Gilead Sciences, Inc. (Nasdaq:GILD - News) announced today its results of operations for the quarter ended March 31, 2006. Total revenues for the first quarter of 2006 were $692.9 million, up 61 percent compared to total revenues of $430.4 million for the first quarter of 2005. Net income for the first quarter of 2006 was $262.7 million, or $0.55 per diluted share, which included after-tax share-based employee compensation expense of $23.5 million from the impact of the adoption of the Financial Accounting Standards Board’s Statement No. 123 (revised 2004), “Share Based Payment” (SFAS 123®). Excluding the after-tax share-based employee compensation expense, non-GAAP net income for the first quarter of 2006 was $286.2 million, or $0.59 per diluted share. Net income for the first quarter of 2005 was $157.1 million, or $0.34 per diluted share.
