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Gilead Sciences

Financials

Price	65.79	EPS	4
Shares	1,277	P/E	16
MCap	84,019	P/FCF	9
Net Debt	12,962	EBIT	6,177
TEV	96,981	TEV/EBIT	16
TTM 2019-12-31, in MM, except price, ratios

Filings

10-Q	2020-06-30	Filed 2020-08-06
10-Q	2020-03-31	Filed 2020-05-06
10-K	2019-12-31	Filed 2020-02-25
10-Q	2019-09-30	Filed 2019-11-05
10-Q	2019-06-30	Filed 2019-08-06
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-02-26
10-Q	2018-09-30	Filed 2018-11-06
10-Q	2018-06-30	Filed 2018-08-06
10-Q	2018-03-31	Filed 2018-05-09
10-K	2017-12-31	Filed 2018-02-27
10-Q	2017-09-30	Filed 2017-11-07
10-Q	2017-06-30	Filed 2017-08-07
10-Q	2017-03-31	Filed 2017-05-10
10-K	2016-12-31	Filed 2017-02-27
10-Q	2016-09-30	Filed 2016-11-07
10-Q	2016-06-30	Filed 2016-08-05
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-02-24
10-Q	2015-09-30	Filed 2015-11-04
10-Q	2015-06-30	Filed 2015-08-05
10-Q	2015-03-31	Filed 2015-05-08
10-K	2014-12-31	Filed 2015-02-25
10-Q	2014-09-30	Filed 2014-11-05
10-Q	2014-06-30	Filed 2014-08-04
10-Q	2014-03-31	Filed 2014-05-07
10-K	2013-12-31	Filed 2014-02-25
10-Q	2013-09-30	Filed 2013-10-31
10-Q	2013-06-30	Filed 2013-08-01
10-Q	2013-03-31	Filed 2013-05-08
10-K	2012-12-31	Filed 2013-02-27
10-Q	2012-09-30	Filed 2012-11-06
10-Q	2012-06-30	Filed 2012-08-01
10-Q	2012-03-31	Filed 2012-05-04
10-K	2011-12-31	Filed 2012-02-23
10-Q	2011-09-30	Filed 2011-11-04
10-Q	2011-06-30	Filed 2011-08-05
10-Q	2011-03-31	Filed 2011-05-09
10-K	2010-12-31	Filed 2011-02-28
10-Q	2010-09-30	Filed 2010-11-08
10-Q	2010-06-30	Filed 2010-08-09
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-01

Reports

8-K	2020-07-30	Earnings, Exhibits
8-K	2020-06-14
8-K	2020-05-06
8-K	2020-04-30
8-K	2020-03-01
8-K	2020-02-04
8-K	2020-01-28
8-K	2019-10-24
8-K	2019-10-15
8-K	2019-08-23
8-K	2019-07-30
8-K	2019-07-17
8-K	2019-07-17
8-K	2019-07-14
8-K	2019-05-23
8-K	2019-05-08
8-K	2019-05-02
8-K	2019-04-30
8-K	2019-03-01
8-K	2019-02-04
8-K	2018-12-10
8-K	2018-10-25
8-K	2018-09-12
8-K	2018-08-06
8-K	2018-07-25
8-K	2018-07-23
8-K	2018-05-09
8-K	2018-05-01
8-K	2018-02-06
8-K	2018-01-31
8-K	2015-09-09
8-K	2015-07-28
8-K	2015-05-08
8-K	2015-04-30
8-K	2015-02-03
8-K	2015-01-22

Gilead Sciences Earnings 2020-06-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

gild-20200630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


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

For the quarterly period ended June 30, 2020


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

For the transition period from ________ to ________

Commission File No. 0-19731

GILEAD SCIENCES, INC.

(Exact Name of Registrant as Specified in Its Charter)


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

333 Lakeside Drive, Foster City, California 94404

(Address of principal executive offices) (Zip Code)

650-574-3000

(Registrant’s Telephone Number, Including Area Code)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value, $0.001 per share

GILD

The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No x

Number of shares outstanding of the issuer’s common stock, par value $0.001 per share, as of July 31, 2020: 1,253,724,370

GILEAD SCIENCES, INC.

INDEX

PART I.

FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets at June 30, 2020 and December 31, 2019 (unaudited)

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)

Condensed Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2020 and 2019 (unaudited)

Notes to Condensed Consolidated Financial Statements (unaudited)

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Item 6.

