Summary
This Form 8-K filing by Gilead Sciences, Inc. (GILD) on April 19, 2005, primarily serves to report the company's earnings for the first quarter ended March 31, 2005. The company issued a press release detailing these results, which is attached as an exhibit. Gilead's management utilizes non-GAAP financial measures to better understand operational performance and believes these are useful for investors. For the first quarter of 2005, there were no non-GAAP adjustments, meaning the reported results reflect GAAP measures. However, for the first quarter of 2004, an adjustment was made to exclude a $20.6 million fair value gain related to Eyetech Pharmaceuticals, Inc. warrants, allowing for a clearer view of core business trends.
Key Highlights
- 1Gilead Sciences announced its first quarter 2005 financial results on April 19, 2005.
- 2The announcement was made via a press release filed as Exhibit 99.1 to the 8-K.
- 3Management uses non-GAAP financial measures to assess comparative operating performance and for investor insight.
- 4For the first quarter of 2005, no non-GAAP adjustments were made to the reported earnings.
- 5In the first quarter of 2004, a $20.6 million fair value gain on Eyetech Pharmaceuticals warrants was excluded from non-GAAP results.
- 6The exclusion of the Eyetech warrant gain in Q1 2004 was to provide a better understanding of Gilead's core business trends.
- 7The filing indicates that the information presented is not deemed 'filed' for Section 18 purposes and will not be incorporated by reference into other SEC filings.