GILEAD SCIENCES, INC., 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 000-19731    
Entity Registrant Name GILEAD SCIENCES, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 94-3047598    
Entity Address, Address Line One 333 Lakeside Drive    
Entity Address, City or Town Foster City    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94404    
City Area Code 650    
Local Phone Number 574-3000    
Title of 12(b) Security Common Stock, par value, $0.001 per share    
Trading Symbol GILD    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 60.0
Entity Common Stock, Shares Outstanding   1,245,346,062  
Documents Incorporated by Reference Specified portions of the registrant’s proxy statement, which will be filed with the Commission pursuant to Regulation 14A in connection with the registrant’s 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Report.    
Entity Central Index Key 0000882095    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location San Mateo, California
Auditor Firm ID 42
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 9,991 $ 6,085
Short-term marketable debt securities 0 1,179
Accounts receivable, net 4,420 4,660
Inventories 1,710 1,787
Prepaid and other current assets 3,052 2,374
Total current assets 19,173 16,085
Property, plant and equipment, net 5,414 5,317
Long-term marketable debt securities 0 1,163
Intangible assets, net 19,948 26,454
Goodwill 8,314 8,314
Other long-term assets 6,146 4,792
Total assets 58,995 62,125
Current liabilities:    
Accounts payable 833 550
Accrued rebates 3,892 3,802
Current portion of long-term debt and other obligations, net 1,815 1,798
Other current liabilities 5,464 5,130
Total current liabilities 12,004 11,280
Long-term debt, net 24,896 23,189
Long-term income taxes payable 830 2,039
Deferred tax liability 724 1,588
Other long-term obligations 1,295 1,280
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, par value $0.001 per share; 5 shares authorized; none outstanding 0 0
Common stock, par value $0.001 per share; 5,600 authorized; 1,246 shares issued and outstanding 1 1
Additional paid-in capital 7,700 6,500
Accumulated other comprehensive income 132 28
Retained earnings 11,497 16,304
Total Gilead stockholders’ equity 19,330 22,833
Noncontrolling interest (84) (84)
Total stockholders’ equity 19,246 22,749
Total liabilities and stockholders’ equity $ 58,995 $ 62,125
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Dec. 31, 2024
Dec. 31, 2023
Stockholders’ equity:    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized (in shares) 5 5
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 5,600 5,600
Common stock, issued (in shares) 1,246 1,246
Common stock, outstanding (in shares) 1,246 1,246
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Total revenues $ 28,754 $ 27,116 $ 27,281
Costs and expenses:      
Cost of goods sold 6,251 6,498 5,657
Research and development expenses 5,907 5,718 4,977
Acquired in-process research and development expenses 4,663 1,155 944
In-process research and development impairments 4,180 50 2,700
Selling, general and administrative expenses 6,091 6,090 5,673
Total costs and expenses 27,092 19,511 19,951
Operating income 1,662 7,605 7,330
Interest expense 977 944 935
Other income (expense) (6) (198) 581
Income before income taxes 690 6,859 5,814
Income tax expense 211 1,247 1,248
Net income 480 5,613 4,566
Net loss attributable to noncontrolling interest 0 (52) (26)
Net income attributable to Gilead $ 480 $ 5,665 $ 4,592
Basic earnings per share attributable to Gilead (in dollars per share) $ 0.38 $ 4.54 $ 3.66
Shares used in basic earnings per share attributable to Gilead calculation (in shares) 1,247 1,248 1,255
Diluted earnings per share attributable to Gilead (in dollars per share) $ 0.38 $ 4.50 $ 3.64
Shares used in diluted earnings per share attributable to Gilead calculation (in shares) 1,255 1,258 1,262
Product sales      
Revenues:      
Total revenues $ 28,610 $ 26,934 $ 26,982
Royalty, contract and other revenues      
Revenues:      
Total revenues $ 144 $ 182 $ 299
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income: $ 480 $ 5,613 $ 4,566
Other comprehensive income (loss), net of reclassifications and taxes:      
Net (loss) gain on foreign currency translation (26) 60 (11)
Net gain (loss) on available-for-sale debt securities 5 28 (29)
Net gain (loss) on cash flow hedges 125 (62) (41)
Other comprehensive income (loss), net 104 26 (81)
Comprehensive income, net 584 5,639 4,485
Comprehensive loss attributable to noncontrolling interest, net 0 (52) (26)
Comprehensive income attributable to Gilead, net $ 584 $ 5,691 $ 4,511
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock 
Additional Paid-In Capital
Accumulated Other Comprehensive Income
Retained Earnings
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2021   1,254        
