,572 |
|
Research and development expenses |
|
| 2,027 |
|
|
| 1,578 |
|
|
| 5,363 |
|
|
| 5,039 |
|
Acquired in-process research and development expenses |
|
| — |
|
|
| 64 |
|
|
| 177 |
|
|
| 5,856 |
|
Selling, general and administrative expenses |
|
| 1,650 |
|
|
| 1,730 |
|
|
| 5,246 |
|
|
| 5,151 |
|
Total costs and expenses |
|
| 6,304 |
|
|
| 4,770 |
|
|
| 17,387 |
|
|
| 20,618 |
|
Income from operations |
|
| 940 |
|
|
| 2,651 |
|
|
| 9,918 |
|
|
| 4,071 |
|
Interest expense |
|
| (238 | ) |
|
| (267 | ) |
|
| (1,001 | ) |
|
| (984 | ) |
Other income (expense), net |
|
| 57 |
|
|
| (570 | ) |
|
| (639 | ) |
|
| (1,418 | ) |
Income before income taxes |
|
| 759 |
|
|
| 1,814 |
|
|
| 8,278 |
|
|
| 1,669 |
|
Income tax expense |
|
| (383 | ) |
|
| (270 | ) |
|
| (2,077 | ) |
|
| (1,580 | ) |
Net income |
|
| 376 |
|
|
| 1,544 |
|
|
| 6,201 |
|
|
| 89 |
|
Net loss attributable to noncontrolling interest |
|
| 6 |
|
|
| 7 |
|
|
| 24 |
|
|
| 34 |
|
Net income attributable to Gilead |
| $ | 382 |
|
| $ | 1,551 |
|
| $ | 6,225 |
|
| $ | 123 |
|
Net income per share attributable to Gilead common stockholders - basic |
| $ | 0.30 |
|
| $ | 1.24 |
|
| $ | 4.96 |
|
| $ | 0.10 |
|
Shares used in per share calculation - basic |
|
| 1,256 |
|
|
| 1,255 |
|
|
| 1,256 |
|
|
| 1,257 |
|
Net income per share attributable to Gilead common stockholders - diluted |
| $ | 0.30 |
|
| $ | 1.23 |
|
| $ | 4.93 |
|
| $ | 0.10 |
|
Shares used in per share calculation - diluted |
|
| 1,262 |
|
|
| 1,259 |
|
|
| 1,262 |
|
|
| 1,263 |
|
Cash dividends declared per share |
| $ | 0.71 |
|
| $ | 0.68 |
|
| $ | 2.84 |
|
| $ | 2.72 |
|
Research and development expenses as a % of revenues |
|
| 28.0 | % |
|
| 21.3 | % |
|
| 19.6 | % |
|
| 20.4 | % |
Selling, general and administrative expenses as a % of revenues |
|
| 22.8 | % |
|
| 23.3 | % |
|
| 19.2 | % |
|
| 20.9 | % |
Operating expenses as a % of revenues |
|
| 50.8 | % |
|
| 45.4 | % |
|
| 39.5 | % |
|
| 65.0 | % |
GILEAD SCIENCES, INC. | ||||||||||||||||
TOTAL REVENUE SUMMARY | ||||||||||||||||
(unaudited) | ||||||||||||||||
|
| Three Months Ended |
|
|
| Twelve Months Ended |
|
| ||||||||
|
| December 31, |
|
|
| December 31, |
|
| ||||||||
(In millions, except percentages) |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | ||||
Product sales: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
HIV |
| $ | 4,538 |
| $ | 4,257 |
| 7% |
| $ | 16,315 |
| $ | 16,938 |
| (4)% |
HCV |
|
| 393 |
|
| 423 |
| (7)% |
|
| 1,881 |
|
| 2,064 |
| (9)% |
HBV/HDV |
|
| 265 |
|
| 244 |
| 9% |
|
| 969 |
|
| 860 |
| 13% |
Cell Therapy |
|
| 239 |
|
| 163 |
| 47% |
|
| 871 |
|
| 607 |
| 43% |
Trodelvy |
|
| 118 |
|
| 49 |
| NM |
|
| 380 |
|
| 49 |
| NM |
Other |
|
| 250 |
|
| 254 |
| (2)% |
|
| 1,027 |
|
| 1,026 |
| —% |
Total product sales excluding Veklury |
|
| 5,803 |
|
| 5,390 |
| 8% |
|
| 21,443 |
|
| 21,544 |
| —% |
Veklury |
|
| 1,357 |
|
| 1,938 |
| (30)% |
|
| 5,565 |
|
| 2,811 |
| 98% |
Total product sales |
|
| 7,160 |
|
| 7,328 |
| (2)% |
|
| 27,008 |
|
| 24,355 |
| 11% |
Royalty, contract and other revenues |
|
| 84 |
|
| 93 |
| (10)% |
|
| 297 |
|
| 334 |
| (11)% |
Total revenues |
| $ | 7,244 |
| $ | 7,421 |
| (2)% |
| $ | 27,305 |
| $ | 24,689 |
| 11% |
_______________________________ |
NM - Not Meaningful |
GILEAD SCIENCES, INC. | ||||||||||||||||||||
NON-GAAP FINANCIAL INFORMATION(1) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
