01—Abstract
Summary
Summary of the 10-K/A filed April 18, 2019. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- This filing is an amendment to Gilead's 2018 10-K, primarily listing incorporated and newly filed exhibits, not a new financial performance report.
- The exhibits include key corporate governance documents such as the Restated Certificate of Incorporation and Amended and Restated Bylaws.
- A comprehensive list of senior note indentures demonstrates Gilead's structured approach to debt financing.
- Numerous exhibits detail various equity incentive plans, deferred compensation plans, and bonus plans, reflecting the company's compensation structure for employees and executives.
- Significant license and collaboration agreements are listed, including those with Japan Tobacco Inc. and Kite Pharma, highlighting strategic partnerships.
- The filing includes the CEO and CFO certifications confirming the accuracy of the original 10-K filing.
- Subsidiary information and consent of independent registered public accounting firm are also provided as exhibits.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2018, Gilead Sciences, Inc. kept $0.25.
- Revenue$22.13B100.0%
- Cost of revenue−$4.85B21.9%
- Gross profit$17.27B78.1%
- Operating costs−$9.07B41.0%
- Operating income$8.20B37.1%
- Interest, other & tax−$2.75B12.4%
- Net income$5.46B24.7%
Where FY2018 revenue went
$22.13B- Net income: $5.46B, 25% of revenue
- R&D: $5.02B, 23% of revenue
- Cost of revenue: $4.85B, 22% of revenue
- SG&A: $4.06B, 18% of revenue
- Interest, other & tax: $2.75B, 12% of revenue
Kept 25% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2018filed April 18, 2019Financial Statements
FY2018 against FY2017
| Line item | FY2018FY2017 | Change |
|---|---|---|
| Revenue | $22.13B$26.11B | −15.2% |
| Cost of Revenue | $4.85B$4.37B | +11.0% |
| Gross Profit | $17.27B$21.74B | −20.5% |
| R&D Expenses | $5.02B$3.73B | +34.4% |
| SG&A Expenses | $4.06B$3.88B | +4.6% |
| Operating Expenses | $13.93B$11.98B | +16.2% |
| Operating Income | $8.20B$14.12B | −41.9% |
| Interest Expense | $1.08B$1.12B | −3.7% |
| Net Income | $5.46B$4.63B | +17.9% |
| EPS (Basic) | $4.20$3.54 | +18.6% |
| EPS (Diluted) | $4.17$3.51 | +18.8% |
| Shares Outstanding (Basic) | 1.30B1.31B | −0.7% |
| Shares Outstanding (Diluted) | 1.31B1.32B | −0.8% |
05—Questions
Frequently Asked Questions
Does this filing contain updated financial results for Gilead Sciences for the 2018 fiscal year?
No, this filing is an amendment (10-K/A) to Gilead Sciences' original 2018 Form 10-K. It primarily serves to list and incorporate by reference various exhibits, including corporate governance documents, material contracts, and compensation plans. The actual financial performance and operational results for the 2018 fiscal year are detailed in the original 10-K filing submitted on February 26, 2019.
What is the purpose of this Amendment (10-K/A) filing?
The primary purpose of this Amendment is to provide a complete list of exhibits filed with or incorporated by reference into the company's original 2018 Annual Report on Form 10-K. This includes legal agreements, corporate documents, and compensation plans that are essential for a full understanding of the company's structure and obligations, but it does not present new financial or operational data.
Where can I find the actual financial statements and performance data for Gilead Sciences for the fiscal year ended December 30, 2018?
The financial statements and detailed financial performance data for the fiscal year ended December 30, 2018, are located within the original Form 10-K filing that Gilead Sciences submitted on February 26, 2019. This amendment (10-K/A) focuses on the exhibits and does not re-present the core financial statements.
What types of agreements and plans are listed as exhibits in this filing?
The exhibits include a wide range of documents such as the company's charter and bylaws, indentures for various senior notes, multiple equity incentive plans and stock option/unit agreements for employees and directors, deferred compensation plans, bonus plans, severance plans, significant license and collaboration agreements (e.g., with Japan Tobacco, Kite Pharma, Emory University), and details regarding the company's subsidiaries. It also includes the required CEO and CFO certifications.
06—Continue