Gilead Approves 2-for-1 Split as Shares Close to Record

Gilead Sciences Inc. (GILD)’s board scheduled a 2-for-1 stock split as optimism about the company’s experimental hepatitis C drug pushed shares to record highs.

Stockholders on Jan. 7, will receive an additional share, Gilead said today in a statement. The split will increase the number of outstanding common shares to 1.5 billion, the Foster City, California-based company said. After such an action, a company’s stock usually trades at half as much per share as before the division.

Gilead, the world’s largest maker of HIV medicines, rose less than 1 percent to $74.25 at the close in New York before the split was announced. The company’s shares closed at $76.12 on Nov. 23, the highest level since Gilead first offered stock in 1992, as its experimental drugs to treat hepatitis C have shown to be effective and safe in clinical trials.

To contact the reporter on this story: Ryan Flinn in San Francisco at rflinn@bloomberg.net

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.