|
| Three Months Ended |
|
|
| Twelve Months Ended |
|
| ||||||||||||
|
| December 31, |
|
|
| December 31, |
|
| ||||||||||||
(In millions, except percentages) |
| 2021 |
| 2020 |
| Change |
| 2021 |
| 2020 |
| Change | ||||||||
Non-GAAP: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Cost of goods sold |
| $ | 2,111 |
|
| $ | 918 |
|
| 130% |
| $ | 4,538 |
|
| $ | 3,294 |
|
| 38% |
Research and development expenses |
| $ | 1,984 |
|
| $ | 1,512 |
|
| 31% |
| $ | 5,226 |
|
| $ | 4,857 |
|
| 8% |
Acquired in-process research and development expenses |
| $ | — |
|
| $ | — |
|
| NM |
| $ | 19 |
|
| $ | — |
|
| NM |
Selling, general and administrative expenses |
| $ | 1,642 |
|
| $ | 1,499 |
|
| 10% |
| $ | 4,974 |
|
| $ | 4,834 |
|
| 3% |
Other income (expense), net |
| $ | — |
|
| $ | 46 |
|
| NM |
| $ | (29 | ) |
| $ | 249 |
|
| NM |
Diluted EPS |
| $ | 0.69 |
|
| $ | 2.19 |
|
| (68)% |
| $ | 7.28 |
|
| $ | 7.09 |
|
| 3% |
Product gross margin |
|
| 70.5 | % |
|
| 87.5 | % |
| NM |
|
| 83.2 | % |
|
| 86.5 | % |
| -330 bps |
Research and development expenses as a % of revenues |
|
| 27.4 | % |
|
| 20.4 | % |
| 700 bps |
|
| 19.1 | % |
|
| 19.7 | % |
| -60 bps |
Selling, general and administrative expenses as a % of revenues |
|
| 22.7 | % |
|
| 20.2 | % |
| 250 bps |
|
| 18.2 | % |
|
| 19.6 | % |
| -140 bps |
Operating expenses as a % of revenues |
|
| 50.1 | % |
|
| 40.6 | % |
| 950 bps |
|
| 37.4 | % |
|
| 39.3 | % |
| -190 bps |
Operating margin |
|
| 20.8 | % |
|
| 47.1 | % |
| NM |
|
| 46.0 | % |
|
| 47.4 | % |
| -140 bps |
Effective tax rate |
|
| 32.2 | % |
|
| 15.8 | % |
| NM |
|
| 20.4 | % |
|
| 18.6 | % |
| 180 bps |
________________________________ | ||
NM - Not Meaningful | ||
(1) | A reconciliation between GAAP and non-GAAP financial information is provided in the tables. |
GILEAD SCIENCES, INC. | ||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION | ||||||||||||||||
(unaudited) | ||||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||||||
|
| December 31, |
| December 31, | ||||||||||||
(in millions, except percentages and per share amounts) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||||||
Cost of goods sold reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP cost of goods sold |
| $ | 2,627 |
|
| $ | 1,398 |
|
| $ | 6,601 |
|
| $ | 4,572 |
|
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
| (516 | ) |
|
| (417 | ) |
|
| (2,063 | ) |
|
| (1,215 | ) |
Acquisition-related and other costs(1) |
|
| — |
|
|
| (63 | ) |
|
| — |
|
|
| (63 | ) |
Non-GAAP cost of goods sold |
| $ | 2,111 |
|
| $ | 918 |
|
| $ | 4,538 |
|
| $ | 3,294 |
|
|
|
|
|
|
|
|
|
| ||||||||
Product gross margin reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP product gross margin |
|
| 63.3 | % |
|
| 80.9 | % |
|
| 75.6 | % |
|
| 81.2 | % |
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
| 7.2 | % |
|
| 5.7 | % |
|
| 7.6 | % |
|
| 5.0 | % |
Acquisition-related and other costs(1) |
|
| — | % |
|
| 0.9 | % |
|
| — | % |
|
| 0.3 | % |
Non-GAAP product gross margin(2) |
|
| 70.5 | % |
|
| 87.5 | % |
|
| 83.2 | % |
|
| 86.5 | % |
|
|
|
|
|
|
|
|
| ||||||||
Research and development expenses reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP research and development expenses |
| $ | 2,027 |
|
| $ | 1,578 |
|
| $ | 5,363 |
|
| $ | 5,039 |
|
Acquisition-related – amortization of inventory step-up charges |
|
| (42 | ) |
|
| — |
