Where can I find the detailed financial results for Gilead Sciences for the period ending December 31, 2006?

The detailed financial results are provided in the press release issued by Gilead Sciences on January 31, 2007, which is included as Exhibit 99.1 to this Form 8-K filing.

What are non-GAAP financial measures, and why does Gilead use them?

Non-GAAP financial measures are financial metrics that exclude certain items from GAAP-based results. Gilead uses them to provide investors with a clearer view of its core operating performance by excluding items that may be material in a specific period but not recurring or comparable, such as acquisition-related R&D charges or one-time tax benefits. Management believes these measures aid in comparing current and prior period results.

What specific items were excluded from Gilead's non-GAAP results for 2006?

For the 2006 periods, Gilead excluded purchased in-process research and development (R&D) charges that were incurred in connection with the acquisitions of Corus Pharma, Inc. and Myogen, Inc. from its non-GAAP net income and net income per diluted share.

How should I interpret the non-GAAP financial information presented?

The company states that non-GAAP financial information is not prepared under comprehensive accounting rules and should be used to supplement the understanding of Gilead's operating results as reported under GAAP. It is intended to facilitate comparisons across periods, but it's crucial to review the full GAAP financials for a complete picture.

GILD 8-K: Earnings & Results

Summary

Gilead Sciences, Inc. (GILD) filed an 8-K on January 31, 2007, to announce its financial results for the fourth quarter and full year ended December 31, 2006. The report primarily serves as an announcement of these results, referencing an accompanying press release (Exhibit 99.1) which contains the detailed financial figures. Investors should refer to this press release for specific revenue, earnings, and other key financial metrics for the periods reported. The company also provided an explanation of its use of non-GAAP financial measures. These measures exclude certain items such as in-process R&D charges from acquisitions (Corus Pharma, Inc. and Myogen, Inc.) for 2006 and a tax benefit from foreign earnings repatriation for 2005. Gilead's management believes these non-GAAP figures offer a useful perspective for investors in comparing operating results across periods, particularly when analyzed alongside the company's Generally Accepted Accounting Principles (GAAP) financial statements.

Key Highlights

1Gilead Sciences announced its financial results for the fourth quarter and full year ended December 31, 2006.
2The primary purpose of the 8-K is to provide investors with access to these financial results via an attached press release (Exhibit 99.1).
3The company utilized non-GAAP financial measures to present its results, excluding specific items for comparability.
4Excluded items in 2006 non-GAAP results include purchased in-process R&D charges from the Corus Pharma and Myogen acquisitions.
5Excluded items in 2005 non-GAAP results include a tax benefit from foreign earnings repatriation.
6Gilead's management views non-GAAP metrics as valuable for understanding operating performance and for internal planning.
7The report clarifies that non-GAAP information is supplemental and should be considered alongside GAAP financial statements.

GILEAD SCIENCES, INC. 8-K Report, Financial Results (Jan 31, 2007)

Summary

Key Highlights

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