10-Q – 2025-08-07 – gild-20250630.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025
or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File No. 0-19731
 

GILEAD SCIENCES, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware 94-3047598
(State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.)

333 Lakeside Drive , Foster City , California 94404
(Address of principal executive offices) (Zip Code)
650 - 574-3000
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value, $0.001 per share GILD The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x      No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes x      No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨     
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐      No x
Number of shares outstanding of the issuer’s common stock, par value $ 0.001 per share, as of July 31, 2025: 1,240,806,916

GILEAD SCIENCES, INC.
INDEX

PART I.
FINANCIAL INFORMATION
3

Item 1.
Condensed Consolidated Financial Statements
3

Condensed Consolidated Balance Sheets
3

Condensed Consolidated Statements of Operations
4

Condensed Consolidated Statements of Comprehensive Income (Loss)
5

Condensed Consolidated Statements of Stockholders’ Equity
6

Condensed Consolidated Statements of Cash Flows
8

Notes to Condensed Consolidated Financial Statements
9

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
38

Item 4.
Controls and Procedures
38

PART II.
OTHER INFORMATION
40

Item 1.
Legal Proceedings
40

Item 1A.
Risk Factors
40

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
54

Item 3.
Defaults Upon Senior Securities
54

Item 4.
Mine Safety Disclosures
54

Item 5.
Other Information
54

Item 6.
Exhibits
54

SIGNATURES
59

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 ® , LIVDELZI ® /LYVDELZI ®/ , ODEFSEY ® , SOVALDI ® , STRIBILD ® , SUNLENCA ® , TECARTUS ® , TRODELVY ® , TRUVADA ® , TRUVADA FOR PREP ® , TYBOST ® , VEKLURY ® , VEMLIDY ® , VIREAD ® , VOSEVI ® , YESCARTA ® , YEZTUGO ® 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 “ambition,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “hope,” “intend,” “may,” “might,” “outlook,” “plan,” “priority,” “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, product sales and revenue trends; liquidity and capital needs; plans and expectations with respect to products, product candidates, corporate strategy, business and operations, financial projections, strategic investments and the use of capital; expectations regarding the impact of the Inflation Reduction Act and the One Big Beautiful Bill Act, changes in U.S. regulatory policies, and changes in U.S. trade policies, including tariffs; 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, beliefs, future plans and strategies, anticipated events or trends and similar expressions.
We have based these forward-looking statements on our current expectations about future events. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Our actual results or outcomes may differ materially from those suggested by these forward-looking statements for various reasons, including those identified in Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements included in this report are made only as of the date hereof unless otherwise specified. Except as required under federal securities laws and the rules and regulations of U.S. Securities and Exchange Commission, we do not undertake, and specifically decline, any obligation to update any of these statements or to publicly announce the results of any revisions to any forward-looking statements after the distribution of this report, whether as a result of new information, future events, changes in assumptions or otherwise. In evaluating our business, you should carefully consider the risks described under Part II, Item 1A. Risk Factors of this Quarterly Report on Form 10-Q. Any of the risks contained herein could materially and adversely affect our business, results of operations and financial condition.
2

PART I.    FINANCIAL INFORMATION

Item 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

(in millions, except per share amounts) June 30, 2025 December 31, 2024
Assets    
Current assets:    
Cash and cash equivalents $ 5,144   $ 9,991  
Short-term marketable debt securities 69   —  
Accounts receivable, net 4,781   4,420  
Inventories 1,825   1,710  
Prepaid and other current assets 2,899   3,052  
Total current assets 14,718   19,173  
Property, plant and equipment, net 5,459   5,414  
Long-term marketable debt securities 1,913   —  
Intangible assets, net 18,566   19,948  
Goodwill 8,314   8,314  
Deferred tax assets 2,721   2,378  
Other long-term assets 4,031   3,769  
Total assets $ 55,721   $ 58,995  
Liabilities and Stockholders’ Equity    
Current liabilities:    
Accounts payable $ 582   $ 833  
Accrued rebates 4,215   3,892  
Current portion of long-term debt, net 2,806   1,815  
Other current liabilities 3,586   5,464  
Total current liabilities 11,189   12,004  
Long-term debt, net 22,140   24,896  
Long-term income taxes payable 859   830  
Deferred tax liabilities 652   724  
Other long-term liabilities 1,290   1,295  
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; 1,242 and 1,246 shares issued and outstanding, respectively
1   1  
Additional paid-in capital 8,367   7,700  
Accumulated other comprehensive (loss) income ( 18 ) 132  
Retained earnings 11,325   11,497  
Total Gilead stockholders’ equity 19,674   19,330  
Noncontrolling interest ( 84 ) ( 84 )
Total stockholders’ equity 19,590   19,246  
Total liabilities and stockholders’ equity $ 55,721   $ 58,995  

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) 2025 2024 2025 2024
Revenues:
Product sales $ 7,054   $ 6,912   $ 13,668   $ 13,559  
Royalty, contract and other revenues 27   41   81   81  
Total revenues 7,082   6,954   13,749   13,640  
Costs and expenses:
Cost of goods sold 1,501   1,544   3,041   3,096  
Research and development expenses 1,491   1,351   2,870   2,871  
Acquired in-process research and development expenses 61   38   315   4,169  
In-process research and development impairments 190   —   190   2,430  
Selling, general and administrative expenses 1,365   1,377   2,623   2,752  
Total costs and expenses 4,608   4,309   9,038   15,317  
Operating income (loss) 2,474   2,644   4,711   ( 1,678 )
Interest expense 254   237   513   491  
Other (income) expense, net ( 208 ) 355   120   265  
Income (loss) before income taxes 2,429   2,053   4,077   ( 2,433 )
Income tax expense 468   438   802   123  
Net income (loss) 1,960   1,614   3,275   ( 2,556 )
Net income attributable to noncontrolling interest —   —   —   —  
Net income (loss) attributable to Gilead $ 1,960   $ 1,614   $ 3,275   $ ( 2,556 )

Basic earnings (loss) per share attributable to Gilead $ 1.57   $ 1.29   $ 2.63   $ ( 2.05 )
Diluted earnings (loss) per share attributable to Gilead $ 1.56   $ 1.29   $ 2.61   $ ( 2.05 )

Shares used in basic earnings (loss) per share attributable to Gilead calculation 1,245   1,247   1,246   1,247  
Shares used in diluted earnings (loss) per share attributable to Gilead calculation 1,255   1,251   1,257   1,247  

See accompanying notes.
4

GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024
Net income (loss): $ 1,960   $ 1,614   $ 3,275   $ ( 2,556 )
Other comprehensive (loss) income, net of reclassifications and taxes:
Net gain (loss) on foreign currency translation 51   1   69   ( 16 )
Net gain on available-for-sale debt securities 4   —   4   5  
Net (loss) gain on cash flow hedges ( 166 ) 23   ( 224 ) 77  
Other comprehensive (loss) income, net ( 111 ) 24   ( 150 ) 65  
Comprehensive income (loss), net 1,850   1,639   3,125   ( 2,491 )
Comprehensive income attributable to noncontrolling interest, net —   —   —   —  
Comprehensive income (loss) attributable to Gilead, net $ 1,850   $ 1,639   $ 3,125   $ ( 2,491 )

See accompanying notes.
5

GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)

Three Months Ended June 30, 2025
(in millions, except per share amounts) Gilead Stockholders' Equity  Noncontrolling
Interest Total
Stockholders'
Equity
Common Stock  Additional
Paid-In
Capital Accumulated Other Comprehensive Income (Loss) Retained
Earnings
Shares Amount
Balance as of March 31, 2025 1,245   $ 1   $ 8,138   $ 92   $ 10,931   $ ( 84 ) $ 19,078  
Net income —  —  —  —  1,960   —  1,960  
Other comprehensive loss, net —  —  —  ( 111 ) —  —  ( 111 )
Issuances under equity incentive plans 2   —  24   —  —  —  24  
Stock-based compensation —  —  226   —  —  —  226  
Repurchases of common stock under repurchase programs ( $ 105.88 average price per share)
( 5 ) —  ( 21 ) —  ( 506 ) —  ( 527 )
Repurchases of common stock for employee tax withholding under equity incentive plans and other ( 1 ) —  —  —  ( 64 ) —  ( 64 )
Dividends declared ($ 0.79 per share)
—  —  —  —  ( 997 ) —  ( 997 )
Balance as of June 30, 2025 1,242   $ 1   $ 8,367   $ ( 18 ) $ 11,325   $ ( 84 ) $ 19,590  

Six Months Ended June 30, 2025
(in millions, except per share amounts) Gilead Stockholders' Equity  Noncontrolling
Interest Total
Stockholders'
Equity
Common Stock  Additional
Paid-In
Capital Accumulated Other Comprehensive Income (Loss) Retained
Earnings
Shares Amount
Balance as of December 31, 2024 1,246   $ 1   $ 7,700   $ 132   $ 11,497   $ ( 84 ) $ 19,246  
Net income —  —  —  —  3,275   —  3,275  
Other comprehensive loss, net —  —  —  ( 150 ) —  —  ( 150 )
Issuances under employee stock purchase plan 1   —  82   —  —  —  82  
Issuances under equity incentive plans 9   —  199   —  —  —  199  
Stock-based compensation —  —  436   —  —  —  436  
Repurchases of common stock under repurchase programs ( $ 103.87 average price per share)
( 12 ) —  ( 50 ) —  ( 1,207 ) —  ( 1,257 )
Repurchases of common stock for employee tax withholding under equity incentive plans and other ( 2 ) —  —  —  ( 240 ) —  ( 240 )
Dividends declared ($ 1.58 per share)
—  —  —  —  ( 2,001 ) —  ( 2,001 )
Balance as of June 30, 2025 1,242   $ 1   $ 8,367   $ ( 18 ) $ 11,325   $ ( 84 ) $ 19,590  

See accompanying notes.
6

Three Months Ended June 30, 2024
(in millions, except per share amounts) Gilead Stockholders' Equity  Noncontrolling
Interest Total
Stockholders'
Equity
Common Stock  Additional
Paid-In
Capital Accumulated Other Comprehensive Income Retained
Earnings
Shares Amount
Balance as of March 31, 2024 1,246   $ 1   $ 6,813   $ 69   $ 10,656   $ ( 84 ) $ 17,455  
Net income —  —  —  —  1,614   —  1,614  
Other comprehensive income, net —  —  —  24   —  —  24  
Issuances under equity incentive plans 2   —  5   —  —  —  5  
Stock-based compensation —  —  209   —  —  —  209  
Repurchases of common stock under repurchase programs ($ 66.67 average price per share)
( 2 ) —  ( 6 ) —  ( 94 ) —  ( 100 )
Repurchases of common stock for employee tax withholding under equity incentive plans and other ( 1 ) —  —  —  ( 33 ) —  ( 33 )
Dividends declared ($ 0.77 per share)
—  —  —  —  ( 978 ) —  ( 978 )
Balance as of June 30, 2024 1,246   $ 1   $ 7,022   $ 93   $ 11,165   $ ( 84 ) $ 18,197  