|
|
| (109 | ) |
|
| — |
|
Acquisition-related and other costs(1) |
|
| (1 | ) |
|
| (66 | ) |
|
| (28 | ) |
|
| (182 | ) |
Non-GAAP research and development expenses |
| $ | 1,984 |
|
| $ | 1,512 |
|
| $ | 5,226 |
|
| $ | 4,857 |
|
|
|
|
|
|
|
|
|
| ||||||||
Acquired IPR&D expenses reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP acquired IPR&D expenses |
| $ | — |
|
| $ | 64 |
|
| $ | 177 |
|
| $ | 5,856 |
|
Acquired IPR&D expenses |
|
| — |
|
|
| (64 | ) |
|
| (158 | ) |
|
| (5,856 | ) |
Non-GAAP acquired IPR&D expenses |
| $ | — |
|
| $ | — |
|
| $ | 19 |
|
| $ | — |
|
|
|
|
|
|
|
|
|
| ||||||||
Selling, general and administrative expenses reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP selling, general and administrative expenses |
| $ | 1,650 |
|
| $ | 1,730 |
|
| $ | 5,246 |
|
| $ | 5,151 |
|
Acquisition-related and other costs(1)(3) |
|
| (8 | ) |
|
| (231 | ) |
|
| (272 | ) |
|
| (317 | ) |
Non-GAAP selling, general and administrative expenses |
| $ | 1,642 |
|
| $ | 1,499 |
|
| $ | 4,974 |
|
| $ | 4,834 |
|
|
|
|
|
|
|
|
|
| ||||||||
Operating income reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP operating income |
| $ | 940 |
|
| $ | 2,651 |
|
| $ | 9,918 |
|
| $ | 4,071 |
|
Acquired IPR&D expenses |
|
| — |
|
|
| 64 |
|
|
| 158 |
|
|
| 5,856 |
|
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
| 558 |
|
|
| 417 |
|
|
| 2,172 |
|
|
| 1,215 |
|
Acquisition-related and other costs(1)(3) |
|
| 9 |
|
|
| 360 |
|
|
| 300 |
|
|
| 562 |
|
Non-GAAP operating income |
| $ | 1,507 |
|
| $ | 3,492 |
|
| $ | 12,548 |
|
| $ | 11,704 |
|
|
|
|
|
|
|
|
|
| ||||||||
Operating margin reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP operating margin |
|
| 13.0 | % |
|
| 35.7 | % |
|
| 36.3 | % |
|
| 16.5 | % |
Acquired IPR&D expenses |
|
| — | % |
|
| 0.9 | % |
|
| 0.6 | % |
|
| 23.7 | % |
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
| 7.7 | % |
|
| 5.6 | % |
|
| 8.0 | % |
|
| 4.9 | % |
Acquisition-related and other costs(1)(3) |
|
| 0.1 | % |
|
| 4.8 | % |
|
| 1.1 | % |
|
| 2.3 | % |
Non-GAAP operating margin(2) |
|
| 20.8 | % |
|
| 47.1 | % |
|
| 46.0 | % |
|
| 47.4 | % |
|
|
|
|
|
|
|
|
| ||||||||
Other income (expense), net reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP other income (expense), net |
| $ | 57 |
|
| $ | (570 | ) |
| $ | (639 | ) |
| $ | (1,418 | ) |
(Gain) loss from equity securities, net |
|
| (57 | ) |
|
| 616 |
|
|
| 610 |
|
|
| 1,667 |
|
Non-GAAP other income (expense), net |
| $ | — |
|
| $ | 46 |
|
| $ | (29 | ) |
| $ | 249 |
|
GILEAD SCIENCES, INC. | ||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) | ||||||||||||||||
(unaudited) | ||||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||||||
|
| December 31, |
| December 31, | ||||||||||||
(in millions, except percentages and per share amounts) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||||||
Effective tax rate reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP effective tax rate |
|
| 50.5 | % |
|
| 14.9 | % |
|
| 25.1 | % |
|
| 94.7 | % |
Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments(4) |
|
| (18.3 | )% |
|
| 0.9 | % |
|
| (4.7 | )% |
|
| (76.1 | )% |
Non-GAAP effective tax rate(2) |
|
| 32.2 | % |
|
| 15.8 | % |
|
| 20.4 | % |
|
| 18.6 | % |
|
|
|
|
|
|
|
|
| ||||||||
Net income attributable to Gilead reconciliation (after tax): |
|
|
|
|
|
|
|
| ||||||||
GAAP net income attributable to Gilead |
