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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, 2024
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, 2024: 1,245,853,209



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®, KITE™, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX®, HEPSERA®, JYSELECA®, LETAIRIS®, ODEFSEY®, SOVALDI®, STRIBILD®, SUNLENCA®, TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA® 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 “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “hope,” “intend,” “may,” “might,” “plan,” “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 and revenue trends; liquidity and capital needs; plans and expectations with respect to products, product candidates, corporate strategy, business and operations, financial projections and the use of capital; 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 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 in 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)March 31, 2024December 31, 2023
Assets  
Current assets:  
Cash and cash equivalents$4,718 $6,085 
Short-term marketable debt securities 1,179 
Accounts receivable, net4,669 4,660 
Inventories1,853 1,787 
Prepaid and other current assets2,800 2,374 
Total current assets14,041 16,085 
Property, plant and equipment, net5,321 5,317 
Long-term marketable debt securities 1,163 
Intangible assets, net23,428 26,454 
Goodwill8,314 8,314 
Other long-term assets5,188 4,792 
Total assets$56,292 $62,125 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accounts payable$622 $550 
Accrued rebates4,263 3,802 
Other current liabilities4,464 5,130 
Current portion of long-term debt and other obligations, net3,667 1,798 
Total current liabilities13,015 11,280 
Long-term debt, net21,527 23,189 
Long-term income taxes payable1,967 2,039 
Deferred tax liability933 1,588 
Other long-term obligations1,395 1,280 
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; 1,246 shares issued and outstanding
1 1 
Additional paid-in capital6,813 6,500 
Accumulated other comprehensive income69 28 
Retained earnings10,656 16,304 
Total Gilead stockholders’ equity17,539 22,833 
Noncontrolling interest(84)(84)
Total stockholders’ equity17,455 22,749 
Total liabilities and stockholders’ equity$56,292 $62,125 



See accompanying notes.
3


GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 Three Months Ended
March 31,
(in millions, except per share amounts)20242023
Revenues:
Product sales$6,647 $6,306 
Royalty, contract and other revenues39 46 
Total revenues6,686 6,352 
Costs and expenses:
Cost of goods sold1,552 1,401 
Research and development expenses1,520 1,447 
Acquired in-process research and development expenses4,131 481 
In-process research and development impairment2,430  
Selling, general and administrative expenses1,375 1,319 
Total costs and expenses11,008 4,647 
Operating (loss) income(4,322)1,705 
Interest expense254 230 
Other (income) expense, net(91)174 
(Loss) income before income taxes(4,486)1,300 
Income tax (benefit) expense(315)316 
Net (loss) income(4,170)985 
Net loss attributable to noncontrolling interest (26)
Net (loss) income attributable to Gilead$(4,170)$1,010 
Basic (loss) earnings per share attributable to Gilead$(3.34)$0.81 
Shares used in basic (loss) earnings per share attributable to Gilead calculation1,247 1,248 
Diluted (loss) earnings per share attributable to Gilead$(3.34)$0.80 
Shares used in diluted (loss) earnings per share attributable to Gilead calculation1,247 1,261 





















See accompanying notes.
4


GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited)
Three Months Ended
March 31,
(in millions)20242023
Net (loss) income$(4,170)$985 
Other comprehensive income (loss), net:
Net foreign currency translation loss(17)(5)
Available-for-sale debt securities:
Net unrealized gain, net of tax impact of $0 and $0, respectively
 8 
Reclassifications to net (loss) income, net of tax impact of $0 and $0, respectively
5 1 
Net change5 9 
Cash flow hedges:
Net unrealized gain (loss), net of tax impact of $8 and $(1), respectively
53 (6)
Reclassifications to net (loss) income, net of tax impact of $0 and $3, respectively
 (21)
Net change53 (26)
Other comprehensive income (loss), net41 (22)
Comprehensive (loss) income, net(4,130)962 
Comprehensive loss attributable to noncontrolling interest, net (26)
Comprehensive (loss) income attributable to Gilead, net$(4,130)$988 
































