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GILD · GILEAD SCIENCES, INC.

29 filings

10-K

GILD 10-K Annual Reports

GILEAD SCIENCES, INC. - 29 annual reports

Filing record · 2016–202610-K1210-Q328-K117

2025
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2025
Gilead Sciences, Inc. (GILD) reported solid financial results for the year ended December 31, 2025, with total revenues reaching $29.4 billion, a 2% increase over the prior year. This growth was primarily driven by strong performance in HIV and Liver Disease product sales, partially offset by a decline in Veklury sales and competitive headwinds in Cell Therapy. Net income saw a significant rebound to $8.5 billion, or $6.78 per diluted share, a substantial increase from $480 million in the previous year, largely due to the absence of significant IPR&D expenses incurred in 2024 and a reduction in IPR&D impairment charges. The company continues to advance its strategic priorities, focusing on maximizing long-acting HIV therapies, accelerating its oncology and inflammation pipelines, and leveraging artificial intelligence. Key developments in 2025 included positive Phase 3 results for bictegravir/lenacapavir (BIC/LEN) for HIV treatment, the acquisition of Arcellx to bolster its oncology pipeline, and the expansion of its liver disease portfolio with Livdelzi. Gilead also remains committed to returning value to shareholders through dividends and share repurchases, while maintaining disciplined operating expense management. The company anticipates continued revenue growth in 2026, though expects some impact from policy developments and ongoing competition.
Feb 24, 2026
2024
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2024
Gilead Sciences, Inc. (GILD) reported total revenues of $28.8 billion for the year ended December 31, 2024, representing a 6% increase compared to the previous year. This growth was primarily driven by strong performance in its HIV, Oncology, and Liver Disease segments. However, net income attributable to Gilead saw a significant decrease of 92% to $480 million, largely due to substantial impairment charges related to Trodelvy's non-small cell lung cancer (NSCLC) program ($4.2 billion) and higher expenses from the CymaBay acquisition ($3.8 billion). The company is strategically focused on maximizing revenue growth, capitalizing on long-acting HIV therapies, and expanding its oncology portfolio. Key product highlights include continued demand for Biktarvy and expansion of Livdelzi's indication. Looking ahead to 2025, Gilead anticipates continued demand growth for its products, but expects this to be tempered by the effects of the Inflation Reduction Act, a decline in Veklury sales due to reduced COVID-19 hospitalizations, and the impact of a strengthening U.S. dollar. The company maintains a robust R&D pipeline and continues to pursue strategic collaborations and business development opportunities.
Feb 28, 2025
2023
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2023
Gilead Sciences, Inc. reported total revenues of $27.1 billion for the fiscal year 2023, a slight decrease of 1% compared to 2022. This was primarily driven by a significant drop in Veklury (remdesivir) sales due to lower COVID-19 related hospitalizations, which was largely offset by robust growth in HIV and Oncology product sales. Net income attributable to Gilead increased by 23% to $5.7 billion, with diluted earnings per share rising 24% to $4.50. This improvement was largely due to lower impairment charges related to in-process research and development, reduced net unrealized losses on equity investments, and increased interest income. The company continues to strategically invest in its R&D pipeline through acquisitions and collaborations, particularly in oncology and inflammation. Key developments include expanded collaborations and the acquisition of smaller biotech firms to bolster its pipeline. Patent expirations for some key products are on the horizon, with major HIV products like Descovy and Vemlidy having U.S. patent expirations in 2031, and Biktarvy in 2033. The company also faces ongoing litigation, including challenges related to its HIV products and the sale of its PrEP medications, though recent legal outcomes have been favorable in some instances. Gilead maintains a strong liquidity position and continues to return capital to shareholders through dividends and share repurchases.
Feb 23, 2024
2022
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2022
Gilead Sciences, Inc. (GILD) reported relatively flat total revenues of $27.3 billion for the fiscal year ended December 31, 2022, compared to the prior year. This stability was driven by growth in key areas like HIV, cell therapy, and Trodelvy, which offset a significant decline in Veklury (remdesivir) sales due to lower COVID-19 hospitalization rates. However, net income saw a substantial decrease of 26% to $4.6 billion, largely impacted by a $2.7 billion impairment charge related to Trodelvy's in-process R&D, higher R&D expenses, and a one-time charge in the prior year for a bictegravir litigation settlement that did not recur. Despite the net income decline, the company continues to invest in its pipeline through strategic acquisitions and collaborations, and returned value to shareholders through dividends and share repurchases.
