SEC EDGAR · 10-Q

10-Q – 2025-11-07 – gild-20250930.htm

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Omsättning

Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 55
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,” “expe | 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
Revenues: | Product sales $ 7,345 $ 7,515 $ 21,013 $ 21,074 | Royalty, contract and other revenues 424 30 505 111
Purchases of marketable debt securities ( 2,557 ) ( 244 ) | Proceeds from sales of marketable debt securities 514 2,265 | Proceeds from maturities of marketable debt securities 32 327
(in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total | Product sales: | HIV
Odefsey 206 61 10 277 248 69 9 326 | Symtuza - Revenue share (1) | 95 26 3 124 103 33 3 139
Total Other 36 76 72 184 53 80 68 201 | Total product sales 5,274 1,144 928 7,345 5,433 1,154 928 7,515 | Royalty, contract and other revenues 7 411 5 424 17 13 1 30
Odefsey 642 184 30 857 705 217 30 952 | Symtuza - Revenue share (1) | 265 88 9 362 338 101 9 448

Rörelseresultat

Total costs and expenses 4,442 6,657 13,480 21,975 | Operating income (loss) 3,327 888 8,038 ( 790 ) | Interest expense 256 238 769 728

Periodens resultat

Income tax expense (benefit) 589 ( 297 ) 1,391 ( 174 ) | Net income (loss) 3,052 1,253 6,327 ( 1,303 ) | Net income attributable to noncontrolling interest — — — —
Net income (loss) 3,052 1,253 6,327 ( 1,303 ) | Net income attributable to noncontrolling interest — — — — | Net income (loss) attributable to Gilead $ 3,052 $ 1,253 $ 6,327 $ ( 1,303 )
Net income attributable to noncontrolling interest — — — — | Net income (loss) attributable to Gilead $ 3,052 $ 1,253 $ 6,327 $ ( 1,303 )
(in millions) 2025 2024 2025 2024 | Net income (loss): $ 3,052 $ 1,253 $ 6,327 $ ( 1,303 ) | Other comprehensive income (loss), net of reclassifications and taxes:
Balance as of June 30, 2025 1,242 $ 1 $ 8,367 $ ( 18 ) $ 11,325 $ ( 84 ) $ 19,590 | Net income — — — — 3,052 — 3,052 | Other comprehensive income, net — — — 55 — — 55
Balance as of December 31, 2024 1,246 $ 1 $ 7,700 $ 132 $ 11,497 $ ( 84 ) $ 19,246 | Net income — — — — 6,327 — 6,327 | Other comprehensive loss, net — — — ( 96 ) — — ( 96 )
Balance as of June 30, 2024 1,246 $ 1 $ 7,022 $ 93 $ 11,165 $ ( 84 ) $ 18,197 | Net income — — — — 1,253 — 1,253 | Other comprehensive loss, net — — — ( 20 ) — — ( 20 )
Operating Activities: | Net income (loss) $ 6,327 $ ( 1,303 ) | Adjustments to reconcile Net income (loss) to Net cash provided by operating activities:

Resultat per aktie

Total revenues increased 2% to $21.5 billion for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to higher HIV and Liver Disease product sales, as well as higher royalty, contract and other revenues. These increases were partially offset mainly by lower Veklury and Cell Therapy product sales. | Net income attributable to Gilead was $3.1 billion and diluted earnings per share attributable to Gilead was $2.43 for the three months ended September 30, 2025, compared to net income attributable to Gilead of $1.3 billion and diluted earnings per share attributable to Gilead of $1.00 for the same period in 2024. The increase was primarily due to: | • A pre-tax in-process research and development (“IPR&D”) partial impairment charge of $1.8 billion during the three months ended September 30, 2024 related to assets acquired by Gilead from Immunomedics, Inc. (“Immunomedics”), which did not repeat in the current period;
• Higher income tax expense. | Net income attributable to Gilead was $6.3 billion and diluted earnings per share attributable to Gilead was $5.04 for the nine months ended September 30, 2025, compared to net loss attributable to Gilead of $1.3 billion and diluted loss per share attributable to Gilead of $1.04 for the same period in 2024. The increase was primarily due to: | • Lower pre-tax IPR&D partial impairment charges, with $190 million during the nine months ended September 30, 2025 related to assets acquired from MYR GmbH (“MYR”) compared to $4.2 billion during the nine months ended September 30, 2024 related to assets acquired from Immunomedics;
(46) 10.26* Form of performance share award agreement – Adjusted EPS Growth Goals (U.S.) under 2022 Equity Incentive Plan (for grants commencing in 2025)

Kassaflöde

Net gain on available-for-sale debt securities 3 — 7 5 | Net gain (loss) on cash flow hedges 51 ( 74 ) ( 173 ) 3 | Other comprehensive income (loss), net 55 ( 20 ) ( 96 ) 45
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 our operations is offset by corresponding gains | 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 $ 3.3 billion and $ 2.9 billion as of September 30, 2025 and December 31, 2024, respectively.
Approximately $ 81 million of net gains related to the hedged forecasted transactions reported in Accumulated other comprehensive income as of September 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 nine months ended September 30, 2025 and 2024. | The cash flow effects of our derivative contracts for the three and nine months ended September 30, 2025 and 2024 were included within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows.
Approximately $ 81 million of net gains related to the hedged forecasted transactions reported in Accumulated other comprehensive income as of September 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 nine months ended September 30, 2025 and 2024. | The cash flow effects of our derivative contracts for the three and nine months ended September 30, 2025 and 2024 were included within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows. | 16
(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total | 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
(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total | Balance as of June 30, 2024 $ 46 $ — $ 47 $ 93
(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total | Balance as of December 31, 2023 $ 62 $ ( 5 ) $ ( 29 ) $ 28

Likvida medel

Current assets: | Cash and cash equivalents $ 7,330 $ 9,991 | Short-term marketable debt securities 19 —
Net cash used in financing activities ( 6,482 ) ( 5,693 ) | Effect of exchange rate changes on cash and cash equivalents 87 15 | Net change in cash and cash equivalents ( 2,661 ) ( 1,049 )
Effect of exchange rate changes on cash and cash equivalents 87 15 | Net change in cash and cash equivalents ( 2,661 ) ( 1,049 ) | Cash and cash equivalents at beginning of period 9,991 6,085
Net change in cash and cash equivalents ( 2,661 ) ( 1,049 ) | Cash and cash equivalents at beginning of period 9,991 6,085 | Cash and cash equivalents at end of period $ 7,330 $ 5,037
Cash and cash equivalents at beginning of period 9,991 6,085 | Cash and cash equivalents at end of period $ 7,330 $ 5,037
Equity securities measured at fair value: | Cash and cash equivalents $ 5,745 $ 8,502 | Prepaid and other current assets:
Liquidity | Cash and cash equivalents were $7.3 billion and marketable debt securities were $2.0 billion as of September 30, 2025. The table below summarizes our cash flow activities, followed by our analysis of changes and trends:
Financing activities (6,482) (5,693) 14 % | Effect of exchange rate changes on cash and cash equivalents 87 15 NM | Net change in cash and cash equivalents $ (2,661) $ (1,049) NM

Nettoskuld

Net income (loss) $ 6,327 $ ( 1,303 ) | Adjustments to reconcile Net income (loss) to Net cash provided by operating activities:
Accrued and other liabilities 401 ( 197 ) | Net cash provided by operating activities 6,692 7,853 | Investing Activities:
Other investing activities, net ( 9 ) 23 | Net cash used in investing activities ( 2,958 ) ( 3,224 ) | Financing Activities:
Other financing activities, net ( 377 ) ( 234 ) | Net cash used in financing activities ( 6,482 ) ( 5,693 ) | Effect of exchange rate changes on cash and cash equivalents 87 15
Approximately $ 81 million of net gains related to the hedged forecasted transactions reported in Accumulated other comprehensive income as of September 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 nine months ended September 30, 2025 and 2024. | The cash flow effects of our derivative contracts for the three and nine months ended September 30, 2025 and 2024 were included within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows. | 16
(in millions, except percentages) 2025 2024 Change | Net cash provided by (used in): | Operating activities $ 6,692 $ 7,853 (15) %
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 nine months ended September 30, 2025, compared to the | As a result of the One Big Beautiful Bill Act and an October 2025 settlement with a tax authority related to a prior year legal entity restructuring, we do not anticipate making material income tax payments for the remainder of the year ending December 31, 2025.
Investing Activities | Net cash used in investing activities decreased for the nine months ended September 30, 2025, compared to the same period in 2024. During the nine months ended September 30, 2025, we utilized cash primarily for purchases of marketable debt securities and upfront payments related to collaborations. During the nine months ended September 30, 2024, we utilized cash primarily for the $3.9 billion CymaBay acquisition and purchases of equity securities, partially offset by cash received from the liqui | In October 2025, we closed an agreement to acquire all outstanding shares of Interius for approximately $350 million in cash consideration, which was paid in the fourth quarter 2025.

