Gilead Sciences Inc. (NASDAQ:GILD) Q4 2015 Earnings Conference Call - Final Transcript

Feb 02, 2016 • 04:30 pm ET


Gilead Sciences Inc. (NASDAQ:GILD) Q4 2015 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Gilead Sciences fourth quarter 2015 earnings conference call. My name is Candice, and I'll be your conference operator today. At this time, all participants are in a listen-only mode. And as a reminder, this conference call is being recorded.

I would now like to turn the call over to Patrick O'Brien, Vice President of Investor Relations. Please go ahead.

Patrick O'Brien

Thank you, Candice. And good afternoon, everyone. Just after market close today, a press release was issued with earnings results for the fourth quarter and full year 2015. The press release and detailed slides are available on the Investor Relations section of the Gilead Sciences website.

Joining today's call will be John Martin, Chairman and Chief Executive Officer; John Milligan, President and Chief Operating Officer; Norbert Bischofberger, Executive Vice President of Research and Development and Chief Scientific Officer; Paul Carter, Executive Vice President of Commercial Operations, and Robin Washington, Executive Vice President and Chief Financial Officer.

Before beginning formal remarks, let me remind you that we'll be making forward-looking statements including plans and expectations with respect to products, product candidates, financial projections, and the use of capital, all of which involve certain assumptions, risks, and uncertainties that are beyond our control and could cause actual results to differ materially from these statements. A description of these risks can be found in the latest SEC disclosure documents and recent press releases. In addition, Gilead does not undertake any obligation to update any forward-looking statements made during this call.

Non-GAAP financial measures will be used to help you understand the Company's underlying business performance. The GAAP to non-GAAP reconciliations are provided in the earnings release press release, as well as on the Gilead Sciences website.

I will now turn the call over to John Martin.

John C. Martin

Thank you, Patrick, and thank you, everyone, for joining us today. 2015 was an exceptional year for Gilead with progress in a number of therapeutic areas, most notably in the development of TAF-based therapies for HIV and hepatitis B and new agents for the treatment of liver disease.

Gilead is entering 2016 from a position of financial strength; a portfolio of 20 marketed products that address significant unmet medical needs, including Genvoya, the most recent product to be introduced; and growing pipeline with multiple programs for which milestones are expected during the coming year, including regulatory decisions on two products for HIV and one each for HCV and HBV.

As you all know, we announced on Friday that John Milligan will be appointed CEO, a role he will assume in a few weeks. I will be taking on the role of Executive Chairman and will continue to be actively engaged in the Company. John Milligan has been with Gilead for more than 25 years and over that time has built expertise in every functional area of the Company's operations. The board and I are confident that this is the right time for this transition and that John