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Gilead Sciences Inc GILD
Q3 2010 Earnings Call Transcript

Transcript Call Date 10/19/2010

Operator: Ladies and gentlemen, thank you for standing by and welcome to the Gilead Sciences' Third 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, October 19, 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, and good afternoon, everyone. Welcome to Gilead's third quarter 2010 earnings conference call. We issued a press release this afternoon providing earnings results for the quarter. This press release is available on our website at www.gilead.com, as are the slides that provide much more detail around the topics discussed today on this call.

Similar to the format we introduced on our last earnings call, our prepared comments will be brief to allow more time for your questions.

Our speakers today will be John Milligan, President and Chief Operating Officer and John Martin, Chairman and Chief Executive 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; Robin Washington, Senior Vice President and Chief Financial Officer and Kevin Young, Executive Vice President of Commercial Operations are here as well 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 could cause our actual results to differ materially from those expressed in any forward-looking statements. I refer you to our latest SEC disclosure documents and recent press releases 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 Milligan.

John F. Milligan, PhD - President and COO: Thanks, Susan. Gilead posted strong third quarter 2010 results with non-GAAP net income of almost $760 million or $0.90 per share, representing a year-over-year increase in net income and EPS of 4% and 15% respectively. Sales growth was strong with total revenues of just over $1.94 billion, up 8% year-over-year. Antiviral product sales were record $1.65 billion, up 12% year-over-year.

The U.S. contributed $923 million to our antiviral product sales increasing 15% year-over-year, resulting from the continued strong growth in patients and market share in the U.S. and up 4% sequentially despite the added impact of rebates to ADAP and PHS as mandated by Healthcare Reform.

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