Eget kapital

Condensed Consolidated Statements of Stockholders’ Equity | 6
Total assets $ 58,533 $ 58,995 | Liabilities and Stockholders’ Equity | Current liabilities:
Stockholders’ equity: | Preferred stock, par value $ 0.001 per share; 5 shares authorized; no ne outstanding
Retained earnings 12,825 11,497 | Total Gilead stockholders’ equity 21,540 19,330 | Noncontrolling interest ( 84 ) ( 84 )
Noncontrolling interest ( 84 ) ( 84 ) | Total stockholders’ equity 21,456 19,246 | Total liabilities and stockholders’ equity $ 58,533 $ 58,995
Total stockholders’ equity 21,456 19,246 | Total liabilities and stockholders’ equity $ 58,533 $ 58,995
GILEAD SCIENCES, INC. | CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | (unaudited)
Three Months Ended September 30, 2025 | (in millions, except per share amounts) Gilead Stockholders' Equity Noncontrolling | Interest Total

Antal aktier

Yes ☐ No x | Number of shares outstanding of the issuer’s common stock, par value $0.001 per share, as of October 31, 2025: 1,240,679,623
In the first quarter of 2020, our Board of Directors authorized a $5.0 billion stock repurchase program (“2020 Program”) under which we started repurchases in December 2022. In the third quarter of 2025, our Board of Directors authorized a $6.0 billion stock repurchase program (“2025 Program”) which will commence upon the completion of the 2020 Program. | Both the 2020 Program and 2025 Program have no fixed expiration, and purchases under these programs may be made in the open market or in privately negotiated transactions, but do not obligate us to repurchase any specific number of shares and may be amended, suspended or discontinued at any time. | The table below summarizes our stock repurchase activity for the three months ended September 30, 2025:
Total Number of Shares Purchased (in thousands) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs (in thousands) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs (in millions) | July 1 - July 31, 2025 1,369 $ 111.90 1,323 $ 7,320
_______________________________ | (1) The difference between the total number of shares purchased and the total number of shares purchased as part of a publicly announced program is due to shares of common stock withheld by us from employee restricted stock awards in order to satisfy applicable tax withholding obligations.

Antal anställda

In addition, government price reporting and payment regulations are complex, and we are continually assessing the methods by which we calculate and report pricing in accordance with these obligations. Our methodologies for calculations are inherently subject to assumptions and may be subject to review and challenge by various government agencies, which may disagree with our interpretation. If the government disagrees with our reported calculations, we may need to restate previously reported data | There also continues to be enhanced scrutiny of company-sponsored patient assistance programs, including co-pay assistance programs and manufacturer donations to third-party charities that provide such assistance. There has also been enhanced scrutiny by governments on reimbursement support offerings and other patient support offerings, clinical education programs and promotional speaker programs. Despite our training and compliance program, our internal control policies and procedures may not p | For a description of our government investigations and related litigation, see Note 10. Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
If we are found to infringe the valid patents of third parties, we may be required to pay significant monetary damages or we may be prevented from commercializing products or may be required to obtain licenses from these third parties. We may not be able to obtain alternative technologies or any required license on commercially reasonable terms or at all. If we fail to obtain these licenses or alternative technologies, we may be unable to develop or commercialize some or all of our products. For | Furthermore, we also rely on unpatented trade secrets and improvements, unpatented internal know-how and technological innovation. We protect these rights mainly through confidentiality agreements with our corporate partners, employees, consultants and vendors. We cannot be certain that these parties will comply with these confidentiality agreements, that we have adequate remedies for any breach or that our trade secrets, internal know-how or technological innovation will not otherwise become kn | 49
Our business has been, and may in the future be, adversely affected by outbreaks of epidemic, pandemic or contagious diseases. | Actual or threatened outbreaks of epidemic, pandemic or contagious diseases, or other public health emergencies, may significantly disrupt our global operations and adversely affect our business, financial condition and results of operations. As seen during the COVID-19 pandemic, outbreaks can result in global supply chain and logistics disruptions and distribution constraints. The impact of an outbreak or other public health crisis on our results of operations and financial condition would depe | We face risks associated with our global operations.
• Anti-Bribery: We are subject to the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws that govern our international operations with respect to payments to government officials. Our international operations are heavily regulated and require significant interaction with foreign officials. We operate in parts of the world that have experienced governmental corruption to some degree. In certain circumstances, strict compliance with anti-bribery laws may conflict with local | Other risks inherent in conducting a global business include:
Our aspirations, goals and disclosures related to corporate responsibility matters expose us to numerous risks, including risks to our reputation and stock price. | We are subject to evolving and sometimes conflicting investor and other stakeholder expectations concerning corporate responsibility matters, such as environmental sustainability and climate change and related targets or performance. These expectations and standards are varied and evolving, and may be inconsistent with our current practices. It is not possible for our practices to satisfy all investors and stakeholders, and our reputation, our ability to attract or retain employees and our attra | We depend on relationships with third parties for sales and marketing performance, technology, development, logistics and commercialization of products. Failure to maintain these relationships, poor performance by these companies or disputes with these third parties could negatively impact our business.
Due to the specialized and technical nature of our business, the failure to attract, develop and retain highly qualified personnel could adversely impact us. | Our future success will depend in large part on our continued ability to attract, develop and retain highly qualified scientific, technical and management personnel, as well as personnel with expertise in clinical testing, governmental regulation and commercialization. Our ability to do so also depends in part on how well we maintain a strong workplace culture that is attractive to employees. In addition, competition for qualified personnel in the biopharmaceutical field is intense, and there is | The failure to successfully implement or upgrade enterprise resource planning and other information systems could adversely impact our business and results of operations.
personnel, training and financial resources, and entails risks to our business operations. If we do not successfully implement ERP and other information systems improvements, or if there are delays or difficulties in implementing these systems, we may not realize anticipated productivity improvements or cost efficiencies, and we may experience operational difficulties and challenges in effectively managing our business, all of which could result in quality issues, reputational harm, lost market | For example, we are currently in the process of implementing new ERP and other information systems to help us manage our operations and financial reporting. Costs and risks inherent in this transition may include disruptions to business continuity, administrative and technical problems, interruptions or delays in sales, manufacturing or R&D processes, expenditure overruns, delays in paying our suppliers and employees, and data migration issues. If we do not properly address or mitigate these iss | Information system service interruptions or breaches, including significant cybersecurity incidents, could give rise to legal liability and regulatory action under data protection and privacy laws and adversely affect our business and operations.
Information system service interruptions or breaches, including significant cybersecurity incidents, could give rise to legal liability and regulatory action under data protection and privacy laws and adversely affect our business and operations. | We are dependent upon information technology systems, infrastructure and data. For example, our Kite Konnect platform is critical to maintain chain of identity and chain of custody for our cell therapies. The multitude and complexity of our computer systems make them inherently vulnerable to service interruption or destruction, including those caused by failures during system upgrades or implementations, user error, network or hardware failure, malicious intrusion and ransomware attack. Likewise | Cybersecurity attacks and incidents are increasing in their frequency, sophistication and intensity. Malicious actors seek to steal money, gain unauthorized access to, destroy or manipulate data, and disrupt operations, and some of their attacks may not be recognized or discovered until after a significant period of time well after initial entry into the environment, such as novel or zero-day attacks that are launched before patches are available and defenses can be readied. Malicious actors are

Bruttomarginal

Cost of goods sold $ 1,569 $ 1,574 — % $ 4,610 $ 4,670 (1) % | Product gross margin 78.6 % 79.1 % -42 bps 78.1 % 77.8 % 22 bps | Research and development expenses $ 1,346 $ 1,395 (4) % $ 4,215 $ 4,266 (1) %
Product Gross Margin | Product gross margin was 78.6% and 78.1% for the three and nine months ended September 30, 2025, respectively, and remained relatively flat compared to the same periods in 2024.
Product Gross Margin | Product gross margin was 78.6% and 78.1% for the three and nine months ended September 30, 2025, respectively, and remained relatively flat compared to the same periods in 2024. | Research and Development Expenses

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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 September 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 October 31, 2025: 1,240,679,623

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
29

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
39

Item 4.
Controls and Procedures
39

PART II.
OTHER INFORMATION
41

Item 1.
Legal Proceedings
41

Item 1A.
Risk Factors
41

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
55

Item 3.
Defaults Upon Senior Securities
55

Item 4.
Mine Safety Disclosures
55

Item 5.
Other Information
55

Item 6.
Exhibits
55

SIGNATURES
60

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 ® /YEYTUO ® 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, changes in U.S. trade policies, including tariffs, and U.S. government shutdowns; expectations regarding any impairment charges related to our Phase 3 ASCENT-07 study; 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) September 30, 2025 December 31, 2024
Assets    
Current assets:    
Cash and cash equivalents $ 7,330   $ 9,991  
Short-term marketable debt securities 19   —  
Accounts receivable, net 5,095   4,420  
Inventories 1,785   1,710  
Prepaid and other current assets 3,645   3,052  
Total current assets 17,874   19,173  
Property, plant and equipment, net 5,500   5,414  
Long-term marketable debt securities 2,005   —  
Intangible assets, net 17,970   19,948  
Goodwill 8,314   8,314  
Deferred tax assets 1,998   2,378  
Other long-term assets 4,873   3,769  
Total assets $ 58,533   $ 58,995  
Liabilities and Stockholders’ Equity    
Current liabilities:    
Accounts payable $ 808   $ 833  
Accrued rebates 4,931   3,892  
Current portion of long-term debt, net 2,806   1,815  
Other current liabilities 3,752   5,464  
Total current liabilities 12,298   12,004  
Long-term debt, net 22,135   24,896  
Long-term income taxes payable 866   830  
Deferred tax liabilities 597   724  
Other long-term liabilities 1,182   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 8,678   7,700  
Accumulated other comprehensive income 36   132  
Retained earnings 12,825   11,497  
Total Gilead stockholders’ equity 21,540   19,330  
Noncontrolling interest ( 84 ) ( 84 )
Total stockholders’ equity 21,456   19,246  
Total liabilities and stockholders’ equity $ 58,533   $ 58,995  