Beginning balance at Dec. 31, 2021 $ 21,064 $ 1 $ 4,661 $ 83 $ 16,324 $ (5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 4,566       4,592 (26)
Other comprehensive income (loss), net (81)     (81)    
Issuances under employee stock purchase plan (in shares)   2        
Issuances under employee stock purchase plan 103   103      
Issuance under equity incentive plans (in shares)   13        
Issuances under equity incentive plans 211   211      
Stock-based compensation 640   640      
Repurchases of common stock under repurchase programs (in shares)   (19)        
Repurchases of common stock under repurchase programs (1,396)   (65)   (1,331)  
Repurchases of common stock for employee tax withholding under equity incentive plans and other (in shares)   (3)        
Repurchases of common stock for employee tax withholding under equity incentive plans and other (173)       (173)  
Dividends declared (3,725)       (3,725)  
Ending balance (in shares) at Dec. 31, 2022   1,247        
Ending balance at Dec. 31, 2022 21,209 $ 1 5,550 2 15,687 (31)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 5,613       5,665 (52)
Other comprehensive income (loss), net 26     26    
Issuances under employee stock purchase plan (in shares)   2        
Issuances under employee stock purchase plan 129   129      
Issuance under equity incentive plans (in shares)   13        
Issuances under equity incentive plans 99   99      
Stock-based compensation 767   767      
Repurchases of common stock under repurchase programs (in shares)   (13)        
Repurchases of common stock under repurchase programs (1,000)   (45)   (955)  
Repurchases of common stock for employee tax withholding under equity incentive plans and other (in shares)   (4)        
Repurchases of common stock for employee tax withholding under equity incentive plans and other (279)       (279)  
Dividends declared $ (3,814)       (3,814)  
Ending balance (in shares) at Dec. 31, 2023 1,246 1,246        
Ending balance at Dec. 31, 2023 $ 22,749 $ 1 6,500 28 16,304 (84)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 480       480 0
Other comprehensive income (loss), net 104     104    
Issuances under employee stock purchase plan (in shares)   2        
Issuances under employee stock purchase plan 139   139      
Issuance under equity incentive plans (in shares)   16        
Issuances under equity incentive plans 282   282      
Stock-based compensation 834   834      
Repurchases of common stock under repurchase programs (in shares)   (14)        
Repurchases of common stock under repurchase programs (1,150)   (55)   (1,095)  
Repurchases of common stock for employee tax withholding under equity incentive plans and other (in shares)   (4)        
Repurchases of common stock for employee tax withholding under equity incentive plans and other (280)       (280)  
Dividends declared $ (3,911)       (3,911)  
Ending balance (in shares) at Dec. 31, 2024 1,246 1,246        
Ending balance at Dec. 31, 2024 $ 19,246 $ 1 $ 7,700 $ 132 $ 11,497 $ (84)
v3.25.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Average price per share (in dollars per share) $ 79.54 $ 79.52 $ 73.77
Dividends declared (in dollars per share) $ 3.08 $ 3.00 $ 2.92
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:      
Net income: $ 480 $ 5,613 $ 4,566
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense 381 354 323
Amortization expense 2,386 2,339 1,780
Stock-based compensation expense 835 766 637
Deferred income taxes (1,844) (962) (1,552)
Net loss from equity securities 274 167 657
Acquired in-process research and development expenses 4,663 1,155 944
In-process research and development impairments 4,180 50 2,700
Other 353 826 780
Changes in operating assets and liabilities:      
Accounts receivable, net 139 157 (406)
Inventories (426) (842) (310)
Prepaid expenses and other (259) 39 (134)
Accounts payable 290 (347) 226
Income tax assets and liabilities, net (732) (1,768) (364)
Accrued and other liabilities 108 458 (775)
Net cash provided by operating activities 10,828 8,006 9,072
Investing Activities:      
Purchases of marketable debt securities (244) (1,930) (1,770)
Proceeds from sales of marketable debt securities 2,265 510 412
Proceeds from maturities of marketable debt securities 327 1,334 1,590
Acquisitions, including in-process research and development, net of cash acquired (4,840) (1,152) (1,797)
Purchases of equity securities (492) (442) (172)
Capital expenditures (523) (585) (728)
Other 58 (1) (1)
Net cash used in investing activities (3,449) (2,265) (2,466)
Financing Activities:      
Proceeds from debt financing, net of issuance costs 3,464 1,980 0
Proceeds from issuances of common stock 422 232 309
Repurchases of common stock under repurchase programs (1,150) (1,000) (1,396)
Repayments of debt and other obligations (1,970) (2,250) (1,500)