| $ | 382 |
|
| $ | 1,551 |
|
| $ | 6,225 |
|
| $ | 123 |
|
Acquired IPR&D expenses |
|
| — |
|
|
| 50 |
|
|
| 125 |
|
|
| 5,672 |
|
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
| 449 |
|
|
| 329 |
|
|
| 1,750 |
|
|
| 1,002 |
|
Acquisition-related and other costs(1)(3) |
|
| 3 |
|
|
| 286 |
|
|
| 192 |
|
|
| 443 |
|
(Gain) loss from equity securities, net |
|
| (56 | ) |
|
| 628 |
|
|
| 631 |
|
|
| 1,718 |
|
Discrete and related tax charges(4) |
|
| 88 |
|
|
| (82 | ) |
|
| 267 |
|
|
| — |
|
Non-GAAP net income attributable to Gilead |
| $ | 866 |
|
| $ | 2,762 |
|
| $ | 9,190 |
|
| $ | 8,958 |
|
|
|
|
|
|
|
|
|
| ||||||||
Diluted EPS reconciliation: |
|
|
|
|
|
|
|
| ||||||||
GAAP diluted earnings per share |
| $ | 0.30 |
|
| $ | 1.23 |
|
| $ | 4.93 |
|
| $ | 0.10 |
|
Acquired IPR&D expenses |
|
| — |
|
|
| 0.04 |
|
|
| 0.10 |
|
|
| 4.49 |
|
Acquisition-related – amortization of acquired intangibles and inventory step-up charges |
|
| 0.36 |
|
|
| 0.26 |
|
|
| 1.39 |
|
|
| 0.79 |
|
Acquisition-related and other costs(1)(3) |
|
| — |
|
|
| 0.23 |
|
|
| 0.15 |
|
|
| 0.35 |
|
(Gain) loss from equity securities, net |
|
| (0.04 | ) |
|
| 0.50 |
|
|
| 0.50 |
|
|
| 1.36 |
|
Discrete and related tax charges(4) |
|
| 0.07 |
|
|
| (0.07 | ) |
|
| 0.21 |
|
|
| — |
|
Non-GAAP diluted EPS(2) |
| $ | 0.69 |
|
| $ | 2.19 |
|
| $ | 7.28 |
|
| $ | 7.09 |
|
|
|
|
|
|
|
|
|
| ||||||||
Non-GAAP adjustment summary: |
|
|
|
|
|
|
|
| ||||||||
Cost of goods sold adjustments |
| $ | 516 |
|
| $ | 480 |
|
| $ | 2,063 |
|
| $ | 1,278 |
|
Research and development expenses adjustments |
|
| 43 |
|
|
| 66 |
|
|
| 137 |
|
|
| 182 |
|
Acquired IPR&D expenses adjustments |
|
| — |
|
|
| 64 |
|
|
| 158 |
|
|
| 5,856 |
|
Selling, general and administrative expenses adjustments |
|
| 8 |
|
|
| 231 |
|
|
| 272 |
|
|
| 317 |
|
Total non-GAAP adjustments before other income (expense), net, and income taxes |
|
| 567 |
|
|
| 841 |
|
|
| 2,630 |
|
|
| 7,633 |
|
Other income (expense), net, adjustments |
|
| (57 | ) |
|
| 616 |
|
|
| 610 |
|
|
| 1,667 |
|
Total non-GAAP adjustments before income taxes |
|
| 510 |
|
|
| 1,457 |
|
|
| 3,240 |
|
|
| 9,300 |
|
Income tax effect of non-GAAP adjustments above |
|
| (114 | ) |
|
| (164 | ) |
|
| (542 | ) |
|
| (465 | ) |
Discrete and related tax charges(4) |
|
| 88 |
|
|
| (82 | ) |
|
| 267 |
|
|
| — |
|
Total non-GAAP adjustments after tax |
| $ | 484 |
|
| $ | 1,211 |
|
| $ | 2,965 |
|
| $ | 8,835 |
|
______________________________ | ||
(1) | Primarily includes employee-related expenses, contingent consideration fair value adjustments and other expenses associated with Gilead’s acquisitions of Immunomedics, Inc., Forty Seven, Inc. and MYR GmbH. | |
(2) | Amounts may not sum due to rounding. | |
(3) | Includes a donation of equity securities to the Gilead Foundation, a California nonprofit organization, during the second quarter of 2021. | |
(4) | Represents discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and transfers of intangible assets from a foreign subsidiary to Ireland and the United States. |
GILEAD SCIENCES, INC. | ||
RECONCILIATION OF GAAP TO NON-GAAP 2022 FULL YEAR GUIDANCE(1) | ||
(unaudited) | ||
(in millions, except percentages and per share amounts) |
| Provided February 1, 2022 |
Projected product gross margin GAAP to non-GAAP reconciliation: |
|
|
GAAP projected product gross margin |
| 76% - 77% |
