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Selected Quarterly Financial Information (unaudited)
12 Months Ended
Dec. 31, 2018
Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Information
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
The following amounts are in millions, except per share amounts:
 
 
1st Quarter
 
2nd Quarter
 
3rd Quarter
 
4th Quarter
2018
 
 
 
 
 
 
 
 
Total revenues
 
$
5,088

 
$
5,648

 
$
5,596

 
$
5,795

Gross profit on product sales
 
$
4,000

 
$
4,344

 
$
4,369

 
$
4,111

Net income(1)
 
$
1,539

 
$
1,819

 
$
2,099

 
$
3

Net income attributable to Gilead(1)
 
$
1,538

 
$
1,817

 
$
2,097

 
$
3

Net income per share attributable to Gilead common stockholders - basic(2)
 
$
1.18

 
$
1.40

 
$
1.62

 
$

Net income per share attributable to Gilead common stockholders - diluted(2)
 
$
1.17

 
$
1.39

 
$
1.60

 
$

2017
 
 

 
 

 
 
 
 

Total revenues
 
$
6,505

 
$
7,141

 
$
6,512

 
$
5,949

Gross profit on product sales
 
$
5,420

 
$
5,920

 
$
5,370

 
$
4,581

Net income (loss)(3)
 
$
2,699

 
$
3,069

 
$
2,712

 
$
(3,836
)
Net income (loss) attributable to Gilead(3)
 
$
2,702

 
$
3,073

 
$
2,718

 
$
(3,865
)
Net income (loss) per share attributable to Gilead common stockholders - basic(3)
 
$
2.07

 
$
2.35

 
$
2.08

 
$
(2.96
)
Net income (loss) per share attributable to Gilead common stockholders - diluted(3)
 
$
2.05

 
$
2.33

 
$
2.06

 
$
(2.96
)
_______________________
 
 
 
 
 
 
 
 

 
Notes:
 
(1)
Amounts for the fourth quarter of 2018 included $820 million and $588 million from an impairment and a non-cash tax charge related to intangible assets acquired from Kite Pharma, Inc., respectively, and inventory reserves of $410 million for excess raw materials primarily due to a sustained decrease in demand for Harvoni. See Note 7, Inventories, Note 9, Intangible Assets and Note 18, Income Taxes, of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional details.
 
 
(2)
Amounts for the fourth quarter of 2018 included an unfavorable impact of $1.31 per basic share and $1.30 per diluted share from the factors noted above.

 
 
(3)
In December 2017, we recorded a $5.5 billion net charge, or $4.20 per basic share and $4.16 per diluted share, related to the enactment of the Tax Cuts and Jobs Act. See Note 18, Income Taxes of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional details.