Gilead Sciences (GILD) Tops Q4 EPS by 32c

Gilead Sciences (NASDAQ: GILD) reported Q4 EPS of $3.32, $0.32 better than the analyst estimate of $3.00. Revenue for the quarter came in at $8.51 billion versus the consensus estimate of $8.13 billion.

Product Sales

Total product sales for the fourth quarter of 2015 were $8.4 billion compared to $7.2 billion for the fourth quarter of 2014. In the fourth quarter of 2015, product sales in the U.S. were $4.8 billion compared to $5.5 billion in the fourth quarter of 2014. In Europe, product sales were $1.7 billion compared to $1.4 billion in the fourth quarter of 2014. Sales in other international locations increased to $1.9 billion compared to $373 million in the fourth quarter of 2014, primarily due to sales of Sovaldi® (sofosbuvir 400 mg) and Harvoni® (ledipasvir 90 mg/sofosbuvir 400 mg) in Japan.

Total product sales during 2015 were $32.2 billion compared to $24.5 billion in 2014, primarily due to sales of Harvoni which was launched in October 2014, partially offset by a decrease in sales of Sovaldi. For 2015, product sales in the U.S. were $21.2 billion compared to $18.1 billion in 2014. In Europe, product sales were $7.2 billion compared to $5.1 billion in 2014. Sales in other international locations increased to $3.8 billion in 2015 compared to $1.2 billion in 2014, primarily due to sales of Sovaldi and Harvoni in Japan.

Antiviral Product Sales

Antiviral product sales, which include products in our HIV and liver diseases areas, were $7.9 billion for the fourth quarter of 2015 compared to $6.7 billion for the fourth quarter of 2014 primarily as a result of the launch of our HCV products in Japan and continued launches of our HCV products across Europe, partially offset by lower sales of HCV products in the U.S. For 2015, antiviral product sales were $30.2 billion compared to $22.8 billion in 2014 primarily due to sales of Harvoni, partially offset by a decrease in sales of Sovaldi.

Full Year 2016 Guidance

Gilead provided its full year 2016 guidance:

* Non-GAAP product gross margin, R&D and SG&A expenses and effective tax rate exclude amounts related to acquisition, stock-based compensation and other.

Dividend and Buyback

Gilead Sciences (NASDAQ: GILD) declared a quarterly dividend of $0.43 per share, or $1.72 annualized.

The dividend will be payable on March 30, 2016, to stockholders of record on March 16, 2016, with an ex-dividend date of March 14, 2016.

The annual yield on the dividend is 2.1 percent.

In addition the Board authorized an increase of 4 cents (ten percent) in the company’s quarterly dividend program, beginning in the second quarter of 2016. Subject to declaration by the Board of Directors, the increase will result in a quarterly cash dividend of $0.47 per share of common stock for the second quarter of 2016. Future dividends will be subject to Board approval.

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

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