<\/p>\n
Gilead Sciences Announces First Quarter 2023 Financial Results<\/b><\/p>\n
Product Sales Excluding Veklury Increased 15% Year-Over-Year to $5.7 billion<\/i><\/p>\n
Biktarvy Sales Increased 24% Year-Over-Year to $2.7 billion<\/i><\/p>\n
Oncology Sales Increased 59% Year-Over-Year to $670 million<\/i><\/p>\n
FOSTER CITY, Calif.–(BUSINESS WIRE<\/a>)– \n\u201cGilead\u2019s track record of strong commercial and clinical execution continued through the first quarter of 2023. A 15% year-over-year revenue increase reflects growth in each of our core areas,\u201d said Daniel O\u2019Day, Gilead’s Chairman and Chief Executive Officer. \u201cBiktarvy outperformed once again, and Oncology revenue increased 59% year-over-year, driven by Trodelvy and Cell Therapy. We look forward to helping even more people with Trodelvy following the approval for pre-treated HR+\/HER2- metastatic breast cancer, making this the third U.S. approval for Trodelvy in three years.\u201d<\/p>\n First Quarter 2023 Financial Results<\/span><\/b><\/p>\n Product Sales Performance<\/b><\/p>\n \nTotal first quarter 2023 product sales decreased 3% to $6.3 billion compared to the same period in 2022. Total product sales, excluding Veklury, increased 15% to $5.7 billion in the first quarter of 2023 compared to the same period in 2022, primarily due to increased sales related to HIV, Cell Therapy, Trodelvy\u00ae<\/sup> (sacituzumab govitecan-hziy) and Liver Disease.<\/p>\n \nHIV product sales increased 13% to $4.2 billion in the first quarter of 2023 compared to the same period in 2022, primarily driven by favorable pricing dynamics, as well as higher demand and lower inventory draw-downs.<\/p>\n \nThe Liver Disease portfolio sales, which includes chronic hepatitis C virus (\u201cHCV\u201d), chronic hepatitis B virus (\u201cHBV\u201d) and chronic hepatitis delta virus (\u201cHDV\u201d), increased 6% to $675 million in the first quarter of 2023 compared to the same period in 2022, primarily driven by higher demand and timing of purchases in the U.S.<\/p>\n \nCell Therapy product sales increased 64% to $448 million in the first quarter of 2023 compared to the same period in 2022.<\/p>\n Trodelvy<\/b> sales increased by 52% to $222 million in the first quarter of 2023 compared to the same period in 2022, primarily driven by increased adoption in metastatic triple-negative breast cancer in the United States and Europe, as well as the launch of the indication for pretreated HR+\/HER2- metastatic breast cancer in the United States.<\/p>\n Veklury <\/b>sales decreased by 63% to $573 millionfor the first quarter of 2023 compared to the same period in 2022, primarily driven by lower rates of COVID-19 related hospitalizations in all regions. Veklury sales generally reflect COVID-19 related rates and severity of infections and hospitalizations, as well as the availability, uptake and effectiveness of vaccinations and alternative treatments for COVID-19.<\/p>\n First Quarter 2023 Product Gross Margin, Operating Expenses and Effective Tax Rate<\/b><\/p>\n Guidance and Outlook<\/span><\/b><\/p>\n \nFor the full-year, Gilead expects:<\/p>\n \nAdditional information and a reconciliation between GAAP and non-GAAP financial information for the 2023 guidance is provided in the accompanying tables. Also see the Forward-Looking Statements described below. The financial guidance is subject to a number of risks and uncertainties, including uncertainty around the duration and magnitude of the COVID-19 pandemic.<\/p>\n Key Updates Since Our Last Quarterly Release<\/span><\/b><\/p>\n Virology<\/b><\/p>\n Oncology<\/b><\/p>\n Inflammation<\/b><\/p>\n Corporate<\/b><\/p>\n \nCertain amounts and percentages in this press release may not sum or recalculate due to rounding.<\/p>\n Conference Call<\/span><\/b><\/p>\n \nAt 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead\u2019s results. A live webcast will be available on http:\/\/investors.gilead.com<\/a> and will be archived on www.gilead.com<\/a> for one year.<\/p>\n Non-GAAP Financial Information<\/span><\/b><\/p>\n \nThe information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead\u2019s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead\u2019s operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets and inventory step-up charges, and other items that are considered unusual or not representative of underlying trends of Gilead\u2019s business, fair value adjustments of equity securities and discrete and related tax charges or benefits associated with changes in tax related laws and guidelines. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation.Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the accompanying tables.<\/p>\n About Gilead Sciences<\/span><\/b><\/p>\n \nGilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis and cancer. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.