Gilead Sciences Announces Fourth Quarter and Full Year 2017 Financial Results.
Total revenues for the fourth quarter of 2017 were $5.9 billion compared to $7.3 billion for the same period in 2016. Net loss for the fourth quarter of 2017 was $3.9 billion, or $2.96 loss per share, compared to net income of $3.1 billion, or $2.34 per diluted share for the same period in 2016.
The net loss for the fourth quarter includes an estimated $5.5 billion charge related to the enactment of the Tax Cuts and Jobs Act (Tax Reform). Non-GAAP net income for the fourth quarter of 2017 was $2.3 billion, or $1.78 per diluted share, compared to $3.6 billion, or $2.70 per diluted share for the same period in 2016. Non-GAAP net income excludes amounts related to acquisition-related, up-front collaboration, stock-based compensation and other expenses, and the impact of Tax Reform.
Full year 2017 total revenues were $26.1 billion, compared to $30.4 billion for 2016. Net income for 2017 was $4.6 billion, or $3.51 per diluted share, compared to $13.5 billion, or $9.94 per diluted share for 2016. Non-GAAP net income for 2017 was $11.7 billion, or $8.84 per diluted share, compared to $15.7 billion, or $11.57 per diluted share for 2016.
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| (In millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | |||||||||||
| Product sales | $ | 5,837 | $ | 7,216 | $ | 25,662 | $ | 29,953 | |||||||
| Royalty, contract and other revenues | 112 | 104 | 445 | 437 | |||||||||||
| Total revenues | $ | 5,949 | $ | 7,320 | $ | 26,107 | $ | 30,390 | |||||||
| Net income (loss) attributable to Gilead | $ | (3,865 | ) | $ | 3,108 | $ | 4,628 | $ | 13,501 | ||||||
| Non-GAAP net income* | $ | 2,343 | $ | 3,585 | $ | 11,654 | $ | 15,713 | |||||||
| Diluted earnings / (loss) per share** | $ | (2.96 | ) | $ | 2.34 | $ | 3.51 | $ | 9.94 | ||||||
| Non-GAAP diluted earnings per share* | $ | 1.78 | $ | 2.70 | $ | 8.84 | $ | 11.57 | |||||||
| * |
Non-GAAP net income and non-GAAP diluted earnings per share exclude acquisition-related, up-front collaboration, stock-based compensation and other expenses, and the impact of Tax Reform. |
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| ** |
Shares used in loss per share calculation for the three months ended December 31, 2017 exclude 13 million shares from dilutive equity awards. |
For a detailed look at results, click here.
(Source: Gilead Sciences, Inc.)
Filed Under: Drug Discovery
