8-KEarnings & ResultsExhibits & Filings

GILEAD SCIENCES, INC. 8-K Report, Financial Results (Jan 27, 2009)

Filed January 27, 2009For Securities:GILD

Summary

This Form 8-K filing from Gilead Sciences, Inc. (GILD) on January 27, 2009, primarily serves to announce the company's financial results for the fourth quarter and full year ended December 31, 2008. The report includes a press release detailing these results. Investors should note that Gilead is providing both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures. The non-GAAP figures are adjusted to exclude certain items such as stock-based compensation expense and, for the full year 2008, purchased in-process research and development (IPR&D) expenses related to the Navitas Assets acquisition. Management indicates these non-GAAP measures are used internally for operational planning and budgeting, and may offer investors a different perspective on performance. While the specific financial figures are detailed within the accompanying press release (Exhibit 99.1), the core purpose of this 8-K is to provide timely disclosure of the company's recent financial performance. Investors are encouraged to review the press release for detailed metrics on revenue, profitability, and earnings per share, both on a GAAP and adjusted non-GAAP basis. The inclusion of IPR&D expenses related to the Navitas acquisition is a notable event that investors will want to understand in the context of Gilead's strategic growth initiatives and their impact on reported earnings.

Key Highlights

  • 1Gilead Sciences announced its financial results for the fourth quarter and full year ended December 31, 2008.
  • 2The company is presenting both GAAP and non-GAAP financial results.
  • 3Non-GAAP results exclude stock-based compensation expense for both periods presented.
  • 4For the full year 2008, non-GAAP results also exclude purchased in-process R&D expense related to the Navitas Assets acquisition.
  • 5Management uses non-GAAP figures internally for operating, budgeting, and financial planning purposes.
  • 6The press release detailing these financial results is filed as Exhibit 99.1 to this 8-K.
  • 7This filing does not amend previously filed financial statements but provides new earnings information.

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