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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 June 30, 2020
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 July 31, 2020: 1,253,724,370



GILEAD SCIENCES, INC.
INDEX
PART I.
2
Item 1.
2
2
3
4
5
7
8
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
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®, TECARTUSTM, 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
   
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.
2


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.
3


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   (13)   (35)    
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)     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.
4


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    $   $ 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   —    35    —    —    —    35   
Stock-based compensation —    —    168    —    —    —    168   
Repurchases of common stock (1)   —    (3)   —    (59)   —    (62)  
Dividends declared ($0.68 per share)
—    —    —    —    (866)   —    (866)  
Balance at June 30, 2020 1,254    $   $ 3,511    $ 70    $ 14,445    $ 115    $ 18,142   

Six 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 December 31, 2019 1,266    $   $ 3,051    $ 85    $ 19,388    $ 125    $ 22,650   
Cumulative effect from the adoption of new accounting standard (Note 1) —    —    —    —    (7)   —    (7)  
Change in noncontrolling interest —    —    —    —    —    10    10   
Net loss —    —    —    —    (1,788)   (20)   (1,808)  
Other comprehensive loss, net of tax —    —    —    (15)   —    —    (15)  
Issuances under employee stock purchase plan   —    66    —    —    —    66   
Issuances under equity incentive plans   —    146    —    —    —    146   
Stock-based compensation —    —    309    —    —    —    309   
Repurchases of common stock (21)   —    (61)   —    (1,415)   —    (1,476)  
Dividends declared ($1.36 per share)
—    —    —    —    (1,733)   —    (1,733)  
Balance at June 30, 2020 1,254    $   $ 3,511    $ 70    $ 14,445    $ 115    $ 18,142   

5


Three Months Ended June 30, 2019
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, 2019 1,274    $   $ 2,494    $ 130    $ 19,326    $ 140    $ 22,091   
Net income (loss) —    —    —    —    1,880    (5)   1,875   
Other comprehensive loss, net of tax —    —    —    (28)   —    —    (28)  
Issuances under equity incentive plans   —    41    —    —    —    41   
Stock-based compensation —    —    175    —    —    —    175   
Repurchases of common stock (9)   —    (26)   —    (567)   —    (593)  
Dividends declared ($0.63 per share)
—    —    —    —    (810)   —    (810)  
Balance at June 30, 2019 1,267    $   $ 2,684    $ 102    $ 19,829    $ 135    $ 22,751   


Six Months Ended June 30, 2019
Gilead Stockholders’ Equity  Noncontrolling
Interest
Total
Stockholders’
Equity
Common Stock 
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income
Retained
Earnings
Shares Amount
Balance at December 31, 2018 1,282    $   $ 2,282    $ 80    $ 19,024    $ 147    $ 21,534   
Cumulative effect from the adoption of accounting standard —    —    —    —      —     
Net income (loss) —    —    —    —    3,855    (12)   3,843   
Other comprehensive income, net of tax —    —    —    22    —    —    22   
Issuances under employee stock purchase plan   —    63    —    —    —    63   
Issuances under equity incentive plans   —    82    —    —    —    82   
Stock-based compensation —    —    319    —    —    —    319   
Repurchases of common stock (22)   —    (62)   —    (1,434)   —    (1,496)  
Dividends declared ($1.26 per share)
—    —    —    —    (1,624)   —    (1,624)  
Balance at June 30, 2019 1,267    $   $ 2,684    $ 102    $ 19,829    $ 135    $ 22,751   




















See accompanying notes.
6


GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in millions)
Six Months Ended
June 30,
2020 2019
Operating Activities:
Net income (loss) $ (1,808)   $ 3,843   
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense 136    120   
Amortization expense 562    587   
Stock-based compensation expense 309    317   
Acquired in-process research and development expenses 4,621    291   
Deferred income taxes 109    28   
Net unrealized (gain) loss from equity securities 82    (254)  
Other 130    81   
Changes in operating assets and liabilities:
Accounts receivable, net 368    (68)  
Inventories (22)   (12)  
Prepaid expenses and other 76    (34)  
Accounts payable (113)   (166)  
Income taxes payable (361)   (274)  
Accrued liabilities and other (87)   (540)  
Net cash provided by operating activities 4,002    3,919   
Investing Activities:
Purchases of marketable debt securities (16,753)   (17,022)  
Proceeds from sales of marketable debt securities 10,426    1,564   
Proceeds from maturities of marketable debt securities 6,227    10,029   
Acquisitions, including in-process research and development, net of cash acquired (4,804)   (239)  
Purchases of equity securities (86)   (104)  
Capital expenditures (314)   (422)  
Other (63)   (213)  
Net cash used in investing activities (5,367)   (6,407)  
Financing Activities:
Proceeds from issuances of common stock 212    141   
Repurchases of common stock (1,382)   (1,422)  
Repayments of debt and other obligations (500)   (1,250)  
Payments of dividends (1,730)   (1,617)  
Other (85)   (75)  
Net cash used in financing activities (3,485)   (4,223)  
Effect of exchange rate changes on cash and cash equivalents (35)   11   
Net change in cash and cash equivalents (4,885)   (6,700)  
Cash and cash equivalents at beginning of period 11,631    17,940   
Cash and cash equivalents at end of period $ 6,746    $ 11,240   