Feb 22, 2023
2021
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2021
Gilead Sciences, Inc. (GILD) reported solid revenue growth of 11% in 2021, reaching $27.3 billion. This was primarily driven by strong performance from Veklury (remdesivir), its treatment for COVID-19, which nearly doubled sales compared to the previous year. The company also saw continued growth in its Biktarvy franchise for HIV, and increased contributions from its oncology segment, particularly Trodelvy and its cell therapies (Yescarta and Tecartus). Despite these successes, Gilead faced headwinds from the loss of exclusivity for its Truvada and Atripla HIV medications in the U.S., leading to a 4% decrease in HIV product sales. The company also experienced a decline in HCV product sales due to reduced patient demand amid the COVID-19 pandemic. Gilead reported a significant increase in net income to $6.2 billion, a substantial improvement from $123 million in 2020, which was largely due to lower acquired in-process research and development (IPR&D) charges and favorable equity investment performance, partially offset by a large settlement charge related to bictegravir litigation. The company outlined a strategic focus on expanding its commercial portfolio and clinical pipeline, aiming to bring 10+ transformative therapies to patients by 2030. For 2022, Gilead anticipates product sales growth of 2-4% excluding Veklury, with expectations of continued recovery in its HIV business and growth in oncology. However, significant uncertainties remain regarding the trajectory of the COVID-19 pandemic and future Veklury sales.
Feb 23, 2022
2020
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2020
Gilead Sciences, Inc. (GILD) reported total revenues of $24.7 billion for the year ended December 31, 2020, representing a 10% increase year-over-year, primarily driven by strong sales of Veklury (remdesivir) for COVID-19 and continued growth in its HIV franchise, particularly Biktarvy and Descovy for PrEP. Despite the revenue growth, net income attributable to Gilead saw a significant decrease to $123 million ($0.10 per diluted share) from $5.4 billion ($4.22 per diluted share) in 2019. This decline was largely attributed to substantial R&D expenses related to acquisitions (Forty Seven and Immunomedics), unfavorable changes in equity investment valuations (Galapagos), and a significant discrete tax benefit recorded in the prior year. The company continued its strategic expansion into oncology with the acquisition of Immunomedics, adding Trodelvy to its portfolio, and also made progress in its pipeline across various therapeutic areas. Looking ahead, Gilead expects continued growth from key products like Biktarvy and Trodelvy, which are expected to offset the impact of patent expirations for Truvada and Atripla. The company anticipates continued volatility in Veklury sales due to the dynamic COVID-19 landscape. Gilead remains focused on investing in its pipeline and expanding its therapeutic reach, particularly in oncology and inflammation, while prioritizing disciplined expense management and shareholder value. Investors should monitor the company's patent litigation outcomes, especially concerning Biktarvy, and the ongoing integration of its recent acquisitions.
Feb 25, 2021
2019
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2019
Gilead Sciences, Inc.'s 2019 10-K filing highlights a year of solid financial performance, driven by continued growth in its HIV franchise, which accounted for approximately 74% of total product sales. Total revenues reached $22.4 billion, a slight increase from the prior year, primarily due to higher HIV product sales, notably Biktarvy, and increased use of Descovy for PrEP. The company also saw significant growth in its cell therapy business, Yescarta. However, sales for Hepatitis C (HCV) products declined due to lower pricing and patient starts, and older HIV products like Truvada saw decreased sales as patients shifted to newer TAF-based regimens and with the anticipation of generic competition. Gilead is actively positioning itself for future growth, aiming to launch 10 new transformative therapies by 2030. Key strategic moves in 2019 included a significant R&D collaboration with Galapagos NV, aimed at accelerating the development of treatments for inflammatory and fibrotic diseases, and progress in its oncology pipeline with Kite Pharma. The company's financial position remains strong, with substantial cash reserves, although R&D expenses increased significantly due to the Galapagos collaboration. Investors should monitor the company's ongoing pipeline development, particularly in inflammatory diseases and oncology, and remain aware of the potential impact of litigation, competition, and evolving healthcare regulations on future performance.
