GILEAD SCIENCES, INC. Quarterly Report for Q1 Ended Mar 31, 2009

Summary

Gilead Sciences, Inc. reported strong first-quarter 2009 results, demonstrating significant growth in product sales, primarily driven by its antiviral portfolio. Total revenues increased by 27% year-over-year to $1.53 billion, with product sales reaching $1.45 billion. Antiviral product sales saw a robust 28% increase, propelled by substantial growth in Truvada and Atripla sales. The company also announced the closing of its acquisition of CV Therapeutics in April 2009, valued at approximately $1.4 billion, expanding its presence in the cardiovascular therapeutic area. Gilead maintained a strong liquidity position with over $3.6 billion in cash, cash equivalents, and marketable securities at the end of the quarter. The company's financial performance reflects continued product demand and strategic growth initiatives. Despite a decrease in royalty revenues, largely due to lower Tamiflu royalties, the overall revenue growth was substantial. Gilead also continued its share repurchase program, demonstrating a commitment to returning value to shareholders. The company's strategic investments in research and development and its ongoing acquisition activities indicate a focus on long-term growth and pipeline expansion.

Key Highlights

• 1Total revenues increased by 27% to $1.53 billion in Q1 2009 compared to Q1 2008.
• 2Product sales grew by 27% to $1.45 billion, driven by a 28% increase in antiviral product sales.
• 3Truvada sales increased by 23% and Atripla sales by 57% year-over-year.
• 4The company completed the $1.4 billion acquisition of CV Therapeutics in April 2009.
• 5Cash, cash equivalents, and marketable securities increased to $3.61 billion as of March 31, 2009.
• 6Operating income increased to $808.3 million, reflecting strong sales performance.
• 7Net income attributable to Gilead increased by 20.6% to $589.1 million.

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