GILD

Gilead Sciences, Inc. (GILD)

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Gilead Sciences Inc. (GILD)

Q1 2010 Earnings Call

April 20, 2010 04:30 pm ET

Executives

Susan Hubbard – VP, IR

John Martin – Chairman and CEO

Robin Washington – SVP and CFO

Kevin Young – EVP, Commercial Operations

John Milligan – President and COO

Analysts

Geoff Meacham – JPMorgan

Karim De Felipe - Citi

Joel Sendek - Lazard Capital Markets

Rachel McMinn – Bank of America

Joshua Schimmer - Leerink Swann

Geoff Porges - Sanford Bernstein

Ian Somaiya - Piper Jaffrey

Jason Kantor - RBC Capital Markets

Thomas Wei - Jefferies & Co.

Phil Nadeau - Cowen & Co.

Steve Harr - Morgan Stanley

Bret Holley - Oppenheimer

Nick [ph] - Barclays Capital

Presentation

Operator

Ladies and gentlemen, thank you for standing by. We would like to welcome you to the Gilead Sciences First Quarter 2010 Earnings Conference Call. My name is Stacey and I will be your conference operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference call is being recorded today, April 20, 2010.

I would now like to turn the call over to Susan Hubbard, Vice President of Investor Relations. Please go ahead.

Susan Hubbard

Thank you, Stacey and good afternoon everyone. Welcome to Gilead's first quarter 2010 earnings conference call. We’re pleased you could join us today. We issued a press release this afternoon providing results for the first quarter 2010. This press release is available on our website at www.gilead.com. We’ve also posted slides that outline the topics discussed on the call today.

Joining me are John Martin, Chairman and Chief Executive Officer; John Milligan, President and Chief Operating Officer; Kevin Young, Executive Vice President of Commercial Operations; and Robin Washington, Senior Vice President and Chief Financial Officer. Norbert Bischofberger unfortunately cannot join us today, he like many is temporarily grounded in Europe due to the Icelandic volcanic eruption. We will begin with highlights from the quarter and then open up the call to address your questions.

I’d first like to remind you that we will making statements related to future events, expectations, trends, objectives and financial results that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

These statements are based on certain assumptions and are subject to a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in any forward-looking statements. I refer you to our Form 10-K for the year-ended December 31st 2009, subsequent press releases and other publicly filed SEC disclosure documents for a detailed description of risk factors and other matters related to our business.

In addition, please note that we undertake no obligation to update or revise these forward-looking statements. We will be making certain references to financial measures that are on a non-GAAP basis. We provide a reconciliation between GAAP and non-GAAP numbers in the press release we just issued and on our corporate website at www.gilead.com.

I will now turn the call over to John Martin.

John Martin

Good afternoon, everyone, and thank you for joining us today. The first quarter of this year was productive, was a productive one on many fronts. We saw a significant moment with several of our pipeline programs as well as some disappointments. John Milligan will speak about our R&D efforts in greater depth, but I wanted to highlight a couple of things.

First and foremost, I’m very pleased with the progress of our HIV pipeline of products. As you have seen, we’ve moved our Quad and cobicistat programs into Phase III development and as Johnson & Johnson announced on their call this morning, both TMC 278 Phase III studies met their primary efficacy objective after 48 weeks. In February, Cayston received approval from the U.S. FDA for the improvement of respiratory symptoms in cystic fibrosis patients with pseudomonas aeruginosa. I’d like to acknowledge the teams here at Gilead who worked tirelessly with the agency to move toward approval of this important product.

Cayston is the first new therapy for cystic fibrosis and approved in more than a decade. And just this month, the U.S. Department of Health and Human Services announced the release of more than $1.84 billion in support of programs established through the Ryan White Treatment Extension Act for people living with HIV/AIDS. This amount was in line with expectations. Specifically, $800 million was granted to State AIDS Drug Assistance Programs or ADAPs, which provide medications including antiretrovirals to patients in need.

As we described in our last earnings call, some of the Ryan White funds in the program are allocated toward a goal of administering 5 million HIV tests each year. And as you know, Gilead is active on testing as well. We continue to partner with Frontline organizations who are working to reach those undiagnosed individuals living with HIV in high incidence areas.

Our expanded efforts are focused in Los Angeles, Washington DC and New York, specifically Harlem, South Bronx and Central Brooklyn. We are working with community health clinics and networks where many at risk individuals access healthcare to expand routine HIV testing and linkage to care, as well as with other care intervention sites such as pharmacy, STD clinics and transitional housing units, including those serving formerly incarcerated individuals.

We are starting to see some momentum from the recent changes in the U.S. treatment guidelines issued in December of last year that now more strongly endorse initiating treatment for patients earlier in their diseases. For instance San Francisco recently made headlines for introducing a Department of Public Health Initiative to implement city guidelines recommending patient start therapy as soon as they are diagnosed, recognizing that earlier treatment not only results in improved survival rates, but also that transmission of the virus is greatly reduced. Sources state that there are 2,000 individuals in San Francisco alone who are aware of their status, but are not currently being treated.

Read the rest of this transcript for free on seekingalpha.com