Feb 25, 2020
2018-A
GILEAD SCIENCES, INC. Annual Report (Amendment), Year Ended Dec 31, 2018
This document is an amendment to Gilead Sciences, Inc.'s 2018 Form 10-K filing, primarily detailing the exhibits and financial statement schedules included in the original report. For investors, this filing doesn't introduce new financial performance data or strategic updates for the 2018 fiscal year itself, but rather provides a comprehensive list of corporate governance documents, material contracts, and compensation plans. The included exhibits cover the company's charter and bylaws, various senior note indentures, a wide array of equity and deferred compensation plans for employees and directors, severance and bonus plans, significant license and collaboration agreements (including those related to Kite Pharma and Japan Tobacco), and subsidiary information. The certifications from the CEO and CFO reaffirm the accuracy of the original 10-K filing. Investors should refer to the original February 26, 2019 10-K filing for detailed financial performance, results of operations, and forward-looking statements. While this amendment doesn't contain new operational or financial results, it underscores the robust legal and contractual framework governing Gilead. The numerous exhibits related to employee and executive compensation, as well as significant partnership and licensing agreements, are key to understanding the company's long-term structure and strategic collaborations. The inclusion of detailed indentures for senior notes also provides insight into the company's debt obligations. Investors seeking a current view of Gilead's business strategy and financial health should consult the most recent filings and the original 10-K for the 2018 fiscal year.
Apr 18, 2019
2018
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2018
Gilead Sciences, Inc. reported 2018 revenues of $22.1 billion, a decrease from $26.1 billion in 2017, primarily driven by a significant decline in Hepatitis C (HCV) product sales, which were down 60% to $3.7 billion. This was partially offset by a 12% increase in HIV product sales, reaching $14.6 billion, boosted by the strong performance of Biktarvy and other TAF-based regimens. The company made significant investments in research and development, increasing by 34% to $5.0 billion, including an $820 million impairment charge for the KITE-585 program. Gilead also advanced its cell therapy pipeline with the European Commission approval of Yescarta. The company's outlook for 2019 anticipates continued growth in HIV products and Truvada for PrEP, while expecting further declines in HCV sales, albeit at a slower rate. Gilead also announced a significant leadership transition with Daniel O'Day taking over as CEO.
Feb 26, 2019
2017
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2017
Gilead Sciences, Inc. (GILD) reported significant financial and operational developments for the fiscal year ending December 30, 2017. The company experienced a notable decline in total revenues, primarily driven by a decrease in sales of its Hepatitis C Virus (HCV) products due to increased market competition. However, this was partially offset by strong performance in its HIV products, bolstered by the uptake of TAF-based regimens. A key strategic move was the acquisition of Kite Pharma, Inc. in October 2017, significantly expanding Gilead's presence in the promising field of cellular therapy, with the subsequent FDA approval of Yescarta™ for specific B-cell lymphomas. The company also made progress in its inflammation and respiratory pipeline, notably with filgotinib. Financially, Gilead reported a substantial increase in provision for income taxes, largely due to the Tax Cuts and Jobs Act enacted in late 2017. Despite the revenue dip, the company maintained a strong cash position, demonstrating robust operating cash flow and continuing its commitment to returning capital to shareholders through dividends and share repurchases.
Feb 27, 2018
2016
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2016
Gilead Sciences, Inc. reported total revenues of $30.4 billion for the year ended December 31, 2016, a decrease of 7% compared to the prior year, primarily driven by a decline in Hepatitis C (HCV) product sales. Despite this, the company saw growth in its HIV franchise, largely due to the uptake of its new tenofovir alafenamide (TAF)-based regimens. Gilead also made significant progress in its R&D pipeline, advancing multiple candidates across its key therapeutic areas, including HIV, liver diseases, hematology/oncology, and inflammation/respiratory. The company ended 2016 with a strong balance sheet, holding $32.4 billion in cash, cash equivalents, and marketable securities. Gilead continued its commitment to returning capital to shareholders through significant share repurchases totaling $11.0 billion and dividend payments of $2.5 billion. However, the company faces increasing competition in the HCV market and potential headwinds from upcoming generic competition for its TDF-based HIV products. Significant litigation, particularly related to sofosbuvir, also presents a material risk, with potential damages estimated up to $8.5 billion if adverse outcomes are upheld on appeal.