Acquisition-related expenses |
| ~ 9% |
Non-GAAP projected product gross margin |
| 85% - 86% |
Projected operating income GAAP to non-GAAP reconciliation: |
|
|
GAAP projected operating income |
| $8,600 - $9,400 |
Acquisition-related expenses |
| ~ 2,100 |
Non-GAAP projected operating income |
| $10,700 - $11,500 |
Projected effective tax rate GAAP to non-GAAP reconciliation: |
|
|
GAAP projected effective tax rate |
| ~ 22% |
Less: Amortization of deferred tax assets and tax rate effects of adjustments noted above |
| ~ 2% |
Non-GAAP projected effective tax rate |
| ~ 20% |
Projected diluted EPS GAAP to non-GAAP reconciliation: |
|
|
GAAP projected diluted EPS |
| $4.70 - $5.20 |
Acquisition-related expenses, related tax effects and amortization of deferred tax assets |
| ~ 1.50 |
Non-GAAP projected diluted EPS |
| $6.20 - $6.70 |
________________________________ | |||
(1) | The 2022 guidance non-GAAP financial information excludes the impact of any potential future acquisition-related, acquired IPR&D and other expenses, fair value adjustments of equity securities and discrete tax charges or benefits associated with changes in tax related laws and guidelines as Gilead is unable to project such amounts. |
|
GILEAD SCIENCES, INC. | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(unaudited) | ||||||
|
| December 31, | ||||
(in millions) |
| 2021 |
| 2020 | ||
Assets |
|
|
|
| ||
Cash, cash equivalents and marketable securities |
| $ | 7,829 |
| $ | 7,910 |
Accounts receivable, net |
|
| 4,493 |
|
| 4,892 |
Inventories |
|
| 2,734 |
|
| 3,014 |
Property, plant and equipment, net |
|
| 5,121 |
|
| 4,967 |
Intangible assets, net |
|
| 33,455 |
|
| 33,126 |
Goodwill |
|
| 8,332 |
|
| 8,108 |
Other assets |
|
| 5,988 |
|
| 6,390 |
Total assets |
| $ | 67,952 |
| $ | 68,407 |
Liabilities and Stockholders’ Equity |
|
|
|
| ||
Current liabilities |
| $ | 11,610 |
| $ | 11,397 |
Long-term liabilities |
|
| 35,278 |
|
| 38,789 |
Stockholders’ equity(1) |
|
| 21,064 |
|
| 18,221 |
Total liabilities and stockholders’ equity |
| $ | 67,952 |
| $ | 68,407 |
________________________________ | ||
(1) | As of December 31, 2021 and December 31, 2020, there were 1,254 shares of common stock issued and outstanding, respectively. |
GILEAD SCIENCES, INC. | ||||||||||||||||
SELECTED CASH FLOW INFORMATION | ||||||||||||||||
(unaudited) | ||||||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||||||
|
| December 31, |
| December 31, | ||||||||||||
(in millions) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||||||
Net cash provided by operating activities |
| $ | 3,205 |
|
| $ | 1,916 |
|
| $ | 11,384 |
|
| $ | 8,168 |
|
Net cash used in investing activities |
|
| (278 | ) |
|
| (8,977 | ) |
|
| (3,131 | ) |
|
| (14,615 | ) |
Net cash provided by (used in) financing activities |
|
| (1,942 | ) |
|
| 131 |
|
|
| (8,877 | ) |
|
| 770 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
| (9 | ) |
|
| 41 |
|
|
| (35 | ) |
|
| 43 |
|
Net change in cash and cash equivalents |
|
| 976 |
|
|
| (6,889 | ) |
|
| (659 | ) |
|
| (5,634 | ) |
Cash and cash equivalents at beginning of period |
|
| 4,362 |
|
|
| 12,886 |
|
|
| 5,997 |
|
|
| 11,631 |
|
Cash and cash equivalents at end of period |
| $ | 5,338 |
|
| $ | 5,997 |
|
| $ | 5,338 |
|
| $ | 5,997 |
|
| Three Months Ended |
| Twelve Months Ended | |||||||||||||
| December 31, |
| December 31, | |||||||||||||
(in millions) | 2021 |
| 2020 |