See accompanying notes.
7


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 (loss) attributable to noncontrolling interest in our Condensed Consolidated Statements of Operations 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 variable interest entity (“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, 2019, 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 (“CEO”), as the chief operating decision-maker, 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 CEO 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 additional information.
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 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 recent coronavirus disease (“COVID-19”) could have on our significant accounting estimates. Actual results could differ materially from these estimates under different assumptions or conditions.
Reclassification
Certain amounts for the three and six months ended June 30, 2019 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 Operations. Acquired IPR&D expenses reflect IPR&D impairments as well as the initial 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 payments related to various collaborations and the initial costs of rights to IPR&D projects. Our Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2019, has been conformed to separately present acquired IPR&D expenses. In addition, upfront and milestone payments of $254 million related to collaborations and other arrangements for the six months ended June 30, 2019, which were historically classified as cash flows from operating activities, are presented as cash flows from investing activities on our Condensed Consolidated Statements of Cash Flows.
8


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 our investment portfolio. 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. Our allowance for credit losses was $55 million and $47 million as of June 30, 2020 and January 1, 2020, respectively. There were no material write-offs charged against the allowance for the three and six months ended June 30, 2020.
Recently Adopted Accounting Standards
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-13 “Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) and has since modified the standard with several ASUs (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets. On January 1, 2020, we adopted this standard using a modified retrospective approach. The adoption did not have a material impact on our Condensed Consolidated Financial Statements.
In November 2018, the FASB issued Accounting Standards Update No. 2018-18 “Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606” (“ASU 2018-18”). ASU 2018-18 clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under Topic 606, “Revenue from Contracts with Customers,” when the counterparty is a customer. In addition, the update precludes an entity from presenting consideration from a transaction in a collaborative arrangement as customer revenue if the counterparty is not a customer for that transaction. On January 1, 2020, we adopted this standard and applied it retrospectively to January 1, 2018 when we initially adopted Topic 606. The adoption did not have an impact on our Condensed Consolidated Financial Statements.

9


2. REVENUES
Disaggregation of Revenues
The following table disaggregates our product sales by product and geographic region and disaggregates our royalty, contract and other revenues by geographic region (in millions):
Three Months Ended June 30, 2020 Three Months Ended June 30, 2019
U.S. Europe Other Locations Total U.S. Europe Other Locations Total
Product sales:
Atripla $ 95    $   $   $ 103    $ 122    $ 26    $   $ 152   
Biktarvy 1,350    153    101    1,604    1,023    73    20    1,116   
Complera/Eviplera 27    42      72    42    72      123   
Descovy 337    46    34    417    246    69    43    358   
Genvoya 646    109    61    816    733    177    70    980   
Odefsey 273    98    11    382    266    111    10    387   
Stribild 39    12      59    78    24      108   
Truvada 370      11    387    657    41    20    718   
Other HIV(1)
11      16    28          15   
Revenue share – Symtuza(2)
90    40      132    55    29    —    84   
AmBisome 10    49    36    95    10    60    35    105   
Ledipasvir/Sofosbuvir(3)
24      39    67    86    22    85    193   
Letairis 80    —    —    80    204    —    —    204   
Ranexa   —    —      19    —    —    19   
Sofosbuvir/Velpatasvir(4)
165    57    113    335    219    156    118    493   
Vemlidy 76      68    151    71      40    116   
Viread     54    65      28    38    75   
Vosevi 27        39    53    15      75   
Yescarta 95    56      156    99    21    —    120   
Zydelig       18    12    14    —    26   
Other(5)
43    16      60    41    97      140   
Total product sales 3,770    724    573    5,067    4,054    1,041    512    5,607   
Royalty, contract and other revenues 14    62    —    76    19    58      78   
Total revenues $ 3,784    $ 786    $ 573    $ 5,143    $ 4,073    $ 1,099    $ 513    $ 5,685   
10


Six Months Ended June 30, 2020 Six Months Ended June 30, 2019
U.S. Europe Other Locations Total U.S. Europe Other Locations Total
Product sales:
Atripla $ 176    $ 12    $ 10    $ 198    $ 255    $ 42    $ 26    $ 323   
Biktarvy 2,762    334    201    3,297    1,762    121    26    1,909   
Complera/Eviplera 51    89      148    86    134    18    238   
Descovy 700    107    68    875    479    137    84    700   
Genvoya 1,258    260    122    1,640    1,461    370    164    1,995   
Odefsey 542    225    24    791    548    217    19    784   
Stribild 73    29    10    112    145    42    17    204   
Truvada 753    14    26    793    1,208    74    42    1,324   
Other HIV(1)
14      19    36    20      10    32   
Revenue share – Symtuza(2)
162    78      244    97    53    —    150   
AmBisome 28    108    78    214    18    117    63    198   
Ledipasvir/Sofosbuvir(3)
77    15    87    179    203    49    166    418   
Letairis 163    —    —    163    401    —    —    401   
Ranexa   —    —      174    —    —    174   
Sofosbuvir/Velpatasvir(4)
476    179    244    899    449    310    225    984   
Vemlidy 149    14    124    287    136      72    217   
Viread   19    79    105    21    42    84    147   
Vosevi 60    17    10    87    98    31      138   
Yescarta 198    93      296    189