Gilead Sciences (GILD) Tops Q4 EPS by 22c; Approves Dividend Program, $15B Buyback

Gilead Sciences (NASDAQ: GILD) reported Q4 EPS of $2.43, $0.22 better than the analyst estimate of $2.21. Revenue for the quarter came in at $7.31 million versus the consensus estimate of $6.68 million.

Product Sales

Total product sales for the fourth quarter of 2014 were $7.2 billion compared to $3.0 billion for the fourth quarter of 2013. In the fourth quarter, product sales in the U.S. were $5.5 billion compared to $1.9 billion in the fourth quarter of 2013, and in Europe, product sales were $1.4 billion compared to $871 million in the fourth quarter of 2013. Total product sales during 2014 were $24.5 billion compared to $10.8 billion in 2013. For 2014, product sales in the U.S. were $18.1 billion compared to $6.6 billion in 2013, and in Europe, product sales were $5.1 billion compared to $3.3 billion in 2013.

Gilead Sciences sees FY2015 revenue of $26.0-27.0 billion, versus the consensus of $28.7 billion.

Gilead announced that the company’s Board of Directors has authorized a dividend program under which the company intends to pay quarterly dividends of $0.43 per share, beginning in the second quarter of 2015, subject to quarterly declarations by the Board of Directors.

The Board of Directors also approved the repurchase of up to an additional $15.0 billion of the company’s common stock. This new program is in addition to the currently authorized three-year $5.0 billion repurchase program (authorized in May 2014). As of December 31, 2014, approximately $3 billion remained in the May 2014 program. The new program will expire 5 years after the completion of the May 2014 program. Purchases may be made in the open market or in privately negotiated transactions from time to time, as determined by Gilead’s management and in accordance with the requirements of the Securities and Exchange Commission.

“The past year was marked by the launch of our first oncology product, second HCV medication, regulatory filings for the next generation HIV medicine, E/C/F/TAF, and a doubling of product revenues relative to 2013. We are entering 2015 with financial strength, a portfolio of 19 marketed products that are addressing significant unmet medical needs and a pipeline for which we expect a number of milestones and data readouts during the coming year,” said John Martin. “Today’s announcement reflects the Board of Director’s and senior management’s confidence in Gilead’s future.”

For earnings history and earnings-related data on Gilead Sciences (GILD) click here.

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