- Fourth Quarter Product Sales of $5.8 billion -
- Full Year 2019 Product Sales of $22.1 billion -
- Full Year 2019 Diluted EPS of $4.22 per share -
- Full Year 2019 Non-GAAP Diluted EPS of $6.63 per share -
FOSTER CITY, Calif.--(BUSINESS WIRE)--Feb. 4, 2020-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2019. Total revenues for the fourth quarter of 2019 were $5.9 billion compared to $5.8 billion for the same period in 2018. Net income for the fourth quarter of 2019 was $2.7 billion, or $2.12 per diluted share, compared to net income of $3 million, or $0.00 per diluted share, for the same period in 2018. Non-GAAP net income for the fourth quarter of 2019 was $1.7 billion, or $1.30 per diluted share, compared to $1.9 billion, or $1.44 per diluted share, for the same period in 2018.
Full year 2019 total revenues were $22.4 billion, compared to $22.1 billion for 2018. Net income for 2019 was $5.4 billion, or $4.22 per diluted share, compared to $5.5 billion, or $4.17 per diluted share, for 2018. Non-GAAP net income for 2019 was $8.5 billion, or $6.63 per diluted share, compared to $8.7 billion, or $6.67 per diluted share, for 2018.
Three Months Ended Twelve Months Ended
December 31, December 31,
(In millions, except per share amounts)
2019 2018 2019 2018
Product sales $5,796 $5,681 $22,119 $21,677
Royalty, contract and other revenues 83 114 330 450
Total revenues $5,879 $5,795 $22,449 $22,127
Net income attributable to Gilead $2,696 $3 $5,386 $5,455
Non-GAAP net income attributable to Gilead $1,653 $1,873 $8,466 $8,728
Diluted earnings per share $2.12 $0.00 $4.22 $ 4.17
Non-GAAP diluted earnings per share $1.30 $1.44 $ 6.63 $6.67
Non-GAAP financial information excludes acquisition-related, up-front collaboration and licensing, stock-based compensation and other expenses, fair value adjustments of equity securities and discrete tax charges or benefits associated with changes in tax related laws and guidelines. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 9 through 12.
For the fourth quarter of 2019, compared to the same period in 2018, net income attributable to Gilead increased primarily due to the net favorable tax effects of intra-entity intangible asset transfers to different tax jurisdictions and an increase in net gains from equity securities. In addition, during the fourth quarter of 2019 and 2018, Gilead recorded pre-tax impairment charges of $800 million and $820 million, respectively, related to in-process research and development (IPR&D) intangible assets acquired in connection with the acquisition of Kite Pharma, Inc. (Kite) and pre-tax write-downs of $500 million and $410 million, respectively, for slow moving and excess raw material and work in process inventory.
In addition to the factors noted above, the full year 2019, compared to the same period in 2018, was impacted by pre-tax up-front collaboration and licensing expenses of $3.92 billion related to Gilead’s global research and development collaboration agreement with Galapagos NV (Galapagos) in 2019.
The following tables summarize significant items that impacted the comparability of net income attributable to Gilead and diluted earnings per share in the periods presented:
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Gilead Sciences Announces 8 Percent Increase In First Quarter 2020 Dividend
FOSTER CITY, Calif.--(BUSINESS WIRE)--Feb. 4, 2020-- Gilead Sciences, Inc. (Nasdaq: GILD) today announced that the company’s Board of Directors has declared an increase of 8% in the company’s quarterly cash dividend, beginning in the first quarter of 2020. The increase will result in a quarterly dividend of $0.68 per share of common stock. The dividend is payable on March 30, 2020, to stockholders of record at the close of business on March 13, 2020. Future dividends will be subject to Board approval.