8-KEarnings & ResultsExhibits & Filings

GILEAD SCIENCES, INC. 8-K Report, Financial Results (Jan 23, 2008)

Filed January 23, 2008For Securities:GILD

Summary

Gilead Sciences, Inc. (GILD) filed an 8-K on January 23, 2008, to report its financial results for the fourth quarter and full year ended December 31, 2007. The filing itself is a notification that a press release containing these results has been issued. Investors should refer to the press release (Exhibit 99.1) for detailed financial performance information. The company provided both GAAP and non-GAAP financial metrics. Notably, Gilead provided explanations for its non-GAAP reporting, which excludes certain items such as after-tax stock-based compensation expense and, for 2006, purchased in-process R&D expenses from acquisitions. Management believes these non-GAAP measures offer valuable insights for investors by focusing on core operational performance, complementing the standard GAAP reporting.

Key Highlights

  • 1Gilead Sciences announced its financial results for the fourth quarter and full year ended December 31, 2007, via press release on January 23, 2008.
  • 2The 8-K filing serves as notification and incorporates the press release as Exhibit 99.1.
  • 3The company reported both GAAP and non-GAAP financial results.
  • 4Non-GAAP financial measures exclude after-tax stock-based compensation expense for both 2007 and 2006 periods.
  • 5For 2006, non-GAAP results also excluded purchased in-process R&D expenses related to the Corus Pharma and Myogen acquisitions.
  • 6Gilead management believes non-GAAP figures provide useful supplemental information for investors, aiding in the understanding of operational performance.
  • 7The press release contains the substantive financial details of the reported periods.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform the SEC and the public that Gilead Sciences has issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2007. The press release itself contains the detailed financial information.

Gilead's non-GAAP reporting excludes certain expenses to provide what management considers a clearer view of operational performance. For the 2007 periods, this primarily excludes after-tax stock-based compensation expense. For the 2006 periods, it excludes stock-based compensation expense as well as purchased in-process R&D expenses from the Corus Pharma and Myogen acquisitions.

The actual financial results and performance data for the quarter and year ended December 31, 2007, are detailed in the press release issued by Gilead Sciences on January 23, 2008. This press release is filed as Exhibit 99.1 to this 8-K report.

Gilead provides non-GAAP financial information because management uses these figures internally for operating, budgeting, and financial planning. They believe these metrics are useful for investors to supplement their understanding of the company's operating results as reported under GAAP, as they focus on core performance by excluding certain non-recurring or non-cash items.