10-Q 1 gild-20220331.htm FORM 10-Q gild-20220331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
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)

Delaware94-3047598
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value, $0.001 per shareGILDThe 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 April 29, 2022: 1,254,313,448



GILEAD SCIENCES, INC.
INDEX
We own or have rights to various trademarks and trade names used in our business, including the following: GILEAD®, GILEAD SCIENCES®, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX® (BULEVIRTIDE), HEPSERA®, JYSELECA® (FILGOTINIB), LETAIRIS®, ODEFSEY®, RANEXA®, SOVALDI®, STRIBILD®, TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA® and ZYDELIG®. This report also refers to trademarks, service marks and trade names of other companies.



PART I.    FINANCIAL INFORMATION
Item 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

(in millions, except per share amounts)March 31, 2022December 31, 2021
Assets  
Current assets:  
Cash and cash equivalents$4,296 $5,338 
Short-term marketable debt securities1,029 1,182 
Accounts receivable, net3,787 4,493 
Inventories1,482 1,618 
Prepaid and other current assets2,035 2,141 
Total current assets12,629 14,772 
Property, plant and equipment, net5,253 5,121 
Long-term marketable debt securities1,427 1,309 
Intangible assets, net30,331 33,455 
Goodwill8,314 8,332 
Other long-term assets5,126 4,963 
Total assets$63,080 $67,952 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accounts payable$583 $705 
Accrued government and other rebates3,450 3,244 
Accrued and other current liabilities3,500 6,145 
Current portion of long-term debt and other obligations, net1,025 1,516 
Total current liabilities8,558 11,610 
Long-term debt, net25,183 25,179 
Long-term income taxes payable4,793 4,767 
Deferred tax liability3,687 4,356 
Other long-term obligations944 976 
Commitments and contingencies (Note 10)
Stockholders’ equity:  
Preferred stock, par value $0.001 per share; 5 shares authorized; none outstanding
  
Common stock, par value $0.001 per share; 5,600 shares authorized; 1,255 and 1,254 shares issued and outstanding, respectively
1 1 
Additional paid-in capital4,867 4,661 
Accumulated other comprehensive income73 83 
Retained earnings14,986 16,324 
Total Gilead stockholders’ equity19,927 21,069 
Noncontrolling interest(12)(5)
Total stockholders’ equity19,915 21,064 
Total liabilities and stockholders’ equity$63,080 $67,952 


See accompanying notes.
2


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

 Three Months Ended
March 31,
(in millions, except per share amounts)20222021
Revenues:
Product sales$6,534 $6,340 
Royalty, contract and other revenues56 83 
Total revenues6,590 6,423 
Costs and expenses:
Cost of goods sold1,424 1,361 
Research and development expenses1,186 1,055 
In-process research and development impairment2,700  
Acquired in-process research and development expenses 62 
Selling, general and administrative expenses1,083 1,055 
Total costs and expenses6,393 3,533 
Income from operations197 2,890 
Interest expense(238)(257)
Other income (expense), net(111)(369)
Income (loss) before income taxes(152)2,264 
Income tax benefit (expense)164 (542)
Net income12 1,722 
Net loss attributable to noncontrolling interest7 7 
Net income attributable to Gilead$19 $1,729 
Net income per share attributable to Gilead common stockholders - basic$0.02 $1.38 
Shares used in per share calculation - basic1,255 1,256 
Net income per share attributable to Gilead common stockholders - diluted$0.02 $1.37 
Shares used in per share calculation - diluted1,262 1,262 





















See accompanying notes.
3


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

Three Months Ended
March 31,
(in millions)20222021
Net income$12 $1,722 
Other comprehensive income (loss):
Net foreign currency translation gain, net of tax5 10 
Available-for-sale debt securities:
Net unrealized loss, net of tax(19)(2)
Reclassifications to net income, net of tax  
Net change(19)(2)
Cash flow hedges:
Net unrealized gain, net of tax 24 68 
Reclassifications to net income, net of tax(20)22 
Net change4 90 
Other comprehensive income (loss)(10)98 
Comprehensive income2 1,820 
Comprehensive loss attributable to noncontrolling interest7 7 
Comprehensive income attributable to Gilead$9 $1,827 