Six Months Ended June 30, 2024
(in millions, except per share amounts) Gilead Stockholders' Equity Noncontrolling
Interest Total
Stockholders'
Equity
Common Stock Additional
Paid-In
Capital Accumulated Other Comprehensive Income Retained
Earnings
Shares Amount
Balance as of December 31, 2023 1,246   $ 1   $ 6,500   $ 28   $ 16,304   $ ( 84 ) $ 22,749  
Net loss —  —  —  —  ( 2,556 ) —  ( 2,556 )
Other comprehensive income, net —  —  —  65   —  —  65  
Issuances under employee stock purchase plan 1   —  80   —  —  —  80  
Issuances under equity incentive plans 7   —  70   —  —  —  70  
Stock-based compensation —  —  397   —  —  —  397  
Repurchases of common stock under repurchase programs ($ 74.59 average price per share)
( 7 ) —  ( 25 ) —  ( 475 ) —  ( 500 )
Repurchases of common stock for employee tax withholding under equity incentive plans and other ( 2 ) —  —  —  ( 150 ) —  ( 150 )
Dividends declared ($ 1.54 per share)
—  —  —  —  ( 1,958 ) —  ( 1,958 )
Balance as of June 30, 2024 1,246   $ 1   $ 7,022   $ 93   $ 11,165   $ ( 84 ) $ 18,197  

See accompanying notes.
7

GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Six Months Ended
June 30,
(in millions) 2025 2024
Operating Activities:
Net income (loss) $ 3,275   $ ( 2,556 )
Adjustments to reconcile Net income (loss) to Net cash provided by operating activities:

Depreciation expense 190   192  
Amortization expense 1,197   1,192  
Stock-based compensation expense 434   397  
Deferred income taxes ( 377 ) ( 889 )
Net loss from equity securities 284   405  
Acquired in-process research and development expenses 315   4,169  
In-process research and development impairments 190   2,430  
Other, net 124   208  
Changes in operating assets and liabilities:
Accounts receivable, net ( 213 ) ( 95 )
Inventories ( 398 ) ( 115 )
Prepaid expenses and other 93   ( 56 )
Accounts payable ( 267 ) ( 11 )
Income tax assets and liabilities, net ( 1,852 ) ( 1,379 )
Accrued and other liabilities ( 410 ) ( 349 )
Net cash provided by operating activities 2,584   3,544  
Investing Activities:
Purchases of marketable debt securities ( 2,287 ) ( 244 )
Proceeds from sales of marketable debt securities 295   2,265  
Proceeds from maturities of marketable debt securities 15   327  
Acquisitions, including in-process research and development, net of cash acquired ( 294 ) ( 4,195 )
Purchases of equity securities ( 37 ) ( 444 )
Purchases of property, plant and equipment ( 211 ) ( 235 )
Other investing activities, net ( 13 ) 12  
Net cash used in investing activities ( 2,531 ) ( 2,514 )
Financing Activities:
Proceeds from issuances of common stock 279   151  
Repurchases of common stock under repurchase programs ( 1,257 ) ( 500 )
Repayments of debt and other obligations ( 1,771 ) ( 1,851 )
Payments of dividends ( 2,004 ) ( 1,962 )
Other financing activities, net ( 240 ) ( 152 )
Net cash used in financing activities ( 4,993 ) ( 4,314 )
Effect of exchange rate changes on cash and cash equivalents 92   ( 29 )
Net change in cash and cash equivalents ( 4,848 ) ( 3,313 )
Cash and cash equivalents at beginning of period 9,991   6,085  
Cash and cash equivalents at end of period $ 5,144   $ 2,772  
    

See accompanying notes.
8

GILEAD SCIENCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.     SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying Condensed Consolidated Financial Statements and related Notes to Condensed Consolidated Financial Statements of Gilead Sciences, Inc. (“Gilead,” “we,” “our” or “us”) should be read in conjunction with the audited Consolidated Financial Statements and the related notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K filed with U.S. Securities and Exchange Commission. There have been no material changes to the summary of our business or significant accounting policies as disclosed in that filing.
These interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and include all adjustments consisting of normal recurring adjustments that the management of Gilead believes are necessary for a fair presentation of the periods presented and are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period. We have evaluated subsequent events through the report issuance date and determined that there are no further events or transactions to be disclosed other than those already disclosed elsewhere in the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.
Certain amounts and percentages in these Condensed Consolidated Financial Statements and accompanying notes may not sum or recalculate due to rounding.
9

2.     REVENUES
Disaggregation of Revenues
The following table summarizes our Total revenues:

Three Months Ended June 30, 2025 Three Months Ended June 30, 2024
(in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total
Product sales:
HIV
Biktarvy $ 2,799   $ 429   $ 302   $ 3,530   $ 2,585   $ 370   $ 277   $ 3,232  
Descovy 601   24   28   653   434   25   26   485  
Genvoya 322   40   16   377   372   45   23   440  
Odefsey 221   66   11   298   233   72   10   315  
Symtuza - Revenue share (1)
88   33   3   124   131   34   3   168  
Other HIV (2)
65   33   9   107   65   25   15   105  
Total HIV 4,096   624   368   5,088   3,821   571   353   4,745  

Liver Disease
Sofosbuvir/Velpatasvir (3)
184   81   76   342   267   84   126   476  
Vemlidy 122   13   117   252   117   11   115   243  
Other Liver Disease (4)
106   76   19   201   47   47   19   113  
Total Liver Disease 413   170   211   795   431   142   259   832  

Veklury 51   19   50   121   76   53   85   214  

Oncology
Cell Therapy
Tecartus 41   41   9   92   63   37   7   107  
Yescarta 162   154   77   393   186   169   58   414  
Total Cell Therapy 203   196   86   485   250   206   66   521  

Trodelvy 224   96   44   364   224   69   26   320  
Total Oncology 427   291   131   849   474   275   92   841  

Other
AmBisome 7   65   56   129   17   69   65   151  
Other (5)
44   8   21   73   98   8   24   130  
Total Other 52   73   77   202   115   77   88   280  
Total product sales 5,038   1,178   838   7,054   4,916   1,118   878   6,912  
Royalty, contract and other revenues 13   10   4   27   25   15   1   41  
Total revenues $ 5,051   $ 1,189   $ 842   $ 7,082   $ 4,941   $ 1,133   $ 879   $ 6,954  

10

Six Months Ended June 30, 2025 Six Months Ended June 30, 2024
(in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total
Product sales:
HIV
Biktarvy $ 5,272   $ 804   $ 603   $ 6,679   $ 4,900   $ 735   $ 542   $ 6,177  
Descovy 1,139   45   55   1,239   805   51   55   911  
Genvoya 627   79   35   741   704   95   44   843  
Odefsey 436   123   20   579   457   148   21   626  
Symtuza - Revenue share (1)
170   62   6   238   236   67   6   309  
Other HIV (2)
115   63   19   198   125   70   27   222  
Total HIV 7,760   1,177   738   9,675   7,226   1,167   695   9,088  

Liver Disease
Sofosbuvir/Velpatasvir (3)
351   161   175   687   515   163   203   881  
Vemlidy 222   24   257   504   212   22   233   467  
Other Liver Disease (4)
175   152   35   362   89   94   38   221  
Total Liver Disease 748   338   467   1,553   816   279   474   1,569  

Veklury 250   41   132   423   391   123   255   769  

Oncology
Cell Therapy
Tecartus 82   72   17   171   118   73   16   207  
Yescarta 321   304   154   779   357   327   110   794  
Total Cell Therapy 403   376   171   949   475   400   126   1,001  

Trodelvy 405   171   81   657   429   137   62   628  
Total Oncology 808   547   252   1,606   904   537   188   1,629  

Other
AmBisome 13   132   123   268   31   139   124   294  
Other (5)
91   16   35   143   156   18   36   209  
Total Other 104   149   158   410   188   156   160   504  
Total product sales 9,669   2,251   1,747   13,668   9,525   2,262   1,772   13,559  
Royalty, contract and other revenues 49   21   10   81   49   30   2   81  
Total revenues $ 9,719   $ 2,273   $ 1,757   $ 13,749   $ 9,574   $ 2,292   $ 1,774   $ 13,640  

_______________________________
(1)     Represents our revenue from cobicistat (“C”), emtricitabine (“FTC”) and tenofovir alafenamide (“TAF”) in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company (“Janssen Ireland”).
(2)     Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, Truvada, Tybost and Yeztugo.
(3)     Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC (“Asegua”).
(4)     Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Hepsera, Livdelzi/Lyvdelzi, Sovaldi, Viread and Vosevi.
(5)     Includes Cayston, Jyseleca, Letairis and Zydelig.
Revenues Recognized from Performance Obligations Satisfied in Prior Years
The following table summarizes revenues recognized from performance obligations satisfied in prior years:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024
Revenue share with Janssen Ireland and royalties for licenses of intellectual property $ 153   $ 202   $ 310   $ 372  
Changes in estimates $ 126   $ 82   $ 340   $ 242  

11

Contract Balances
The following table summarizes our contract balances:

(in millions) June 30, 2025 December 31, 2024
Contract assets $ 305   $ 277  
Contract liabilities (1)
$ 58   $ 58  

_______________________________
(1)     Future revenues recognized from contract liabilities are not expected to be material in any one year.

3.     FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
The following table summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:

June 30, 2025 December 31, 2024
(in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets:
Available-for-sale debt securities:
U.S. treasury securities $ 692   $ —   $ —   $ 692   $ —   $ —   $ —   $ —  
U.S. government agencies securities —   10   —   10   —   —   —   —  

Corporate debt securities —   991   —   991   —   —   —   —  
Residential mortgage and asset-backed securities —   300   —   300   —   —   —   —  
Equity securities:
Money market funds 3,528   —   —   3,528   8,502   —   —   8,502  
Publicly traded equity securities (1)
1,294   —   —   1,294   1,561   —   —   1,561  
Deferred compensation plan 374   —   —   374   343   —   —   343  
Foreign currency derivative contracts —   7   —   7   —   128   —   128  
Total $ 5,887   $ 1,307   $ —   $ 7,195   $ 10,405   $ 128   $ —   $ 10,533  
Liabilities:
Contingent consideration liability $ —   $ —   $ 271   $ 271   $ —   $ —   $ 206   $ 206  
Deferred compensation plan 374   —   —   374   343   —   —   343  
Foreign currency derivative contracts —   160   —   160   —   3   —   3  
Total $ 374   $ 160   $ 271   $ 805   $ 343   $ 3   $ 206   $ 552  

_______________________________
(1)     Publicly traded equity securities include our investment in Galapagos NV (“Galapagos”) of $ 465  million as of June 30, 2025, which is subject to contractual sale restrictions as described in Note 6. Acquisitions, Collaborations and Other Arrangements.
Level 2 Inputs
Available-for-Sale Debt Securities
For our available-for-sale debt securities, we estimate the fair values by reviewing trading activity and pricing as of the measurement date and by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate the fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs.
12

Foreign Currency Derivative Contracts
Our foreign currency derivative contracts have maturities of 18 months or less and all are with counterparties that have a minimum credit rating of A- or equivalent by S&P Global Ratings, Moody’s Investors Service, Inc. or Fitch Ratings, Inc. We estimate the fair values of these contracts by utilizing an income-based industry standard valuation model for which all significant inputs are observable, either directly or indirectly. These inputs include foreign currency exchange rates, Secured Overnight Financing Rate (“SOFR”) and swap rates. These inputs, where applicable, are observable at commonly quoted intervals.
Level 3 Inputs
Contingent Consideration Liability
In connection with our first quarter 2021 acquisition of MYR GmbH, we are subject to a potential contingent consideration payment of up to € 300 million, subject to customary adjustments, which is revalued each reporting period using probability-weighted scenarios for U.S. Food and Drug Administration (“FDA”) approval of Hepcludex until the related contingency is resolved.
The following table summarizes the change in fair value of our contingent consideration liability:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024
Beginning balance $ 216   $ 222   $ 206   $ 228  
Changes in valuation assumptions (1)
35   ( 10 ) 37   ( 11 )
Effect of foreign exchange remeasurement (2)
20   ( 3 ) 27   ( 8 )
Ending balance (3)
$ 271   $ 208   $ 271   $ 208  