See accompanying notes.
5


GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
Three Months Ended March 31, 2024
(in millions, except per share amounts)Gilead Stockholders’ Equity Noncontrolling
Interest
Total
Stockholders’
Equity
Common Stock 
Additional
Paid-In
Capital
Accumulated Other Comprehensive IncomeRetained
Earnings
SharesAmount
Balance as of December 31, 20231,246 $1 $6,500 $28 $16,304 $(84)$22,749 
Net loss— — — — (4,170)— (4,170)
Other comprehensive income, net— — — 41 — — 41 
Issuances under employee stock purchase plan1 — 80 — — — 80 
Issuances under equity incentive plans6 — 65 — — — 65 
Stock-based compensation— — 188 — — — 188 
Repurchases of common stock under repurchase programs ($76.88 average price per share)
(5)— (20)— (380)— (400)
Repurchases of common stock for employee tax withholding under equity incentive plans and other(2)— — — (116)— (116)
Dividends declared ($0.77 per share)
— — — — (980)— (980)
Balance as of March 31, 20241,246 $1 $6,813 $69 $10,656 $(84)$17,455 
Three Months Ended March 31, 2023
(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, 20221,247 $1 $5,550 $2 $15,687 $(31)$21,209 
Net income (loss)— — — — 1,010 (26)985 
Other comprehensive loss, net— — — (22)— — (22)
Issuances under employee stock purchase plan1 — 67 — — — 67 
Issuances under equity incentive plans6 — 27 — — — 27 
Stock-based compensation— — 165 — — — 165 
Repurchases of common stock under repurchase programs ($82.29 average price per share)
(5)— (17)— (383)— (400)
Repurchases of common stock for employee tax withholding under equity incentive plans(2)— — — (135)— (135)
Dividends declared ($0.75 per share)
— — — — (957)— (957)
Balance as of March 31, 20231,248 $1 $5,793 $(20)$15,223 $(58)$20,939 











See accompanying notes.
6


GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Three Months Ended
March 31,
(in millions)20242023
Operating Activities:
Net (loss) income$(4,170)$985 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation expense94 94 
Amortization expense596 546 
Stock-based compensation expense187 165 
Deferred income taxes(723)(303)
Net loss from equity securities14 256 
Acquired in-process research and development expenses4,131 481 
In-process research and development impairment2,430  
Other119 63 
Changes in operating assets and liabilities:
Accounts receivable, net(66)635 
Inventories(45)(227)
Prepaid expenses and other(37)26 
Accounts payable72 (272)
Income tax assets and liabilities, net(208)(161)
Accrued and other liabilities(175)(543)
Net cash provided by operating activities2,219 1,744 
Investing Activities:
Purchases of marketable debt securities(244)(527)
Proceeds from sales of marketable debt securities2,265 167 
Proceeds from maturities of marketable debt securities327 324 
Acquisitions, including in-process research and development, net of cash acquired(4,043)(551)
Purchases of equity securities(410)(125)
Capital expenditures(105)(109)
Other5 (5)
Net cash used in investing activities(2,207)(826)
Financing Activities:
Proceeds from issuances of common stock146 97 
Repurchases of common stock under repurchase programs(400)(400)
Payments of dividends(990)(969)
Other(116)(135)
Net cash used in financing activities(1,361)(1,406)
Effect of exchange rate changes on cash and cash equivalents(18)13 
Net change in cash and cash equivalents(1,367)(476)
Cash and cash equivalents at beginning of period6,085 5,412 
Cash and cash equivalents at end of period$4,718 $4,936 




See accompanying notes.
7


GILEAD SCIENCES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1.    ORGANIZATION AND SUMMARY OF 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, 2023, included in our Annual Report on Form 10-K filed with U.S. Securities and Exchange Commission. There have been no material changes to our organization or summary of 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.
Certain amounts and percentages in these Condensed Consolidated Financial Statements and accompanying notes may not sum or recalculate due to rounding.
8


2.    REVENUES
Disaggregation of Revenues
The following table summarizes our Total revenues:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
(in millions)U.S.EuropeRest of WorldTotalU.S.EuropeRest of WorldTotal
Product sales:
HIV
Biktarvy$2,315 $365 $265 $2,946 $2,161 $304 $212 $2,677 
Descovy371 26 29 426 395 25 29 449 
Genvoya332 49 21 403 417 55 29 501 
Odefsey223 76 11 310 230 76 11 317 
Symtuza - Revenue share(1)
104 33 3 141 98 36 4 138 
Other HIV(2)
60 45 12 117 62 32 13 108 
Total HIV3,405 596 342 4,342 3,364 528 298 4,190 
Liver Disease
Sofosbuvir/Velpatasvir(3)
248 79 78 405 204 90 90 385 
Vemlidy95 11 119 225 87 9 103 199 
Other Liver Disease(4)
42 47 19 107 27 41 23 91 
Total Liver Disease385 137 215 737 318 140 217 675 
Veklury315 70 169 555 252 111 209 573 
Oncology
Cell Therapy
Tecartus55 36 8 100 59 27 3 89 
Yescarta170 158 52 380 210 121 28 359 
Total Cell Therapy225 195 60 480 269 148 31 448 
Trodelvy206 68 36 309 162 54 6 222 
Total Oncology431 262 96 789 431 202 37 670 
Other
AmBisome14 70 60 144 6 60 49 116 
Other(5)
59 9 12 80 62 12 9 83 
Total Other73 79 71 224 69 72 58 199 
Total product sales4,609 1,144 894 6,647 4,434 1,053 819 6,306 
Royalty, contract and other revenues23 15 1 39 18 26 2 46 
Total revenues$4,633 $1,159 $894 $6,686 $4,452 $1,079 $821 $6,352 
_______________________________
(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”).
(2)    Includes Atripla, Complera/Eviplera, Emtriva, Sunlenca, Stribild, Truvada and Tybost.
(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, Sovaldi, Viread and Vosevi.
(5)    Includes Cayston, Jyseleca, Letairis, Ranexa 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
March 31,
(in millions)20242023
Revenue share with Janssen and royalties for licenses of intellectual property$171 $192 
Changes in estimates$160 $160 
9


