Gilead Provides Update on $5 Billion Stock Repurchase Program
-- $2.2 Billion in Common Stock Repurchased Under Program Through August 2010 --
FOSTER CITY, Calif.--(BUSINESS WIRE)--Sep 1, 2010 - Gilead Sciences, Inc. (Nasdaq:GILD) today provided an update on the company's previously announced $5.0 billion stock repurchase program authorized by Gilead's Board of Directors in May 2010. Gilead has repurchased approximately $2.2 billion in common stock under this program through August 31, 2010.
In conjunction with the company's announcement of its convertible debt offering on July 26, 2010, Gilead has since acquired approximately $1.0 billion of shares repurchased at an average price of $33.68. Purchase activity in the third quarter to date is approximately $1.4 billion in common stock.
Future purchases may be made through the open market and private block transactions pursuant to Rule 10b5-1 plans, privately negotiated transactions or other means as determined by Gilead's management and in accordance with the requirements of the Securities and Exchange Commission. The timing and actual number of shares repurchased going forward will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions.
About Gilead Sciences
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need. The company's mission is to advance the care of patients suffering from life-threatening diseases worldwide. Headquartered in Foster City, California, Gilead has operations in North America, Europe and Australia.
This press release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks, uncertainties and other factors, including our ability to continue to consummate repurchases under the share repurchase program due to changes in our stock price, corporate or other market conditions. The reader is cautioned not to rely on these forward-looking statements. These and other risks are described in detail in Gilead's Quarterly Report on Form 10-Q for the first and second quarters of 2010, as filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update any such forward-looking statements.
For more information on Gilead Sciences, please visit the
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or call Gilead Public Affairs at 1-800-GILEAD-5 or 1-650-574-3000.
Contact: Gilead Sciences, Inc.
Susan Hubbard, 650-522-5715 (Investors)
Cara Miller, 650-522-1616 (Media)
Posted: September 2010