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.