GILEAD SCIENCES, INC. Quarterly Report for Q3 Ended Sep 30, 2015

Summary

Gilead Sciences, Inc. (GILD) reported strong financial results for the third quarter and first nine months of 2015, driven by significant growth in its Hepatitis C (HCV) products, Harvoni and Sovaldi. Total revenues for the third quarter of 2015 reached $8.3 billion, a substantial increase from $6.0 billion in the prior year's quarter. Net income also saw a significant jump, reaching $4.6 billion ($3.06 per diluted share) in Q3 2015, up from $2.7 billion ($1.67 per diluted share) in Q3 2014. The company's balance sheet reflects robust liquidity, with cash, cash equivalents, and marketable securities totaling $25.1 billion as of September 30, 2015. Gilead also actively managed its capital structure, issuing $10 billion in senior unsecured notes and repurchasing approximately $7.0 billion of its common stock during the nine-month period. The company initiated a quarterly dividend program, demonstrating a commitment to returning value to shareholders.

Key Highlights

• 1Total revenues for the third quarter of 2015 were $8.3 billion, a 37% increase year-over-year, primarily driven by HCV product sales.
• 2Net income attributable to Gilead increased significantly to $4.6 billion in Q3 2015, compared to $2.7 billion in Q3 2014.
• 3Diluted earnings per share rose to $3.06 in Q3 2015, from $1.67 in Q3 2014.
• 4Cash, cash equivalents, and marketable securities stood at $25.1 billion as of September 30, 2015, indicating strong liquidity.
• 5The company issued $10.0 billion in senior unsecured notes in September 2015.
• 6Gilead repurchased approximately $7.0 billion of its common stock during the first nine months of 2015.
• 7The company declared its first quarterly cash dividend of $0.43 per share in Q2 2015.

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