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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, 2021
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 30, 2021: 1,254,178,166



GILEAD SCIENCES, INC.
INDEX
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®, HEPCLUDEX® (BULEVIRTIDE), HARVONI®, HEPSERA®, JYSELECA®, LETAIRIS®, ODEFSEY®, RANEXA®, SOVALDI®, STRIBILD®, TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, 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)March 31, 2021December 31, 2020
Assets  
Current assets:  
Cash and cash equivalents$4,065 $5,997 
Short-term marketable securities1,601 1,411 
Accounts receivable, net3,925 4,892 
Inventories1,779 1,683 
Prepaid and other current assets1,908 2,013 
Total current assets13,278 15,996 
Property, plant and equipment, net4,990 4,967 
Long-term marketable securities579 502 
Intangible assets, net34,781 33,126 
Goodwill8,334 8,108 
Other long-term assets5,530 5,708 
Total assets$67,492 $68,407 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accounts payable$570 $844 
Accrued government and other rebates3,369 3,460 
Accrued and other current liabilities3,507 4,336 
Current portion of long-term debt and other obligations, net2,259 2,757 
Total current liabilities9,705 11,397 
Long-term debt, net27,907 28,645 
Long-term income taxes payable5,022 5,016 
Deferred tax liability4,464 3,914 
Other long-term obligations1,430 1,214 
Commitments and contingencies (Note 11)
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 shares issued and outstanding
1 1 
Additional paid-in capital4,092 3,880 
Accumulated other comprehensive income (loss)38 (60)
Retained earnings14,821 14,381 
Total Gilead stockholders’ equity18,952 18,202 
Noncontrolling interest12 19 
Total stockholders’ equity18,964 18,221 
Total liabilities and stockholders’ equity$67,492 $68,407 


See accompanying notes.
2


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

 Three Months Ended
March 31,
(in millions, except per share amounts)20212020
Revenues:
Product sales$6,340 $5,467 
Royalty, contract and other revenues83 81 
Total revenues6,423 5,548 
Costs and expenses:
Cost of goods sold1,361 969 
Research and development expenses1,055 1,004 
Acquired in-process research and development expenses62 97 
Selling, general and administrative expenses1,055 1,076 
Total costs and expenses3,533 3,146 
Income from operations2,890 2,402 
Interest expense(257)(241)
Other income (expense), net(369)(158)
Income before income taxes2,264 2,003 
Income tax expense542 465 
Net income1,722 1,538 
Net loss attributable to noncontrolling interest(7)(13)
Net income attributable to Gilead$1,729 $1,551 
Net income per share attributable to Gilead common stockholders - basic$1.38 $1.23 
Shares used in per share calculation - basic1,256 1,262 
Net income per share attributable to Gilead common stockholders - diluted$1.37 $1.22 
Shares used in per share calculation - diluted1,262 1,270 






















See accompanying notes.
3


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

Three Months Ended
March 31,
(in millions)20212020
Net income$1,722 $1,538 
Other comprehensive income (loss):
Net foreign currency translation gain (loss), net of tax10 (39)
Available-for-sale debt securities:
Net unrealized loss, net of tax(2)(23)
Reclassifications to net income, net of tax (11)
Net change
(2)(34)
Cash flow hedges:
Net unrealized gain, net of tax 68 57 
Reclassifications to net income, net of tax22 (23)
Net change
90 34 
Other comprehensive income (loss)98 (39)
Comprehensive income1,820 1,499 
Comprehensive loss attributable to noncontrolling interest(7)(13)
Comprehensive income attributable to Gilead$1,827 $1,512 































See accompanying notes.
4


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

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 at 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 at March 31, 20211,254 $1 $4,092 $38 $14,821 $12 $18,964 


Three Months Ended March 31, 2020
(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 at December 31, 20191,266 $1 $3,051 $85 $19,388 $125 $22,650 
Cumulative effect from the adoption of new accounting standard— — — — (7)— (7)
Net income (loss)— — — — 1,551 (13)1,538 
Other comprehensive loss, net of tax— — — (39)— — (39)
Issuances under employee stock purchase plan1 — 66 — — — 66 
Issuances under equity incentive plans7 — 111 — — — 111 
Stock-based compensation— — 141 — — — 141 
Repurchases of common stock(20)— (58)— (1,356)— (1,414)
Dividends declared ($0.68 per share)
— — — — (867)— (867)
Balance at March 31, 20201,254 $1 $3,311 $46 $18,709 $112 $22,179 