| 2021 |
| 2020 | |||||||||
Net cash provided by operating activities | $ | 3,205 |
|
| $ | 1,916 |
|
| $ | 11,384 |
|
| $ | 8,168 |
| |
Capital expenditures |
| (156 | ) |
|
| (181 | ) |
|
| (579 | ) |
|
| (650 | ) | |
Free cash flow | $ | 3,049 |
|
| $ | 1,735 |
|
| $ | 10,805 |
|
| $ | 7,518 |
|
GILEAD SCIENCES, INC. | ||||||||||||
PRODUCT SALES SUMMARY | ||||||||||||
(unaudited) | ||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||
|
| December 31, |
| December 31, | ||||||||
(in millions) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
|
|
|
|
|
|
|
|
| ||||
HIV Products |
|
|
|
|
|
|
|
| ||||
Descovy (FTC/TAF) Based Products |
|
|
|
|
|
|
|
| ||||
Biktarvy – U.S. |
| $ | 2,123 |
| $ | 1,749 |
| $ | 7,049 |
| $ | 6,095 |
Biktarvy – Europe |
|
| 262 |
|
| 207 |
|
| 969 |
|
| 735 |
Biktarvy – Other International |
|
| 145 |
|
| 115 |
|
| 606 |
|
| 429 |
|
|
| 2,530 |
|
| 2,071 |
|
| 8,624 |
|
| 7,259 |
|
|
|
|
|
|
|
|
| ||||
Descovy – U.S. |
|
| 403 |
|
| 402 |
|
| 1,397 |
|
| 1,526 |
Descovy – Europe |
|
| 36 |
|
| 41 |
|
| 164 |
|
| 197 |
Descovy – Other International |
|
| 34 |
|
| 35 |
|
| 139 |
|
| 138 |
|
|
| 473 |
|
| 478 |
|
| 1,700 |
|
| 1,861 |
|
|
|
|
|
|
|
|
| ||||
Genvoya – U.S. |
|
| 634 |
|
| 678 |
|
| 2,267 |
|
| 2,605 |
Genvoya – Europe |
|
| 85 |
|
| 114 |
|
| 391 |
|
| 490 |
Genvoya – Other International |
|
| 37 |
|
| 60 |
|
| 221 |
|
| 243 |
|
|
| 756 |
|
| 852 |
|
| 2,879 |
|
| 3,338 |
|
|
|
|
|
|
|
|
| ||||
Odefsey – U.S. |
|
| 303 |
|
| 321 |
|
| 1,076 |
|
| 1,172 |
Odefsey – Europe |
|
| 104 |
|
| 109 |
|
| 440 |
|
| 450 |
Odefsey – Other International |
|
| 13 |
|
| 14 |
|
| 52 |
|
| 50 |
|
|
| 420 |
|
| 444 |
|
| 1,568 |
|
| 1,672 |
|
|
|
|
|
|
|
|
| ||||
Revenue share – Symtuza(1) – U.S. |
|
| 94 |
|
| 87 |
|
| 355 |
|
| 331 |
Revenue share – Symtuza(1) – Europe |
|
| 40 |
|
| 37 |
|
| 165 |
|
| 149 |
Revenue share – Symtuza(1) – Other International |
|
| 3 |
|
| 2 |
|
| 11 |
|
| 8 |
|
|
| 137 |
|
| 126 |
|
| 531 |
|
| 488 |
|
|
|
|
|
|
|
|
| ||||
Total Descovy (FTC/TAF) Based Products – U.S. |
|
| 3,557 |
|
| 3,237 |
|
| 12,144 |
|
| 11,729 |
Total Descovy (FTC/TAF) Based Products – Europe |
|
| 527 |
|
| 508 |
|
| 2,129 |
|
| 2,021 |
Total Descovy (FTC/TAF) Based Products – Other International |
|
| 232 |
|
| 226 |
|
| 1,029 |
|
| 868 |
|
|
| 4,316 |
|
| 3,971 |
|
| 15,302 |
|
| 14,618 |
|
|
|
|
|
|
|
|
| ||||
Truvada (FTC/TDF) Based Products |
|
|
|
|
|
|
|
| ||||
Atripla – U.S. |
|
| 25 |
|
| 32 |
|
| 121 |
|
| 307 |
Atripla – Europe |
|
| 2 |
|
| 4 |
|
| 12 |
|
| 21 |
Atripla – Other International |
|
| — |
|
| 2 |
|
| 12 |
|
| 21 |
|
|
| 27 |
|
| 38 |
|
| 145 |
|
| 349 |
|
|
|
|
|
|
|
|
| ||||
Complera / Eviplera – U.S. |
|
| 29 |
|
| 12 |
|
| 102 |
|
| 89 |
Complera / Eviplera – Europe |
|
| 38 |
|
| 35 |
|
| 142 |
|
| 159 |
Complera / Eviplera – Other International |
|
| 2 |
|
| 4 |
|
| 14 |
|
| 21 |
|
|
| 69 |
|
| 51 |
|
| 258 |
|
| 269 |
|
|
|
|
|
|
|
|
| ||||
Stribild – U.S. |
|
| 38 |
|
| 25 |
|
| 132 |
|
| 125 |
Stribild – Europe |
|
| 10 |
|
| 12 |
|
| 43 |
|
| 54 |
Stribild – Other International |
|
| 2 |
|
| 5 |
|
| 14 |
|
| 17 |
|
|
| 50 |
|
| 42 |
|
| 189 |
|
| 196 |
|
|
|
|
|
|
|
|
| ||||
Truvada – U.S. |
|
| 46 |
|
| 131 |
|
| 314 |
|
| 1,376 |
Truvada – Europe |
|
| 4 |
|
| 7 |
|
| 22 |
|
| 27 |
Truvada – Other International |
|
| 11 |
|
| 8 |
|
| 35 |
|
| 45 |
|
|
| 61 |
|
| 146 |
|
| 371 |
|
| 1,448 |
