Gilead Sciences Announces Fourth Quarter and Full Year 2014 Financial Results - Fourth Quarter Product Sales of $7.2 billion, Up 137 percent Year over Year -
- Full Year 2014 Product Sales of $24.5 billion, Up 127 percent Year over Year -
- Full Year 2014 Non-GAAP EPS of $8.09, Up 297 percent Year over Year -
FOSTER CITY, Calif.--(BUSINESS WIRE)--Feb. 3, 2015-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2014. Total revenues for the fourth quarter of 2014 were $7.3 billion compared to $3.1 billion for the fourth quarter of 2013. Net income for the fourth quarter of 2014 was $3.5 billion, or $2.18 per diluted share compared to $791 million, or $0.47 per diluted share for the fourth quarter of 2013. Non-GAAP net income for the fourth quarter of 2014, which excludes amounts related to acquisition, restructuring, stock-based compensation and other, was $3.9 billion, or $2.43 per diluted share compared to $930 million, or $0.55 per diluted share for the fourth quarter of 2013.
Full year 2014 total revenues were $24.9 billion compared to $11.2 billion for 2013. Net income for 2014 was $12.1 billion, or $7.35 per diluted share, compared to $3.1 billion, or $1.81 per diluted share for 2013. Non-GAAP net income for 2014, which excludes amounts related to acquisition, restructuring, stock-based compensation and other, was $13.3 billion, or $8.09 per diluted share compared to $3.5 billion, or $2.04 per diluted share for 2013.
Three Months Ended Twelve Months Ended December 31, December 31, (In millions, except per share amounts) 2014 2013 2014 2013 Product sales $ 7,222 $ 3,043 $ 24,474 $ 10,804 Royalty, contract and other revenues 92 77 416 398 Total revenues $ 7,314 $ 3,120 $ 24,890 $ 11,202 Net income attributable to Gilead $ 3,487 $ 791 $ 12,101 $ 3,075 Non-GAAP net income attributable to Gilead $ 3,883 $ 930 $ 13,314 $ 3,451 Diluted EPS $ 2.18 $ 0.47 $ 7.35 $ 1.81 Non-GAAP diluted EPS $ 2.43 $ 0.55 $ 8.09 $ 2.04 Product Sales
Total product sales for the fourth quarter of 2014 were $7.2 billion compared to $3.0 billion for the fourth quarter of 2013. In the fourth quarter, product sales in the U.S. were $5.5 billion compared to $1.9 billion in the fourth quarter of 2013, and in Europe, product sales were $1.4 billion compared to $871 million in the fourth quarter of 2013. Total product sales during 2014 were $24.5 billion compared to $10.8 billion in 2013. For 2014, product sales in the U.S. were $18.1 billion compared to $6.6 billion in 2013, and in Europe, product sales were $5.1 billion compared to $3.3 billion in 2013.
Antiviral Product Sales
Antiviral product sales were $6.7 billion for the fourth quarter of 2014 compared to $2.6 billion for the fourth quarter of 2013. For 2014, antiviral product sales were $22.8 billion compared to $9.3 billion in 2013. The increase in the quarter and full year was primarily driven by sales of Sovaldi® (sofosbuvir 400 mg), which launched in December 2013 in the U.S. and in January 2014 in Europe, and Harvoni® (ledipasvir 90 mg/sofosbuvir 400 mg), which launched in the U.S. in October 2014.
Other Product Sales
Other product sales, which include Letairis®, Ranexa® and AmBisome®, totaled $496 million for the fourth quarter of 2014 compared to $402 million for the fourth quarter of 2013. For 2014, other product sales were $1.7 billion compared to $1.5 billion in 2013.
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