________________________________
(1)     Included in Research and development expenses on our Condensed Consolidated Statements of Operations. The changes primarily related to changes in assumptions around probability.
(2)     Included in Other (income) expense, net on our Condensed Consolidated Statements of Operations.
(3)     Included in Other current liabilities and Other long-term liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively.
Fair Value Level Transfers
There were no transfers between Level 1, Level 2 and Level 3 in the periods presented.
Nonrecurring Fair Value Measurements
During the six months ended June 30, 2025 and 2024, we recorded partial impairment charges of $ 190 million and $ 2.4 billion, respectively, related to certain acquired in-process research and development (“IPR&D”) assets. See Note 7. Intangible Assets for additional information.
Other Fair Value Disclosures
Senior Unsecured Notes
The following table summarizes the total estimated fair value and carrying value of our senior unsecured notes, determined using Level 2 inputs based on their quoted market values:

(in millions) June 30, 2025 December 31, 2024
Fair value $ 21,981   $ 23,335  
Carrying value $ 23,819   $ 25,562  

Liability Related to Future Royalties
We recorded a liability related to future royalties as part of our 2020 acquisition of Immunomedics, Inc., which is subsequently amortized using the effective interest method over the remaining estimated life. The fair value of the liability related to future royalties, determined using Level 3 inputs, was approximately $ 1.0 billion and $ 0.9 billion as of June 30, 2025 and December 31, 2024, respectively, and the carrying value was $ 1.1 billion as of June 30, 2025 and December 31, 2024.
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4.      AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
Available-for-Sale Debt Securities
During the three months ended June 30, 2025, we purchased approximately $ 2.0 billion of marketable debt securities. There were no such balances as of December 31, 2024.
The following table summarizes our available-for-sale debt securities:

June 30, 2025
(in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value
U.S. treasury securities $ 691   $ 1   $ ( 1 ) $ 692  
U.S. government agencies securities 10   —   —   10  
Corporate debt securities 987   4   —   991  
Residential mortgage and asset-backed securities 299   1   —   300  
Total $ 1,987   $ 6   $ ( 1 ) $ 1,992  

The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time:

June 30, 2025
Less Than 12 Months 12 Months or Longer Total
(in millions) Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value
U.S. treasury securities $ ( 1 ) $ 338   $ —   $ —   $ ( 1 ) $ 338  
U.S. government agencies securities —   10   —   —   —   10  
Corporate debt securities —   121   —   —   —   121  
Residential mortgage and asset-backed securities —   51   —   —   —   51  
Total $ ( 1 ) $ 519   $ —   $ —   $ ( 1 ) $ 519  

No allowance for credit losses was recognized for investments with unrealized losses as of June 30, 2025 as the unrealized losses were primarily driven by broader change in interest rates with no adverse conditions identified that would prevent the issuer from making scheduled principal and interest payments. We do not currently intend to sell, and it is not more likely than not that we will be required to sell, such investments before recovery of their amortized cost bases.
The following table summarizes the classification of our available-for-sale debt securities on our Condensed Consolidated Balance Sheets:

(in millions) June 30, 2025
Cash and cash equivalents $ 10  
Short-term marketable debt securities 69  
Long-term marketable debt securities 1,913  
Total $ 1,992  

The following table summarizes our available-for-sale debt securities by contractual maturity:

June 30, 2025
(in millions) Amortized Cost Fair Value
Within one year $ 79   $ 79  
After one year through five years 1,901   1,906  
After five years through ten years 7   7  
After ten years —   —  
Total $ 1,987   $ 1,992  

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Equity Securities
The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets:

(in millions) June 30, 2025 December 31, 2024
Equity securities measured at fair value:
Cash and cash equivalents $ 3,528   $ 8,502  
Prepaid and other current assets 1,310   1,577  
Other long-term assets 358   327  
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets (1)
369   386  
Total $ 5,565   $ 10,791  

________________________________
(1)     Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
For our equity method investments in Galapagos and Arcus Biosciences, Inc. (“Arcus”), we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments. Our investment in Galapagos is subject to certain lock-up provisions as discussed in Note 6. Acquisitions, Collaborations and Other Arrangements and was classified in Prepaid and other current assets as of June 30, 2025 and December 31, 2024 at $ 465  million and $ 462  million, respectively. Our investment in Arcus was classified in Prepaid and other current assets as of June 30, 2025 and December 31, 2024 at $ 256  million and $ 448  million, respectively.
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Condensed Consolidated Statements of Operations:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024
Unrealized (gain) loss, net $ ( 143 ) $ 392   $ 293   $ 412  

5.      DERIVATIVE FINANCIAL INSTRUMENTS
Our operations in foreign countries expose us to market risk associated with foreign currency exchange rate fluctuations between the U.S. dollar and various foreign currencies, primarily the Euro. To manage this risk, we hedge a portion of our foreign currency exposures related to outstanding monetary assets and liabilities as well as forecasted product sales using foreign currency exchange forward contracts. In general, the market risk related to these contracts is offset by corresponding gains and losses on the hedged transactions. The credit risk associated with these contracts is driven by changes in interest and currency exchange rates and, as a result, varies over time. By working only with major banks and closely monitoring current market conditions, we seek to limit the risk that counterparties to these contracts may be unable to perform. We also seek to limit our risk of loss by entering into contracts that permit net settlement at maturity. Therefore, our overall risk of loss in the event of a counterparty default is limited to the amount of any unrealized gains on outstanding contracts (i.e., those contracts that have a positive fair value) at the date of default. We do not enter into derivative contracts for trading purposes.
The derivative instruments we use to hedge our exposures for certain monetary assets and liabilities that are denominated in a non-functional currency are not designated as hedges. The derivative instruments we use to hedge our exposures for forecasted product sales are designated as cash flow hedges and have maturities of 18 months or less.
We held foreign currency exchange contracts with outstanding notional amounts of $ 3.7 billion and $ 2.9 billion as of June 30, 2025 and December 31, 2024, respectively.
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While all our derivative contracts allow us the right to offset assets and liabilities, we have presented amounts on our Condensed Consolidated Balance Sheets on a gross basis. The following table summarizes the classification and fair values of derivative instruments, including the potential effect of offsetting:

June 30, 2025
(in millions) Prepaid and other current assets Other long-term assets Total Derivative Assets Other current liabilities Other long-term liabilities Total Derivative Liabilities
Foreign currency exchange contracts designated as hedges $ 3   $ —   $ 4   $ 129   $ 17   $ 146  
Foreign currency exchange contracts not designated as hedges 3   —   3   14   —   14  
Total derivatives presented gross on the Condensed Consolidated Balance Sheets $ 7   $ 160  

Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments $ ( 7 ) $ ( 7 )
Cash collateral received / pledged —   —  
Net amount (legal offset) $ —   $ 153  

December 31, 2024
(in millions) Prepaid and other current assets Other long-term assets Total Derivative Assets Other current liabilities Other long-term liabilities Total Derivative Liabilities
Foreign currency exchange contracts designated as hedges $ 90   $ 10   $ 100   $ —   $ —   $ —  
Foreign currency exchange contracts not designated as hedges 28   —   28   3   —   3  
Total derivatives presented gross on the Condensed Consolidated Balance Sheets $ 128   $ 3  

Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments $ ( 3 ) $ ( 3 )
Cash collateral received / pledged —   —  
Net amount (legal offset) $ 125   $ —  

The following table summarizes the effect of our derivative contracts on our Condensed Consolidated Financial Statements:

Three Months Ended Six Months Ended
  June 30, June 30,
(in millions) 2025 2024 2025 2024
Derivatives designated as hedges:
Net (loss) gain recognized in Accumulated other comprehensive income $ ( 170 ) $ 32   $ ( 216 ) $ 93  
Net gain reclassified from Accumulated other comprehensive income into Product sales $ 19   $ 5   $ 40   $ 5  
Derivatives not designated as hedges:
Net (loss) gain recognized in Other (income) expense, net $ ( 22 ) $ 30   $ ( 28 ) $ 53  

The majority of gains and losses related to the hedged forecasted transactions reported in Accumulated other comprehensive (loss) income as of June 30, 2025 are expected to be reclassified to Product sales within 12 months. There were no discontinuances of cash flow hedges for the three and six months ended June 30, 2025 and 2024.
The cash flow effects of our derivative contracts for the three and six months ended June 30, 2025 and 2024 were included within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows.
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6.     ACQUISITIONS, COLLABORATIONS AND OTHER ARRANGEMENTS
We enter into acquisitions, licensing and strategic collaborations and other similar arrangements with third parties for the research, development and commercialization of certain products and product candidates. The collaborations involve two or more parties who are active participants in the operating activities of the collaboration and are exposed to significant risks and rewards depending on the commercial success of the activities. The financial terms of these arrangements may include non-refundable upfront payments, expense reimbursements, payments by us for options to acquire certain rights, contingent obligations by us for potential development and regulatory milestone payments and/or sales-based milestone payments, royalty payments, revenue or profit-sharing arrangements, cost-sharing arrangements and equity investments.
Acquisitions
CymaBay
In March 2024, we completed the acquisition of CymaBay Therapeutics, Inc. (“CymaBay”) for total consideration of $ 3.9 billion, net of cash acquired. Upon closing, CymaBay became our wholly-owned subsidiary.
We accounted for this transaction as an asset acquisition since the lead asset, seladelpar, an investigational, oral, peroxisome proliferator-activated receptor delta agonist shown to regulate critical metabolic and liver disease pathways, represented substantially all of the fair value of the gross assets acquired. During the three months ended March 31, 2024, we recorded a $ 3.9 billion charge, representing an acquired IPR&D asset with no alternative future use, to Acquired in-process research and development expenses, as well as share-based compensation expense of $ 133 million related to the cash settlement of unvested CymaBay employee stock awards attributable to post-acquisition services, with $ 67 million being recorded in Research and development expenses and $ 67 million in Selling, general and administrative expenses on our Condensed Consolidated Statements of Operations.
Collaborations and Other Arrangements
Galapagos
In January 2025, we agreed to amend our option, license and collaboration agreement with Galapagos (the “OLCA”) commensurate with Galapagos’ announcement for a possible separation of Galapagos into two entities: a newly to be formed company (to be named at a later date, herein “SpinCo”) with an initial capital allocation of up to approximately € 2.45 billion (approximately $ 2.54 billion as of the time of announcement) and Galapagos. At the time of separation, should it occur, Galapagos’ and our rights and responsibilities under the OLCA would transfer to SpinCo, and Galapagos would gain full global development and commercialization rights to its pipeline, subject to payment of single digit royalties to Gilead on net sales of certain products. As a result of the amendment, Gilead’s ownership stake in Galapagos would be subject to lock-up until December 2025, and upon separation, should it occur, Gilead would hold approximately 25 % of the outstanding shares in both Galapagos and SpinCo and would be subject to a lock-up of Galapagos shares through March 2027 and of SpinCo shares until six months after the separation, subject to certain customary exceptions and early termination provisions. The two Gilead designees appointed to Galapagos’ board of directors would step down upon the separation, should it occur, and Gilead would be entitled to nominate two directors to SpinCo’s board.
In May 2025, however, Galapagos announced that it has decided to re-evaluate the previously proposed separation.
LEO Pharma
In January 2025, we entered into a strategic partnership with LEO Pharma A/S (“LEO Pharma”) to accelerate the development and commercialization of LEO Pharma’s small molecule oral signal transducer and activator of transcription 6 (“STAT6”) programs for the potential treatment of patients with inflammatory diseases. Gilead will have global rights to develop, manufacture, and commercialize the small molecule oral STAT6 program. LEO Pharma will have the option to potentially co-commercialize oral programs for dermatology outside the U.S. LEO Pharma will hold exclusive global rights to STAT6 topical formulations in dermatology. Upon closing of the agreement, we made a $ 250 million upfront payment to LEO Pharma which was charged to Acquired in-process research and development expenses on our Condensed Consolidated Statements of Operations. In addition, LEO Pharma is eligible to receive up to approximately $ 1.5 billion in additional milestone payments and may also receive tiered royalties on sales of oral STAT6 products.
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Arcus
In January 2024, we amended our collaboration agreement with Arcus whereby we acquired approximately 15.2 million additional shares of Arcus common stock at a premium for $ 320 million. We recorded $ 233 million for the fair value of the equity investment in Prepaid and other current assets on our Condensed Consolidated Balance Sheets and $ 87 million for the premium in Other (income) expense, net on our Condensed Consolidated Statements of Operations. As part of the January 2024 amendment, we committed to a $ 100 million continuation fee, which was charged to Acquired in-process research and development expenses on our Condensed Consolidated Statements of Operations and paid later in 2024. Our number of designees on Arcus’ board of directors was also increased to three . As of June 30, 2025, we held 31.4 million shares, or approximately 30 % of the issued and outstanding voting stock of Arcus at the time of our latest purchase of shares.