<\/p>\n Forward-Looking Statements<\/span><\/b><\/p>\n \nStatements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: the impact of the COVID-19 pandemic on Gilead\u2019s business, financial condition and results of operations; the development, manufacturing and distribution of Veklury as a treatment for COVID-19, including the uncertainty of the amount and timing of future Veklury sales and Gilead\u2019s ability to effectively manage the global supply and distribution of Veklury; Gilead\u2019s ability to achieve its anticipated full year 2023 financial results, including as a result of potential adverse revenue impacts from COVID-19 and potential revenues from Veklury; Gilead\u2019s ability to make progress on any of its long-term ambitions or strategic priorities laid out in its corporate strategy; Gilead\u2019s ability to accelerate or sustain revenues for its virology, oncology and other programs; Gilead\u2019s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Tmunity, Arcellx and Nurix; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead\u2019s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving lenacapavir, teropavimab, zinlirvimab, obeldesivir, GS-6791, Veklury, Tecartus, Trodelvy, and Yescarta, and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead\u2019s product candidates or the product candidates of Gilead\u2019s strategic partners; Gilead\u2019s ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines; Gilead\u2019s ability to receive regulatory approvals in a timely manner or at all, and the risk that any such approvals, if granted, may be subject to significant limitations on use; Gilead\u2019s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead\u2019s products, including the risk that Kite may be unable to increase its manufacturing capacity, timely manufacture and deliver its products or produce an amount of supply sufficient to satisfy demand for such products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products, including Trodelvy; and other risks identified from time to time in Gilead\u2019s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes 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. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended March 31, 2023 are not necessarily indicative of operating results for any future periods. Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements.<\/p>\n \nThe reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.<\/p>\n \nGilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD\u00ae<\/sup>, GILEAD SCIENCES\u00ae<\/sup>, KITETM<\/sup>, AMBISOME\u00ae<\/sup>, ATRIPLA\u00ae<\/sup>, BIKTARVY\u00ae<\/sup>, CAYSTON\u00ae<\/sup>, COMPLERA\u00ae<\/sup>, DESCOVY\u00ae<\/sup>, DESCOVY FOR PREP\u00ae<\/sup>, EMTRIVA\u00ae<\/sup>, EPCLUSA\u00ae<\/sup>, EVIPLERA\u00ae<\/sup>, GENVOYA\u00ae<\/sup>, HARVONI\u00ae<\/sup>, HEPCLUDEX\u00ae<\/sup>, HEPSERA\u00ae<\/sup>, JYSELECA\u00ae<\/sup>, LETAIRIS\u00ae<\/sup>, ODEFSEY\u00ae<\/sup>, RANEXA\u00ae<\/sup>, SOVALDI\u00ae<\/sup>, STRIBILD\u00ae<\/sup>, SUNLENCA\u00ae<\/sup> , TECARTUS\u00ae<\/sup>, TRODELVY\u00ae<\/sup>, TRUVADA\u00ae<\/sup>, TRUVADA FOR PREP\u00ae<\/sup>, TYBOST\u00ae<\/sup>, VEKLURY\u00ae<\/sup>, VEMLIDY\u00ae<\/sup>, VIREAD\u00ae<\/sup>, VOSEVI\u00ae<\/sup>, YESCARTA\u00ae<\/sup> and ZYDELIG\u00ae<\/sup>. This report may also refer to trademarks, service marks and trade names of other companies.<\/p>\n For more information on Gilead Sciences, Inc., please visit www.gilead.com<\/a> or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).<\/i><\/p>\n GILEAD SCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n CONDENSED CONSOLIDATED STATEMENTS OF INCOME<\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in millions, except per share amounts)<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenues:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProduct sales<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,306<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,534<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRoyalty, contract and other revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,352<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,590<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCosts and expenses:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of goods sold<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,401<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,424<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,447<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,178<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAcquired in-process research and development expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n481<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIn-process research and development impairment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,700<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,319<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,083<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal costs and expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,647<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,393<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,705<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n197<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(230<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(238<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(174<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(111<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nIncome (loss) before income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,300<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(152<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nIncome tax benefit (expense)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(316<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n164<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n985<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet loss attributable to noncontrolling interest<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income attributable to Gilead<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,010<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n19<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic earnings per share attributable to Gilead<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.81<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShares used in basic earnings per share attributable to Gilead