Feb 27, 2017
2015
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2015
Gilead Sciences, Inc. (GILD) reported a strong financial performance for the fiscal year ending December 31, 2015, with total revenues reaching $32.6 billion, a significant increase of 31% year-over-year. This growth was primarily driven by its antiviral products, particularly the Hepatitis C treatments Harvoni and Sovaldi, which accounted for a substantial portion of the revenue. The company also saw continued strength in its HIV franchise, supported by newer single-tablet regimens like Genvoya. While the company demonstrated robust revenue growth and profitability, it also highlighted ongoing investments in research and development, with R&D expenses increasing to $3.0 billion. Gilead's balance sheet remained strong, with cash, cash equivalents, and marketable securities totaling $26.2 billion. The company also returned significant capital to shareholders through share repurchases and initiated a quarterly dividend. Gilead faces a competitive market and ongoing pricing pressures, especially in the HCV segment, and is actively managing legal and patent challenges. The company provided an outlook for 2016, anticipating continued focus on pipeline progression and commercial uptake of its key products.
Feb 24, 2016
2014
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2014
Gilead Sciences, Inc. reported significant growth in 2014, driven primarily by the successful launches of its Hepatitis C virus (HCV) treatments, Sovaldi and Harvoni. Total revenues surged to $24.9 billion, a substantial increase from $11.2 billion in 2013, with antiviral products accounting for the vast majority of sales. The company also saw strong performance from its HIV portfolio, particularly single-tablet regimens like Stribild and Complera/Eviplera. Despite the strong revenue growth, Gilead experienced a notable increase in operating expenses, including research and development (R&D) and selling, general, and administrative (SG&A) costs, largely due to investments in pipeline progression and expanding commercial infrastructure. The company ended the year with a robust cash position of $11.7 billion, underscoring its financial strength. Gilead also highlighted ongoing efforts to expand access to its medications in developing countries through licensing agreements. Looking ahead, Gilead anticipates continued net product sales growth, supported by expanded access to its HCV treatments and the potential launch of new HIV therapies. However, the company faces ongoing challenges including pricing pressures, competition in the HCV market, potential regulatory hurdles, and significant ongoing litigation related to its key products, particularly sofosbuvir.
Feb 25, 2015
2013
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2013
Gilead Sciences, Inc.'s (GILD) 2013 10-K filing highlights a year of significant progress, particularly in its liver diseases and HIV segments. The company achieved FDA approval for Sovaldi (sofosbuvir), a groundbreaking treatment for Hepatitis C (HCV) that offers shorter treatment durations and improved efficacy compared to existing therapies. In HIV, Gilead expanded its single-tablet regimen (STR) offerings with the European launch of Stribild and approvals for its components, Tybost and Vitekta. The company also advanced its pipeline, with over 200 active clinical studies, including more than 60 Phase 3 trials. Financially, total revenues grew 15% to $11.20 billion, driven primarily by a 15% increase in product sales, reaching $10.80 billion. This growth was largely fueled by their antiviral products, especially the single-tablet regimens for HIV, such as Stribild and Complera/Eviplera. R&D expenses increased by 20% to $2.12 billion, reflecting continued investment in pipeline development. While SG&A expenses also rose, net income increased to $3.07 billion, or $1.81 per diluted share, up from $2.59 billion, or $1.64 per diluted share, in the prior year. Gilead also continued its commitment to shareholder returns through its stock repurchase program.
Feb 25, 2014
2012
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2012
Gilead Sciences, Inc. (GILD) reported strong performance in its 2012 10-K filing, with total revenues reaching $9.7 billion, a 16% increase year-over-year, primarily driven by its antiviral franchise. The company highlighted significant strategic moves, including the $11.05 billion acquisition of Pharmasset to bolster its Hepatitis C (HCV) pipeline with sofosbuvir and the acquisition of YM Biosciences to expand its oncology/inflammation focus. Gilead also advanced its HIV portfolio with the U.S. launch of Stribild, a novel single tablet regimen, and the FDA approval of Truvada for pre-exposure prophylaxis (PrEP). The company demonstrated a commitment to expanding global access to its treatments, particularly for HIV and HBV in developing countries. Despite facing ongoing litigation with generic manufacturers and increasing competition, Gilead's robust R&D investment and strategic acquisitions positioned it for continued growth in key therapeutic areas.
