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Gilead Sciences

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Gilead Sciences corporate logo

Gilead Sciences NASDAQ: [GILD] is a biopharmaceutical company that discovers, develops and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases, principally HIV, hepatitis B and influenza. The company has seven commercially available products and focuses its research and clinical programs on anti-infectives. Headquartered in Foster City, California, Gilead has operations in North America, Europe and Australia. As of Jan. 31, 2006, the company had 1,900 full-time employees.[link]

The company's name and logo refer to the Balm of Gilead. Gilead (a place mentioned in the Bible) was famed for its small trees that produced a resin used in medicine. The leaf in the logo symbolizes healing, life and growth, while the shield represents safety, strength and honor. Together they signify Gilead's efforts to use the healing power of science to create medicines that treat life-threatening diseases.

Contents

History

Gilead Sciences was formed in June 1987 by Michael Riordan. Its development of small molecule antiviral therapeutics begins with the licensing in 1991 of nucleotide compounds discovered in two European academic labs.

In 1990, Gilead entered into a collaborative research agreement with Glaxo for the research and development of genetic code blockers, also known as antisense. This collaboration was terminated in 1998, and Gilead's antisense intellectual property portfolio was sold to Isis Pharmaceuticals.

In June 1996, Gilead launched its first commercial product, Vistide (cidofovir injection) for the treatment of cytomegalovirus (CMV) retinitis in patients with AIDS. The company cooperated with Pharmacia & Upjohn to market the product outside the U.S.A.

In 1999 Gilead acquired NeXstar Pharmaceuticals of Boulder, Colorado. In the same year, Roche announced first approval of Tamiflu (oseltamivir) for the treatment of influenza. Tamiflu was originally discovered by Gilead and licensed to Roche for late-phase development and marketing.

Viread (tenofovir) achieved first approval in 2001 for the treatment of HIV.

In January 2003 Gilead completed its acquisition of Triangle Pharmaceuticals. The company also announced its first full year of profitability. Later that year Hepsera (adefovir) was approved for the treatment of chronic hepatitis B, and Emtriva (emtricitabine) for the treatment of HIV.

In 2004 Gilead launched Truvada, a fixed-dose combination of tenofovir and emtricitabine.

In January 1997, Donald Rumsfeld, a Board member since 1988, was appointed Chairman of the company [link]. He stood down from the Board in January 2001 when appointed Secretary of Defense at the start of George W. Bush's first term as President. Federal disclosure forms indicate that Rumsfeld owns between USD$5 million and USD$25 million in Gilead stock (Schwartz 2005 [link]). The rise in Gilead's share prices from USD$35 to USD$57 per share will have added between USD$2.5 million to USD$15.5 million to Rumsfeld's net worth.

In November 2005, George W. Bush urged Congress to pass $7.1 billion in emergency funding to prepare for the possible bird flu pandemic, of which one billion is solely dedicated to the purchase, and distribution of Tamiflu.

In July 2006, the FDA approved Atripla (TM), a once a day single tablet regimen for HIV, combining Sustiva (efavirenz), a Bristol-Myers Squibb product, and Truvada (emtricitabine and tenofovir disoproxil fumarate), a Gilead product.

Financial highlights

Fiscal year 2005 (ended Dec. 31, 2005)[link][link] 
			GAAP				NON-GAAP
Total Revenues		$2.028 billion 	        	$2.028 billion
Net Product Sales	$1.809 billion 	        	$1.809 billion
Total Expenses		$917.3 million 	        	$917.3 million
Net Income		$813.9 million 	                $788.8 million
EPS			$1.72 per diluted share 	$1.66 per diluted share
Cash and Equivalents	$707.0 million          	


Stock Split (2-for-1)	September 2004 (most recent)

Senior Management

Gilead's Executive Committee is responsible for making the critical decisions that determine the company's future. Its members include:

Product portfolio

In 2004, Gilead had seven products on the market, all tackling potentially life-threatening infectious diseases.

External links

 

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