Payments of dividends (3,918) (3,809) (3,709)
Other (281) (279) (173)
Net cash used in financing activities (3,433) (5,125) (6,469)
Effect of exchange rate changes on cash and cash equivalents (40) 57 (63)
Net change in cash and cash equivalents 3,906 673 74
Cash and cash equivalents at beginning of period 6,085 5,412 5,338
Cash and cash equivalents at end of period 9,991 6,085 5,412
Supplemental disclosure of cash flow information:      
Interest paid, net of amounts capitalized 951 891 907
Income taxes paid $ 2,779 $ 3,990 $ 3,136
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SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Business
Gilead Sciences, Inc. (including its consolidated subsidiaries, referred to as “Gilead,” the “company,” “we,” “our” or “us”) 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. We are committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, coronavirus disease 2019 (“COVID-19”), cancer and inflammation. We operate in more than 35 countries worldwide, with headquarters in Foster City, California.
Our portfolio of marketed products includes AmBisome®, Atripla®, Biktarvy®, Cayston®, Complera®, Descovy®, Descovy for PrEP®, Emtriva®, Epclusa®, Eviplera®, Genvoya®, Harvoni®, Hepcludex®, Hepsera®, Jyseleca®, Letairis®, Livdelzi®, Odefsey®, Sovaldi®, Stribild®, Sunlenca®, Tecartus®, Trodelvy®, Truvada®, Truvada for PrEP®, Tybost®, Veklury®, Vemlidy®, Viread®, Vosevi®, Yescarta® and Zydelig®. The approval status of Hepcludex and Jyseleca vary worldwide, and Hepcludex and Jyseleca are not approved in the U.S. We also sell and distribute authorized generic versions of Epclusa and Harvoni in the U.S. through our separate subsidiary, Asegua Therapeutics, LLC. In addition, we sell and distribute certain products through our corporate partners under collaborative agreements. See Note 2. Revenues for a summary of disaggregated revenues by product and geographic region.
We have one operating segment which primarily focuses on the discovery, development and commercialization of innovative medicines in areas of unmet medical need. See Note 17. Segment Information for further details.
Significant Accounting Policies
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Gilead, our wholly-owned subsidiaries and any variable interest entities (“VIEs”) for which we are the primary beneficiary. All intercompany transactions have been eliminated. For any consolidated entities where we own or are exposed to less than 100% of the economics, we record net income or loss attributable to noncontrolling interests in our Consolidated Statements of Operations equal to the attributable economic or ownership interest retained in such entities by the respective noncontrolling parties.
When we obtain a variable interest in another entity, we assess at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE and, if so, whether we are the primary beneficiary of the VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
The preparation of these Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant accounting policies and estimates. We base our estimates on historical experience and on various market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Actual results may differ significantly from these estimates.
Certain amounts and percentages herein may not sum or recalculate due to rounding.
Revenue Recognition
Product Sales
We recognize revenue from product sales when control of the product transfers to the customer, which is generally upon shipment or delivery, or in certain cases, upon the corresponding sales by our customer to a third party. Revenues are recognized net of estimated rebates and chargebacks, patient co-pay assistance, prompt pay discounts, distributor fees, sales return provisions and other related deductions. These deductions to product sales are referred to as gross-to-net deductions and are estimated and recorded in the period in which the related product sales occur. Our payment terms to customers generally range from 30 to 90 days; however, payment terms differ by jurisdiction, by customer and, in some instances, by type of product. Revenues from product sales, net of gross-to-net deductions, are recorded only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring when the uncertainty associated with gross-to-net deductions is subsequently resolved. Taxes assessed by governmental authorities and collected from customers are excluded from product sales. If we expect, at contract inception, that the period between the transfer of control and corresponding payment from the customer will be one year or less, we do not adjust the amount of consideration for the effects of a financing component. Shipping and handling activities are considered to be fulfillment activities and not a separate performance obligation.