Feb 27, 2013
2011
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2011
Gilead Sciences, Inc. reported robust growth in its 2011 fiscal year, with total revenues reaching $8.39 billion, a 5% increase year-over-year, primarily driven by a 10% rise in product sales to $8.10 billion. The company's antiviral franchise, particularly sales of Atripla and Truvada, was the main growth engine. Gilead also made significant strategic moves, highlighted by the pending $11.1 billion acquisition of Pharmasset, Inc., aimed at strengthening its position in the hepatitis C market with the acquisition of the promising drug candidate GS-7977. The company is actively managing its pipeline, with advancements in HIV treatments including the submission of a new drug application for the 'Quad' single-tablet regimen and the launch of Complera/Eviplera. While facing increasing competition and ongoing pricing pressures, especially in Europe, Gilead demonstrated strong financial management, with a significant increase in cash reserves and continued stock repurchase programs. Investors should note the ongoing legal challenges related to patent defenses for key products and the potential impact of U.S. healthcare reform on future revenue and profitability.
Feb 23, 2012
2010
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2010
Gilead Sciences, Inc. reported strong financial performance for the fiscal year ending December 31, 2010, with total revenues reaching $7.95 billion, a 14% increase year-over-year. This growth was primarily driven by its antiviral franchise, particularly Atripla and Truvada, which together accounted for 70% of total revenues. The company also saw significant contributions from its cardiovascular products, Letairis and Ranexa, and its newest respiratory product, Cayston, which demonstrated continued revenue growth. Gilead Sciences is actively managing its product pipeline through internal development and strategic acquisitions, with a notable focus on advancing its HIV and Hepatitis C drug candidates. The company's financial health is robust, supported by substantial operating cash flow and a significant cash balance. Gilead is also committed to returning value to shareholders through ongoing stock repurchase programs. However, investors should be aware of the company's reliance on its HIV products and the increasing competition in the HIV market, including the potential impact of generic drug introductions. Furthermore, changes in healthcare reform legislation in the U.S., potential pricing and reimbursement pressures in international markets, and ongoing patent litigation represent key risk factors that could impact future financial results.
Feb 28, 2011
2009
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2009
Gilead Sciences, Inc. (GILD) reported strong revenue growth in its 2009 10-K filing, reaching $7.01 billion, a significant increase driven primarily by its antiviral products, notably Truvada and Atripla, which together represented 69% of total revenues. The company's strategic acquisition of CV Therapeutics in April 2009 expanded its presence in the cardiovascular therapeutic area, adding Ranexa to its portfolio. Gilead also demonstrated a commitment to global health through its Access Program, providing HIV medications at reduced prices in developing countries. Despite robust sales, the company faced challenges including increased R&D expenses, competition in its key markets, and potential impacts from foreign currency fluctuations and healthcare reforms. The company highlighted its strong pipeline progress, particularly in HIV with the evaluation of new combination therapies. Gilead's financial position remained solid, with substantial cash reserves and a continued focus on stock repurchases. The company's outlook for 2010 anticipated continued growth, supported by updated product labels, evolving treatment guidelines, and expanded commercial efforts, while acknowledging the uncertainties presented by the macroeconomic environment.
Mar 1, 2010
2008
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2008
Gilead Sciences, Inc.'s 2008 annual report (10-K) highlights a year of significant growth, with total revenues reaching $5.34 billion, a 36% increase from 2007. This growth was primarily driven by strong performance in antiviral products, particularly Truvada and Atripla, which collectively generated $4.67 billion in sales. The company also saw substantial growth in its Letairis product for pulmonary arterial hypertension. Gilead's strong financial position is underscored by its increasing cash reserves and a substantial stock repurchase program. The company continues to invest heavily in research and development, with R&D expenses rising to $721.8 million, reflecting its commitment to expanding its pipeline of innovative therapeutics. Despite the robust financial performance, Gilead faces ongoing risks and challenges. The company's heavy reliance on its HIV product portfolio makes it vulnerable to shifts in treatment paradigms and increased competition, including potential generic challenges. Furthermore, reliance on a few major wholesale distributors for U.S. sales, inventory management complexities, and the potential impact of international currency fluctuations present operational risks. The company is also navigating regulatory hurdles, as demonstrated by the FDA's request for an additional clinical study for aztreonam for inhalation solution. Gilead's proactive approach to managing these risks, including strategic collaborations and a focus on pipeline development, positions it for continued engagement in addressing unmet medical needs.