calculation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,248<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,255<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted earnings per share attributable to Gilead<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.80<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShares used in diluted earnings per share attributable to Gilead calculation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,261<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,262<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash dividends declared per share<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.73<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses as a % of revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses as a % of revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n GILEAD SCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n TOTAL REVENUE SUMMARY<\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (in millions, except percentages)<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nProduct sales:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nHIV<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,190<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,707<\/p>\n<\/td>\n 13<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \nOncology<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n670<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n420<\/p>\n<\/td>\n 59<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \nLiver Disease<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n675<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n635<\/p>\n<\/td>\n 6<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n199<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n236<\/p>\n<\/td>\n (16<\/i><\/p>\n<\/td>\n )%<\/i><\/p>\n<\/td>\n<\/tr>\n \nTotal product sales excluding Veklury<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,733<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,998<\/p>\n<\/td>\n 15<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \nVeklury<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n573<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,535<\/p>\n<\/td>\n (63<\/i><\/p>\n<\/td>\n )%<\/i><\/p>\n<\/td>\n<\/tr>\n \nTotal product sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,306<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,534<\/p>\n<\/td>\n (3<\/i><\/p>\n<\/td>\n )%<\/i><\/p>\n<\/td>\n<\/tr>\n \nRoyalty, contract and other revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56<\/p>\n<\/td>\n (18<\/i><\/p>\n<\/td>\n )%<\/i><\/p>\n<\/td>\n<\/tr>\n \nTotal revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,352<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,590<\/p>\n<\/td>\n (4<\/i><\/p>\n<\/td>\n )%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n GILEAD SCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n NON-GAAP FINANCIAL INFORMATION(1)<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n (in millions, except percentages)<\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n Change<\/b><\/p>\n<\/td>\n<\/tr>\n \nNon-GAAP:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of goods sold<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n871<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n825<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,439<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,150<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 25<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \nAcquired IPR&D expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n481<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n NM<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,318<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,083<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 22<\/i><\/p>\n<\/td>\n %<\/i><\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n82<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(15<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n NM<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted EPS<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.37<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2.12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (35<\/i><\/p>\n<\/td>\n )%<\/i><\/p>\n<\/td>\n<\/tr>\n \nProduct gross margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n87.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n -118 bps<\/i><\/p>\n<\/td>\n<\/tr>\n \nResearch and development expenses as a % of revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n 519 bps<\/i><\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses as a % of revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n 432 bps<\/i><\/p>\n<\/td>\n<\/tr>\n \nOperating margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n35.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n -1817 bps<\/i><\/p>\n<\/td>\n<\/tr>\n \nEffective tax rate<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n 51 bps<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n________________________________<\/p>\n<\/td>\n<\/tr>\n \nNM – Not Meaningful<\/p>\n<\/td>\n<\/tr>\n (1)<\/sup><\/p>\n<\/td>\n \nRefer to Non-GAAP Financial Information section above for further disclosures on non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 9 – 10.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n GILEAD SCIENCES, INC.<\/b><\/p>\n<\/td>\n<\/tr>\n
\nGilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the first quarter of 2023.<\/p>\n\n
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\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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