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Gilead Sciences (GILD) John F. Milligan on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 28, 2016 4:30 pm ET


Patrick O'Brien - Senior Director-Investor Relations

John F. Milligan - President, Chief Executive Officer & Director

Robin L. Washington - Chief Financial Officer & Executive Vice President

Paul R. Carter - Executive Vice President, Commercial Operations

Norbert W. Bischofberger - Executive Vice President, Research and Development and Chief Scientific Officer


Geoffrey Meacham - Barclays Capital, Inc.

Mark J. Schoenebaum - Evercore ISI

Geoffrey C. Porges - Leerink Partners LLC

Michael Yee - RBC Capital Markets LLC

Cory W. Kasimov - JPMorgan Securities LLC

Brian Abrahams - Jefferies LLC

Brian P. Skorney - Robert W. Baird & Co., Inc. (Broker)

Phil Nadeau - Cowen & Co. LLC

Matthew K. Harrison - Morgan Stanley & Co. LLC

Ying Huang - Bank of America Merrill Lynch

Robyn Karnauskas - Citigroup Global Markets, Inc. (Broker)

M. Ian Somaiya - BMO Capital Markets (United States)

Terence Flynn - Goldman Sachs & Co.

James Birchenough - Wells Fargo Securities LLC

Alan Carr - Needham & Co. LLC

Charles Anthony Butler - Guggenheim Securities LLC


Ladies and gentlemen, thank you for standing by and welcome to the Gilead Sciences first quarter 2016 earnings conference call. My name is Candace, and I will 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 - Senior Director-Investor Relations

Thank you, Candace, and good afternoon, everyone. Just after market close today, a press release was issued with earnings results for the first quarter of 2016. The press release and detailed slides are available on the Investor Relations section of the Gilead website.

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

Before we begin formal remarks, let me remind you that we will 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 press release as well as on the Gilead website.

I will now turn the call over to John.

John F. Milligan - President, Chief Executive Officer & Director

Thank you, Patrick, and thank you, everyone, for joining us today. While we want to keep our remarks relatively brief to allow plenty of time for your questions, I do want to make a few comments about the first few months of 2016 and what I see as the outlook for the rest of the year.

Gilead's HIV franchise is off to a great start with the recent U.S. FDA approvals of Odefsey and Descovy, which followed the approval of Genvoya late last year. Over the last six months, I've had the opportunity to talk with physicians and patients about the importance of having highly effective and safer options, especially for patients facing a lifetime of therapy. With the approval of our three new regimens, we are now able to offer a range of options to address the diverse medical requirements of people with HIV, including those new to treatment, those who have been on therapy for a long time and have run short of options, and those who desire to switch medications for a variety of reasons.