Feb 27, 2009
2007
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2007
Gilead Sciences, Inc. (GILD) reported robust growth in its 2007 annual filing, driven primarily by its HIV product portfolio, which represented 84% of total product sales. Truvada and the newly launched Atripla were key contributors, with total HIV product sales increasing by 48% year-over-year to $3.14 billion. The company also saw significant growth in Hepsera and AmBisome. Royalty revenues increased by 12%, largely from Tamiflu sales, though the company anticipates a decline in these royalties in 2008 due to anticipated lower Tamiflu sales by Roche. Looking ahead, Gilead is focused on expanding its international presence and advancing its pipeline, with new drug applications filed for Viread in Hepatitis B and aztreonam lysine for inhalation in cystic fibrosis. The company also highlighted its ongoing investment in research and development, which increased by 54% in 2007, signaling a commitment to future growth through innovation and strategic acquisitions. Despite strong revenue growth, investors should note the potential impact of increased competition, regulatory scrutiny, and pricing pressures in the pharmaceutical market.
Feb 27, 2008
2006
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2006
Gilead Sciences' FY2006 10-K shows a company transformed by scale but whose reported 2006 earnings were dominated by a one-time charge. Total revenues rose 49% to $3.03 billion, driven by HIV product sales of $2.13 billion (up 52%), with Truvada ($1.19 billion) overtaking Viread as the leading product and the Atripla single-tablet regimen launching in July 2006 with $206 million in first-half-year sales. Royalty revenue more than doubled to $416.5 million, mostly from Roche's Tamiflu, and product gross margin dipped to 83% from 86%. The headline result was a net loss of $1.19 billion ($2.59 per share), versus net income of $814 million in 2005. The loss reflects $2.39 billion of purchased in-process R&D from the acquisitions of Myogen ($2.44 billion purchase price, including ambrisentan for pulmonary arterial hypertension), Corus Pharma (aztreonam lysine for cystic fibrosis), and the Raylo manufacturing facility. Because the IPR&D is expensed and not tax-deductible, the company also booked a $552 million tax provision. Excluding that charge, the underlying business remained highly profitable, though stock-based compensation under SFAS 123R (about $134 million) and a 2007 guidance calling for lower gross margins and higher R&D and SG&A weigh on near-term earnings. Investors should weigh the pipeline catalysts against balance sheet and concentration risks. Ambrisentan has a priority-review target date of June 2007, and aztreonam lysine's second Phase 3 readout is expected mid-2007. Against that, the company carries $1.3 billion of convertible notes, cash fell 40% to $1.39 billion after the acquisitions, and it secured covenant waivers after the IPR&D charge pushed it out of compliance. Revenue remains concentrated in HIV nucleosides, roughly 70% of total revenue, with exposure to European government payment delays, Medicare Part D pricing pressure, and a San Francisco U.S. Attorney subpoena concerning Truvada, Viread and Emtriva marketing.
Feb 27, 2007
2005
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2005
Gilead Sciences' 2005 10-K shows a company in strong commercial ascent. Total revenues rose 53% to $2.03 billion in 2005 (from $1.32 billion), and net income reached $813.9 million, or $1.72 diluted EPS, versus $449.4 million in 2004. Growth was driven by HIV franchise sales of $1.39 billion (69% of total revenues), with Truvada launching in Europe and the U.S. Hepsera and AmBisome also contributed. Profitability was boosted by a one-time $80.7 million Roche royalty settlement and a $25.1 million tax benefit from the AJCA repatriation, so underlying earnings growth is somewhat lower than headline figures suggest. Product gross margin remained high at 86%. The balance sheet strengthened substantially. Cash and marketable securities reached $2.32 billion, up 85%, and operating cash flow was $715.1 million. Gilead also took on a $300 million term loan and a $200 million revolver, used largely to repatriate foreign earnings, and paid $525 million (its 65% share $341.3 million capitalized) to acquire the Emory emtricitabine royalty interest alongside Royalty Pharma. Key risks for investors are concentration and reimbursement. Substantially all revenue comes from a handful of HIV and related products, Viread and Truvada alone generated 97% of HIV sales, and roughly 89% of U.S. product sales go to three wholesalers. Competition from GSK, BMS and generics, European government reimbursement pressure and delayed payments from Greece, Italy, Portugal and Spain ($156.9 million past due), and Medicare Part D changes all pose downside. Management guided 2006 HIV product sales of $1.675-1.750 billion and expects SFAS 123R to reduce EPS by roughly $0.15-0.17.