Contract Balances
The following table summarizes our contract balances:
(in millions)March 31, 2024December 31, 2023
Contract assets(1)
$144 $117 
Contract liabilities(2)
$84 $109 
________________________________
(1)    Consists of unbilled amounts primarily from arrangements where the licensing of intellectual property is the only or predominant performance obligation.
(2)    Generally results from receipt of advance payment before our performance under the contract.
3.    FAIR VALUE MEASUREMENTS
The following table summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:
March 31, 2024December 31, 2023
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:
Available-for-sale debt securities(1):
U.S. treasury securities$ $ $ $ $426 $ $ $426 
U.S. government agencies securities     127  127 
Non-U.S. government securities     10  10 
Certificates of deposit     45  45 
Corporate debt securities     1,451  1,451 
Residential mortgage and asset-backed securities     367  367 
Equity securities:
Money market funds1,550   1,550 4,465   4,465 
Publicly traded equity securities(2)
1,808   1,808 1,458   1,458 
Deferred compensation plan318   318 284   284 
Foreign currency derivative contracts 39  39  7  7 
Total$3,676 $39 $ $3,715 $6,633 $2,007 $ $8,639 
Liabilities:
Liability for MYR GmbH (“MYR”) contingent consideration$ $ $222 $222 $ $ $228 $228 
Deferred compensation plan318   318 283   283 
Foreign currency derivative contracts 10  10  59  59 
Total$318 $10 $222 $549 $283 $59 $228 $570 
_______________________________
(1)    During the three months ended March 31, 2024, we sold all of our available-for-sale debt securities and used the proceeds to partially fund our acquisition of CymaBay Therapeutics, Inc. (“CymaBay”) discussed in Note 6. Acquisitions, Collaborations and Other Arrangements.
(2)    Publicly traded equity securities include investments in Galapagos NV (“Galapagos”) of $535 million and Arcellx, Inc. (“Arcellx”) of $467 million as of March 31, 2024, which are subject to contractual sale restrictions until August 2024 and June 2025, respectively.
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.
10






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.
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)March 31, 2024December 31, 2023
Fair value$21,930 $22,567 
Carrying value$23,838 $23,834 
Level 3 Inputs
Contingent Consideration Liability
In connection with our first quarter 2021 acquisition of MYR, 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 Hepcludex until the related contingency is resolved.
The following table summarizes the change in fair value of our contingent consideration liability:
Three Months Ended
March 31,
(in millions)20242023
Beginning balance$228 $275 
Changes in valuation assumptions(1)
 (3)
Effect of foreign exchange remeasurement(2)
(6)5 
Ending balance(3)
$222 $277 
________________________________
(1)    Included in Research and development expenses on our Condensed Consolidated Statements of Operations. The change in 2023 primarily related to an update in expected payment dates.
(2)    Included in Other (income) expense, net on our Condensed Consolidated Statements of Operations.
(3)    Included in Other long-term obligations on our Condensed Consolidated Balance Sheets.
Liability Related to Future Royalties
We recorded a liability related to future royalties as part of our fourth quarter 2020 acquisition of Immunomedics, Inc. (“Immunomedics”), which is subsequently amortized using the effective interest method over the remaining estimated life. The fair value of the liability related to future royalties was approximately $1.2 billion as of March 31, 2024 and December 31, 2023, and the carrying value was $1.2 billion as of March 31, 2024 and December 31, 2023.
Liability Related to Assumed Financing Arrangement
As part of the CymaBay acquisition, we assumed a liability for a financing arrangement (see Note 6. Acquisitions, Collaborations and Other Arrangements). The fair value of the liability approximates its carrying value of $199 million.
Nonrecurring Fair Value Measurements
During the three months ended March 31, 2024, we recorded a partial impairment charge of $2.4 billion related to certain acquired in-process research and development (“IPR&D”) assets. See Note 7. Intangible Assets for additional information.
Fair Value Level Transfers
There were no transfers between Level 1, Level 2 and Level 3 in the periods presented.
11






