Gilead Sciences Announces Fourth Quarter and Full Year 2017 Financial Results
- Fourth Quarter Product Sales of $5.8 billion -
- Full Year 2017 Product Sales of $25.7 billion -
- Full Year 2017 Diluted EPS of $3.51 per share -
- Full Year 2017 Non-GAAP Diluted EPS of $8.84 per share -
FOSTER CITY, Calif.--(BUSINESS WIRE)--Feb. 6, 2018-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2017. 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)(1). 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. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 8, 9 and 10.
**
Shares used in loss per share calculation for the three months ended December 31, 2017 exclude 13 million shares from dilutive equity awards.