Mar 3, 2006
2004
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2004
Gilead Sciences' 2004 Form 10-K shows a company that crossed from growth story into profitability. Total revenues rose 53% to $1.32 billion in 2004 (from $867.9 million in 2003), and net income swung to $449.4 million, or $0.99 per diluted share, versus a net loss of $72.0 million in 2003. That 2003 loss was driven by a $488.6 million in-process R&D charge tied to the Triangle Pharmaceuticals acquisition, so the 2004 comparison is flattered by a non-recurring base. Operating cash flow was $511.4 million, and cash plus marketable securities ended the year at $1.25 billion, up from $707.0 million. Note that 2004 net income also benefited from a $157.8 million-style non-operating gain pattern only in 2001; in 2004 the relevant one-offs were a $20.6 million Eyetech warrant gain, a $7.4 million make-whole charge, and a $14.2 million valuation allowance release. The business is concentrated. HIV products (Viread, Emtriva, and the newly launched Truvada) generated $908.4 million, or 73% of product sales, and AmBisome contributed another $211.7 million, so roughly 90% of product sales came from two franchises. Viread alone was 63% of product sales. Management guided 2005 HIV product sales to $1.2–1.25 billion, AmBisome to $195–205 million, R&D to $240–260 million, and SG&A to $350–370 million. The company also flagged that the 2005 effective tax rate and earnings will be affected by SFAS 123R stock option expensing beginning in the third quarter of 2005, which management expects to have a material impact. Investors should weigh several risks alongside the growth. Competition is intensifying in HIV and AmBisome, with generic Videx already on the market and GSK, BMS, and Merck products pressuring share. Roughly half of product sales are outside the U.S., exposing results to currency moves, and receivables from government-supported customers in Greece, Italy, Portugal and Spain stood at $231.9 million, with $166.6 million past due. Litigation includes Medicaid average wholesale price suits and a federal securities class action. The company's pipeline is thin relative to its revenue base, with most near-term growth tied to existing products and the planned BMS fixed-dose combination with Sustiva.
Mar 14, 2005
2003
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2003
Gilead Sciences' 2003 10-K shows a company in transition from a single-product story to a broader HIV franchise. Total revenues rose 86% to $867.9 million, driven by Viread (tenofovir DF), which generated $566.5 million in product sales and royalties (about 65% of revenue), and AmBisome contributed $210.9 million (about 24%). Viread and AmBisome together accounted for roughly 90% of revenue, a heavy concentration that the risk factors flag directly. Reported results were a net loss of $72.0 million ($0.36 per share), but this was driven by a non-cash $488.6 million in-process R&D charge from the January 2003 Triangle Pharmaceuticals acquisition. Excluding that charge, the business was solidly profitable, and operating cash flow more than tripled to $234.6 million. A $111.6 million tax benefit from releasing the valuation allowance also flattered earnings, and management guided to a normalized 32%-35% effective tax rate for 2004. Looking forward, management guided 2004 Viread sales to $700-750 million (25%-30% growth), while expecting AmBisome to decline to $160-180 million as European competitors erode share. It also expects R&D of $200-220 million and SG&A of $310-330 million, which together point to higher operating costs. The balance sheet remained strong, with $707 million in cash and marketable securities against $345 million of 2% convertible senior notes due 2007. Investors should weigh several risks: heavy dependence on two products, reimbursement pressure in Germany, Italy and France, collection risk on roughly $148 million of receivables from government-owned customers in Southern Europe, and pending securities class actions and a Medicaid AWP lawsuit. The company also has a growing pipeline of Emtriva and a Viread/Emtriva fixed-dose combination, though these remain in development or early commercialization.
Mar 11, 2004
2002-A2
GILEAD SCIENCES, INC. Annual Report (Amendment), Year Ended Dec 31, 2002
Gilead Sciences, Inc. (GILD) filed its 2002 Annual Report, highlighting significant revenue growth driven by its HIV treatment, Viread, which saw a substantial increase in sales following its U.S. approval in late 2001 and EU approval in early 2002. The company also reported continued strong performance from its antifungal drug, AmBisome, though anticipating increased competition. Significant strategic moves include the acquisition of Triangle Pharmaceuticals in January 2003, aimed at bolstering its antiviral pipeline, and the sale of its oncology assets to OSI Pharmaceuticals in late 2001 to sharpen its focus on infectious diseases. Gilead is actively managing its financial resources, including issuing convertible notes to strengthen its liquidity, while also navigating the complexities of global regulatory environments and international credit risks.