See accompanying notes.
3

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

  Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except per share amounts) 2025 2024 2025 2024
Revenues:
Product sales $ 7,345   $ 7,515   $ 21,013   $ 21,074  
Royalty, contract and other revenues 424   30   505   111  
Total revenues 7,769   7,545   21,518   21,185  
Costs and expenses:
Cost of goods sold 1,569   1,574   4,610   4,670  
Research and development expenses 1,346   1,395   4,215   4,266  
Acquired in-process research and development expenses 170   505   485   4,674  
In-process research and development impairments —   1,750   190   4,180  
Selling, general and administrative expenses 1,357   1,433   3,980   4,184  
Total costs and expenses 4,442   6,657   13,480   21,975  
Operating income (loss) 3,327   888   8,038   ( 790 )
Interest expense 256   238   769   728  
Other (income) expense, net ( 569 ) ( 306 ) ( 449 ) ( 41 )
Income (loss) before income taxes 3,641   956   7,718   ( 1,477 )
Income tax expense (benefit) 589   ( 297 ) 1,391   ( 174 )
Net income (loss) 3,052   1,253   6,327   ( 1,303 )
Net income attributable to noncontrolling interest —   —   —   —  
Net income (loss) attributable to Gilead $ 3,052   $ 1,253   $ 6,327   $ ( 1,303 )

Basic earnings (loss) per share attributable to Gilead $ 2.46   $ 1.00   $ 5.08   $ ( 1.04 )
Diluted earnings (loss) per share attributable to Gilead $ 2.43   $ 1.00   $ 5.04   $ ( 1.04 )

Shares used in basic earnings (loss) per share attributable to Gilead calculation 1,243   1,247   1,245   1,247  
Shares used in diluted earnings (loss) per share attributable to Gilead calculation 1,254   1,254   1,256   1,247  

See accompanying notes.
4

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

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024
Net income (loss): $ 3,052   $ 1,253   $ 6,327   $ ( 1,303 )
Other comprehensive income (loss), net of reclassifications and taxes:
Net gain on foreign currency translation —   54   70   38  
Net gain on available-for-sale debt securities 3   —   7   5  
Net gain (loss) on cash flow hedges 51   ( 74 ) ( 173 ) 3  
Other comprehensive income (loss), net 55   ( 20 ) ( 96 ) 45  
Comprehensive income (loss), net 3,107   1,233   6,232   ( 1,258 )
Comprehensive income attributable to noncontrolling interest, net —   —   —   —  
Comprehensive income (loss) attributable to Gilead, net $ 3,107   $ 1,233   $ 6,232   $ ( 1,258 )

See accompanying notes.
5

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

Three Months Ended September 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 (Loss) Income Retained
Earnings
Shares Amount
Balance as of June 30, 2025 1,242   $ 1   $ 8,367   $ ( 18 ) $ 11,325   $ ( 84 ) $ 19,590  
Net income —  —  —  —  3,052   —  3,052  
Other comprehensive income, net —  —  —  55   —  —  55  
Issuances under employee stock purchase plan 1   —  61   —  —  —  61  
Issuances under equity incentive plans 4   —  34   —  —  —  34  
Stock-based compensation —  —  231   —  —  —  231  
Repurchases of common stock under repurchase programs ($ 113.25 average price per share)
( 4 ) —  ( 16 ) —  ( 419 ) —  ( 435 )
Repurchases of common stock for employee tax withholding under equity incentive plans and other ( 1 ) —  —  —  ( 137 ) —  ( 137 )
Dividends declared ($ 0.79 per share)
—  —  —  —  ( 995 ) —  ( 995 )
Balance as of September 30, 2025 1,242   $ 1   $ 8,678   $ 36   $ 12,825   $ ( 84 ) $ 21,456  

Nine Months Ended September 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 Retained
Earnings
Shares Amount
Balance as of December 31, 2024 1,246   $ 1   $ 7,700   $ 132   $ 11,497   $ ( 84 ) $ 19,246  
Net income —  —  —  —  6,327   —  6,327  
Other comprehensive loss, net —  —  —  ( 96 ) —  —  ( 96 )
Issuances under employee stock purchase plan 2   —  143   —  —  —  143  
Issuances under equity incentive plans 13   —  233   —  —  —  233  
Stock-based compensation —  —  668   —  —  —  668  
Repurchases of common stock under repurchase programs ($ 106.13 average price per share)
( 16 ) —  ( 66 ) —  ( 1,626 ) —  ( 1,692 )
Repurchases of common stock for employee tax withholding under equity incentive plans and other ( 3 ) —  —  —  ( 378 ) —  ( 378 )
Dividends declared ($ 2.37 per share)
—  —  —  —  ( 2,996 ) —  ( 2,996 )
Balance as of September 30, 2025 1,242   $ 1   $ 8,678   $ 36   $ 12,825   $ ( 84 ) $ 21,456  

See accompanying notes.
6

Three Months Ended September 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 June 30, 2024 1,246   $ 1   $ 7,022   $ 93   $ 11,165   $ ( 84 ) $ 18,197  
Net income —  —  —  —  1,253   —  1,253  
Other comprehensive loss, net —  —  —  ( 20 ) —  —  ( 20 )
Issuances under employee stock purchase plan 1   —  58   —  —  —  58  
Issuances under equity incentive plans 4   —  45   —  —  —  45  
Stock-based compensation —  —  216   —  —  —  216  
Repurchases of common stock under repurchase programs ($ 76.30 average price per share)
( 4 ) —  ( 15 ) —  ( 285 ) —  ( 300 )
Repurchases of common stock for employee tax withholding under equity incentive plans and other ( 1 ) —  —  —  ( 82 ) —  ( 82 )
Dividends declared ($ 0.77 per share)
—  —  —  —  ( 977 ) —  ( 977 )
Balance as of September 30, 2024 1,246   $ 1   $ 7,327   $ 73   $ 11,073   $ ( 84 ) $ 18,390  

Nine Months Ended September 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 —  —  —  —  ( 1,303 ) —  ( 1,303 )
Other comprehensive income, net —  —  —  45   —  —  45  
Issuances under employee stock purchase plan 2   —  139   —  —  —  139  
Issuances under equity incentive plans 12   —  115   —  —  —  115  
Stock-based compensation —  —  613   —  —  —  613  
Repurchases of common stock under repurchase programs ($ 75.23 average price per share)
( 11 ) —  ( 40 ) —  ( 760 ) —  ( 800 )
Repurchases of common stock for employee tax withholding under equity incentive plans and other ( 3 ) —  —  —  ( 232 ) —  ( 232 )
Dividends declared ($ 2.31 per share)
—  —  —  —  ( 2,935 ) —  ( 2,935 )
Balance as of September 30, 2024 1,246   $ 1   $ 7,327   $ 73   $ 11,073   $ ( 84 ) $ 18,390  

See accompanying notes.
7

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

Nine Months Ended
September 30,
(in millions) 2025 2024
Operating Activities:
Net income (loss) $ 6,327   $ ( 1,303 )
Adjustments to reconcile Net income (loss) to Net cash provided by operating activities:

Depreciation expense 280   286  
Amortization expense 1,793   1,788  
Stock-based compensation expense 664   613  
Deferred income taxes 282   ( 1,465 )
Net (gain) loss from equity securities ( 198 ) 148  
Acquired in-process research and development expenses 485   4,674  
In-process research and development impairments 190   4,180  
Other, net 213   294  
Changes in operating assets and liabilities:
Accounts receivable, net ( 546 ) 67  
Inventories ( 913 ) ( 200 )
Prepaid expenses and other ( 275 ) ( 113 )
Accounts payable ( 37 ) 348  
Income tax assets and liabilities, net ( 1,974 ) ( 1,268 )
Accrued and other liabilities 401   ( 197 )
Net cash provided by operating activities 6,692   7,853  
Investing Activities:
Purchases of marketable debt securities ( 2,557 ) ( 244 )
Proceeds from sales of marketable debt securities 514   2,265  
Proceeds from maturities of marketable debt securities 32   327  
Acquisitions, including in-process research and development, net of cash acquired ( 461 ) ( 4,765 )
Purchases of equity securities ( 119 ) ( 453 )
Purchases of property, plant and equipment ( 358 ) ( 376 )
Other investing activities, net ( 9 ) 23  
Net cash used in investing activities ( 2,958 ) ( 3,224 )
Financing Activities:
Proceeds from issuances of common stock 376   249  
Repurchases of common stock under repurchase programs ( 1,692 ) ( 800 )
Repayments of debt and other obligations ( 1,780 ) ( 1,963 )
Payments of dividends ( 3,009 ) ( 2,945 )
Other financing activities, net ( 377 ) ( 234 )
Net cash used in financing activities ( 6,482 ) ( 5,693 )
Effect of exchange rate changes on cash and cash equivalents 87   15  
Net change in cash and cash equivalents ( 2,661 ) ( 1,049 )
Cash and cash equivalents at beginning of period 9,991   6,085  
Cash and cash equivalents at end of period $ 7,330   $ 5,037  
    

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 September 30, 2025 Three Months Ended September 30, 2024
(in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total
Product sales:
HIV
Biktarvy $ 2,940   $ 427   $ 320   $ 3,686   $ 2,826   $ 375   $ 272   $ 3,472  
Descovy 652   23   25   701   534   24   28   586  
Genvoya 323   34   19   377   384   44   21   449  
Odefsey 206   61   10   277   248   69   9   326  
Symtuza - Revenue share (1)
95   26   3   124   103   33   3   139  
Other HIV (2)
82   22   9   112   65   26   9   100  
Total HIV 4,299   592   386   5,277   4,161   570   342   5,073  

Liver Disease
Sofosbuvir/Velpatasvir (3)
146   65   97   309   222   67   96   385  
Vemlidy 136   12   132   280   126   11   95   232  
Other Liver Disease (4)
132   81   17   231   45   54   17   116  
Total Liver Disease 414   158   247   819   393   132   207   733  

Veklury 140   43   93   277   393   81   219   692  

Oncology
Cell Therapy
Tecartus 40   35   8   83   63   29   6   98  
Yescarta 123   151   75   349   145   182   60   387  
Total Cell Therapy 163   186   83   432   208   211   66   485  

Trodelvy 221   89   47   357   226   80   26   332  
Total Oncology 384   275   129   788   433   291   92   816  

Other
AmBisome 2   69   52   123   6   71   52   130  
Other (5)
34   7   20   61   47   8   16   71  
Total Other 36   76   72   184   53   80   68   201  
Total product sales 5,274   1,144   928   7,345   5,433   1,154   928   7,515  
Royalty, contract and other revenues 7   411   5   424   17   13   1   30  
Total revenues $ 5,281   $ 1,555   $ 933   $ 7,769   $ 5,450   $ 1,167   $ 929   $ 7,545  

10

Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024
(in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total
Product sales:
HIV
Biktarvy $ 8,212   $ 1,231   $ 922   $ 10,366   $ 7,726   $ 1,110   $ 814   $ 9,649  
Descovy 1,791   67   81   1,939   1,339   75   82   1,496  
Genvoya 950   114   54   1,118   1,088   138   66   1,292  
Odefsey 642   184   30   857   705   217   30   952  
Symtuza - Revenue share (1)
265   88   9   362   338   101   9   448  
Other HIV (2)
198   85   28   310   190   96   36   322  
Total HIV 12,059   1,769   1,124   14,952   11,386   1,737   1,038   14,160  

Liver Disease
Sofosbuvir/Velpatasvir (3)
497   227   273   996   737   230   299   1,266  
Vemlidy 358   36   389   783   338   33   328   699  
Other Liver Disease (4)
307   233   53   593   134   148   55   337  
Total Liver Disease 1,162   496   714   2,372   1,210   411   682   2,302  

Veklury 390   84   225   700   784   204   473   1,461  

Oncology
Cell Therapy
Tecartus 122   107   25   254   181   102   22   305  
Yescarta 444   455   228   1,127   502   509   170   1,181  
Total Cell Therapy 566   562   253   1,381   683   611   192   1,485  

Trodelvy 626   259   128   1,013   655   217   88   960  
Total Oncology 1,192   821   381   2,395   1,338   828   280   2,446  

Other
AmBisome 15   201   175   391   37   210   176   424  
Other (5)
125   23   55   204   203   26   52   281  
Total Other 140   225   230   594   241   236   228   705  
Total product sales 14,943   3,395   2,674   21,013   14,958   3,416   2,700   21,074  
Royalty, contract and other revenues 57   433   16   505   66   43   2   111  
Total revenues $ 15,000   $ 3,828   $ 2,690   $ 21,518   $ 15,024   $ 3,459   $ 2,703   $ 21,185  

_______________________________
(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/Yeytuo.
(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 Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024
Revenue share with Janssen Ireland and royalties for licenses of intellectual property $ 148   $ 173   $ 458   $ 545  
Changes in estimates (1)
$ 497   $ 146   $ 837   $ 388  

_______________________________
(1)     Changes in estimates increased during the three and nine months ended September 30, 2025 primarily due to recognition of $ 400 million of previously constrained revenues from the sale of certain intellectual property.
11

Contract Balances
The following table summarizes our contract balances:

(in millions) September 30, 2025 December 31, 2024
Contract assets (1)
$ 695   $ 277  
Contract liabilities (2)
$ 56   $ 58  

_______________________________
(1)     The increase in contract assets during the nine months ended September 30, 2025 primarily related to recognition of $ 400 million of previously constrained revenues from the sale of certain intellectual property.
(2)     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:

September 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 $ 757   $ —   $ —   $ 757   $ —   $ —   $ —   $ —  
U.S. government agencies securities —   5   —   5   —   —   —   —  

Corporate debt securities —   963   —   963   —   —   —   —  
Residential mortgage and asset-backed securities —   300   —   300   —   —   —   —  
Equity securities:
Money market funds 5,745   —   —   5,745   8,502   —   —   8,502  
Publicly traded equity securities (1)
1,804   —   —   1,804   1,561   —   —   1,561  
Deferred compensation plan 401   —   —   401   343   —   —   343  
Foreign currency derivative contracts —   31   —   31   —   128   —   128  
Total $ 8,707   $ 1,298   $ —   $ 10,005   $ 10,405   $ 128   $ —   $ 10,533  
Liabilities:
Contingent consideration liability $ —   $ —   $ 274   $ 274   $ —   $ —   $ 206   $ 206  
Deferred compensation plan 401   —   —   401   343   —   —   343  
Foreign currency derivative contracts —   92   —   92   —   3   —   3  
Total $ 401   $ 92   $ 274   $ 767   $ 343   $ 3   $ 206   $ 552  

_______________________________
(1)     Publicly traded equity securities include our investment in Galapagos NV (“Galapagos”) of $ 570  million and Assembly Biosciences, Inc. (“Assembly”) of $ 115  million as of September 30, 2025, which are subject to contractual sale restrictions. Our investment in Assembly is restricted until October 2025, and our investment in Galapagos is restricted until December 2025. For additional details on Galapagos, see 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 bulevirtide until the related contingency is resolved.
The following table summarizes the change in fair value of our contingent consideration liability:

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024
Beginning balance $ 271   $ 208   $ 206   $ 228  
Changes in valuation assumptions (1)
4   5   41   ( 6 )
Effect of foreign exchange remeasurement (2)
—   9   27   1  
Ending balance (3)
$ 274   $ 222   $ 274   $ 222  

________________________________
(1)     Included in Research and development expenses on our Condensed Consolidated Statements of Operations. The changes for the nine months ended September 30, 2025 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 September 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 nine months ended September 30, 2025, we recorded a partial impairment charge of $ 190 million, and during the three and nine months ended September 30, 2024, we recorded partial impairment charges of $ 1.8 billion and $ 4.2 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) September 30, 2025 December 31, 2024
Fair value $ 22,398   $ 23,335  
Carrying value $ 23,823   $ 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 September 30, 2025 and December 31, 2024, respectively, and the carrying value was $ 1.1 billion as of September 30, 2025 and December 31, 2024.
13

4.      AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
Available-for-Sale Debt Securities
The following table summarizes our available-for-sale debt securities:

September 30, 2025
(in millions) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value
U.S. treasury securities $ 755   $ 2   $ —   $ 757  
U.S. government agencies securities 5   —   —   5  
Corporate debt securities 956   6   —   963  
Residential mortgage and asset-backed securities 298   1   —   300  
Total $ 2,014   $ 10   $ —   $ 2,024  

There were no available-for-sale debt securities balances as of December 31, 2024.
No allowance for credit losses was recognized for investments with unrealized losses as of September 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) September 30, 2025
Short-term marketable debt securities $ 19  
Long-term marketable debt securities 2,005  
Total $ 2,024  

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

September 30, 2025
(in millions) Amortized Cost Fair Value
Within one year $ 19   $ 19  
After one year through five years 1,984   1,993  
After five years through ten years 11   11  
After ten years —   —  
Total $ 2,014   $ 2,024  

