Gilead Sciences Announces Declaration of Q1 Cash Dividend and Increases to Shareholder Return Programs
February 02 2016 - 3:01PM
Business Wire
- Quarterly Dividend Increase of 10%
-- Additional $12 Billion Share Buyback Program -
Gilead Sciences, Inc. (Nasdaq: GILD) announced today that the
company’s Board of Directors declared a cash dividend of $0.43 per
share of common stock for the first quarter of 2016. The first
quarter dividend is payable on March 30, 2016, to stockholders of
record at the close of business on March 16, 2016.
In addition the Board authorized an increase of 4 cents (ten
percent) in the company’s quarterly dividend program, beginning in
the second quarter of 2016. Subject to declaration by the Board of
Directors, the increase will result in a quarterly cash dividend of
$0.47 per share of common stock for the second quarter of 2016.
Future dividends will be subject to Board approval.
The Board of Directors also approved the repurchase of an
additional $12 billion of the company’s common stock to commence
upon completion of the company’s existing $15 billion repurchase
program authorized in January 2015. All purchases under the newly
approved $12 billion program may be made in the open market or in
privately negotiated transactions from time to time, as determined
by Gilead’s management and in accordance with the requirements of
the Securities and Exchange Commission. As of December 31, 2015,
approximately $8 billion remained in the January 2015 program. In
addition to ongoing open market purchases this quarter, the company
intends to utilize $5 billion of the remaining January 2015 program
in the next three months under an accelerated share repurchase
program.
“Today’s announcement reflects confidence in the company’s long
term cash flows and our commitment to use our cash to invest for
future growth and deliver shareholder return,” said John C. Martin,
PhD, Gilead’s Chairman and Chief Executive Officer.
About Gilead
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. Gilead
has operations in more than 30 countries worldwide, with
headquarters in Foster City, California.
Forward-Looking
Statement
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 that Gilead may be unable to enter into and complete the
accelerated share repurchase program in the currently contemplated
timeline or at all. Gilead may also be unable to complete the
existing January 2015 and new $12 billion share repurchase programs
due to changes in its stock price, corporate or other market
conditions. In addition, Gilead may be unable to pay dividends in
future quarters or its Board of Directors may reduce the amount of
the dividend for a number of reasons, including, without
limitation, due to changes in its financial condition, material
developments in Gilead’s business or the involvement of Gilead in
significant acquisitions. These risks, uncertainties and other
factors could cause actual results to differ materially from those
referred to in the forward-looking statements. 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 quarter ended September 30, 2015, 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 statement.
For more information on Gilead Sciences, please
visit the company’s website at www.Gilead.com, follow Gilead on
Twitter (@GileadSciences) or call Gilead Public Affairs at
1-800-GILEAD-5 or 1-650-574-3000.
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version on businesswire.com: http://www.businesswire.com/news/home/20160202006469/en/
Gilead Sciences, Inc.InvestorsRobin
Washington, 650-522-5688Patrick O'Brien,
650-522-1936orMediaAmy Flood, 650-522-5643
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