FOSTER CITY, Calif.--(BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq:GILD) announced today its results of operations for the quarter ended March 31, 2011. Total revenues for the first quarter of 2011 were $1.93 billion, down 8 percent compared to total revenues of $2.09 billion for the first quarter of 2010. Net income for the first quarter of 2011 was $651.1 million, or $0.80 per diluted share, compared to net income for the first quarter of 2010 of $854.9 million, or $0.92 per diluted share. Non-GAAP net income for the first quarter of 2011, which excludes after-tax acquisition-related, restructuring and stock-based compensation expenses, was $702.8 million, or $0.87 per diluted share, compared to non-GAAP net income for the first quarter of 2010 of $914.8 million, or $0.99 per diluted share. Total revenues, GAAP and non-GAAP net income and diluted earnings per share decreased for the first quarter of 2011 due primarily to a $235.2 million or 95 percent decrease in Tamiflu® (oseltamivir phosphate) royalties resulting from a decline in pandemic planning initiatives worldwide.
