Gilead Sciences Files 10-Q for Q2 2024

TL;DR

Gilead 10-Q filed. Q2 & H1 2024 results out.

AI Summary

Gilead Sciences, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial data and operational details are disclosed in this filing, which covers the period from January 1, 2024, to June 30, 2024.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Gilead Sciences, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial and operational updates.

Key Numbers

• 2024-06-30 — Period End Date (Quarterly reporting period)
• 2024-01-01 — Period Start Date (Quarterly reporting period)

Key Players & Entities

• GILEAD SCIENCES, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filing Date
• 0000882095 (company) — Central Index Key

FAQ

Key Financial Figures

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

Filing Documents

• gild-20240630.htm (10-Q) — 2339KB
• gildq22024ex10182024non-ee.htm (EX-10.18) — 86KB
• gildq22024ex10372024non-ee.htm (EX-10.37) — 81KB
• gildq22024ex311ceocertific.htm (EX-31.1) — 8KB
• gildq22024ex312cfocertific.htm (EX-31.2) — 8KB
• gildq22024ex32section906ce.htm (EX-32) — 6KB
• 0000882095-24-000022.txt ( ) — 11001KB
• gild-20240630.xsd (EX-101.SCH) — 57KB
• gild-20240630_cal.xml (EX-101.CAL) — 101KB
• gild-20240630_def.xml (EX-101.DEF) — 290KB
• gild-20240630_lab.xml (EX-101.LAB) — 705KB
• gild-20240630_pre.xml (EX-101.PRE) — 502KB
• gild-20240630_htm.xml (XML) — 2182KB

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 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 49

SIGNATURES

SIGNATURES 54 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) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 2,772 $ 6,085 Short-term marketable debt securities — 1,179 Accounts receivable, net 4,663 4,660 Inventories 2,026 1,787 Prepaid and other current assets 2,856 2,374 Total current assets 12,317 16,085 Property, plant and equipment, net 5,346 5,317 Long-term marketable debt securities — 1,163 Intangible assets, net 22,832 26,454 Goodwill 8,314 8,314 Other long-term assets 4,770 4,792 Total assets $ 53,579 $ 62,125 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 537 $ 550 Accrued rebates 3,923 3,802 Other current liabilities 4,510 5,130 Current portion of long-term debt and other obligations, net 1,810 1,798 Total current liabilities 10,781 11,280 Long-term debt, net 21,540 23,189 Long-term income taxes payable 738 2,039 Deferred tax liability 907 1,588 Other long-term obligations 1,418 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 7,022 6,500 Accumulated other comprehensive income 93 28 Retained earnings 11,165 16,304 Total Gilead stockholders' equity 18,281 22,833 Noncontrolling interest ( 84 ) ( 84 ) Total stockholders' equity 18,197 22,749 Total liabilities and stockholders' equity $ 53,579 $ 62,125 See accompanying notes. 3 GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions, except per share amounts) 2024 2023 2024 2023 Revenues: Product sales $ 6,912 $ 6,564 $ 13,559 $ 12,870 Royalty, contract an

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View this 10-Q filing on SEC EDGAR