See accompanying notes.
4


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

Three Months Ended March 31, 2022
(in millions, except per share amounts)Gilead Stockholders’ Equity Noncontrolling
Interest
Total
Stockholders’
Equity
Common Stock 
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
SharesAmount
Balance as of December 31, 20211,254 $1 $4,661 $83 $16,324 $(5)$21,064 
Net income (loss)— — — — 19 (7)12 
Other comprehensive loss, net of tax— — — (10)— — (10)
Issuances under employee stock purchase plan1 — 73 — — — 73 
Issuances under equity incentive plans7 — 21 — — — 21 
Stock-based compensation— — 131 — — — 131 
Repurchases of common stock(7)— (19)— (425)— (444)
Dividends declared ($0.73 per share)
— — — — (932)— (932)
Balance as of March 31, 20221,255 $1 $4,867 $73 $14,986 $(12)$19,915 


Three Months Ended March 31, 2021
(in millions, except per share amounts)Gilead Stockholders’ Equity Noncontrolling
Interest
Total
Stockholders’
Equity
Common Stock 
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
SharesAmount
Balance as of December 31, 20201,254 $1 $3,880 $(60)$14,381 $19 $18,221 
Net income (loss)— — — — 1,729 (7)1,722 
Other comprehensive income, net of tax— — — 98 — — 98 
Issuances under employee stock purchase plan1 — 76 — — — 76 
Issuances under equity incentive plans5 — 12 — — — 12 
Stock-based compensation— — 140 — — — 140 
Repurchases of common stock(6)— (16)— (383)— (399)
Dividends declared ($0.71 per share)
— — — — (906)— (906)
Balance as of March 31, 20211,254 $1 $4,092 $38 $14,821 $12 $18,964 















See accompanying notes.
5


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

Three Months Ended
March 31,
(in millions)20222021
Operating Activities:
Net income$12 $1,722 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense80 78 
Amortization expense445 395 
Stock-based compensation expense130 139 
Acquired in-process research and development expenses 62 
In-process research and development impairment2,700  
Deferred income taxes(651)71 
Net loss from equity securities96 351 
Other190 201 
Changes in operating assets and liabilities:
Accounts receivable, net699 975 
Inventories53 (69)
Prepaid expenses and other(20)(8)
Accounts payable(91)(253)
Income taxes payable(146)(316)
Accrued and other liabilities(1,657)(738)
Net cash provided by operating activities1,840 2,610 
Investing Activities:
Purchases of marketable debt securities(613)(931)
Proceeds from sales of marketable debt securities119 60 
Proceeds from maturities of marketable debt securities506 619 
Acquisitions, including in-process research and development, net of cash acquired(30)(1,255)
Purchases of equity securities(28)(279)
Capital expenditures(247)(165)
Other(777)(91)
Net cash used in investing activities(1,070)(2,042)
Financing Activities:
Proceeds from issuances of common stock94 88 
Repurchases of common stock(352)(309)
Repayments of debt and other obligations(500)(1,250)
Payments of dividends(945)(917)
Other(91)(89)
Net cash used in financing activities(1,794)(2,477)
Effect of exchange rate changes on cash and cash equivalents(18)(23)
Net change in cash and cash equivalents(1,042)(1,932)
Cash and cash equivalents at beginning of period5,338 5,997 
Cash and cash equivalents at end of period$4,296 $4,065 


