Summary
Gilead Sciences, Inc. (GILD) filed an 8-K on April 21, 2009, to report its financial results for the first quarter ended March 31, 2009. The filing primarily references a press release announcing these results, which are presented on both a GAAP and a non-GAAP basis. The non-GAAP figures exclude the impact of stock-based compensation expense to provide management's view of operational performance, which the company believes is useful for investors alongside GAAP financials. This report is crucial for investors to understand the company's recent financial performance and operational efficiency as it relates to key expense items.
Key Highlights
- 1Gilead Sciences announced its first quarter 2009 financial results via an 8-K filing on April 21, 2009.
- 2The press release, filed as Exhibit 99.1, contains the detailed financial results for the quarter ended March 31, 2009.
- 3The company presented both GAAP and non-GAAP financial results.
- 4Non-GAAP results exclude the after-tax impact of stock-based compensation expense.
- 5Non-GAAP research and development (R&D) and selling, general and administrative (SG&A) expenses are also presented excluding stock-based compensation.
- 6Management uses non-GAAP information for internal operational, budgeting, and financial planning purposes.
- 7The company advised that non-GAAP information should supplement, not replace, an understanding of results prepared under U.S. GAAP.