Exhibits

SIGNATURES

We own or have rights to various trademarks, copyrights 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^®, HEPSERA^®, JYSELECA^®, LETAIRIS^®, ODEFSEY^®, RANEXA^®, SOVALDI^®, STRIBILD^®, TECARTUS^TM, TRUVADA^®, TRUVADA FOR PREP^®, TYBOST^®, VEKLURY^®(remdesivir), VEMLIDY^®, VIREAD^®, VOSEVI^®, YESCARTA^® and ZYDELIG^®. This report also includes other 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)


	June 30, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	6,746	$	11,631
Short-term marketable securities	12,168		12,721
Accounts receivable, net of allowances of $698 and $758, respectively	3,194		3,582
Inventories	1,052		922
Prepaid and other current assets	1,483		1,440
Total current assets	24,643		30,296
Property, plant and equipment, net	4,653		4,502
Long-term marketable securities	2,276		1,488
Intangible assets, net	13,225		13,786
Goodwill	4,117		4,117
Other long-term assets	7,020		7,438
Total assets	$	55,934	$	61,627
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	532	$	713
Accrued government and other rebates	3,337		3,473
Other accrued liabilities	3,696		3,074
Current portion of long-term debt and other obligations, net	2,999		2,499
Total current liabilities	10,564		9,759
Long-term debt, net	21,103		22,094
Long-term income taxes payable	5,107		6,115
Other long-term obligations	1,018		1,009
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; 1,254 and 1,266 shares issued and outstanding, respectively	1		1
Additional paid-in capital	3,511		3,051
Accumulated other comprehensive income	70		85
Retained earnings	14,445		19,388
Total Gilead stockholders’ equity	18,027		22,525
Noncontrolling interest	115		125
Total stockholders’ equity	18,142		22,650
Total liabilities and stockholders’ equity	$	55,934	$	61,627

See accompanying notes.

GILEAD SCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in millions, except per share amounts)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
Revenues:
Product sales	$	5,067	$	5,607	$	10,534	$	10,807
Royalty, contract and other revenues	76		78		157		159
Total revenues	5,143		5,685		10,691		10,966
Costs and expenses:
Cost of goods sold	1,064		1,000		2,033		1,957
Research and development expenses	1,299		995		2,303		1,926
Acquired in-process research and development expenses	4,524		165		4,621		291
Selling, general and administrative expenses	1,239		1,095		2,315		2,125
Total costs and expenses	8,126		3,255		11,272		6,299
Income (loss) from operations	(2,983)		2,430		(581)		4,667
Interest expense	(240)		(248)		(481)		(502)
Other income (expense), net	250		228		92		595
Income (loss) before provision for income taxes	(2,973)		2,410		(970)		4,760
Provision for income taxes	373		535		838		917
Net income (loss)	(3,346)		1,875		(1,808)		3,843
Net loss attributable to noncontrolling interest	(7)		(5)		(20)		(12)
Net income (loss) attributable to Gilead	$	(3,339)	$	1,880	$	(1,788)	$	3,855
Net income (loss) per share attributable to Gilead common stockholders - basic	$	(2.66)	$	1.48	$	(1.42)	$	3.03
Shares used in per share calculation - basic	1,255		1,270		1,258		1,273
Net income (loss) per share attributable to Gilead common stockholders - diluted	$	(2.66)	$	1.47	$	(1.42)	$	3.01
Shares used in per share calculation - diluted	1,255		1,277		1,258		1,280

See accompanying notes.

GILEAD SCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

(in millions)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
Net income (loss)	$	(3,346)	$	1,875	$	(1,808)	$	3,843
Other comprehensive income (loss):
Net foreign currency translation gain (loss), net of tax	4		(13)		(35)		8
Available-for-sale debt securities:
Net unrealized gain, net of tax	74		19		51		49
Reclassifications to net income (loss), net of tax	(2)		—		(13)		—
Net change	72		19		38		49
Cash flow hedges:
Net unrealized gain (loss), net of tax	(36)		1		21		29
Reclassifications to net income (loss), net of tax	(16)		(35)		(39)		(64)
Net change	(52)		(34)		(18)		(35)
Other comprehensive income (loss)	24		(28)		(15)		22
Comprehensive income (loss)	(3,322)		1,847		(1,823)		3,865
Less: Comprehensive loss attributable to noncontrolling interest	(7)		(5)		(20)		(12)
Comprehensive income (loss) attributable to Gilead	$	(3,315)	$	1,852	$	(1,803)	$	3,877

See accompanying notes.

GILEAD SCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(unaudited)

(in millions, except per share amounts)


	Three Months Ended June 30, 2020
	Gilead Stockholders’ Equity																		Noncontrolling Interest	Total Stockholders’ Equity
		Common Stock								Additional Paid-In Capital			Accumulated Other Comprehensive Income			Retained Earnings
		Shares			Amount
Balance at March 31, 2020	1,254		$	1		$	3,311	$	46		$	18,709		$	112		$	22,179
Change in noncontrolling interest	—		—			—		—			—			10			10
Net loss	—		—			—		—			(3,339)			(7)			(3,346)
Other comprehensive income, net of tax	—		—			—		24			—			—			24
Issuances under equity incentive plans	1		—			35		—			—			—			35
Stock-based compensation	—		—			168		—			—			—			168
Repurchases of common stock

EX-10.11	gildq22020ex10112020no.htm
EX-10.26	gildq22020ex10262020no.htm
EX-10.27	gildq22020ex10272018eq.htm
EX-10.30	gildq22020ex1030severa.htm
EX-10.43	gildq22020ex1043housin.htm
EX-31.1	gildq22020ex311.htm
EX-31.2	gildq22020ex312.htm
EX-32	gildq22020ex32.htm

GILD 10Q Quarterly Report

Gilead Sciences Earnings 2020-06-30