KEY POINTS
- Daniel O'Day's total compensation during his first year as Gilead CEO was $31 million
- He replaced former CEO John Milligan
- Gilead is currently finding a drug that can be used against COVID-19
Full Answer
Why has Gilead Sciences been making so many deals?
Gilead Sciences ( NASDAQ:GILD) has made deals of all kinds since Daniel O'Day took over as CEO in March 2019. Although each deal is structured differently, the progression may say something about the executive's increasing impatience to transform the company into a formidable player in the lucrative field of cancer-fighting drugs.
Where do I find Gilead Sciences annual reports?
GILEAD SCIENCES, INC. income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. GILEAD SCIENCES, INC. annual reports of executive compensation and pay are most commonly found in the Def 14a documents.
How much did Gilead pay for Galapagos?
In mid-2019, Gilead paid Galapagos ( NASDAQ:GLPG) almost $4 billion plus $1.1 billion in equity for exclusive rights to its portfolio of compounds. The deal left Galapagos an independent company.
Why did Gilead Sciences make a big deal about hepatitis C drugs?
Although Gilead was developing hepatitis C drugs, the primary driver of sales and profits were its HIV combinations. When the deal was made, Gilead was the largest maker of HIV drugs, looking to bolster its hepatitis offerings.
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Company Updates
In his work on our Global Medical Affairs team, Chih-Yuan (Mel) Chiang helps educate healthcare providers on COVID-19 and manages Phase 4 studies of Gilead’s antiviral for the treatment of COVID-19. Read about how he came to do this work, why he joined Gilead and what he’s gained from being in a global role at our Taiwan affiliate. #GileadLife
The company has produced mixed results on the priorities the new CEO laid out when he took the helm last year
Jason covers stocks for the Fool. He leans on his consulting background and executive experience in the human capital management and healthcare industries to offer analysis of individual companies.
What was said?
Daniel O'Day joined Gilead as the CEO and Chairman of the Board in March 2019. Admittedly, one part of the CEO job is being a cheerleader. You can't take everything they say as a promise. Very few leaders are going to express doubt about something important to the company's future -- and stock price.
What has been done?
The company has definitely been busy since that initial call last May. There have been three deals to bolster Gilead's pipeline. A few months after O'Day took the helm, Gilead took a $5 billion stake in Galapagos to gain additional exposure to filgotinib's growth potential and the rest of Galapagos' pipeline.
What grade would you give?
To be successful, chief executives have to think long term. Although Daniel O'Day expressed a sense of urgency when taking the top job, it's clear he is making moves that can only be judged after years, not months. The acquisitions of Forty Seven and Immunomedics signal a willingness to think beyond the pipeline Gilead had going into 2020.
Daniel O'Day has made increasingly larger deals in an effort to improve the company's portfolio of cancer drugs
Acquisitions can occur for different reasons. "Tuck-in" acquisitions are small deals that bolster an existing line of business. Deals to acquire a smaller business and leave it operating somewhat independently as its own business are often called "bolt-on" acquisitions.
We've been here before
At one point, Gilead was the poster child for transformative acquisitions at lofty valuations that worked out for everyone. In November 2011, the company agreed to pay $11 billion for Pharmasset, a maker of treatments for hepatitis C without a single major drug on the market.
An acquisition spree
In mid-2019, Gilead paid Galapagos ( GLPG 1.88% ) almost $4 billion plus $1.1 billion in equity for exclusive rights to its portfolio of compounds. The deal left Galapagos an independent company.
How things are shaping up
After the deal with Galapagos, O'Day pointed to the company's highly productive research and development and defended the deal structure. Apparently, the Forty-Seven team needed less independence as that company was purchased outright.
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