|
|
|
|
|
|
|
|
| ||||
Total Truvada (FTC/TDF) Based Products – U.S. |
|
| 138 |
|
| 200 |
|
| 669 |
|
| 1,897 |
Total Truvada (FTC/TDF) Based Products – Europe |
|
| 54 |
|
| 58 |
|
| 219 |
|
| 261 |
Total Truvada (FTC/TDF) Based Products – Other International |
|
| 15 |
|
| 19 |
|
| 75 |
|
| 104 |
|
|
| 207 |
|
| 277 |
|
| 963 |
|
| 2,262 |
GILEAD SCIENCES, INC. | |||||||||
PRODUCT SALES SUMMARY - (Continued) | |||||||||
(unaudited) | |||||||||
|
| Three Months Ended |
| Twelve Months Ended | |||||
|
| December 31, |
| December 31, | |||||
(in millions) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | |
|
|
|
|
|
|
|
|
| |
Other HIV(2) – U.S. |
| 1 |
| 1 |
|
| 15 |
| 25 |
Other HIV(2) – Europe |
| 9 |
| 1 |
|
| 18 |
| 5 |
Other HIV(2) – Other International |
| 5 |
| 7 |
|
| 17 |
| 28 |
|
| 15 |
| 9 |
|
| 50 |
| 58 |
|
|
|
|
|
|
|
|
| |
Total HIV – U.S. |
| 3,696 |
| 3,438 |
|
| 12,828 |
| 13,651 |
Total HIV – Europe |
| 590 |
| 567 |
|
| 2,366 |
| 2,287 |
Total HIV – Other International |
| 252 |
| 252 |
|
| 1,121 |
| 1,000 |
|
| 4,538 |
| 4,257 |
|
| 16,315 |
| 16,938 |
|
|
|
|
|
|
|
|
| |
HCV Products |
|
|
|
|
|
|
|
| |
Ledipasvir / Sofosbuvir(3) – U.S. |
| 21 |
| (21 | ) |
| 84 |
| 92 |
Ledipasvir / Sofosbuvir(3) – Europe |
| 7 |
| 3 |
|
| 31 |
| 29 |
Ledipasvir / Sofosbuvir(3) – Other International |
| 21 |
| 27 |
|
| 97 |
| 151 |
|
| 49 |
| 9 |
|
| 212 |
| 272 |
|
|
|
|
|
|
|
|
| |
Sofosbuvir / Velpatasvir(4) – U.S. |
| 166 |
| 218 |
|
| 815 |
| 864 |
Sofosbuvir / Velpatasvir(4) – Europe |
| 82 |
| 84 |
|
| 316 |
| 337 |
Sofosbuvir / Velpatasvir(4) – Other International |
| 59 |
| 68 |
|
| 331 |
| 398 |
|
| 307 |
| 370 |
|
| 1,462 |
| 1,599 |
|
|
|
|
|
|
|
|
| |
Other HCV(5) – U.S. |
| 22 |
| 32 |
|
| 119 |
| 132 |
Other HCV(5) – Europe |
| 10 |
| 11 |
|
| 74 |
| 48 |
Other HCV(5) – Other International |
| 5 |
| 1 |
|
| 14 |
| 13 |
|
| 37 |
| 44 |
|
| 207 |
| 193 |
|
|
|
|
|
|
|
|
| |
Total HCV – U.S. |
| 209 |
| 229 |
|
| 1,018 |
| 1,088 |
Total HCV – Europe |
| 99 |
| 98 |
|
| 421 |
| 414 |
Total HCV – Other International |
| 85 |
| 96 |
|
| 442 |
| 562 |
|
| 393 |
| 423 |
|
| 1,881 |
| 2,064 |
|
|
|
|
|
|
|
|
| |
HBV/HDV Products |
|
|
|
|
|
|
|
| |
Vemlidy – U.S. |
| 118 |
| 108 |
|
| 384 |
| 356 |
Vemlidy – Europe |
| 9 |
| 7 |
|
| 34 |
| 29 |
Vemlidy – Other International |
| 98 |
| 78 |
|
| 396 |
| 272 |
|
| 225 |
| 193 |
|
| 814 |
| 657 |
|
|
|
|
|
|
|
|
| |
Viread – U.S. |
| 3 |
| 4 |
|
| 11 |
| 14 |
Viread – Europe |
| 6 |
| 7 |
|
| 28 |
| 34 |
Viread – Other International |
| 17 |
| 37 |
|
| 72 |
| 137 |
|
| 26 |
| 48 |
|
| 111 |
| 185 |
|
|
|
|
|
|
|
|
| |
Other HBV/HDV(6) – U.S. |
| 1 |
| 1 |
|
| 2 |
| 10 |
Other HBV/HDV(6) – Europe |
| 13 |
| 2 |
|
| 42 |
| 8 |
|
| 14 |
| 3 |
|
| 44 |
| 18 |
|
|
|
|
|
|
|
|
| |
Total HBV/HDV – U.S. |
| 122 |
| 113 |
|
| 397 |
| 380 |
Total HBV/HDV – Europe |
| 28 |
| 16 |
|
| 104 |
| 71 |
Total HBV/HDV – Other International |
| 115 |
| 115 |
|
| 468 |
| 409 |
|
| 265 |
| 244 |
|
| 969 |
| 860 |
|
|
|
|
|
|
|
|
| |
Veklury |
|
|
|
|
|
|
|
| |
Veklury – U.S. |
| 877 |
| 1,241 |
|
| 3,640 |
| 2,026 |
Veklury – Europe |
| 334 |
| 547 |
|
| 1,095 |
| 607 |
Veklury – Other International |
| 146 |
| 150 |
|
| 830 |
| 178 |
|
| 1,357 |
| 1,938 |
|
| 5,565 |
| 2,811 |
|
|
|
|
|
|
|
|
|
GILEAD SCIENCES, INC. | ||||||||||||
PRODUCT SALES SUMMARY - (Continued) | ||||||||||||
(unaudited) | ||||||||||||
|