7.      INTANGIBLE ASSETS
The following table summarizes our Intangible assets, net:

  June 30, 2025 December 31, 2024
(in millions) Gross 
Carrying
Amount Accumulated
Amortization Foreign Currency Translation Adjustment Net
Carrying Amount Gross 
Carrying
Amount Accumulated
Amortization Foreign Currency Translation Adjustment Net
Carrying Amount
Finite-lived assets:
Intangible asset – sofosbuvir $ 10,720   $ ( 8,098 ) $ —   $ 2,622   $ 10,720   $ ( 7,749 ) $ —   $ 2,971  
Intangible asset – axicabtagene ciloleucel
7,110   ( 2,924 ) —   4,186   7,110   ( 2,721 ) —   4,389  
Intangible asset – Trodelvy
11,730   ( 3,623 ) —   8,107   11,730   ( 3,083 ) —   8,647  
Intangible asset – Hepcludex
845   ( 372 ) —   473   845   ( 329 ) —   516  
Other 1,479   ( 1,001 ) 1   479   1,474   ( 940 ) 1   535  
Total finite-lived assets 31,884   ( 16,019 ) 1   15,866   31,879   ( 14,822 ) 1   17,058  
Indefinite-lived assets – IPR&D (1)
2,700   —  —   2,700   2,890   —  —   2,890  
Total intangible assets $ 34,584   $ ( 16,019 ) $ 1   $ 18,566   $ 34,769   $ ( 14,822 ) $ 1   $ 19,948  

_______________________________
(1)     The Indefinite-lived assets – IPR&D balance as of June 30, 2025 was comprised of $ 1.75 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $ 950 million related to bulevirtide. See “2025 Impairment” below for 2025 activity.
Impairment Assessments
No indicators of impairment were noted for the three and six months ended June 30, 2025 and 2024, except as described in “2025 Impairment” and “2024 Impairment” below.
2025 Impairment
During the three months ended June 30, 2025, additional competitive clinical data became available indicating a potentially more competitive market for bulevirtide where it is not yet approved. Based on our evaluation of the data, and in connection with the preparation of the financial statements for the second quarter, we performed an interim impairment test and determined that the revised estimated fair value of the bulevirtide IPR&D intangible asset was below its carrying value. As a result, we recognized a partial impairment charge of $ 190  million in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended June 30, 2025.
To arrive at the revised estimated fair value as of June 30, 2025, we used a probability-weighted income approach that discounts expected future cash flows to present value, which requires the use of Level 3 fair value measurements and inputs, including critical estimated inputs, such as: revenues and operating profits related to the planned utilization of bulevirtide outside of the European Union (“EU”), which includes inputs such as addressable patient population, projected market share, treatment duration, and the life of the potential commercialized product; the probability of technical and regulatory success; the time and resources needed to complete the development and approval of bulevirtide outside of the EU; an appropriate discount rate based on the estimated weighted-average cost of capital for companies with profiles similar to our profile; and risks related to the viability of and potential alternative treatments in any future target markets. We used a discount rate of 8.25 % which is based on the estimated weighted-average cost of capital for companies with profiles similar to ours.
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2024 Impairment
In January 2024, we received data from our Phase 3 EVOKE-01 study of Trodelvy evaluating SG indicating that the study did not meet its primary endpoint of overall survival in previously treated metastatic NSCLC, thus triggering a review for potential impairment of the NSCLC IPR&D intangible asset. Based on our evaluation of the study results and all other data currently available, and in connection with the preparation of the financial statements for the first quarter, we performed an interim impairment test and determined that the revised estimated fair value of the NSCLC IPR&D intangible asset was below its carrying value. As a result, we recognized a partial impairment charge of $ 2.4  billion in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended March 31, 2024.
To arrive at the revised estimated fair value as of March 31, 2024, we used a probability-weighted income approach that discounts expected future cash flows to present value, which requires the use of Level 3 fair value measurements and inputs, including critical estimated inputs, such as: revenues and operating profits related to the planned utilization of SG in NSCLC, which includes inputs such as addressable patient population, projected market share, treatment duration, and the life of the potential commercialized product; the probability of technical and regulatory success; the time and resources needed to complete the development and approval of SG in NSCLC; an appropriate discount rate based on the estimated weighted-average cost of capital for companies with profiles similar to our profile; and risks related to the viability of and potential alternative treatments in any future target markets. We used a discount rate of 7.00 % which is based on the estimated weighted-average cost of capital for companies with profiles similar to ours.

8.      OTHER FINANCIAL INFORMATION
Accounts Receivable, Net
The following table summarizes our Accounts receivable, net:

(in millions) June 30, 2025 December 31, 2024
Accounts receivable $ 5,623   $ 5,319  
Less: allowances for chargebacks 696   759  
Less: allowances for cash discounts and other 95   89  
Less: allowances for credit losses 50   52  
Accounts receivable, net $ 4,781   $ 4,420  

The majority of our trade accounts receivable arises from product sales in the U.S. and Europe.
Inventories
The following table summarizes our Inventories:

(in millions) June 30, 2025 December 31, 2024
Raw materials $ 1,271   $ 1,295  
Work in process 1,039   847  
Finished goods 1,603   1,447  
Total $ 3,913   $ 3,589  
Reported as:
Inventories $ 1,825   $ 1,710  
Other long-term assets (1)
2,087   1,879  
Total $ 3,913   $ 3,589  

_______________________________
(1)     Amounts primarily consist of raw materials.
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Property, Plant and Equipment, Net
The following table summarizes our Property, plant and equipment, net:

(in millions) June 30, 2025 December 31, 2024
Property, plant and equipment $ 8,080   $ 7,884  
Less: accumulated depreciation 2,621   2,470  
Property, plant and equipment, net $ 5,459   $ 5,414  

The following table summarizes Depreciation expense:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024
Depreciation expense $ 93   $ 98   $ 190   $ 192  

Accumulated Other Comprehensive (Loss) Income
The following tables summarize the changes in Accumulated other comprehensive (loss) income by component, net of tax:

(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total
Balance as of March 31, 2025 $ 54   $ —   $ 38   $ 92  
Net unrealized gain (loss), net of income tax expense (benefit) of $ 0 , $ 1 , and $( 21 ), respectively
51   4   ( 149 ) ( 94 )
Gain reclassified to net income, net of income tax expense of $ 0 , $ 0 , and $ 2 , respectively
—   —   ( 16 ) ( 16 )
Other comprehensive income (loss), net 51   4   ( 166 ) ( 111 )
Balance as of June 30, 2025 $ 105   $ 4   $ ( 127 ) $ ( 18 )

(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total
Balance as of December 31, 2024 $ 36   $ —   $ 96   $ 132  
Net unrealized gain (loss), net of income tax expense (benefit) of $ 0 , $ 1 , and $( 27 ), respectively
69   4   ( 189 ) ( 116 )
Gain reclassified to net income, net of income tax expense of $ 0 , $ 0 , and $ 5 , respectively
—   —   ( 35 ) ( 35 )
Other comprehensive income (loss), net 69   4   ( 224 ) ( 150 )
Balance as of June 30, 2025 $ 105   $ 4   $ ( 127 ) $ ( 18 )

(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total
Balance as of March 31, 2024 $ 45   $ —   $ 24   $ 69  
Net unrealized gain, net of income tax expense of $ 0 , $ 0 , and $ 4 , respectively
1   —   28   29  
Gain reclassified to net income, net of income tax expense of $ 0 , $ 0 , and $ 1 , respectively
—   —   ( 5 ) ( 5 )
Other comprehensive income, net 1   —   23   24  
Balance as of June 30, 2024 $ 46   $ —   $ 47   $ 93  

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(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total
Balance as of December 31, 2023 $ 62   $ ( 5 ) $ ( 29 ) $ 28  
Net unrealized (loss) gain, net of income tax expense of $ 0 , $ 0 , and $ 11 , respectively
( 16 ) —   81   65  
Loss (gain) reclassified to net income, net of income tax expense of $ 0 , $ 0 , and $ 1 , respectively
—   5   ( 5 ) —  
Other comprehensive (loss) income, net ( 16 ) 5   77   65  
Balance as of June 30, 2024 $ 46   $ —   $ 47   $ 93  

The following table summarizes the reclassifications out of Accumulated other comprehensive (loss) income and into Net income (loss), including the affected line items from our Condensed Consolidated Statements of Operations:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024 Line Item Affected
Net gain related to cash flow hedges $ 19   $ 5   $ 40   $ 5   Product sales
Net loss related to available-for-sale debt securities $ —   $ —   $ —   $ 5   Other (income) expense, net
Income tax expense $ 2   $ 1   $ 5   $ 1   Income tax expense

Restructuring
During the three and six months ended June 30, 2025 and 2024, we incurred restructuring charges primarily related to reductions in our workforce.
The following table summarizes the affected line items from our Condensed Consolidated Statements of Operations:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024
Research and development expenses $ 6   $ 13   $ 44   $ 63  
Selling, general and administrative expenses 7   8   43   22  
Restructuring charges $ 13   $ 21   $ 88   $ 84  

As of June 30, 2025, we had a remaining liability of $ 92 million on our Condensed Consolidated Balance Sheets associated with restructuring charges, a majority of which we anticipate will be paid in the next 12 months.
Other (Income) Expense, Net
The following table summarizes the components of Other (income) expense, net:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024
(Gain) loss from equity securities, net $ ( 142 ) $ 392   $ 284   $ 405  
Interest income ( 73 ) ( 35 ) ( 166 ) ( 144 )
Other, net 6   ( 1 ) 2   3  
Other (income) expense, net $ ( 208 ) $ 355   $ 120   $ 265  

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9 .     DEBT AND CREDIT FACILITIES
The following table summarizes the carrying amount of our borrowings under various financing arrangements:

