Gilead Sciences, Inc. Announces Fourth Quarter And Full Year 2006 Financial Results
FOSTER CITY, Calif.--(BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq:GILD) announced today its results of operations for the fourth quarter and full year of 2006. Total revenues for the fourth quarter of 2006 were $899.2 million, up 48 percent compared to total revenues of $609.3 million for the fourth quarter of 2005, while full year total revenues exceeded $3 billion for the first time. Net loss for the fourth quarter of 2006 was $1.67 billion, or $(3.62) per share, which included an acquisition-related charge of $2.04 billion for purchased in-process research and development (IPR&D) and after-tax stock-based compensation expense of $24.9 million reflecting the impact of the adoption of the Financial Accounting Standards Board’s Statement No. 123 (revised 2004), “Share Based Payment” (SFAS 123R) on January 1, 2006. Net income for the fourth quarter of 2005 was $281.6 million, or $0.59 per diluted share. Non-GAAP net income for the fourth quarter of 2006 was $372.8 million, or $0.78 per diluted share, which excluded the impact of the purchased IPR&D charges. Non-GAAP net income for the fourth quarter of 2005 was $256.5 million, or $0.54 per diluted share, which excluded the tax benefit realized from the repatriation of foreign earnings under the American Jobs Creation Act.