See accompanying notes.
5


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

Three Months Ended
March 31,
(in millions)20212020
Operating Activities:
Net income$1,722 $1,538 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense78 68 
Amortization expense395 281 
Stock-based compensation expense139 141 
Acquired in-process research and development expenses62 97 
Deferred income taxes71 56 
Net losses from equity securities351 283 
Other201 73 
Changes in operating assets and liabilities:
Accounts receivable, net975 (376)
Inventories(69)15 
Prepaid expenses and other(8)46 
Accounts payable(253)(109)
Income taxes payable(316)(127)
Accrued and other liabilities(738)(550)
Net cash provided by operating activities2,610 1,436 
Investing Activities:
Purchases of marketable debt securities(931)(13,158)
Proceeds from sales of marketable debt securities60 9,656 
Proceeds from maturities of marketable debt securities619 3,449 
Acquisitions, including in-process research and development, net of cash acquired(1,255)(63)
Purchases of equity securities(279)(8)
Capital expenditures(165)(171)
Other(91)(49)
Net cash used in investing activities(2,042)(344)
Financing Activities:
Proceeds from issuances of common stock88 177 
Repurchases of common stock(309)(1,328)
Repayments of debt and other obligations(1,250)(500)
Payments of dividends(917)(874)
Other(89)(86)
Net cash used in financing activities(2,477)(2,611)
Effect of exchange rate changes on cash and cash equivalents(23)(61)
Net change in cash and cash equivalents(1,932)(1,580)
Cash and cash equivalents at beginning of period5,997 11,631 
Cash and cash equivalents at end of period$4,065 $10,051 




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 a variable interest entity (“VIE”) 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 (loss) attributable to noncontrolling interest 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 whether we are the primary beneficiary of a VIE at the inception of the arrangement and at each reporting date. 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.
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, 2020, included in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.
Segment Information
We have one operating segment, which 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 the 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 in accordance with U.S. generally accepted accounting principles requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and 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, such as the economic considerations related to the impact that the coronavirus disease (“COVID-19”) could have on our significant accounting estimates. Actual results may differ significantly from these estimates.
Reclassification
Certain amounts for the three months ended March 31, 2020 were reclassified to conform to the current period presentation. Beginning in the second quarter of 2020, acquired in-process research and development (“IPR&D”) expenses are reported separately from Research and development expenses on our Condensed Consolidated Statements of Income. Our Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2020, has also been conformed to separately present acquired IPR&D expenses.
7


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.
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, Europe and Japan. There were no material write-offs charged against the allowance for the three months ended March 31, 2021 and 2020.
Certain of the raw materials and components that we utilize in our operations are obtained through single suppliers. Certain of the raw materials that we utilize in our operations are made at only one facility. Since the suppliers of key components and raw materials must be named in a new drug application filed with U.S. Food and Drug Administration (“FDA”) for a product, significant delays can occur if the qualification of a new supplier is required. If delivery of material from our suppliers is interrupted for any reason, we may be unable to ship our commercial products or to supply our product candidates for clinical trials.

8


2.    REVENUES
Disaggregation of Revenues
Revenues were as follows:
Three Months Ended March 31, 2021Three Months Ended March 31, 2020
(in millions)U.S.EuropeOther InternationalTotalU.S.EuropeOther InternationalTotal
Product Sales:
HIV
Atripla$23 $4 $4 $31 $81 $7 $7 $95 
Biktarvy1,465 216 143 1,824 1,412 181 100 1,693 
Complera/Eviplera25 34 4 63 24 47 5 76 
Descovy282 42 35 359 363 61 34 458 
Genvoya506 106 61 673 612 151 61 824 
Odefsey240 113 14 367 269 127 13 409 
Stribild31 11 4 46 34 17 2 53 
Truvada119 7 9 135 383 8 15 406 
Other HIV(1)
6 1 10 17 3 2 3 8 
Revenue share - Symtuza (2)
89 44 2 135 72 38 2 112 
Total HIV2,786 578 286 3,650 3,253 639 242 4,134 
Hepatitis C virus (“HCV”)
Ledipasvir/Sofosbuvir(3)
19 16 21 56 53 11 48 112 
Sofosbuvir/Velpatasvir (4)
214 75 92 381 311 122 131 564 
Other HCV(5)
25 44 4 73 34 15 4 53 
Total HCV258 135 117 510 398 148 183 729 
Hepatitis B virus (“HBV”) / Hepatitis Delta virus (“HDV”)
Vemlidy77 8 96 181 73 7 56 136 
Viread4 7 20 31 4 11 25 40 
Other HBV/HDV(6)
 8  8 8 2  10 
Total HBV/HDV81 23 116 220 85 20 81 186 
Veklury820 388 248 1,456     
Cell Therapy
Tecartus27 4  31     
Yescarta92 61 7 160 103 37  140 
Total Cell Therapy119 65 7 191 103 37  140 
Trodelvy72   72     
Other
AmBisome12 66 43 121 18 59 42 119 
Letairis54   54 83