FULLTEXT DEL 1 AV 2
10-Q – 2025-11-07 – gild-20250930.htm
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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. 15 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. 16 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. 17 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. 18 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. 19 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 20 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) 21 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 ) 22 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. 23 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. 24 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. 25 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 ) 26 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. 27 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. 28 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. 29 • 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. 30 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 % 31 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. 32 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. 33 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. 34 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. 35 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. 36 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. 37 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.