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Gilead Sciences Inc GILD
Q2 2010 Earnings Call Transcript

Transcript Call Date 07/20/2010

Operator: Ladies and gentlemen, thank you for standing by and welcome to the Gilead Sciences Second Quarter 2010 Earnings Conference Call. My name is Stacey and I will be your conference operator for today.

At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference call is being recorded today, July 20, 2010.

I would now like to turn the call over to Susan Hubbard, Vice President of Investor Relations. Please go ahead.

Susan Hubbard - IR: Thank you, Stacey, good afternoon. Welcome to Gilead's Second Quarter 2010 Earnings Conference Call.

We issued a press release this afternoon providing results for the second quarter 2010. This press release is available on our web site at www.gilead.com, as are the slides that provide much more detail around the topics discussed today on this call.

Based on outreach to you and feedback from our investors we're introducing a new earnings call format today. Our prepared comments on the call will be significantly briefer to allow more time for your questions.

Kicking off this new format will John Martin, Chairman and Chief Executive Officer; and John Milligan, President and Chief Operating Officer who will provide some comments on the quarter and our view about the future and opportunities for the company; Norbert Bischofberger, Executive Vice President of R&D and Chief Scientific Officer; Kevin Young, Executive Vice President of Commercial Operations; and Robin Washington, Senior Vice President and Chief Financial Officer are here as well and will join John and John for the Q&A session.

I would first like to remind you that we will be making statements relating to future events, expectations, trends, objectives and financial results that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These statements are based on certain assumptions and are subject to a number of risks and uncertainties that would cause our actual results to differ materially from those expressed in any forward-looking statements. I refer you to our Form 10-Q for the quarter ended March 31, 2010, subsequent press releases and other publicly filed SEC disclosure documents for a detailed description of risk factors and other matters related to our business.

In addition, please note that we undertake no obligation to update or revise these forward-looking statements. We will be making certain references to financial measures that are on a non-GAAP basis. We provide a reconciliation between GAAP and non-GAAP numbers in the press release we just issued and on our corporate website at www.gilead.com.

I will now turn the call over to John Martin.

John C. Martin, PhD - Chairman and CEO: Thank you, Susan and good afternoon. I am very pleased with our solid performance and productivity in the second quarter of this year despite the economic headwinds we and our industry are facing. The fundamentals of our business remain solid.

For HIV, the U.S. business continues to perform very strongly, but the environment and the European Union has been challenging. We are confident, however, that both the U.S. and international markets will remain sources of strong growth into the future, because of the unquestionable public health benefit of HIV testing, linkage to care, and treatment.

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