14

Equity Securities
The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets, including certain equity method investments for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments:

(in millions) September 30, 2025 December 31, 2024
Equity securities measured at fair value:
Cash and cash equivalents $ 5,745   $ 8,502  
Prepaid and other current assets:
Equity method investment in Galapagos – fair value option 570   462  
Equity method investment in Arcus Biosciences, Inc. (“Arcus”) – fair value option 427   448  
Other equity method investments – fair value option (1)
143   53  
Other 686   614  
Other long-term assets 380   327  
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets (2)
393   386  
Total $ 8,344   $ 10,791  

________________________________
(1)     Mostly comprised of our equity interest in Assembly, which was approximately 27 % of outstanding Assembly stock at the time of our latest purchase of shares.
(2)     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.
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 Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024
Unrealized (gain) loss, net, related to fair value option investments $ ( 312 ) $ ( 68 ) $ ( 108 ) $ 341  
Unrealized gain, net, related to all other equity investments ( 182 ) ( 188 ) ( 93 ) ( 186 )
Total unrealized (gain) loss, net $ ( 494 ) $ ( 257 ) $ ( 201 ) $ 155  

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 our operations is offset by corresponding gains and losses from our derivative instruments. By working only with major banks and closely monitoring current market conditions, we seek to limit the credit risk that counterparties to these contracts may be unable to perform. We enter into contracts that permit net settlement at maturity. In addition, our overall risk of loss in the event of counterparty default is limited to the amount of any net unrealized gains on outstanding contracts (i.e., including the impact of offsetting unrealized losses). 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 $ 3.3 billion and $ 2.9 billion as of September 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. Further, our contracts generally do not require financial collateral. The following table summarizes the classification and fair values of derivative instruments, including the potential effect of offsetting:

September 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 $ 10   $ 2   $ 12   $ 84   $ 2   $ 85  
Foreign currency exchange contracts not designated as hedges 19   —   19   6   —   6  
Total derivatives presented gross on the Condensed Consolidated Balance Sheets $ 31   $ 92  
Total derivatives not offset on the Condensed Consolidated Balance Sheets ( 29 ) ( 29 )
Net amount (legal offset) $ 2   $ 63  

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  
Total derivatives not offset on the Condensed Consolidated Balance Sheets ( 3 ) ( 3 )
Net amount (legal offset) $ 125   $ —  

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

Three Months Ended Nine Months Ended
  September 30, September 30,
(in millions) 2025 2024 2025 2024
Derivatives designated as hedges:
Net gain (loss) recognized in Accumulated other comprehensive income $ 44   $ ( 70 ) $ ( 172 ) $ 23  
Net (loss) gain reclassified from Accumulated other comprehensive income into Product sales $ ( 15 ) $ 14   $ 25   $ 19  
Derivatives not designated as hedges:
Net gain (loss) recognized in Other (income) expense, net $ 22   $ ( 2 ) $ ( 6 ) $ 51  

Approximately $ 81 million of net gains related to the hedged forecasted transactions reported in Accumulated other comprehensive income as of September 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 nine months ended September 30, 2025 and 2024.
The cash flow effects of our derivative contracts for the three and nine months ended September 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
Interius
In October 2025, we closed an agreement to acquire all outstanding shares of Interius BioTherapeutics, Inc. (“Interius”), a privately held biotechnology company developing in vivo chimeric antigen receptor therapeutics, for approximately $ 350 million in cash consideration. As a result, Interius became our wholly-owned subsidiary.
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.
In July 2024, we paid $ 320 million to Janssen Pharmaceutica NV to extinguish a future royalty obligation related to seladelpar, which was recorded to Acquired in-process research and development expenses on our Condensed Consolidated Statements of Operations for the three months ended September 30, 2024.
In August 2024, FDA granted accelerated approval for Livdelzi (seladelpar) for the treatment of primary biliary cholangitis in combination with ursodeoxycholic acid (“UDCA”) in adults who have had an inadequate response to UDCA, or as monotherapy in patients unable to tolerate UDCA.
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 is 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. Either party has the right to terminate the amendment if certain conditions for the separation have not been met by December 31, 2025.
In May 2025, Galapagos announced that it decided to re-evaluate the previously proposed separation.
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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.
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 September 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:

  September 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   $ ( 8,273 ) $ —   $ 2,447   $ 10,720   $ ( 7,749 ) $ —   $ 2,971  
Intangible asset – axicabtagene ciloleucel
7,110   ( 3,026 ) —   4,084   7,110   ( 2,721 ) —   4,389  
Intangible asset – Trodelvy
11,730   ( 3,894 ) —   7,836   11,730   ( 3,083 ) —   8,647  
Intangible asset – Hepcludex
845   ( 394 ) —   451   845   ( 329 ) —   516  
Other 1,479   ( 1,028 ) —   451   1,474   ( 940 ) 1   535  
Total finite-lived assets 31,884   ( 16,614 ) —   15,270   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   $ ( 16,614 ) $ —   $ 17,970   $ 34,769   $ ( 14,822 ) $ 1   $ 19,948  

_______________________________
(1)     The Indefinite-lived assets – IPR&D balance as of September 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 nine months ended September 30, 2025 and 2024, except as described in “2025 Impairment” and “2024 Impairments” below.
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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 of 2025, 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.
2024 Impairments
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 available at the time, and in connection with the preparation of the financial statements for the first quarter of 2024, 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.
In September 2024, based on discussions with regulators and external opinion leaders and the completed evaluation of the Phase 3 EVOKE-01 study data, we made a strategic decision to discontinue our clinical development program in metastatic NSCLC for Trodelvy in the second-line indication. This decision triggered a review for potential impairment of the NSCLC IPR&D intangible asset. Based on our evaluation, and in connection with the preparation of the financial statements for the third quarter of 2024, 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 $ 1.8 billion in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended September 30, 2024.
To arrive at the revised estimated fair values as of March 31, 2024 and September 30, 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.
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8.      OTHER FINANCIAL INFORMATION
Accounts Receivable, Net
The following table summarizes our Accounts receivable, net:

(in millions) September 30, 2025 December 31, 2024
Accounts receivable $ 5,994   $ 5,319  
Less: allowances for chargebacks 762   759  
Less: allowances for cash discounts and other 97   89  
Less: allowances for credit losses 41   52  
Accounts receivable, net $ 5,095   $ 4,420  

As of September 30, 2025, the majority of our Accounts receivable balance arises from product sales in the U.S. and Europe and approximately 60 % relates to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates.
Inventories
The following table summarizes our Inventories:

(in millions) September 30, 2025 December 31, 2024
Raw materials $ 1,396   $ 1,295  
Work in process 1,341   847  
Finished goods 1,650   1,447  
Total $ 4,387   $ 3,589  
Reported as:
Inventories $ 1,785   $ 1,710  
Other long-term assets (1)
2,602   1,879  
Total $ 4,387   $ 3,589  

_______________________________
(1)     As of September 30, 2025, this amount primarily consists of raw materials and work in process.
Property, Plant and Equipment, Net
The following table summarizes our Property, plant and equipment, net:

(in millions) September 30, 2025 December 31, 2024
Property, plant and equipment $ 8,193   $ 7,884  
Less: accumulated depreciation 2,693   2,470  
Property, plant and equipment, net $ 5,500   $ 5,414  

The following table summarizes Depreciation expense:

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024
Depreciation expense $ 90   $ 94   $ 280   $ 286  

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

(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total
Balance as of June 30, 2025 $ 105   $ 4   $ ( 127 ) $ ( 18 )
Net unrealized gain, net of income tax expense of $ 0 , $ 1 , and $ 5 , respectively
—   4   38   42  
(Gain) loss reclassified to net income, net of income tax expense (benefit) of $ 0 , $ 0 , and $( 2 ), respectively
—   —   13   13  
Other comprehensive income, net —   3   51   55  
Balance as of September 30, 2025 $ 106   $ 7   $ ( 76 ) $ 36  

(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 , $ 2 , and $( 22 ), respectively
70   7   ( 151 ) ( 74 )
Gain reclassified to net income, net of income tax expense of $ 0 , $ 0 , and $ 3 , respectively
—   —   ( 22 ) ( 22 )
Other comprehensive income (loss), net 70   7   ( 173 ) ( 96 )
Balance as of September 30, 2025 $ 106   $ 7   $ ( 76 ) $ 36  

(in millions) Foreign Currency Translation Available-for-Sale Debt Securities Cash Flow Hedges Total
Balance as of June 30, 2024 $ 46   $ —   $ 47   $ 93  
Net unrealized gain (loss), net of income tax benefit of $ 0 , $ 0 , and $( 9 ), respectively
54   —   ( 61 ) ( 7 )
Gain reclassified to net income, net of income tax expense of $ 0 , $ 0 , and $ 2 , respectively
—   —   ( 12 ) ( 12 )
Other comprehensive income (loss), net 54   —   ( 74 ) ( 20 )
Balance as of September 30, 2024 $ 100   $ —   $ ( 27 ) $ 73  

