Gilead Sciences, Inc. Files Quarterly Report (10-Q) for Period Ending March 31, 2024

TL;DR

<b>Gilead Sciences, Inc. has filed its Q1 2024 10-Q report detailing financial performance and key balance sheet items.</b>

AI Summary

GILEAD SCIENCES, INC. (GILD) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Gilead Sciences, Inc. reported its financial results for the quarter ended March 31, 2024. The filing is a Form 10-Q, indicating a quarterly report. The company's principal business is Biological Products (No Diagnostic Substances). The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points such as common stock, additional paid-in capital, and retained earnings are detailed for various periods.

Why It Matters

For investors and stakeholders tracking GILEAD SCIENCES, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, crucial for assessing the company's ongoing performance and financial health. Understanding the specific product segment revenues and balance sheet changes allows for a deeper analysis of Gilead's strategic direction and operational efficiency.

Risk Assessment

Risk Level: medium — GILEAD SCIENCES, INC. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the absence of specific revenue or net income figures in the provided snippet prevents a more granular risk assessment.

Analyst Insight

Review the full 10-Q filing to identify specific revenue drivers, expense changes, and any new risk factors disclosed for Q1 2024.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report)
• 2024-01-01 — Reporting Period Start Date (Quarterly report)
• 2023-12-31 — Previous Year End Date (Balance sheet reference)
• 2836 — Standard Industrial Classification Code (Business classification)

Key Players & Entities

• GILEAD SCIENCES, INC. (company) — Filer name
• GILD (company) — Ticker symbol
• 2024-05-08 (date) — Filing date
• 2024-03-31 (date) — Reporting period end date
• 2024-01-01 (date) — Reporting period start date
• 333 LAKESIDE DR (address) — Business address
• FOSTER CITY (location) — Business address city
• DE (location) — State of incorporation

FAQ

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value, $0.001 per share GILD The Nasdaq Global Select

Filing Documents

• gild-20240331.htm (10-Q) — 1796KB
• gildq12024ex10122024employ.htm (EX-10.12) — 89KB
• gildq12024ex10222024psuagr.htm (EX-10.22) — 128KB
• gildq12024ex10272024psuagr.htm (EX-10.27) — 134KB
• gildq12024ex10352024employ.htm (EX-10.35) — 101KB
• gildq12024ex311ceocertific.htm (EX-31.1) — 8KB
• gildq12024ex312cfocertific.htm (EX-31.2) — 8KB
• gildq12024ex32section906ce.htm (EX-32) — 6KB
• a1022graph.jpg (GRAPHIC) — 60KB
• ex1027payoutslope.jpg (GRAPHIC) — 29KB
• 0000882095-24-000013.txt (&nbsp;) — 9839KB
• gild-20240331.xsd (EX-101.SCH) — 55KB
• gild-20240331_cal.xml (EX-101.CAL) — 101KB
• gild-20240331_def.xml (EX-101.DEF) — 283KB
• gild-20240331_lab.xml (EX-101.LAB) — 673KB
• gild-20240331_pre.xml (EX-101.PRE) — 487KB
• gild-20240331_htm.xml (XML) — 1694KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 47

SIGNATURES

SIGNATURES 52 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 Quarterly Report on Form 10-Q may not sum or recalculate due to rounding. This Quarterly Report on Form 10-Q, including Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 1A. Risk Factors, 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 "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "hope," "intend," "may," "might," "plan," "project," "seek," "should," "target" 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; collaboration and licensing arrangements; patent protection and estimated loss of exclusivity for our products and product candidates ; ongoing litigation and investigation matters; and other statements of expectations,

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except per share amounts) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 4,718 $ 6,085 Short-term marketable debt securities — 1,179 Accounts receivable, net 4,669 4,660 Inventories 1,853 1,787 Prepaid and other current assets 2,800 2,374 Total current assets 14,041 16,085 Property, plant and equipment, net 5,321 5,317 Long-term marketable debt securities — 1,163 Intangible assets, net 23,428 26,454 Goodwill 8,314 8,314 Other long-term assets 5,188 4,792 Total assets $ 56,292 $ 62,125 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 622 $ 550 Accrued rebates 4,263 3,802 Other current liabilities 4,464 5,130 Current portion of long-term debt and other obligations, net 3,667 1,798 Total current liabilities 13,015 11,280 Long-term debt, net 21,527 23,189 Long-term income taxes payable 1,967 2,039 Deferred tax liability 933 1,588 Other long-term obligations 1,395 1,280 Commitments and contingencies (Note 10) Stockholders' equity: Preferred stock, par value $ 0.001 per share; 5 shares authorized; no ne outstanding — — Common stock, par value $ 0.001 per share; 5,600 shares authorized; 1,246 shares issued and outstanding 1 1 Additional paid-in capital 6,813 6,500 Accumulated other comprehensive income 69 28 Retained earnings 10,656 16,304 Total Gilead stockholders' equity 17,539 22,833 Noncontrolling interest ( 84 ) ( 84 ) Total stockholders' equity 17,455 22,749 Total liabilities and stockholders' equity $ 56,292 $ 62,125 See accompanying notes. 3 GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, (in millions, except per share amounts) 2024 2023 Revenues: Product sales $ 6,647 $ 6,306 Royalty, contract and other revenues 39 46 Total revenues 6,686 6,352

View Full Filing

View this 10-Q filing on SEC EDGAR