Summary
Gilead Sciences, Inc. (GILD) filed a Form 8-K on July 17, 2008, to report its financial results for the second quarter ended June 30, 2008. The filing primarily consists of a press release detailing these results. Notably, Gilead provided both GAAP and non-GAAP financial metrics. The non-GAAP measures exclude certain expenses, such as the impact of stock-based compensation and, for the 2008 period, purchased in-process research and development related to the acquisition of Navitas Assets, LLC's cicletanine business. Management stated that these non-GAAP figures are useful for investors as they are used internally for operational and financial planning. Investors should consider these non-GAAP metrics alongside the company's official GAAP financial statements. The primary focus of this report is the dissemination of quarterly financial performance and strategic financial reporting choices.
Key Highlights
- 1Gilead Sciences announced its financial results for the second quarter ended June 30, 2008.
- 2The company provided both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial information.
- 3Non-GAAP results exclude stock-based compensation expense for both 2007 and 2008 periods.
- 4Non-GAAP results for 2008 also exclude the after-tax impact of purchased in-process R&D from the Navitas Assets, LLC acquisition.
- 5Management believes non-GAAP financial measures offer useful insights for investors and are used internally for financial planning.
- 6The press release detailing these results is attached as Exhibit 99.1 to the 8-K filing.
- 7The information filed is not deemed 'filed' for Section 18 of the Exchange Act, nor incorporated by reference into other filings.