Jul 1, 2003
2002-A
GILEAD SCIENCES, INC. Annual Report (Amendment), Year Ended Dec 31, 2002
Gilead Sciences, Inc. reported significant revenue growth in 2002, driven primarily by the strong performance of Viread, an HIV treatment launched in late 2001. Total revenues reached $466.8 million, a substantial increase from $233.8 million in 2001, with Viread sales accounting for 53% of product sales. While AmBisome, an antifungal, also contributed significantly, its sales growth slowed, and declining U.S. sales were offset by European growth. The company completed the acquisition of Triangle Pharmaceuticals in January 2003, indicating a strategic focus on expanding its product pipeline, particularly in antivirals. The company ended 2002 with a strong liquidity position, holding $942.4 million in cash, cash equivalents, and marketable securities. This was bolstered by a $345 million issuance of convertible senior notes. Despite investments in R&D and sales/marketing to support new product launches and market expansion, Gilead demonstrated improving operational profitability, moving from an operating loss in 2001 to an operating income of $81 million in 2002. The company's financial health appears robust, with a clear focus on growth through its key infectious disease treatments and strategic acquisitions.
May 8, 2003
2002
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2002
Gilead Sciences, Inc. reported robust revenue growth in 2002, driven primarily by strong sales of Viread, its HIV treatment, which nearly doubled its revenue contribution compared to 2001. AmBisome, an antifungal, also showed solid growth, contributing significantly to the company's overall performance. The company's acquisition of Triangle Pharmaceuticals in January 2003 marked a strategic move to bolster its antiviral pipeline, particularly for HIV and Hepatitis B, with the inclusion of emtricitabine and other promising drug candidates. Financially, Gilead achieved operating profitability in 2002 after years of losses, indicating a positive trajectory. However, the company faces ongoing challenges, including increasing competition in key therapeutic areas and the complexities of integrating new acquisitions. Gilead also highlighted its commitment to global health initiatives, announcing plans to supply Viread at cost to developing countries, demonstrating a balance between commercial objectives and social responsibility.
Mar 14, 2003
2001
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2001
Gilead Sciences, Inc. reported significant revenue growth for the fiscal year ended December 31, 2001, reaching $233.8 million. This growth was primarily driven by its antifungal drug, AmBisome, which accounted for 78% of total revenues, generating $181.6 million. The company also saw initial sales from Viread, its HIV treatment, which was approved in the U.S. in October 2001 and the EU in February 2002. A key strategic move was the sale of its oncology assets to OSI Pharmaceuticals in December 2001 for up to $200 million, allowing Gilead to sharpen its focus on infectious diseases. Financially, Gilead remains in an investment phase, reporting a net loss for the year due to substantial research and development expenses, which totaled $185.6 million. The company ended the year with a strong cash position of $582.9 million, indicating healthy liquidity to fund ongoing development and potential future acquisitions. Investors should note the company's reliance on AmBisome and the critical role Viread is expected to play in future revenue generation and its competitive landscape.
Mar 27, 2002
2000
GILEAD SCIENCES, INC. Annual Report, Year Ended Dec 31, 2000
Gilead Sciences, Inc.'s 2000 10-K report highlights a period of significant revenue growth, primarily driven by its leading antifungal drug, AmBisome. Total revenues reached $195.6 million, a substantial increase from the previous year, with AmBisome contributing over 70% of product sales. The company is actively expanding its pipeline, with a notable focus on tenofovir DF for HIV treatment, which has shown promising Phase III trial results and is slated for regulatory submission in mid-2001. Additionally, Gilead is advancing adefovir dipivoxil for Hepatitis B and exploring oncology treatments. The company's financial performance reflects ongoing investment in research and development, leading to net losses, but a strong cash position of over $512 million provides ample resources for future development and potential acquisitions. The report also emphasizes Gilead's strategic collaborative relationships, particularly with Hoffmann-La Roche for Tamiflu and Fujisawa Healthcare for AmBisome, which are crucial for both revenue generation and market reach. While acknowledging competitive pressures and the inherent risks in drug development, Gilead appears strategically positioned with a diversified product portfolio and a robust pipeline, supported by its expertise in liposomal drug delivery technology.
Mar 20, 2001