Gilead Sciences Announces New Commercial Structure and Changes to Senior Management Team; Expansion and Reorganization of Commercial Group to Support Anticipated Growth
FOSTER CITY, Calif.--(BUSINESS WIRE)--April 27, 2004--Gilead Sciences (Nasdaq:GILD) announced today a restructuring of its commercial organization, designed to support the anticipated growth of the company and its marketed products. The reorganization and implementation plan are the result of a three-month project in which the company and its external consultants assessed the commercial organization's structure, with an emphasis on creating a platform for long-term scalability.
Under the new structure, Gilead will separate its sales and marketing functions into a new Commercial division, reporting to the newly created position of Executive Vice President, Commercial. The company is initiating an external search to fill this position, which will report to Gilead's President and CEO. In addition, the company's commercial operations will be divided into North American, European and International divisions. A new global commercial strategy group also will be established. This expansion will create a number of new positions at the global and North American levels.
"The trajectory of growth for our company is remarkable," said John C. Martin, PhD, President and Chief Executive Officer, Gilead Sciences. "With the expected launch of our fixed-dose co-formulation of Viread(R) (tenofovir disoproxil fumarate) and Emtriva(TM) (emtricitabine) for HIV in early 2005 -- which would be our fourth new product in just over three years -- we recognize the need to create a commercial framework that best supports our continued growth. This new model will enhance Gilead's ability to capture the full value of our products in our increasingly competitive markets, and will allow us to provide our therapeutics to more patients around the world."
Mark L. Perry, Executive Vice President, Operations, will become a senior business advisor to the company. He will resign as an executive officer but continue in his role as Corporate Secretary. Mr. Perry's areas of management responsibility outside of commercial operations will be transitioned to Dr. Martin, John F. Milligan, PhD, Executive Vice President and Chief Financial Officer, and Norbert Bischofberger, PhD, Executive Vice President, Research and Development. In addition to his ongoing role with Gilead, Mr. Perry plans to focus on his outside Board activities, and does not currently intend to seek another executive position in the biopharmaceutical industry. Additionally, Michael K. Inouye, Senior Vice President, Commercial Operations, will be leaving the company following the completion of the reorganization. He will remain in his current position to assist in the transition period.
"Mark and Mike have been valued members of Gilead's senior management team since they joined the company, and both have made significant contributions to our substantial growth over the last decade," said Dr. Martin. "Gilead's Board of Directors and management team fully support Mark in his decision, and we look forward to his continued involvement and guidance in the years to come. We also appreciate Mike's assistance during this transition; his leadership has been instrumental to the success of our recent product launches."
Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases worldwide. The company has six marketed products and focuses its research and clinical programs on anti-infectives. Headquartered in Foster City, CA, Gilead has operations in the United States, 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 the risk that regulatory authorities may not approve the fixed-dose co-formulation of Viread and Emtriva, or that the approval may be delayed beyond early 2005. These risks and uncertainties could cause actual results to differ materially from those referred to in the forward-looking statements. Risks are described in detail in the Gilead Annual Report on Form 10-K for the year ended December 31, 2003 and in Gilead's Quarterly Reports on Form 10-Q, all of which are on file 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.
Viread is a registered trademark and Emtriva is a trademark of Gilead Sciences, Inc.