(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 gain, net of income tax expense of $ 0 , $ 0 , and $ 3 , respectively
38   —   20   58  
Loss (gain) reclassified to net income, net of income tax expense of $ 0 , $ 0 , and $ 2 , respectively
—   5   ( 17 ) ( 12 )
Other comprehensive income, net 38   5   3   45  
Balance as of September 30, 2024 $ 100   $ —   $ ( 27 ) $ 73  

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

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024 Line Item Affected
Net (loss) gain related to cash flow hedges $ ( 15 ) $ 14   $ 25   $ 19   Product sales
Net loss related to available-for-sale debt securities $ —   $ —   $ —   $ 5   Other (income) expense, net
Income tax (benefit) expense $ ( 2 ) $ 2   $ 3   $ 2   Income tax expense (benefit)

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Restructuring
During the three and nine months ended September 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 Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024
Research and development expenses $ 8   $ 5   $ 52   $ 68  
Selling, general and administrative expenses 5   23   49   45  
Restructuring charges $ 14   $ 28   $ 101   $ 112  

As of September 30, 2025, we had a remaining liability of $ 52 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 Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024
(Gain) loss from equity securities, net $ ( 483 ) $ ( 258 ) $ ( 198 ) $ 148  
Interest income ( 88 ) ( 52 ) ( 254 ) ( 196 )
Other, net 1   4   3   7  
Other (income) expense, net $ ( 569 ) $ ( 306 ) $ ( 449 ) $ ( 41 )

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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 September 30, 2025 December 31, 2024
Senior Unsecured November 2014 February 2025 3.50 % $ —   $ 1,750  
Senior Unsecured September 2015 March 2026 3.65 % 2,749   2,747  
Senior Unsecured September 2016 March 2027 2.95 % 1,249   1,249  
Senior Unsecured September 2020 October 2027 1.20 % 749   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 % 994   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 % 1,736   1,735  
Senior Unsecured September 2015 March 2046 4.75 % 2,225   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 % 989   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 23,823   25,562  
Liability related to future royalties 1,119   1,148  
Total debt, net 24,941   26,710  
Less: Current portion of long-term debt, net 2,806   1,815  
Total Long-term debt, net $ 22,135   $ 24,896  

Senior Unsecured Notes
We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of September 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 September 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 September 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 subsequently.
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 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 was consolidated with the first lawsuit. In October 2025, the consolidated lawsuit was dismissed based on negotiated settlement agreements with Lupin, Laurus and Cipla. Under the agreements, which are subject to standard acceleration provisions, no generic entry by the parties for Biktarvy tablets containing bictegravir (50 mg), tenofovir alafenamide (25 mg) and emtricitabine (200 mg) is expected prior to April 1, 2036 in the United States. Additionally, no generic entry by the parties for Biktarvy tablets containing bictegravir (30 mg), tenofovir alafenamide (15 mg) and emtricitabine (120 mg) is expected in the United States prior to November 19, 2035, if pediatric exclusivity has been granted, or by May 19, 2035, if pediatric exclusivity has not been granted.
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 took place in 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 January 2027.
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. In September 2025, the court dismissed the case with prejudice, resolving the lawsuit.
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 heard oral argument in August 2025 on, among other things, the plaintiffs’ motion to certify a class action, which the court has taken under advisement and will issue a decision in due course. 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.
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. In September 2025, the court granted Gilead’s motion for summary judgment and dismissed the case. Relator has appealed the court’s ruling.
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. Trial has been scheduled for June 2026.
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.

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 Nine Months Ended
September 30, September 30,
(in millions, except per share amounts) 2025 2024 2025 2024
Net income (loss) attributable to Gilead $ 3,052   $ 1,253   $ 6,327   $ ( 1,303 )
Shares used in basic earnings (loss) per share attributable to Gilead calculation 1,243   1,247   1,245   1,247  
Dilutive effect of equity-based awards 11   7   11   —  
Shares used in diluted earnings (loss) per share attributable to Gilead calculation 1,254   1,254   1,256   1,247  

Basic earnings (loss) per share attributable to Gilead $ 2.46   $ 1.00   $ 5.08   $ ( 1.04 )
Diluted earnings (loss) per share attributable to Gilead $ 2.43   $ 1.00   $ 5.04   $ ( 1.04 )

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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 3  million and 5 million for the three and nine months ended September 30, 2025, respectively, and 7 million and 14 million for the three and nine months ended September 30, 2024, respectively.

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

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except percentages) 2025 2024 2025 2024
Income (loss) before income taxes $ 3,641   $ 956   $ 7,718   $ ( 1,477 )
Income tax expense (benefit) $ 589   $ ( 297 ) $ 1,391   $ ( 174 )
Effective tax rate 16.2   % ( 31.1 ) % 18.0   % 11.8   %

Our effective income tax rate of 16.2 % for the three months ended September 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to a settlement with a tax authority, favorable changes in the fair value of our equity securities that are non-taxable for income tax purposes and a remeasurement of certain deferred tax liabilities related to acquired intangible assets.
Our effective income tax rate of 18.0 % for the nine months ended September 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to tax benefits from stock-based compensation, a settlement with a tax authority and remeasurement of certain deferred tax liabilities related to acquired intangible assets.
Our effective income tax rate of ( 31.1 )% for the three months ended September 30, 2024 differed from the U.S. federal statutory rate of 21% primarily due to a tax benefit associated with a legal entity restructuring and a decrease in state deferred tax liabilities associated with the $ 1.8 billion NSCLC IPR&D intangible asset impairment charge.
Our effective income tax rate of 11.8 % for the nine months ended September 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 tax benefit associated with a legal entity restructuring, a decrease in state deferred tax liabilities associated with the $ 4.2 billion NSCLC IPR&D intangible asset impairment charge and settlements with tax authorities.
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 OBBB Act had no material impact to our income tax expense for the three and nine months ended September 30, 2025.
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.
In October 2025, we reached a settlement with a tax authority related to a prior year legal entity restructuring. As a result, we anticipate recognizing approximately $ 450 million of income tax benefit and a corresponding $ 530 million reduction in our unrecognized tax benefits in the quarter ending December 31, 2025.
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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. See Note 2. Revenues for disaggregation of our revenues by major products and by geography. Our Chief Executive Officer, as the chief operating decision-maker (“CODM”), uses Net income (loss) attributable to Gilead as the primary measure to evaluate performance, review budget-to-actual results, allocate resources to the operations of our company on an entity-wide basis and forecast future financial results. Managing and allocating resources on an entity-wide 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 Nine Months Ended
September 30, September 30,
(in millions) 2025 2024 2025 2024
Selling and marketing expenses $ 829   $ 848   $ 2,446   $ 2,396  
General and administrative expenses 527   584   1,534   1,788  
Selling, general and administrative expenses $ 1,357   $ 1,433   $ 3,980   $ 4,184  

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 nine months ended September 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
• Announced settlement agreements to resolve Biktarvy patent litigation with generic manufacturers Lupin Ltd., Cipla Ltd. and Laurus Labs Ltd. Under the agreements, the earliest date the three generic manufacturers can market a generic version of full dose Biktarvy in the U.S. is April 1, 2036, subject to standard acceleration provisions. This is more than two years later than our previous loss of exclusivity projection for Biktarvy (December 2033).
• Received a strong recommendation for the use of twice-yearly injectable Yeztugo (lenacapavir) for HIV pre-exposure prophylaxis (“PrEP”) in the new U.S. Centers for Disease Control and Prevention guidelines.
• Announced a partnership with the U.S. State Department and the U.S. President’s Emergency Plan for AIDS Relief (“PEPFAR”) to deliver lenacapavir for HIV PrEP for up to two million people over three years in countries supported by both PEPFAR and the Global Fund.
• Received European Commission (“EC”) marketing authorization for Yeytuo (lenacapavir) for use as PrEP to reduce the risk of sexually acquired HIV-1 in adults and adolescents with increased HIV-1 acquisition risk.
• Received U.S. Food and Drug Administration (“FDA”) approval for Yeztugo (lenacapavir) for 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.
• 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 that our Phase 3 ASCENT-07 study of Trodelvy evaluating sacituzumab govitecan-hziy (“SG”) as a first-line treatment post-endocrine therapy in hormone receptor-positive, human epidermal growth factor receptor 2-negative (“HR+/HER2-”) metastatic breast cancer patients did not meet the primary endpoint of progression-free survival. Overall survival is a key secondary endpoint and was not mature at the time of the primary analysis; however, an early trend was observed favoring patients treated with Trodelvy compared to chemotherapy.
• Presented Phase 3 ASCENT-03 data for Trodelvy in 1L metastatic triple-negative breast cancer (“mTNBC”) patients who are not candidates for PD-1/PD-L1 checkpoint inhibitors at the 2025 European Society for Medical Oncology Congress. Trodelvy is not approved in this setting.
• Entered into a collaboration with Shenzhen Pregene Biopharma Co., Ltd. (“Pregene”) to develop next-generation in vivo therapies.
• Announced the acquisition of Interius BioTherapeutics, Inc. (“Interius”), a privately held biotechnology company developing in vivo chimeric antigen receptor therapeutics, for approximately $350 million.
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• 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 meeting. Trodelvy is not approved in this setting.
• 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 EC 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.
Corporate
• Announced ground-breaking on a new Pharmaceutical Development and Manufacturing Technical Development Center in Foster City, California as part of a planned $32 billion investment in the U.S. through 2030.
Key Financial Results
The following table summarizes our key financial results for the period and period-over-period changes:

