Gilead Sciences, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gilead Sciences, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

GILEAD SCIENCES, INC. (GILD) filed a Annual Report (10-K) with the SEC on February 23, 2024. Gilead Sciences, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 333 Lakeside Drive, Foster City, CA 94404. Gilead Sciences, Inc. is classified under SIC code 2836 for Biological Products (No Diagnostic Substances). The report was filed on February 23, 2024.

Why It Matters

For investors and stakeholders tracking GILEAD SCIENCES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gilead's financial health, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding Gilead's revenue streams, profitability, and any potential challenges or opportunities it faces in the biopharmaceutical industry.

Risk Assessment

Risk Level: medium — GILEAD SCIENCES, INC. shows moderate risk based on this filing. The company operates in the highly regulated pharmaceutical industry, facing risks related to drug development, clinical trials, regulatory approvals, and market competition, as detailed in its 10-K filings.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Gilead's performance and strategic direction for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 0000882095-24-000007 — Accession Number (Unique identifier for the filing)
• 2836 — SIC Code (Industry classification)

Key Players & Entities

• GILEAD SCIENCES, INC. (company) — Filer name
• GILD (company) — Ticker symbol
• 20231231 (date) — Fiscal year end
• 20240223 (date) — Filing date
• 333 LAKESIDE DR (address) — Business address
• FOSTER CITY (location) — Business address city
• CA (location) — Business address state
• 94404 (postal_code) — Business address zip

FAQ

Industry Context

Gilead Sciences operates within the biotechnology and pharmaceutical industry, focusing on the discovery, development, and commercialization of innovative medicines.

Regulatory Implications

As a publicly traded company, Gilead Sciences is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings such as the annual 10-K report.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and their impact on Gilead's business.
3. Compare Gilead's 2023 performance metrics with previous years and industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Comparative data from the previous year's 10-K would be found in the full document.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value, $0.001 per share GILD The Nasdaq Global Select
• $77.07 — Report. * Based on a closing price of $77.07 per share on June 30, 2023. Excludes 37
• $200 million — make an additional equity investment of $200 million; (ii) Arcus to include research program

Filing Documents

• gild-20231231.htm (10-K) — 3138KB
• gild2023form10-kexhibit211.htm (EX-21.1) — 39KB
• gild2023form10-kexhibit231.htm (EX-23.1) — 3KB
• gild2023form10-kexhibit311.htm (EX-31.1) — 8KB
• gild2023form10-kexhibit312.htm (EX-31.2) — 8KB
• gild2023form10-kexhibit32.htm (EX-32) — 5KB
• gild2023formex971compensat.htm (EX-97.1) — 11KB
• gild-20231231_g1.jpg (GRAPHIC) — 49KB
• 0000882095-24-000007.txt (&nbsp;) — 17276KB
• gild-20231231.xsd (EX-101.SCH) — 100KB
• gild-20231231_cal.xml (EX-101.CAL) — 163KB
• gild-20231231_def.xml (EX-101.DEF) — 571KB
• gild-20231231_lab.xml (EX-101.LAB) — 1299KB
• gild-20231231_pre.xml (EX-101.PRE) — 905KB
• gild-20231231_htm.xml (XML) — 3360KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 17 Item 1B Unresolved Staff Comments 31 Item 1C Cybersecurity 29 Item 2

Properties

Properties 33 Item 3

Legal Proceedings

Legal Proceedings 33 Item 4 Mine Safety Disclosures 33 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6 [Reserved] 36 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 37 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 47 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96 Item 9A

Controls and Procedures

Controls and Procedures 98 Item 9B Other Information 98 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III Item 10 Directors, Executive Officers and Corporate Governance 99 Item 11

Executive Compensation

Executive Compensation 99 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99 Item 13 Certain Relationships and Related Transactions, and Director Independence 99 Item 14 Principal Accountant Fees and Services 99 PART IV Item 15 Exhibits and Financial Statement Schedules 99 Item 16 Form 10-K Summary 103

SIGNATURES

SIGNATURES 104 We own or have rights to various trademarks, copyrights and trade names used in our business, including the following: GILEAD , GILEAD SCIENCES , KITE, AMBISOME , ATRIPLA , BIKTARVY , CAYSTON , COMPLERA , DESCOVY , DESCOVY FOR PREP , EMTRIVA , EPCLUSA , EVIPLERA , GENVOYA , HARVONI , HEPCLUDEX , HEPSERA , JYSELECA , LETAIRIS , ODEFSEY , SOVALDI , STRIBILD , SUNLENCA , TECARTUS , TRODELVY , TRUVADA , TRUVADA FOR PREP , TYBOST , VEKLURY , VEMLIDY , VIREAD , VOSEVI , YESCARTA and ZYDELIG . Other trademarks and trade names are the property of their respective owners. Certain amounts and percentages in this Annual Report on Form 10-K may not sum or recalculate due to rounding. This Annual Report on Form 10-K, including Part I, Item 1A. Risk Factors and Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Words such as "expect," "anticipate," "target," "goal," "project," "hope," "intend," "plan," "believe," "seek," "estimate," "continue," "may," "could," "should," "might," "forecast," and variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements other than statements of historical fact are forward-looking statements, including statements regarding overall trends; operating cost and revenue trends; liquidity and capital needs; plans and expectations with respect to products, product candidates, corporate strategy, business and operations, financial projections and the use of capital; expectations regarding any impairment charges related to our Phase 3 EVOKE-01 study; collaboration and licensing arrangements; patent protection and estimated loss of exclusivity for our products and product candidates; ongo

BUSINESS

ITEM 1. BUSINESS Gilead Sciences, Inc. (including its consolidated subsidiaries, referred to as "Gilead," the "company," "we," "our" or "us") is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. We are committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, coronavirus disease 2019 ("COVID-19") and cancer. We operate in more than 35 countries worldwide, with headquarters in Foster City, California. Our Business Products We have transformed care for people around the world by discovering, developing and delivering innovative medicines to address unmet medical needs in virology, oncology and other therapeutic areas. Our innovative medicines represent advancements by offering first-in-class therapies, greater efficacy, enhanced modes of delivery, more convenient treatment and prevention regimens, improved resistance profiles and reduced side effects. In 2023, our primary revenue-generating products and the approved indications in the U.S. were as follows: HIV Biktarvy is an oral formulation dosed once a day for the treatment of HIV-1 infection in certain patients. Biktarvy is a single-tablet regimen of a fixed-dose combination of our antiretroviral medications, bictegravir, emtricitabine ("FTC") and tenofovir alafenamide ("TAF"). Genvoya is an oral formulation dosed once a day for the treatment of HIV-1 infection in certain patients. Genvoya is a single-tablet regimen of a fixed-dose combination of our antiretroviral medications, elvitegravir, cobicistat, FTC and TAF. Descovy is an oral formulation indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection in certain patients. Descovy is a fixed-dose combination of our antiretroviral medications, FTC and TAF. Descovy is also approved by U.S. Food and Drug Administration ("FDA") for a pre

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View this 10-K filing on SEC EDGAR