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Gilead Sciences (GILD) Misses Q3 EPS by 8c; Boosts FY14 Revs Midpoint

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October 28, 2014 4:07 PM EDT

Gilead Sciences (NASDAQ: GILD) reported Q3 EPS of $1.84, $0.08 worse than the analyst estimate of $1.92. Revenue for the quarter came in at $6.04 billion versus the consensus estimate of $5.99 billion.

Antiviral Product Sales

Antiviral product sales increased to $5.54 billion for the third quarter of 2014, up from $2.33 billion for the third quarter of 2013 primarily due to sales of Sovaldi® (sofosbuvir 400 mg), which launched in December 2013.

Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except percentages) 2014 2013 % Change 2014 2013 % Change
Antiviral product sales $5,544,513 $2,326,727 138% $16,065,154 $6,701,344 140%
Sovaldi 2,796,093 — —% 8,550,768 — —%
Atripla 894,787 899,669 (1)% 2,545,089 2,714,850 (6)%
Truvada 875,454 813,652 8% 2,441,764 2,321,673 5%
Complera/Eviplera 330,263 210,736 57% 880,460 547,608 61%
Stribild 328,035 143,953 128% 812,826 335,495 142%
Viread 275,637 231,555 19% 746,996 692,075 8%

Cardiovascular Product Sales

Cardiovascular product sales increased to $278.9 million for the third quarter of 2014, compared to $250.9 million for the third quarter of 2013.

Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except percentages) 2014 2013 % Change 2014 2013 % Change
Cardiovascular product sales $278,925 $250,887 11% $780,100 $700,134 11%
Letairis 146,415 135,072 8% 414,016 381,436 9%
Ranexa 132,510 115,815 14% 366,084 318,698 15%

Revised 2014 Full Year Guidance

Gilead updated its full year 2014 guidance, which it initially provided on February 4, 2014, updated on July 23, 2014, and further revised on October 28, 2014:

(In millions, except percentages and per share amounts)

Initially ProvidedFebruary 4, 2014;Reiterated April 22,2014

UpdatedJuly 23, 2014

Provided onOctober 28, 2014

Net Product Sales $11,300 - $11,500 $21,000 - $23,000 $22,000 - $23,000
Non-GAAP*
Product Gross Margin 75% - 77% 85% - 88% 86% - 88%
R&D $2,200 - $2,300 $2,300 - $2,400 $2,300 - $2,400
SG&A $2,100 - $2,200 $2,300 - $2,400 $2,700 - $2,800 **
Effective Tax Rate 28% - 29% 17.5% - 20.5% 17.5% - 19.5%
Diluted EPS Impact of Acquisition-Related, Restructuring and Stock-Based Compensation Expenses $0.63 - $0.66 $0.63 - $0.66 $0.63 - $0.66
* Non-GAAP product gross margin, expenses and effective tax rate exclude the impact of acquisition-related, restructuring and stock-based compensation expenses, where applicable.
** Includes the impact of the Internal Revenue Service regulations related to the change in accounting of the branded prescription drug fee, which is estimated at approximately $400 million.

For earnings history and earnings-related data on Gilead Sciences (GILD) click here.


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