See accompanying notes.
6


GILEAD SCIENCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. The financial statements include all adjustments consisting of normal recurring adjustments that the management of Gilead Sciences, Inc. (“Gilead,” “we,” “our” or “us”) believes are necessary for a fair presentation of the periods presented. These interim financial results are not necessarily indicative of results expected for the full fiscal year or for any subsequent interim period.
The accompanying Condensed Consolidated Financial Statements include the accounts of Gilead, our wholly-owned subsidiaries and certain variable interest entities for which we are the primary beneficiary. All intercompany transactions have been eliminated. For consolidated entities where we own or are exposed to less than 100% of the economics, we record net income or loss attributable to noncontrolling interests in our Condensed Consolidated Statements of Income equal to the percentage of the economic or ownership interest retained in such entities by the respective noncontrolling parties.
We assess at the inception of an arrangement with another entity whether the relationship results in it being a variable interest entity (“VIE”) and, if so, whether we are the primary beneficiary of the VIE. This assessment is based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. We did not have any material VIEs as of March 31, 2022.
The accompanying Condensed Consolidated Financial Statements and related Notes to Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the related notes thereto for the year ended December 31, 2021, included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission. Certain amounts and percentages in these Condensed Consolidated Financial Statements and accompanying notes may not sum or recalculate due to rounding.
Segment Information
We have one operating segment, which primarily focuses on the discovery, development and commercialization of innovative medicines in areas of unmet medical need. Our Chief Executive Officer, as the chief operating decision-maker (“CODM”), manages and allocates resources to the operations of our company on an entity-wide basis. 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 and, as necessary, reallocate resources among our internal R&D portfolio and external opportunities to best support the long-term growth of our business. See Note 2. Revenues for a summary of disaggregated revenues by product and geographic region.
Significant Accounting Policies, Estimates and Judgments
The preparation of these Condensed Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. On an ongoing basis, we evaluate our significant accounting policies and estimates. We base our estimates on historical experience and on various market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Actual results may differ significantly from these estimates.
Concentrations of Risk
We are subject to credit risk from our portfolio of cash equivalents and marketable securities. Under our investment policy, we limit amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. We are not exposed to any significant concentrations of credit risk from these financial instruments. The goals of our investment policy, in order of priority, are as follows: safety and preservation of principal and diversification of risk; liquidity of investments sufficient to meet cash flow requirements; and a competitive after-tax rate of return.
7


We are also subject to credit risk from our accounts receivable related to our product sales. Trade accounts receivable are recorded net of allowances for wholesaler chargebacks related to government and other programs, cash discounts for prompt payment and credit losses. Estimates of our allowance for credit losses consider a number of factors, including existing contractual payment terms, individual customer circumstances, historical payment patterns of our customers, a review of the local economic environment and its potential impact on expected future customer payment patterns and government funding and reimbursement practices. The majority of our trade accounts receivable arises from product sales in the United States and Europe.
8


2.    REVENUES
Disaggregation of Revenues
The following table summarizes our Total revenues:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
(in millions)U.S.EuropeOther InternationalTotalU.S.EuropeOther InternationalTotal
Product sales:
HIV
Biktarvy$1,706 $261 $184 $2,151 $1,465 $216 $143 $1,824 
Complera/Eviplera17 24 4 44 25 34 4 63 
Descovy311 32 31 374 282 42 35 359 
Genvoya457 77 48 582 506 106 61 673 
Odefsey232 96 11 339 240 113 14 367 
Stribild22 8 3 32 31 11 4 46 
Truvada28 4 6 38 119 7 9 135 
Revenue share - Symtuza(1)
86 44 3 132 89 44 2 135 
Other HIV(2)
5 4 5 14 29 5 14 48 
Total HIV2,862 550 295 3,707 2,786 578 286 3,650 
Veklury801 304 430 1,535 820 388 248 1,456 
Hepatitis C virus (“HCV”)
Ledipasvir/Sofosbuvir(3)
13 4 18 35 19 16 21 56 
Sofosbuvir/Velpatasvir(4)
162 83 85 330 214 75 92 381 
Other HCV(5)
24 8 2 34 25 44 4 73 
Total HCV199 95 105 399 258 135 117 510 
Hepatitis B virus (“HBV”) / Hepatitis delta virus (“HDV”)
Vemlidy80 9 111 200 77 8 96 181 
Viread 6 17 23 4 7 20 31 
Other HBV/HDV(6)
 13  13  8  8 
Total HBV/HDV80 28 128 235 81 23 116 220 
Cell therapy
Tecartus47 15 1 63 27 4  31 
Yescarta125 77 9 211 92 61 7 160 
Total cell therapy172 92 10 274 119 65 7 191 
Trodelvy119 25 2 146 72   72 
Other
AmBisome25 66 53 144 12 66 43 121 
Letairis43   43 54   54 
Other(7)
26 15 9 50 38 20 8 66 
Total other94 81 62 236 104 86 51 241 
Total product sales4,329 1,174 1,031 6,534 4,240