Gilead Sciences Inc GILD
Q4 2010 Earnings Call Transcript

Transcript Call Date 01/25/2011

Operator: Ladies and gentlemen, thank you for standing by and welcome to Gilead Sciences' Fourth Quarter 2010 Earnings Conference Call. My name is Stacey and I will be your conference operator 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, January 25, 2011.

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 fourth 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, as are the slides that provide much more detail around the topics discussed today on this call.

Based on the feedback we've received from many of you that you prefer the approach we introduced last year with more abbreviated prepared comments, we will again keep them brief to allow more time for your questions.

Our first speaker today will be Norbert Bischofberger, Executive Vice President of R&D and Chief Scientific Officer, who will discuss the additional announcement we issued this afternoon concerning our receipt of FDA's refuse to file letter associated with our new drug application for the TRUVADA TMC278 single tablet regimen.

Following Norbert will be Robin Washington, Senior Vice President and Chief Financial Officer, who will provide financial highlights from the fourth quarter and the full year 2010, and provide our 2011 financial guidance; and finally John Martin, Chairman and Chief Executive Officer, who will discuss our view about the future and opportunities for the Company. John Milligan, President and Chief Operating Officer and Kevin Young, Executive Vice President of Commercial Operations are also here to answer your questions later on the call.

I'd first like to remind you that we will be making statements relating to future events, expectations, trends and 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 any of 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.

I will now first turn the call over to Norbert to discuss the recent FDA actions.

Norbert W. Bischofberger, PhD - EVP, Research and Development and Chief Scientific Officer: Thank you, Susan. As you saw in the press release we issued this afternoon, Gilead received a refuse-to-file notification from FDA for our new drug application for the Truvada TMC278 single-tablet regimen for the treatment of HIV, which we submitted on November 23 of last year.

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