| Three Months Ended |
| Twelve Months Ended | ||||||||
|
| December 31, |
| December 31, | ||||||||
(in millions) |
| 2021 |
| 2020 |
| 2021 |
| 2020 | ||||
|
|
|
|
|
|
|
|
| ||||
Cell Therapy Products |
|
|
|
|
|
|
|
| ||||
Tecartus – U.S. |
|
| 42 |
|
| 29 |
|
| 136 |
|
| 34 |
Tecartus – Europe |
|
| 15 |
|
| 5 |
|
| 40 |
|
| 10 |
|
|
| 57 |
|
| 34 |
|
| 176 |
|
| 44 |
|
|
|
|
|
|
|
|
| ||||
Yescarta – U.S. |
|
| 106 |
|
| 79 |
|
| 406 |
|
| 362 |
Yescarta – Europe |
|
| 65 |
|
| 47 |
|
| 253 |
|
| 191 |
Yescarta – Other International |
|
| 11 |
|
| 3 |
|
| 36 |
|
| 10 |
|
|
| 182 |
|
| 129 |
|
| 695 |
|
| 563 |
|
|
|
|
|
|
|
|
| ||||
Total Cell Therapy – U.S. |
|
| 148 |
|
| 108 |
|
| 542 |
|
| 396 |
Total Cell Therapy – Europe |
|
| 80 |
|
| 52 |
|
| 293 |
|
| 201 |
Total Cell Therapy – Other International |
|
| 11 |
|
| 3 |
|
| 36 |
|
| 10 |
|
|
| 239 |
|
| 163 |
|
| 871 |
|
| 607 |
|
|
|
|
|
|
|
|
| ||||
Trodelvy |
|
|
|
|
|
|
|
| ||||
Trodelvy – U.S. |
|
| 109 |
|
| 49 |
|
| 370 |
|
| 49 |
Trodelvy – Europe |
|
| 9 |
|
| — |
|
| 10 |
|
| — |
|
|
| 118 |
|
| 49 |
|
| 380 |
|
| 49 |
|
|
|
|
|
|
|
|
| ||||
Other Products |
|
|
|
|
|
|
|
| ||||
AmBisome – U.S. |
|
| 7 |
|
| 15 |
|
| 39 |
|
| 61 |
AmBisome – Europe |
|
| 72 |
|
| 64 |
|
| 274 |
|
| 230 |
AmBisome – Other International |
|
| 41 |
|
| 32 |
|
| 227 |
|
| 145 |
|
|
| 120 |
|
| 111 |
|
| 540 |
|
| 436 |
|
|
|
|
|
|
|
|
| ||||
Letairis – U.S. |
|
| 49 |
|
| 73 |
|
| 206 |
|
| 314 |
|
|
|
|
|
|
|
|
| ||||
Ranexa – U.S. |
|
| 5 |
|
| — |
|
| 10 |
|
| 9 |
|
|
|
|
|
|
|
|
| ||||
Zydelig – U.S. |
|
| 4 |
|
| 7 |
|
| 26 |
|
| 31 |
Zydelig – Europe |
|
| 8 |
|
| 9 |
|
| 35 |
|
| 39 |
Zydelig – Other International |
|
| — |
|
| 1 |
|
| 1 |
|
| 2 |
|
|
| 12 |
|
| 17 |
|
| 62 |
|
| 72 |
|
|
|
|
|
|
|
|
| ||||
Other(7) – U.S. |
|
| 18 |
|
| 33 |
|
| 100 |
|
| 136 |
Other(7) – Europe |
|
| 39 |
|
| 13 |
|
| 80 |
|
| 45 |
Other(7) – Other International |
|
| 7 |
|
| 7 |
|
| 29 |
|
| 14 |
|
|
| 64 |
|
| 53 |
|
| 209 |
|
| 195 |
|
|
|
|
|
|
|
|
| ||||
Total Other – U.S. |
|
| 83 |
|
| 128 |
|
| 381 |
|
| 551 |
Total Other – Europe |
|
| 119 |
|
| 86 |
|
| 389 |
|
| 314 |
Total Other – Other International |
|
| 48 |
|
| 40 |
|
| 257 |
|
| 161 |
|
|
| 250 |
|
| 254 |
|
| 1,027 |
|
| 1,026 |
|
|
|
|
|
|
|
|
| ||||
Total product sales – U.S. |
|
| 5,244 |
|
| 5,306 |
|
| 19,176 |
|
| 18,141 |
Total product sales – Europe |
|
| 1,259 |
|
| 1,366 |
|
| 4,678 |
|
| 3,894 |
Total product sales – Other International |
|
| 657 |
|
| 656 |
|
| 3,154 |
|
| 2,320 |
|
| $ | 7,160 |
| $ | 7,328 |
| $ | 27,008 |
| $ | 24,355 |
_______________________________ | ||
(1) | Represents Gilead’s revenue from cobicistat (“C”), emtricitabine (“FTC”) and tenofovir alafenamide (“TAF”) in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company. | |
(2) | Includes Emtriva and Tybost. | |
(3) | Amounts consist of sales of Harvoni and the authorized generic version of Harvoni sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC. | |
(4) | Amounts consist of sales of Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC. | |
(5) | Includes Vosevi and Sovaldi. | |
(6) | Includes Hepcludex and Hepsera. | |
(7) | Includes Cayston and Jyseleca. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220128005546/en/
Investors: Jacquie Ross, CFA investor_relations@gilead.com Media: Chris Ridleypublic_affairs@gilead.com
Source: Gilead Sciences, Inc.