Gilead Sciences Inc GILD
Q4 2011 Earnings Call Transcript

Transcript Call Date 02/02/2012

Operator: Ladies and gentlemen, thank you for standing by and welcome to Gilead Sciences' Fourth Quarter 2011 Earnings Conference Call. My name is Stacey, and I will be your conference moderator 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, February 2, 2011.

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

Susan Hubbard - IR: Thank you, Stacey. Good afternoon, everyone, and welcome to Gilead's fourth quarter 2011 earnings conference call. We issued a press release this afternoon providing earnings results for the quarter and full year 2011. This press release is available on our website as are the slides that provide much more detail around the topics covered on today's call.

I'm joined today by our President and Chief Operating Officer, John Milligan who will review the key milestones and strategic initiatives from 2011; followed by our CFO Robin Washington, who will provide additional details on our financial results and our 2012 guidance; Kevin Young, EVP of Commercial Operations will discuss our commercial performance; and then Norbert Bischofberger EVP of R&D will provide an R&D update and key milestones; John Martin, Chairman and CEO will close out the prepared remarks by outlining our strategic initiatives for the year ahead.

As a reminder, during today's call, we will be making forward-looking statements regarding our financial outlook in addition regulatory and product development plans. These statements are subject to risks and uncertainties that may cause actual results to differ from those expressed in any forward-looking statements. A description of these risks can be found on our latest SEC disclosure document and recent press releases. In addition, please note we undertake no duty to update or revise them.

We will also use non-GAAP financial measures to help you understand our underlying business performance. The GAAP reconciliations are provided in our press release, as well as on our corporate website.

I will now turn the call over to John Milligan.

John F. Milligan, PhD - President and COO: Thank you, Susan. Thank you all for joining us today. Our team's hard work over the last several years resulted in many significant financial, commercial, and R&D milestones in 2011. We saw record revenues for Atripla, Truvada, AmBisome, Ranexa, Letairis and Cayston. We also achieved record market share for our combined HIV portfolio as well as our cardiopulmonary products. Robin and Kevin will review these outstanding financial and commercial results with you and then Norbert will describe some of our many R&D accomplishments.

Single-tablet regimens are becoming the standard of care for HIV treatment and as you know it is Gilead's ongoing strategy to provide HIV patients with the additional options for simplified regimens.

During the fourth quarter, the European Commission granted approval of the Truvada rilpivirine single-tablet regimen for the treatment of HIV. This product marketed in the EU as Eviplera and as Complera in the U.S. constitute our second single-table regimen and began launching in 2011 in the U.S., Canada, the U.K. and Austria.

Read our Earnings Call Transcript disclaimer.
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