(in millions) Carrying Amount
Type of Borrowing Issue Date Maturity Date Interest Rate June 30, 2025 December 31, 2024
Senior Unsecured November 2014 February 2025 3.50 % $ —   $ 1,750  
Senior Unsecured September 2015 March 2026 3.65 % 2,748   2,747  
Senior Unsecured September 2016 March 2027 2.95 % 1,249   1,249  
Senior Unsecured September 2020 October 2027 1.20 % 748   748  
Senior Unsecured November 2024 November 2029 4.80 % 747   746  
Senior Unsecured September 2020 October 2030 1.65 % 996   995  
Senior Unsecured September 2023 October 2033 5.25 % 993   993  
Senior Unsecured November 2024 June 2035 5.10 % 991   991  
Senior Unsecured September 2015 September 2035 4.60 % 994   994  
Senior Unsecured September 2016 September 2036 4.00 % 744   744  
Senior Unsecured September 2020 October 2040 2.60 % 989   989  
Senior Unsecured December 2011 December 2041 5.65 % 997   997  
Senior Unsecured March 2014 April 2044 4.80 % 1,738   1,738  
Senior Unsecured November 2014 February 2045 4.50 % 1,735   1,735  
Senior Unsecured September 2015 March 2046 4.75 % 2,224   2,224  
Senior Unsecured September 2016 March 2047 4.15 % 1,730   1,730  
Senior Unsecured September 2020 October 2050 2.80 % 1,479   1,479  
Senior Unsecured September 2023 October 2053 5.55 % 988   988  
Senior Unsecured November 2024 November 2054 5.50 % 989   989  
Senior Unsecured November 2024 November 2064 5.60 % 739   738  
Total senior unsecured notes 23,819   25,562  
Liability related to future royalties 1,127   1,148  
Total debt, net 24,946   26,710  
Less: Current portion of long-term debt, net 2,806   1,815  
Total Long-term debt, net $ 22,140   $ 24,896  

Senior Unsecured Notes
We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of June 30, 2025, we were not in violation of any covenants. In February 2025, we repaid $ 1.75 billion of principal balance related to our senior unsecured notes due at maturity.
Revolving Credit Facility
As of June 30, 2025 and December 31, 2024, there were no amounts outstanding under our $ 2.5 billion revolving credit facility maturing in June 2029, and we were in compliance with all covenants.
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10 .     COMMITMENTS AND CONTINGENCIES
Legal Proceedings
We are a party to various legal actions. Certain significant matters are described below. We recognize accruals for such actions to the extent that we conclude that a loss is both probable and reasonably estimable. We accrue for the best estimate of a loss within a range; however, if no estimate in the range is better than any other, then we accrue the minimum amount in the range. If we determine that a material loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss. Unless otherwise noted, the outcome of these matters either is not expected to be material or is not possible to determine such that we cannot reasonably estimate the maximum potential exposure or the range of possible loss. As of June 30, 2025, we did not have any material accruals for the matters described herein. As of December 31, 2024, we had approximately $ 242 million of accruals on our Condensed Consolidated Balance Sheets for the matters described herein, with approximately $ 200 million accrued for a settlement with the U.S. Attorney’s Office for the Southern District of New York that we entered into in April 2025 and paid during the three months ended June 30, 2025.
Litigation with Generic Manufacturers
As part of the approval process for some of our products, FDA granted us a New Chemical Entity (“NCE”) exclusivity period during which other manufacturers’ applications for approval of generic versions of our products will not be approved. Generic manufacturers may challenge the patents protecting products that have been granted NCE exclusivity one year prior to the end of the NCE exclusivity period. Generic manufacturers have sought and may continue to seek FDA approval for a similar or identical drug through an abbreviated new drug application (“ANDA”), the application form typically used by manufacturers seeking approval of a generic drug. The sale of generic versions of our products prior to their patent expiration would have a significant negative effect on our revenues and results of operations. To seek approval for a generic version of a product having NCE status, a generic company may submit its ANDA to FDA four years after the branded product’s approval.
Starting in March 2022, we received letters from Lupin Ltd. (“Lupin”), Laurus Labs (“Laurus”) and Cipla Ltd. (“Cipla”), indicating that they have submitted ANDAs to FDA requesting permission to market and manufacture generic versions of the adult dosage strength of Biktarvy. Lupin, Laurus, and Cipla have challenged the validity of four of the six patents listed in the Orange Book as associated with Biktarvy. We filed a lawsuit against Lupin, Laurus and Cipla in May 2022 in the U.S. District Court of Delaware and intend to enforce and defend our intellectual property. Additionally, in November 2023, we received a letter from Cipla indicating that it has submitted an ANDA to FDA requesting permission to market and manufacture a generic version of the pediatric dosage strength of Biktarvy. Cipla challenged the validity of two of the patents listed in the Orange Book as associated with Biktarvy. We filed a separate lawsuit against Cipla in December 2023 in the U.S. District Court of Delaware. This lawsuit has been consolidated with the first lawsuit, with a single trial scheduled for October 2025. In October 2024, Cipla separately filed a petition at the U.S. Patent & Trademark Office (“USPTO”) for inter partes review of one of the patents at issue in District Court litigation. In May 2025, the USPTO denied Cipla’s petition.
In June 2025, we received a letter from Aspiro Pharma Ltd. (“Aspiro”), indicating that it had submitted an ANDA to FDA to request permission to market and manufacture a generic version of Veklury. Aspiro challenges six of the sixteen patents listed in the Orange Book for Veklury as not valid or not infringed by Aspiro’s proposed ANDA product. In July 2025, we filed a lawsuit against Aspiro in the U.S. District Court of New Jersey. We intend to enforce and defend our intellectual property.
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Antitrust and Consumer Protection
We, along with Bristol-Myers Squibb Company (“BMS”), Johnson & Johnson, Inc. (“Johnson & Johnson”), and Teva Pharmaceutical Industries Ltd. (“Teva”) have been named as defendants in class action lawsuits filed in 2019 and 2020 related to various drugs used to treat HIV, including drugs used in combination antiretroviral therapy. Plaintiffs allege that we (and the other defendants) engaged in various conduct to restrain competition in violation of federal and state antitrust laws and state consumer protection laws. The lawsuits, which have been consolidated, are pending in the U.S. District Court for the Northern District of California. The lawsuits seek to bring claims on behalf of direct purchasers consisting largely of wholesalers and indirect or end-payor purchasers, including health insurers and individual patients. Plaintiffs seek damages, permanent injunctive relief and other relief. In the second half of 2021 and first half of 2022, several plaintiffs consisting of retail pharmacies, individual health plans and United Healthcare, filed separate lawsuits effectively opting out of the class action cases, asserting claims that are substantively the same as the classes. These cases have been coordinated with the class actions. In March 2023, the District Court granted our motion to hold separate trials as to (i) the allegations against us and Teva seeking monetary damages relating to Truvada and Atripla (“Phase I”) and (ii) the allegations against us and, in part, Johnson & Johnson, seeking monetary damages and injunctive relief relating to Complera (“Phase II”). In May 2023, we settled claims with the direct purchaser class and the retailer opt-out plaintiffs for $ 525 million, which we paid in the second half of 2023. The settlement agreements are not an admission of liability or fault by us. In June 2023, the jury returned a complete verdict in Gilead’s favor on the remaining plaintiffs’ Phase I allegations. In November 2023, the court denied plaintiffs’ motion to set aside the verdict, and in February 2024, the court entered final judgment on the Phase I verdict and certain summary judgment rulings. In September 2024, plaintiffs filed their opening appellate briefs challenging the Phase I verdict and those summary judgment rulings. We filed our responsive briefs in January 2025. Plaintiffs filed their reply briefs in March 2025. Oral argument is scheduled for October 2025. The court has stayed Phase II pending the appeal of Phase I. While we intend to vigorously oppose the appeal and defend against the Phase II claims, we cannot predict the ultimate outcome. If plaintiffs are successful in their appeal or Phase II claims, we could be required to pay monetary damages or could be subject to permanent injunctive relief in favor of plaintiffs.
In January 2022, we, along with BMS and Janssen Products, L.P., were named as defendants in a lawsuit filed in the Superior Court of the State of California, County of San Mateo, by Aetna, Inc. on behalf of itself and its affiliates and subsidiaries that effectively opts the Aetna plaintiffs out of the above class actions. The allegations are substantively the same as those in the class actions. The Aetna plaintiffs seek damages, permanent injunctive relief and other relief. In March 2024, the court denied our motion for judgment on the pleadings to preclude Aetna from re-litigating claims that were dismissed at summary judgment in the above class action cases. We filed a writ petition appealing the denial of our motion for judgment on the pleadings, which the appellate court denied in May 2024. In April 2024, the court granted our motion to bifurcate the case to adjudicate the issue of preclusion before litigating the merits of the case. In July 2024, Aetna filed a request to voluntarily dismiss two of its claims with prejudice, which the court subsequently granted, leaving only the claims related to Truvada and Atripla. In September 2024, Aetna filed an amended complaint with respect to these claims. In October 2024, we filed a demurrer and motion to strike plaintiff’s claims. In April 2025, the court overruled the demurrer and stated in its order that an immediate appeal is warranted. In June 2025, we filed a writ petition to the Court of Appeal, which has been fully briefed and is pending before the court. Trial has been scheduled for October 2026.
In February 2021, we, along with BMS and Teva, were named as defendants in a lawsuit filed in the First Judicial District Court for the State of New Mexico, County of Santa Fe by the New Mexico Attorney General. The New Mexico Attorney General alleges that we (and the other defendants) restrained competition in violation of New Mexico antitrust and consumer protection laws. The New Mexico Attorney General seeks damages, permanent injunctive relief and other relief. We moved to dismiss the case based on lack of personal jurisdiction and, in July 2023, the New Mexico Supreme Court remanded the case back to the trial court for limited jurisdictional discovery.
We intend to vigorously defend ourselves in these actions, however, we cannot predict the ultimate outcome. If plaintiffs are successful in their claims, we could be required to pay significant monetary damages or could be subject to permanent injunctive relief awarded in favor of plaintiffs, which may result in a material, adverse effect on our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable.
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Product Liability
We have been named as a defendant in one putative class action lawsuit and various product liability lawsuits related to Viread, Truvada, Atripla, Complera and Stribild. Plaintiffs allege that Viread, Truvada, Atripla, Complera and/or Stribild caused them to experience kidney, bone and/or tooth injuries. The lawsuits, which are pending in state or federal court in California and Missouri, involve approximately 23,000 active plaintiffs. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. The first bellwether trial in California state court was scheduled to begin in October 2022 but is currently stayed pending the conclusion of appellate proceedings in the California Supreme Court. In the California federal case, Gilead agreed to make a one-time payment of approximately $ 39 million to a group of plaintiffs (approximately 2,470 plaintiffs). The federal court set a trial date of March 2027 for the first bellwether trial of the remaining cases. In the putative class action pending in Missouri, the court has scheduled a hearing for August 2025 on, among other things, whether to grant the plaintiffs’ motion to certify a class action. We intend to vigorously defend ourselves in these actions, however, we cannot predict the ultimate outcome. If plaintiffs are successful in their claims, we could be required to pay significant monetary damages, which may result in a material, adverse effect on our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable.
Government Investigation
In 2017, we received a subpoena from the U.S. Attorney’s Office for the Southern District of New York requesting documents related to our promotional speaker programs for HIV. In April 2025, we entered into a settlement agreement to resolve the government’s investigation.
Qui Tam Litigation
A former sales employee filed a qui tam lawsuit against Gilead in March 2017 in U.S. District Court for the Eastern District of Pennsylvania. Following the government’s decision not to intervene in the suit, the case was unsealed in December 2020. The lawsuit alleges that certain of Gilead’s hepatitis C virus (“HCV”) sales and marketing activities and donations to an independent charitable foundation violated the federal False Claims Act and various state false claims acts. The lawsuit seeks all available relief under these statutes.
Health Choice Advocates, LLC (“Health Choice”) filed a qui tam lawsuit against Gilead in May 2020 in Texas state court. The lawsuit alleged that Gilead violated the Texas Medicare Fraud Prevention Act (“TMFPA”) through our clinical educator programs for Sovaldi and Harvoni and our HCV and HIV patient support programs. The lawsuit sought all available relief under the TMFPA. Health Choice voluntarily dismissed the case without prejudice in August 2023, and commenced a new action in October 2023, asserting largely identical allegations and claims. In the newly filed action, the Texas Attorney General has intervened as a plaintiff.
We intend to vigorously defend ourselves in these actions, however, we cannot predict the ultimate outcomes. If any of these plaintiffs are successful in their claims, we could be required to pay significant monetary damages, which may result in a material, adverse effect on our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable.
Other Matters
We are a party to various legal actions that arose in the ordinary course of our business. We do not believe that it is probable or reasonably possible that these other legal actions will have a material adverse impact on our consolidated financial position, results of operations or cash flows.
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11.      EARNINGS (LOSS) PER SHARE
The following table shows the calculation of Basic and Diluted earnings (loss) per share attributable to Gilead:

  Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except per share amounts) 2025 2024 2025 2024
Net income (loss) attributable to Gilead $ 1,960   $ 1,614   $ 3,275   $ ( 2,556 )
Shares used in basic earnings (loss) per share attributable to Gilead calculation 1,245   1,247   1,246   1,247  
Dilutive effect of equity-based awards 10   4   12   —  
Shares used in diluted earnings (loss) per share attributable to Gilead calculation 1,255   1,251   1,257   1,247  

Basic earnings (loss) per share attributable to Gilead $ 1.57   $ 1.29   $ 2.63   $ ( 2.05 )
Diluted earnings (loss) per share attributable to Gilead $ 1.56   $ 1.29   $ 2.61   $ ( 2.05 )

Potential shares of common stock excluded from the computation of Diluted earnings (loss) per share attributable to Gilead because their effect would have been antidilutive were 7  million and 5 million for the three and six months ended June 30, 2025, respectively, and 22 million and 19 million for the three and six months ended June 30, 2024, respectively.

12.      INCOME TAXES
The following table summarizes our Income tax expense:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except percentages) 2025 2024 2025 2024
Income (loss) before income taxes $ 2,429   $ 2,053   $ 4,077   $ ( 2,433 )
Income tax expense $ 468   $ 438   $ 802   $ 123  
Effective tax rate 19.3   % 21.4   % 19.7   % ( 5.1 ) %

Our effective income tax rate of 19.3 % for the three months ended June 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to favorable changes in the fair value of our equity securities that are non-taxable for income tax purposes, tax benefits from stock-based compensation and a decrease in foreign deferred tax liabilities associated with the $ 190 million bulevirtide IPR&D intangible asset impairment charge.
Our effective income tax rate of 19.7 % for the six months ended June 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to tax benefits from stock-based compensation.
Our effective income tax rate of 21.4 % for the three months ended June 30, 2024 differed from the U.S. federal statutory rate of 21% primarily due to unfavorable changes in the fair value of our equity securities that are non-deductible for income tax purposes, partially offset by a settlement with a tax authority.
Our effective income tax rate of ( 5.1 )% for the six months ended June 30, 2024 differed from the U.S. federal statutory rate of 21% primarily due to $ 3.9 billion of non-deductible acquired IPR&D expense recorded in connection with our acquisition of CymaBay, partially offset by a decrease in state deferred tax liabilities associated with the $ 2.4 billion NSCLC IPR&D intangible asset impairment charge and settlements with tax authorities.
Our income tax returns are subject to audit by federal, state and foreign tax authorities. We are currently under examination by the Internal Revenue Service for our 2019 to 2021 tax years. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues on the timing and amount of deductions and allocations of income among various tax jurisdictions. We periodically evaluate our exposures associated with our tax filing positions.
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13.     SEGMENT INFORMATION
We have one operating segment which primarily focuses on the discovery, development and commercialization of innovative medicines in areas of unmet medical need. Our Chief Executive Officer, as the chief operating decision-maker (“CODM”), manages and allocates resources to the operations of our company on an entity-wide basis, using Net income (loss) attributable to Gilead as the primary performance measure. Managing and allocating resources on this basis enables our CODM to assess the overall level of resources available and how to best deploy these resources across functions and research and development (“R&D”) projects based on unmet medical need, scientific data, probability of technical and regulatory successful development, market potential and other considerations, and, as necessary, reallocate resources among our internal R&D portfolio and external opportunities to best support the long-term growth of our business. Our CODM is regularly provided with entity-wide expense categories similar to those found on our Condensed Consolidated Statements of Operations, as well as the following:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions) 2025 2024 2025 2024
Selling and marketing expenses $ 864   $ 805   $ 1,617   $ 1,548  
General and administrative expenses 501   572   1,006   1,204  
Selling, general and administrative expenses $ 1,365   $ 1,377   $ 2,623   $ 2,752  

Asset information is not regularly provided to the CODM for assessing performance and allocating resources other than consolidated cash, cash equivalents and marketable debt securities, which can be found on our Condensed Consolidated Balance Sheets.
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Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis is intended to provide material information around events and uncertainties known to management that are relevant to an assessment of the financial condition and results of operations of Gilead and should therefore be read in conjunction with our audited Consolidated Financial Statements and the related notes thereto and other disclosures included as part of our Annual Report on Form 10-K for the year ended December 31, 2024 and our unaudited Condensed Consolidated Financial Statements for the three and six months ended June 30, 2025 and the related notes thereto and other disclosures (including the disclosures under Part II, Item 1A. Risk Factors) included in this Quarterly Report on Form 10-Q.

Management Overview
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”), cancer and inflammation. We operate in more than 35 countries worldwide, with headquarters in Foster City, California.
Key Business Updates
The following represents a summary of notable business updates and events since the filing of our Annual Report on Form 10-K for the year ended December 31, 2024, including certain items from our press releases, which readers are encouraged to review in full as available on our website at www.gilead.com. The content on the referenced website does not constitute a part of and is not incorporated by reference into this Quarterly Report on Form 10-Q.
Virology
• Received U.S. Food and Drug Administration (“FDA”) approval for Yeztugo (lenacapavir) for pre-exposure prophylaxis (“PrEP”) to reduce the risk of sexually acquired HIV in adults and adolescents weighing at least 35kg. Yeztugo is the first and only twice-yearly HIV PrEP option available in the U.S.
• Received a positive opinion under accelerated review from the European Medicines Agency’s Committee for Medicinal Products for Human Use (“CHMP”) recommending lenacapavir for use as PrEP to reduce the risk of sexually acquired HIV-1 in adults and adolescents with increased HIV-1 acquisition risk. We also received a positive EU-Medicines for All opinion from the CHMP, which will facilitate national regulatory evaluations in low- and lower-middle-income countries.
• Announced that FDA had placed a clinical hold on the HIV treatment trials of GS-1720 and/or GS-4182, including the WONDERS-1 and WONDERS-2 trials. These drug candidates are investigational and not approved anywhere globally.
Oncology
• Announced positive topline results from the Phase 3 ASCENT-03 trial evaluating Trodelvy in patients with 1L metastatic triple-negative breast cancer (“mTNBC”) who are not candidates for PD-1/PD-L1 checkpoint inhibitors. Additionally, presented results from the Phase 3 ASCENT-04 trial evaluating Trodelvy plus Keytruda in 1L PD-L1+ mTNBC at the American Society of Clinical Oncology (“ASCO”) meeting. Trodelvy is not approved in either of these settings.
• Entered into an exclusive option and license agreement with Kymera Therapeutics, Inc. to develop novel oral molecular glue CDK2 degraders with broad oncology treatment potential.
Inflammation
• Received conditional marketing authorization from the European Commission for seladelpar for the treatment of primary biliary cholangitis (“PBC”) in combination with ursodeoxycholic acid (“UDCA”) in adults who have an inadequate response to UDCA alone, or as monotherapy in those unable to tolerate UDCA.
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Key Financial Results
The following table summarizes our key financial results for the period and period-over-period changes:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except percentages and per share amounts) 2025 2024 Change 2025 2024 Change
Total revenues $ 7,082  $ 6,954  2  % $ 13,749  $ 13,640  1  %
Net income (loss) attributable to Gilead $ 1,960  $ 1,614  21  % $ 3,275  $ (2,556) NM
Diluted earnings (loss) per share attributable to Gilead $ 1.56  $ 1.29  21  % $ 2.61  $ (2.05) NM

_______________________________
NM - Not Meaningful
Total revenues increased 2% to $7.1 billion for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to higher HIV, Livdelzi and Trodelvy sales, partially offset by lower chronic hepatitis C virus (“HCV”) and Veklury sales.
Total revenues increased 1% to $13.7 billion for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to higher HIV and Livdelzi sales, partially offset by lower Veklury and HCV sales.
Net income attributable to Gilead was $2.0 billion and diluted earnings per share attributable to Gilead was $1.56 for the three months ended June 30, 2025, compared to net income attributable to Gilead of $1.6 billion and diluted earnings per share attributable to Gilead of $1.29 for the same period in 2024. The increase was primarily due to:
• Net unrealized gains on equity securities compared to net unrealized losses in 2024; and
• Higher product sales; partially offset by
• A pre-tax in-process research and development (“IPR&D”) partial impairment charge of $190 million related to IPR&D assets acquired from MYR GmbH (“MYR”); and
• Higher research and development (“R&D”) expenses.
Net income attributable to Gilead was $3.3 billion and diluted earnings per share attributable to Gilead was $2.61 for the six months ended June 30, 2025, compared to net loss attributable to Gilead of $2.6 billion and diluted loss per share attributable to Gilead of $2.05 for the same period in 2024. The increase was primarily due to:
• A $3.9 billion acquired IPR&D expense related to the acquisition of CymaBay Therapeutics, Inc. (“CymaBay”) during the three months ended March 31, 2024, which did not repeat; and
• A pre-tax IPR&D partial impairment charge of $2.4 billion during the three months ended March 31, 2024 related to Trodelvy IPR&D assets acquired from Immunomedics, Inc., which did not repeat; partially offset by
• Higher income tax expense.
Please refer to “Results of Operations” below for further information on results for the three and six months ended June 30, 2025.
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Results of Operations
Revenues
The following table summarizes our Total revenues and period-over-period changes:

Three Months Ended June 30, 2025 Three Months Ended June 30, 2024
(in millions, except percentages) U.S. Europe Rest of World Total U.S. Europe Rest of World Total Change
Product sales:
HIV
Biktarvy $ 2,799  $ 429  $ 302  $ 3,530  $ 2,585  $ 370  $ 277  $ 3,232  9  %
Descovy 601  24  28  653  434  25  26  485  35  %
Genvoya 322  40  16  377  372  45  23  440  (14) %
Odefsey 221  66  11  298  233  72  10  315  (5) %
Symtuza - Revenue share (1)
88  33  3  124  131  34  3  168  (26) %
Other HIV (2)
65  33  9  107  65  25  15  105  2  %
Total HIV 4,096  624  368  5,088  3,821  571  353  4,745  7  %