4.    AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
Available-for-Sale Debt Securities
During the three months ended March 31, 2024, we sold all of our available-for-sale debt securities and used the proceeds to partially fund our acquisition of CymaBay discussed in Note 6. Acquisitions, Collaborations and Other Arrangements. As such, the following tables only show balances for the period prior to this liquidation.
The following table summarizes our available-for-sale debt securities:
December 31, 2023
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value 
U.S. treasury securities$427 $ $(1)$426 
U.S. government agencies securities127   127 
Non-U.S. government securities10   10 
Certificates of deposit45   45 
Corporate debt securities1,455 4 (8)1,451 
Residential mortgage and asset-backed securities366 1  367 
Total$2,430 $5 $(10)$2,426 
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time:
December 31, 2023
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$ $161 $(1)$48 $(1)$209 
U.S. government agencies securities 106  2  108 
Non-U.S. government securities 5  5  10 
Corporate debt securities(1)333 (7)546 (8)878 
Residential mortgage and asset-backed securities 123  24  147 
Total$(2)$727 $(8)$624 $(10)$1,351 
The following table summarizes the classification of our available-for-sale debt securities in our Condensed Consolidated Balance Sheets:
(in millions)December 31, 2023
Cash and cash equivalents$83 
Short-term marketable debt securities1,179 
Long-term marketable debt securities1,163 
Total$2,426 
12






Equity Securities
The following table summarizes the classification of our equity securities on our Condensed Consolidated Balance Sheets:
(in millions)March 31, 2024December 31, 2023
Equity securities measured at fair value:
Cash and cash equivalents$1,550 $4,465 
Prepaid and other current assets1,341 1,086 
Other long-term assets785 656 
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets359 $340 
Total$4,036 $6,547 
For our equity method investments in Galapagos and Arcus Biosciences, Inc. (“Arcus”), we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments. Our investment in Galapagos is subject to certain lock-up provisions until August 2024 and was classified in Prepaid and other current assets as of March 31, 2024 and December 31, 2023 at $535 million and $686 million, respectively. Our investment in Arcus was classified in Prepaid and other current assets as of March 31, 2024 and December 31, 2023 at $568 million and $283 million, respectively.
Unrealized Gains and Losses
The following table summarizes net unrealized gains and losses on equity securities still held as of the respective balance sheet dates, included in Other (income) expense, net on our Condensed Consolidated Statements of Operations:
Three Months Ended
March 31,
(in millions)20242023
Net unrealized losses on equity securities still held$15 $187 
13






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 these contracts is offset by corresponding gains and losses on the hedged transactions. The credit risk associated with these contracts is driven by changes in interest and currency exchange rates and, as a result, varies over time. By working only with major banks and closely monitoring current market conditions, we seek to limit the risk that counterparties to these contracts may be unable to perform. We also seek to limit our risk of loss by entering into contracts that permit net settlement at maturity. Therefore, our overall risk of loss in the event of a counterparty default is limited to the amount of any unrealized gains on outstanding contracts (i.e., those contracts that have a positive fair value) at the date of default. 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 $2.0 billion and $2.5 billion as of March 31, 2024 and December 31, 2023, respectively.
While all our derivative contracts allow us the right to offset assets and liabilities, we have presented amounts in our Condensed Consolidated Balance Sheets on a gross basis. The following table summarizes the classification and fair values of derivative instruments, including the potential effect of offsetting:
March 31, 2024
(in millions)Prepaid and other current assetsOther long-term assetsTotal Derivative AssetsOther current liabilitiesOther long-term obligationsTotal Derivative Liabilities
Foreign currency exchange contracts designated as hedges$28 $2 $30 $5 $1 $6 
Foreign currency exchange contracts not designated as hedges9  9 4  4 
Total derivatives presented gross on the Condensed Consolidated Balance Sheets$39 $10 
Gross amounts not offset on the Condensed Consolidated Balance Sheets:
Derivative financial instruments$(8)$(8)
Cash collateral received / pledged  
Net amount (legal offset)$31 $1 
December 31, 2023
(in millions)Prepaid and other current assetsOther long-term assetsTotal Derivative AssetsOther current liabilitiesOther long-term obligationsTotal Derivative Liabilities
Foreign currency exchange contracts designated as hedges$6 $ $6 $38 $7 $45 
Foreign currency exchange contracts not designated as hedges1  1 15  15 
Total derivatives presented gross on the Condensed Consolidated Balance Sheets$7 $