8-KEarnings & ResultsExhibits & Filings

GILEAD SCIENCES, INC. 8-K Report, Financial Results (Oct 16, 2008)

Filed October 16, 2008For Securities:GILD

Summary

Gilead Sciences, Inc. (GILD) filed an 8-K on October 16, 2008, to report its financial results for the quarter ended September 30, 2008. The filing primarily consists of a press release detailing these results and provides context on the company's financial performance. Key to this report is Gilead's presentation of both GAAP and non-GAAP financial measures. The company emphasizes that its non-GAAP figures, which exclude stock-based compensation expense and, for the nine-month period, purchased in-process R&D related to the Navitas Assets acquisition, are provided to offer investors a more focused view of ongoing operational performance. Management utilizes these non-GAAP metrics for internal decision-making, budgeting, and financial planning.

Key Highlights

  • 1Gilead Sciences announced its financial results for the third quarter ended September 30, 2008.
  • 2The company is providing both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial results.
  • 3Non-GAAP measures exclude the after-tax impact of stock-based compensation expense.
  • 4For the nine months ended September 30, 2008, non-GAAP figures also exclude purchased in-process R&D expense from the Navitas Assets acquisition.
  • 5Management believes non-GAAP information is useful for investors for understanding operational performance, budgeting, and financial planning.
  • 6The press release detailing these results is filed as Exhibit 99.1 to the 8-K.
  • 7The information in this 8-K is not deemed 'filed' for purposes of Section 18 of the Exchange Act and does not have liabilities under that section.

Frequently Asked Questions

The main purpose of this 8-K filing is to publicly disclose Gilead Sciences, Inc.'s financial results for the third quarter ended September 30, 2008, through an accompanying press release.

Gilead's non-GAAP results exclude the after-tax impact of stock-based compensation expense for all periods presented. For the nine months ended September 30, 2008, they also exclude the after-tax impact of purchased in-process research and development expense related to the acquisition of Navitas Assets, LLC.

Gilead provides non-GAAP financial information because management believes it offers a more insightful view of the company's operating performance, which is used internally for operating, budgeting, and financial planning. It is intended to supplement, not replace, GAAP financial statements.

The detailed financial results are provided in the press release issued by Gilead Sciences, Inc. on October 16, 2008, which is filed as Exhibit 99.1 to this 8-K report.