Liver Disease
Sofosbuvir/Velpatasvir (3)
184  81  76  342  267  84  126  476  (28) %
Vemlidy 122  13  117  252  117  11  115  243  4  %
Other Liver Disease (4)
106  76  19  201  47  47  19  113  77  %
Total Liver Disease 413  170  211  795  431  142  259  832  (4) %

Veklury 51  19  50  121  76  53  85  214  (44) %

Oncology
Cell Therapy
Tecartus 41  41  9  92  63  37  7  107  (14) %
Yescarta 162  154  77  393  186  169  58  414  (5) %
Total Cell Therapy 203  196  86  485  250  206  66  521  (7) %

Trodelvy 224  96  44  364  224  69  26  320  14  %
Total Oncology 427  291  131  849  474  275  92  841  1  %

Other
AmBisome 7  65  56  129  17  69  65  151  (14) %
Other (5)
44  8  21  73  98  8  24  130  (44) %
Total Other 52  73  77  202  115  77  88  280  (28) %
Total product sales 5,038  1,178  838  7,054  4,916  1,118  878  6,912  2  %
Royalty, contract and other revenues 13  10  4  27  25  15  1  41  (34) %
Total revenues $ 5,051  $ 1,189  $ 842  $ 7,082  $ 4,941  $ 1,133  $ 879  $ 6,954  2  %

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Six Months Ended June 30, 2025 Six Months Ended June 30, 2024
(in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total Change
Product sales:
HIV
Biktarvy $ 5,272  $ 804  $ 603  $ 6,679  $ 4,900  $ 735  $ 542  $ 6,177  8  %
Descovy 1,139  45  55  1,239  805  51  55  911  36  %
Genvoya 627  79  35  741  704  95  44  843  (12) %
Odefsey 436  123  20  579  457  148  21  626  (7) %
Symtuza - Revenue share (1)
170  62  6  238  236  67  6  309  (23) %
Other HIV (2)
115  63  19  198  125  70  27  222  (11) %
Total HIV 7,760  1,177  738  9,675  7,226  1,167  695  9,088  6  %

Liver Disease
Sofosbuvir/Velpatasvir (3)
351  161  175  687  515  163  203  881  (22) %
Vemlidy 222  24  257  504  212  22  233  467  8  %
Other Liver Disease (4)
175  152  35  362  89  94  38  221  64  %
Total Liver Disease 748  338  467  1,553  816  279  474  1,569  (1) %

Veklury 250  41  132  423  391  123  255  769  (45) %

Oncology
Cell Therapy
Tecartus 82  72  17  171  118  73  16  207  (18) %
Yescarta 321  304  154  779  357  327  110  794  (2) %
Total Cell Therapy 403  376  171  949  475  400  126  1,001  (5) %

Trodelvy 405  171  81  657  429  137  62  628  5  %
Total Oncology 808  547  252  1,606  904  537  188  1,629  (1) %

Other
AmBisome 13  132  123  268  31  139  124  294  (9) %
Other (5)
91  16  35  143  156  18  36  209  (32) %
Total Other 104  149  158  410  188  156  160  504  (19) %
Total product sales 9,669  2,251  1,747  13,668  9,525  2,262  1,772  13,559  1  %
Royalty, contract and other revenues 49  21  10  81  49  30  2  81  1  %
Total revenues $ 9,719  $ 2,273  $ 1,757  $ 13,749  $ 9,574  $ 2,292  $ 1,774  $ 13,640  1  %

_______________________________
(1)     Represents our revenue from cobicistat (“C”), emtricitabine (“FTC”) and tenofovir alafenamide (“TAF”) in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company.
(2)     Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, Truvada, Tybost and Yeztugo.
(3)     Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC (“Asegua”).
(4)     Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Hepsera, Livdelzi/Lyvdelzi, Sovaldi, Viread and Vosevi.
(5)     Includes Cayston, Jyseleca, Letairis and Zydelig.
HIV
HIV product sales increased 7% to $5.1 billion for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to higher demand and higher average realized price, inclusive of the U.S. Medicare Part D program redesign impact. In particular:
• Biktarvy sales increased 9% primarily due to higher demand, including patients switching from Genvoya and other Gilead HIV products; and
• Descovy sales increased 35% primarily due to higher average realized price and higher demand.
HIV product sales increased 6% to $9.7 billion for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to higher demand and higher average realized price, inclusive of the U.S. Medicare Part D program redesign impact. In particular:
• Biktarvy sales increased 8% primarily due to higher demand, including patients switching from Genvoya and other Gilead HIV products; and
• Descovy sales increased 36% primarily due to higher average realized price and higher demand.
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Liver Disease
Liver Disease product sales decreased 4% to $795 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to lower average realized price, inclusive of the U.S. Medicare Part D program redesign impact, and demand for HCV products. This decrease was partially offset by higher demand for Livdelzi, Hepcludex and chronic hepatitis B virus (“HBV”) products.
Liver Disease product sales decreased 1% to $1.6 billion for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to lower average realized price, inclusive of the U.S. Medicare Part D program redesign impact, and demand for HCV products. This decrease was partially offset by higher demand for Livdelzi, HBV products and Hepcludex.
Veklury
Veklury product sales decreased 44% to $121 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to lower rates of COVID-19-related hospitalizations.
Veklury product sales decreased 45% to $423 million for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to lower rates of COVID-19-related hospitalizations.
Oncology
Cell Therapy
Cell Therapy product sales decreased 7% to $485 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to lower demand reflecting ongoing competitive headwinds, partially offset by higher average realized price.
Cell Therapy product sales decreased 5% to $949 million for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to lower demand reflecting ongoing competitive headwinds, partially offset by higher average realized price.
Trodelvy
Trodelvy product sales increased 14% to $364 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to higher demand and inventory dynamics.
Trodelvy product sales increased 5% to $657 million for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to higher demand.
Foreign Currency Exchange Impact
We generally face exposure to movements in foreign currency exchange rates, primarily in the Euro. We use foreign currency exchange contracts to hedge a portion of our foreign currency exposures.
Approximat ely 27% and 26% of our product sales were denominated in foreign currencies during the three months ended June 30, 2025 and 2024, respectively. Foreign currency exchange, net of hedges, had a favorable impact on our total product sales of $41 million for the three months ended June 30, 2025, based on a comparison using foreign currency exchange rates from the three months ended June 30, 2024.
Approximately 27% and 28% of our product sales were denominated in foreign currencies during the six months ended June 30, 2025 and 2024, respectively. Foreign currency exchange, net of hedges, had an unfavorable impact on our total product sales of $39 million for the six months ended June 30, 2025, based on a comparison using foreign currency exchange rates from the six months ended June 30, 2024.
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Costs and Expenses
The following table summarizes our costs and expenses and period-over-period changes:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Cost of goods sold $ 1,501  $ 1,544  (3) % $ 3,041  $ 3,096  (2) %
Product gross margin 78.7  % 77.7  % 106 bps 77.7  % 77.2  % 58 bps
Research and development expenses $ 1,491  $ 1,351  10  % $ 2,870  $ 2,871  —  %
Acquired in-process research and development expenses $ 61  $ 38  61  % $ 315  $ 4,169  (92) %
In-process research and development impairments $ 190  $ —  NM $ 190  $ 2,430  (92) %
Selling, general and administrative expenses $ 1,365  $ 1,377  (1) % $ 2,623  $ 2,752  (5) %

_______________________________
NM - Not Meaningful
Product Gross Margin
Product gross margin increased to 78.7% for the three months ended June 30, 2025, compared to the same period in 2024, primarily driven by product mix.
Product gross margin remained relatively flat for the six months ended June 30, 2025, compared to the same period in 2024.
Research and Development Expenses
Research and development expenses consist primarily of personnel costs including salaries, benefits and stock-based compensation expense, infrastructure, materials and supplies and other support costs, research and clinical studies performed by contract research organizations and our collaboration partners and other outside services.
We manage these expenses by identifying the research and development (“R&D”) activities we expect to be performed during a given period and then prioritizing efforts based on scientific data, probability of successful technical development and regulatory approval, market potential, available human and capital resources and other considerations. We regularly review our R&D activities based on unmet medical need and, as necessary, reallocate resources among our internal R&D portfolio and external opportunities that we believe will best support the long-term growth of our business. We do not track total R&D expenses by product candidate, therapeutic area or development phase.
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The following table provides a breakout of expenses by major cost type:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Personnel, infrastructure and other support costs $ 855  $ 830  3  % $ 1,709  $ 1,793  (5) %
Clinical studies and other costs 636  520  22  % 1,160  1,077  8  %
Research and development expenses $ 1,491  $ 1,351  10  % $ 2,870  $ 2,871  —  %