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except percentages and per share amounts) 2025 2024 Change 2025 2024 Change
Total revenues $ 7,769  $ 7,545  3  % $ 21,518  $ 21,185  2  %
Net income (loss) attributable to Gilead $ 3,052  $ 1,253  NM $ 6,327  $ (1,303) NM
Diluted earnings (loss) per share attributable to Gilead $ 2.43  $ 1.00  NM $ 5.04  $ (1.04) NM

_______________________________
NM - Not Meaningful
Total revenues increased 3% to $7.8 billion for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher royalty, contract and other revenues, as well as higher HIV and Liver Disease product sales, partially offset by lower Veklury and Cell Therapy product sales.
Total revenues increased 2% to $21.5 billion for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to higher HIV and Liver Disease product sales, as well as higher royalty, contract and other revenues. These increases were partially offset mainly by lower Veklury and Cell Therapy product sales.
Net income attributable to Gilead was $3.1 billion and diluted earnings per share attributable to Gilead was $2.43 for the three months ended September 30, 2025, compared to net income attributable to Gilead of $1.3 billion and diluted earnings per share attributable to Gilead of $1.00 for the same period in 2024. The increase was primarily due to:
• A pre-tax in-process research and development (“IPR&D”) partial impairment charge of $1.8 billion during the three months ended September 30, 2024 related to assets acquired by Gilead from Immunomedics, Inc. (“Immunomedics”), which did not repeat in the current period;
• Higher royalty, contract and other revenues;
• Lower acquired IPR&D expenses; and
• Higher net unrealized gains on equity securities; partially offset by
• Higher income tax expense.
Net income attributable to Gilead was $6.3 billion and diluted earnings per share attributable to Gilead was $5.04 for the nine months ended September 30, 2025, compared to net loss attributable to Gilead of $1.3 billion and diluted loss per share attributable to Gilead of $1.04 for the same period in 2024. The increase was primarily due to:
• Lower pre-tax IPR&D partial impairment charges, with $190 million during the nine months ended September 30, 2025 related to assets acquired from MYR GmbH (“MYR”) compared to $4.2 billion during the nine months ended September 30, 2024 related to assets acquired from Immunomedics;
• 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 in the current period;
• Higher royalty, contract and other revenues; and
• Higher net unrealized gains on equity securities; partially offset by
• Higher income tax expense.
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Please refer to “Results of Operations” below for further information on results for the three and nine months ended September 30, 2025.

Results of Operations
Revenues
The following table summarizes our Total revenues and period-over-period changes:

Three Months Ended September 30, 2025 Three Months Ended September 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 $ 2,940  $ 427  $ 320  $ 3,686  $ 2,826  $ 375  $ 272  $ 3,472  6  %
Descovy 652  23  25  701  534  24  28  586  20  %
Genvoya 323  34  19  377  384  44  21  449  (16) %
Odefsey 206  61  10  277  248  69  9  326  (15) %
Symtuza - Revenue share (1)
95  26  3  124  103  33  3  139  (11) %
Other HIV (2)
82  22  9  112  65  26  9  100  12  %
Total HIV 4,299  592  386  5,277  4,161  570  342  5,073  4  %

Liver Disease
Sofosbuvir/Velpatasvir (3)
146  65  97  309  222  67  96  385  (20) %
Vemlidy 136  12  132  280  126  11  95  232  21  %
Other Liver Disease (4)
132  81  17  231  45  54  17  116  99  %
Total Liver Disease 414  158  247  819  393  132  207  733  12  %

Veklury 140  43  93  277  393  81  219  692  (60) %

Oncology
Cell Therapy
Tecartus 40  35  8  83  63  29  6  98  (15) %
Yescarta 123  151  75  349  145  182  60  387  (10) %
Total Cell Therapy 163  186  83  432  208  211  66  485  (11) %

Trodelvy 221  89  47  357  226  80  26  332  7  %
Total Oncology 384  275  129  788  433  291  92  816  (3) %

Other
AmBisome 2  69  52  123  6  71  52  130  (5) %
Other (5)
34  7  20  61  47  8  16  71  (14) %
Total Other 36  76  72  184  53  80  68  201  (8) %
Total product sales 5,274  1,144  928  7,345  5,433  1,154  928  7,515  (2) %
Royalty, contract and other revenues 7  411  5  424  17  13  1  30  NM
Total revenues $ 5,281  $ 1,555  $ 933  $ 7,769  $ 5,450  $ 1,167  $ 929  $ 7,545  3  %

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Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024
(in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total Change
Product sales:
HIV
Biktarvy $ 8,212  $ 1,231  $ 922  $ 10,366  $ 7,726  $ 1,110  $ 814  $ 9,649  7  %
Descovy 1,791  67  81  1,939  1,339  75  82  1,496  30  %
Genvoya 950  114  54  1,118  1,088  138  66  1,292  (13) %
Odefsey 642  184  30  857  705  217  30  952  (10) %
Symtuza - Revenue share (1)
265  88  9  362  338  101  9  448  (19) %
Other HIV (2)
198  85  28  310  190  96  36  322  (4) %
Total HIV 12,059  1,769  1,124  14,952  11,386  1,737  1,038  14,160  6  %

Liver Disease
Sofosbuvir/Velpatasvir (3)
497  227  273  996  737  230  299  1,266  (21) %
Vemlidy 358  36  389  783  338  33  328  699  12  %
Other Liver Disease (4)
307  233  53  593  134  148  55  337  76  %
Total Liver Disease 1,162  496  714  2,372  1,210  411  682  2,302  3  %

Veklury 390  84  225  700  784  204  473  1,461  (52) %

Oncology
Cell Therapy
Tecartus 122  107  25  254  181  102  22  305  (17) %
Yescarta 444  455  228  1,127  502  509  170  1,181  (5) %
Total Cell Therapy 566  562  253  1,381  683  611  192  1,485  (7) %

Trodelvy 626  259  128  1,013  655  217  88  960  6  %
Total Oncology 1,192  821  381  2,395  1,338  828  280  2,446  (2) %

Other
AmBisome 15  201  175  391  37  210  176  424  (8) %
Other (5)
125  23  55  204  203  26  52  281  (27) %
Total Other 140  225  230  594  241  236  228  705  (16) %
Total product sales 14,943  3,395  2,674  21,013  14,958  3,416  2,700  21,074  —  %
Royalty, contract and other revenues 57  433  16  505  66  43  2  111  NM
Total revenues $ 15,000  $ 3,828  $ 2,690  $ 21,518  $ 15,024  $ 3,459  $ 2,703  $ 21,185  2  %

_______________________________
NM - Not Meaningful
(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/Yeytuo.
(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 4% to $5.3 billion for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher demand and favorable inventory dynamics, partially offset by lower average realized price driven by the U.S. Medicare Part D program redesign impact. In particular:
• Biktarvy sales increased 6% primarily due to higher demand, including patients switching from Genvoya and other Gilead HIV products, and favorable inventory dynamics, partially offset by lower average realized price; and
• Descovy sales increased 20% primarily due to higher demand.
HIV product sales increased 6% to $15.0 billion for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to higher demand, with average realized price being relatively flat despite the U.S. Medicare Part D program redesign impact. In particular:
• Biktarvy sales increased 7% primarily due to higher demand, including patients switching from Genvoya and other Gilead HIV products, partially offset by lower average realized price; and
• Descovy sales increased 30% primarily due to higher demand and higher average realized price.
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Liver Disease
Liver Disease product sales increased 12% to $819 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher demand for Livdelzi and chronic hepatitis B virus (“HBV”) products, partially offset by lower average realized price for chronic hepatitis C virus (“HCV”) products, inclusive of the U.S. Medicare Part D program redesign impact.
Liver Disease product sales increased 3% to $2.4 billion for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to higher demand for Livdelzi, HBV products and, in Europe, chronic hepatitis D virus products. This was partially offset by lower HCV product sales, driven by lower average realized price, inclusive of the U.S. Medicare Part D program redesign impact, and lower demand.
Veklury
Veklury product sales decreased 60% to $277 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to lower rates of COVID-19-related hospitalizations.
Veklury product sales decreased 52% to $700 million for the nine months ended September 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 11% to $432 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to lower demand reflecting ongoing competitive headwinds.
Cell Therapy product sales decreased 7% to $1.4 billion for the nine months ended September 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 7% to $357 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher demand.
Trodelvy product sales increased 6% to $1.0 billion for the nine months ended September 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 September 30, 2025 and 2024, respectively. Foreign currency exchange, net of hedges, had a favorable impact on our total product sales of $54 million for the three months ended September 30, 2025, based on a comparison using foreign currency exchange rates from the three months ended September 30, 2024.
Approximately 27% of our product sales were denominated in foreign currencies during the nine months ended September 30, 2025 and 2024. Foreign currency exchange, net of hedges, had a favorable impact on our total product sales of $14 million for the nine months ended September 30, 2025, based on a comparison using foreign currency exchange rates from the nine months ended September 30, 2024.
Royalty, Contract and Other Revenues
Royalty, contract and other revenues increased to $424 million for the three months ended September 30, 2025, compared to $30 million for the same period in 2024, primarily due to recognition of $400 million of previously constrained revenues from the sale of certain intellectual property.
Royalty, contract and other revenues increased to $505 million for the nine months ended September 30, 2025, compared to $111 million for the same period in 2024, primarily due to recognition of $400 million of previously constrained revenues from the sale of certain intellectual property.