Research and development expenses increased 10% to $1.5 billion for the three months ended June 30, 2025, compared to the same period in 2024. Personnel, infrastructure and other support costs remained relatively flat. Clinical studies and other costs increased primarily due to higher spend on clinical manufacturing and studies as well as fair value adjustments to the MYR-related contingent consideration.
Research and development expenses remained relatively flat for the six months ended June 30, 2025, compared to the same period in 2024. Personnel, infrastructure and other support costs decreased primarily due to the impact of stock-based compensation expenses and other integration costs related to the acquisition of CymaBay during the six months ended June 30, 2024, which did not repeat, as well as lower restructuring costs. Clinical studies and other costs increased primarily due to fair value adjustments to the MYR-related contingent consideration and higher spend related to new and progressing clinical studies.
Acquired In-Process Research and Development Expenses
Acquired in-process research and development expenses are recorded when incurred and reflect costs of externally-developed IPR&D projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use, including upfront and pre-commercialization milestone payments related to various collaborations and the costs of rights to IPR&D projects.
Acquired in-process research and development expenses were $61 million for the three months ended June 30, 2025. Acquired in-process research and development expenses were $315 million for the six months ended June 30, 2025, primarily related to $250 million associated with the LEO Pharma A/S collaboration in January 2025.
Acquired in-process research and development expenses were $38 million for the three months ended June 30, 2024. Acquired in-process research and development expenses were $4.2 billion for the six months ended June 30, 2024, primarily related to $3.9 billion associated with the CymaBay acquisition in March 2024 and $100 million associated with the Arcus Biosciences, Inc. collaboration amendment in January 2024.
See Note 6. Acquisitions, Collaborations and Other Arrangements of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
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In-Process Research and Development Impairment
2025 Impairment
During the three months ended June 30, 2025, additional competitive clinical data became available indicating a potentially more competitive market for bulevirtide where it is not yet approved. Based on our evaluation of the data, and in connection with the preparation of the financial statements for the second quarter, we performed an interim impairment test and determined that the revised estimated fair value of the bulevirtide IPR&D intangible asset was below its carrying value. As a result, we recognized a partial impairment charge of $190 million in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended June 30, 2025.
To arrive at the revised estimated fair value as of June 30, 2025, we used a probability-weighted income approach that discounts expected future cash flows to present value, which requires the use of Level 3 fair value measurements and inputs, including critical estimated inputs, such as: revenues and operating profits related to the planned utilization of bulevirtide outside of the European Union (“EU”), which includes inputs such as addressable patient population, projected market share, treatment duration, and the life of the potential commercialized product; the probability of technical and regulatory success; the time and resources needed to complete the development and approval of bulevirtide outside of the EU; an appropriate discount rate based on the estimated weighted-average cost of capital for companies with profiles similar to our profile; and risks related to the viability of and potential alternative treatments in any future target markets. Our revised discounted cash flows for the June 30, 2025 fair value estimation primarily reflected the updated expectations for bulevirtide’s potential market share outside of the EU.
2024 Impairment
In January 2024, we received data from our Phase 3 EVOKE-01 study of Trodelvy evaluating sacituzumab govitecan-hziy (“SG”) indicating that the study did not meet its primary endpoint of overall survival in previously treated metastatic non-small cell lung cancer (“NSCLC”), thus triggering a review for potential impairment of the NSCLC IPR&D intangible asset. Based on our evaluation of the study results and all other data currently available, and in connection with the preparation of the financial statements for the first quarter, we performed an interim impairment test and determined that the revised estimated fair value of the NSCLC IPR&D intangible asset was below its carrying value. As a result, we recognized a partial impairment charge of $2.4 billion in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended March 31, 2024.
To arrive at the revised estimated fair value as of March 31, 2024, we used a probability-weighted income approach that discounts expected future cash flows to present value, which requires the use of Level 3 fair value measurements and inputs, including critical estimated inputs, such as: revenues and operating profits related to the planned utilization of SG in NSCLC, which includes inputs such as addressable patient population, projected market share, treatment duration, and the life of the potential commercialized product; the probability of technical and regulatory success; the time and resources needed to complete the development and approval of SG in NSCLC; an appropriate discount rate based on the estimated weighted-average cost of capital for companies with profiles similar to our profile; and risks related to the viability of and potential alternative treatments in any future target markets. Our revised discounted cash flows for the March 31, 2024 fair value estimation primarily reflected the smaller addressable market that Trodelvy could serve among metastatic NSCLC patients and a delay in expected launch timing for second-line plus patients.
If future events result in adverse changes in the key assumptions used in determining fair value, including the timing of product launches, information on the competitive landscape of treatments in this indication, changes to the probability of technical or regulatory success, failure to obtain anticipated regulatory approval or discount rate, among others, additional impairments may be recorded and could be material to our financial statements.
Selling, General and Administrative Expenses
Selling, general and administrative expenses are recorded when incurred and consist primarily of personnel costs, facilities and overhead costs, and selling, marketing and advertising expenses, as well as other general and administrative costs related to finance, human resources, legal and other administrative activities.
The following table summarizes our Selling, general and administrative expenses and period-over-period changes:
Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Selling and marketing expenses $ 864  $ 805  7  % $ 1,617  $ 1,548  4  %
General and administrative expenses 501  572  (12) % 1,006  1,204  (16) %
Selling, general and administrative expenses $ 1,365  $ 1,377  (1) % $ 2,623  $ 2,752  (5) %

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Selling, general and administrative expenses remained relatively flat for the three months ended June 30, 2025, compared to the same period in 2024. Selling and marketing expenses increased mainly due to higher promotional and outside service expenses as well as higher compensation costs. General and administrative expenses decreased mainly due to lower spend on corporate initiatives.
Selling, general and administrative expenses decreased 5% to $2.6 billion for the six months ended June 30, 2025, compared to the same period in 2024. Selling and marketing expenses increased mainly due to higher promotional expenses. General and administrative expenses decreased mainly due to lower spend on corporate initiatives as well as stock-based compensation expenses related to the acquisition of CymaBay during the six months ended June 30, 2024, which did not repeat.
Interest Expense and Other (Income) Expense, Net
The following table summarizes our Interest expense and Other (income) expense, net and period-over-period changes:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Interest expense $ 254  $ 237  7  % $ 513  $ 491  5  %
Other (income) expense, net $ (208) $ 355  NM $ 120  $ 265  (55) %
(Gain) loss from equity securities, net $ (142) $ 392  NM $ 284  $ 405  (30) %
Interest income $ (73) $ (35) NM $ (166) $ (144) 16  %
Other, net $ 6  $ (1) NM $ 2  $ 3  (44) %

_______________________________
NM - Not Meaningful
Interest expense increased slightly for the three and six months ended June 30, 2025, compared to the same periods in 2024, primarily due to higher debt balances and higher weighted-average interest rates on the debt.
Favorable movements in Other (income) expense, net for the three months ended June 30, 2025, compared to the same period in 2024, primarily related to net unrealized gains from equity securities compared to net unrealized losses in 2024 as well as higher interest income.
Favorable movements in Other (income) expense, net for the six months ended June 30, 2025, compared to the same period in 2024, primarily related to lower net unrealized losses from equity securities and higher interest income.
Income Taxes
The following table summarizes our Income tax expense and period-over-period changes:

Three Months Ended Six Months Ended
June 30, June 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Income (loss) before income taxes $ 2,429  $ 2,053  18  % $ 4,077  $ (2,433) NM
Income tax expense $ 468  $ 438  7  % $ 802  $ 123  NM
Effective tax rate 19.3  % 21.4  % -207 bps 19.7  % (5.1) % NM

_______________________________
NM - Not Meaningful
Our effective tax rate decreased for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to favorable changes in the fair value of our equity securities that are non-taxable for income tax purposes, partially offset by a settlement with a tax authority during the second quarter of 2024.
Our effective tax rate increased for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to the non-deductible acquired IPR&D expense recorded in connection with our first quarter 2024 acquisition of CymaBay, partially offset by tax benefits from stock-based compensation.
In July 2025, the U.S. enacted tax reform legislation through the One Big Beautiful Bill (“OBBB”) Act. Included in this legislation are provisions that restored immediate expensing of domestic R&D expenditures and certain capital expenditures and modified the U.S. taxation of profits derived from foreign operations. The legislation’s provisions have varying effective dates, some of which begin in 2025. While we are still assessing the full impact of the new legislation, we do not expect it to have a material impact on our result of operations.
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Liquidity and Capital Resources
We regularly analyze our ability to generate and obtain adequate amounts of cash to meet our short-term and long-term requirements and plans. Our capital priorities include: (i) investing in our business and R&D pipeline, (ii) continuing select partnerships and business development transactions, (iii) growing our dividend over time, and (iv) repurchasing shares to offset dilution and opportunistically reduce share count. Based on our evaluation of our current position of liquidity, available capital resources and our material cash requirements, we believe that we can satisfy our capital needs for the next 12 months and the foreseeable future.
Liquidity
Cash and cash equivalents were $5.1 billion and marketable debt securities were $2.0 billion as of June 30, 2025. The table below summarizes our cash flow activities, followed by our analysis of changes and trends:

Six Months Ended
June 30,
(in millions, except percentages) 2025 2024 Change
Net cash provided by (used in):
Operating activities $ 2,584  $ 3,544  (27) %
Investing activities (2,531) (2,514) 1  %
Financing activities (4,993) (4,314) 16  %
Effect of exchange rate changes on cash and cash equivalents 92  (29) NM
Net change in cash and cash equivalents $ (4,848) $ (3,313) 46  %

_______________________________
NM - Not Meaningful
Operating Activities
Net cash provided by operating activities is our primary source of funds, driven mainly by collections on product sales, partially offset by operating spend. Changes in working capital balances, generally associated with the timing of collections and payments, as well as unanticipated payments related to litigation, taxes or other matters, may create some variation in any given year. Net cash provided by operating activities decreased for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to higher income tax payments as well as higher operating payments, partially due to timing, and higher inventory purchases. During the six months ended June 30, 2025, we paid the final $1.3 billion federal income tax payment for transition tax on the mandatory deemed repatriation of foreign earnings related to the Tax Cuts and Jobs Act.
As a result of the OBBB Act, we anticipate a reduction in income tax payments for the remainder of the year ending December 31, 2025.
Investing Activities
Net cash used in investing activities remained relatively flat for the six months ended June 30, 2025, compared to the same period in 2024. During the six months ended June 30, 2025, we utilized cash primarily for purchases of marketable debt securities. Net cash used in investing activities for the six months ended June 30, 2024 primarily related to the $3.9 billion net cash payment for the CymaBay acquisition and purchases of equity securities, partially offset by proceeds from the liquidation of marketable debt securities. Net cash used in investing activities may vary in any given year depending on the favorability of strategic opportunities for the business.
Financing Activities
The change in Net cash used in financing activities for the six months ended June 30, 2025, compared to the same period in 2024, was due mostly to higher common stock repurchases. During the six months ended June 30, 2025, we utilized cash of $2.0 billion for dividend payments, $1.8 billion for repayment of debt and $1.3 billion for common stock repurchases. During the six months ended June 30, 2024, we utilized cash of $2.0 billion for dividend payments, $1.9 billion for repayment of debt and other obligations, and $500 million for common stock repurchases. Net cash used in financing activities may vary in any given year depending primarily on the timing of debt repayments and proceeds from debt offerings and the amount of common stock repurchases.
In August 2025, we announced that our Board of Directors declared a quarterly dividend of $0.79 per share of our common stock, with a payment date of September 29, 2025 to all stockholders of record as of the close of business on September 15, 2025. Future dividends are subject to declaration by our Board of Directors.
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Capital Resources
A summary of our capital resources and material cash requirements is presented in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Other than as disclosed in the Liquidity section above and in Notes 4. Available-for-Sale Debt Securities and Equity Securities, 6. Acquisitions, Collaborations and Other Arrangements, 9. Debt and Credit Facilities, 10. Commitments and Contingencies and 12. Income Taxes of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, there were no material changes to our capital resources and material cash requirements during the six months ended June 30, 2025.

Critical Accounting Estimates
A summary of our critical accounting estimates is presented in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. Other than as disclosed in Notes 2. Revenues, 7. Intangible Assets, 10. Commitments and Contingencies and 12. Income Taxes of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, there were no material changes to our critical accounting estimates during the six months ended June 30, 2025.

Information Available on Our Website
Our company website is www.gilead.com. We routinely post important information for investors in the “Investors” section of our website, https://investors.gilead.com. Among other things, an estimate of Acquired IPR&D expenses is expected to be made available on the Quarterly Results page within the first ten days after the end of each quarter. The content on the referenced websites does not constitute a part of and is not incorporated by reference into this Quarterly Report on Form 10-Q.

Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Information about our market risk is presented in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024. Other than as disclosed in Notes 3. Fair Value Measurements, 4. Available-for-Sale Debt Securities and Equity Securities, 5. Derivative Financial Instruments and 9. Debt and Credit Facilities of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, there were no material changes to these disclosures.

Item 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
An evaluation as of June 30, 2025 was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our “disclosure controls and procedures,” which are defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as controls and other procedures of a company that are designed to ensure that the information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in U.S. Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2025.
Changes in Internal Control over Financial Reporting
Our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated any changes in our internal control over financial reporting during the quarter ended June 30, 2025, to identify any change that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. In August 2023, we began deploying a new enterprise resource planning system (“ERP”) as well as other related systems. We have made changes to our internal control over financial reporting to address the related processes and systems. We will continue to evaluate any further changes in our internal control over financial reporting over the course of the implementation of the new ERP and other related systems, which is scheduled to occur in phases over the next few years.
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Limitations on the Effectiveness of Controls
A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected. Accordingly, our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met and, as set forth above, our Chief Executive Officer and Chief Financial Officer have concluded, based on their evaluation as of the end of the period covered by this report, that our disclosure controls and procedures were effective to provide reasonable assurance that the objectives of our disclosure control system were met.
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PART II.    OTHER INFORMATION

Item 1.      LEGAL PROCEEDINGS
For a description of our significant pending legal proceedings, please see Note 10. Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.