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Costs and Expenses
The following table summarizes our costs and expenses and period-over-period changes:

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Cost of goods sold $ 1,569  $ 1,574  —  % $ 4,610  $ 4,670  (1) %
Product gross margin 78.6  % 79.1  % -42 bps 78.1  % 77.8  % 22 bps
Research and development expenses $ 1,346  $ 1,395  (4) % $ 4,215  $ 4,266  (1) %
Acquired in-process research and development expenses $ 170  $ 505  (66) % $ 485  $ 4,674  (90) %
In-process research and development impairments $ —  $ 1,750  (100) % $ 190  $ 4,180  (95) %
Selling, general and administrative expenses $ 1,357  $ 1,433  (5) % $ 3,980  $ 4,184  (5) %

Product Gross Margin
Product gross margin was 78.6% and 78.1% for the three and nine months ended September 30, 2025, respectively, and remained relatively flat compared to the same periods 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.
The following table provides a breakout of expenses by major cost type:

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Personnel, infrastructure and other support costs $ 807  $ 808  —  % $ 2,516  $ 2,601  (3) %
Clinical studies and other costs 539  587  (8) % 1,699  1,665  2  %
Research and development expenses $ 1,346  $ 1,395  (4) % $ 4,215  $ 4,266  (1) %

Research and development expenses decreased 4% to $1.3 billion for the three months ended September 30, 2025, compared to the same period in 2024. Personnel, infrastructure and other support costs remained relatively flat. Clinical studies and other costs decreased primarily due to lower spend on study-related and clinical manufacturing expenses.
Research and development expenses decreased 1% to $4.2 billion for the nine months ended September 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 nine months ended September 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.
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 $170 million for the three months ended September 30, 2025, primarily related to $120 million associated with the Pregene collaboration upfront payment.
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Acquired in-process research and development expenses were $485 million for the nine months ended September 30, 2025, primarily related to $250 million associated with the LEO Pharma A/S collaboration upfront payment and $120 million associated with the Pregene collaboration upfront payment.
Acquired in-process research and development expenses were $505 million for the three months ended September 30, 2024, primarily related to:
• $320 million associated with the Janssen Pharmaceutica NV (“Janssen”) future royalty obligation extinguishment related to seladelpar;
• $68 million associated with the Arcellx, Inc. (“Arcellx”) collaboration for milestones met; and
• $47 million associated with the Tmunity Therapeutics, Inc. (“Tmunity”) acquisition for milestones met.
Acquired in-process research and development expenses were $4.7 billion for the nine months ended September 30, 2024, primarily related to:
• $3.9 billion associated with the CymaBay acquisition;
• $320 million associated with the Janssen future royalty obligation extinguishment related to seladelpar;
• $100 million associated with the Arcus Biosciences, Inc. collaboration amendment;
• $68 million associated with the Arcellx collaboration for milestones met; and
• $47 million associated with the Tmunity acquisition for milestones met.
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.
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 of 2025, 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 Impairments
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 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 available at the time, and in connection with the preparation of the financial statements for the first quarter of 2024, 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.
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In September 2024, based on discussions with regulators and external opinion leaders and the completed evaluation of the Phase 3 EVOKE-01 study data, we made a strategic decision to discontinue our clinical development program in metastatic NSCLC for Trodelvy in the second-line indication. This decision triggered a review for potential impairment of the NSCLC IPR&D intangible asset. Based on our evaluation, and in connection with the preparation of the financial statements for the third quarter of 2024, 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 $1.8 billion in In-process research and development impairments on our Condensed Consolidated Statements of Operations for the three months ended September 30, 2024, and including the first quarter impairment described above, the total In-process research and development impairments on our Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024 totaled $4.2 billion.
To arrive at the revised estimated fair value, 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. Our revised discounted cash flows for the September 30, 2024 fair value estimation primarily reflected the removal of cash flows associated with second-line plus patients, and the remaining carrying value as of that date reflects Trodelvy’s opportunity as a combination therapy in first-line metastatic NSCLC patients supported by its ongoing Phase 3 clinical trial in this patient population.
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 Nine Months Ended
September 30, September 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Selling and marketing expenses $ 829  $ 848  (2) % $ 2,446  $ 2,396  2  %
General and administrative expenses 527  584  (10) % 1,534  1,788  (14) %
Selling, general and administrative expenses $ 1,357  $ 1,433  (5) % $ 3,980  $ 4,184  (5) %

Selling, general and administrative expenses decreased 5% to $1.4 billion for the three months ended September 30, 2025, compared to the same period in 2024. Selling and marketing expenses decreased mainly due to lower restructuring and other costs, partially offset by higher HIV promotional expenses. General and administrative expenses decreased mainly due to lower expenses related to corporate initiatives and legal matters.
Selling, general and administrative expenses decreased 5% to $4.0 billion for the nine months ended September 30, 2025, compared to the same period in 2024. Selling and marketing expenses increased mainly due to higher promotional and outside service expenses. General and administrative expenses decreased mainly due to lower expenses related to corporate initiatives and legal matters, as well as the impact of stock-based compensation expenses related to the acquisition of CymaBay during the nine months ended September 30, 2024, which did not repeat.
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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 Nine Months Ended
September 30, September 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Interest expense $ 256  $ 238  8  % $ 769  $ 728  6  %
Other (income) expense, net $ (569) $ (306) 86  % $ (449) $ (41) NM
(Gain) loss from equity securities, net $ (483) $ (258) 87  % $ (198) $ 148  NM
Interest income $ (88) $ (52) 68  % $ (254) $ (196) 30  %
Other, net $ 1  $ 4  (70) % $ 3  $ 7  (60) %

_______________________________
NM - Not Meaningful
Interest expense increased 8% to $256 million for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to higher debt balances and a higher weighted-average interest rate on the debt.
Interest expense increased 6% to $769 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to higher debt balances and a higher weighted-average interest rate on the debt.
Favorable movements in Other (income) expense, net for the three months ended September 30, 2025, compared to the same period in 2024, primarily related to higher net unrealized gains from equity securities and higher interest income.
Favorable movements in Other (income) expense, net for the nine months ended September 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.
Income Taxes
The following table summarizes our Income tax expense (benefit) and period-over-period changes:

Three Months Ended Nine Months Ended
September 30, September 30,
(in millions, except percentages) 2025 2024 Change 2025 2024 Change
Income (loss) before income taxes $ 3,641  $ 956  NM $ 7,718  $ (1,477) NM
Income tax expense (benefit) $ 589  $ (297) NM $ 1,391  $ (174) NM
Effective tax rate 16.2  % (31.1) % NM 18.0  % 11.8  % 624 bps

_______________________________
NM - Not Meaningful
Our effective tax rate increased for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to a tax benefit associated with a legal entity restructuring and a decrease in state deferred tax liabilities associated with the $1.8 billion NSCLC IPR&D intangible asset impairment charge, both of which occurred in the three months ended September 30, 2024.
Our effective tax rate increased for the nine months ended September 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
• A tax benefit associated with a legal entity restructuring and a decrease in state deferred tax liabilities associated with the $1.8 billion NSCLC IPR&D intangible asset impairment charge, both of which occurred in the nine months ended September 30, 2024; and
• Tax benefits from stock-based compensation.
In October 2025, we reached a settlement with a tax authority related to a prior year legal entity restructuring. As a result, we anticipate recognizing approximately $450 million of income tax benefit and a corresponding $530 million reduction in our unrecognized tax benefits in the quarter ending December 31, 2025.
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Recent Developments
In November 2025, we announced that our Phase 3 ASCENT-07 study of Trodelvy evaluating SG as a first-line treatment post-endocrine therapy in HR+/HER2- metastatic breast cancer patients did not meet the primary endpoint of progression-free survival. Overall survival is a key secondary endpoint and was not mature at the time of the primary analysis; however, an early trend was observed favoring patients treated with Trodelvy compared to chemotherapy. The safety profile was consistent with prior Trodelvy breast cancer studies, and no new safety signals were identified in this patient population. While we currently do not anticipate this information will result in an impairment of the associated finite-lived intangible asset related to Trodelvy, potential future adverse changes in estimated Trodelvy revenues could negatively impact our results of operations and result in impairment charges in future periods.