Gross-to-Net Deductions
Rebates and Chargebacks
Rebates and chargebacks are based on contractual arrangements or statutory requirements and include amounts due to payers and healthcare providers under various programs. These amounts may vary by product, payer and individual plans. Providers qualified under certain programs can purchase our products through wholesalers or other distributors at a discount. The wholesalers or distributors then charge the discount back to us.
Rebates and chargebacks are estimated primarily based on product sales, including product mix and pricing, historical and estimated payer mix and discount rates, among other inputs, which require significant estimates and judgment. We assess and update our estimates each reporting period to reflect actual claims and other current information.
Chargebacks that are payable to our direct customers are generally classified as reductions of Accounts receivable on our Consolidated Balance Sheets. Rebates that are payable to third party payers and healthcare providers are recorded in Accrued rebates on our Consolidated Balance Sheets.
Patient Co-Pay Assistance
Co-pay assistance represents financial assistance to qualified patients, assisting them with prescription drug co-payments required by insurance. Our accrual for co-pay is based on an estimate of claims and the cost per claim that we expect to receive associated with inventory that exists in the distribution channel at period end.
Cash Discounts
We estimate cash discounts based on contractual terms, historical customer payment patterns and our expectations regarding future customer payment patterns.
Distributor Fees
Under our inventory management agreements with our significant U.S. wholesalers, we pay the wholesalers a fee primarily for compliance with certain contractually-determined covenants such as the maintenance of agreed-upon inventory levels. These distributor fees are based on a contractually-determined fixed percentage of sales.
Allowance for Sales Returns
Allowances are made for estimated sales returns by our customers and are recorded in the period the related revenue is recognized. We typically permit returns if the product is damaged, defective, or otherwise cannot be used by the customer. In the U.S., we typically permit returns six months prior to and up to one year after the product expiration date. Outside the U.S., returns are only allowed in certain countries on a limited basis.
Our estimates of sales returns are based primarily on analysis of our historical product return patterns, industry information reporting the return rates for similar products and contractual agreement terms. We also take into consideration known or expected changes in the marketplace specific to each product.
Royalty, Contract and Other Revenues
Royalty revenue is recognized in the period in which the obligation is satisfied and the corresponding sales by our corporate partners occur. Contract and other revenues are recognized when the performance obligation is satisfied.
Research and Development Expenses
Research and development expenses are recorded when incurred and consist primarily of personnel costs including salaries, benefits and stock-based compensation expense, infrastructure, materials and supplies and other support costs, research and clinical studies performed by contract research organizations (“CROs”) and our collaboration partners and other outside services. From time to time, we enter into development and collaboration agreements in which we share expenses with a collaboration partner. We record payments received from our collaborative partners for their share of the development costs as a reduction of Research and development expenses.
Clinical study costs are a significant component of Research and development expenses. Most of our clinical studies are performed by third-party CROs. We monitor levels of performance under each significant contract including the extent of patient enrollment and other activities through communications with our CROs. We accrue costs for clinical studies performed by CROs over the service periods specified in the contracts and adjust our estimates, if required, based upon our ongoing review of the level of effort and costs actually incurred by the CROs. All of our material CRO contracts are terminable by us upon written notice and we are generally only liable for actual services completed by the CRO and certain non-cancelable expenses incurred at any point of termination. Payments we make for research and development (“R&D”) services prior to the services being rendered are recorded as prepaid assets within Prepaid and other current assets on our Consolidated Balance Sheets and are expensed as the services are provided.
Acquired In-Process Research and Development Expenses
Acquired in-process research and development expenses are recorded when incurred and reflect costs of externally-developed in-process research and development (“IPR&D”) projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use, including upfront and pre-commercialization milestone payments related to various collaborations and the costs of rights to IPR&D projects.
Selling, General and Administrative Expenses
Selling, general and administrative expenses are recorded when incurred and consist primarily of personnel costs, facilities and overhead costs, and selling, marketing and advertising expenses, as well as other general and administrative costs related to finance, human resources, legal and other administrative activities.
Advertising expenses within Selling, general and administrative expenses, including promotional expenses, are recorded when incurred and were $869 million, $826 million and $778 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Stock-Based Compensation
We provide stock-based compensation in the form of various types of equity-based awards, including restricted stock units (“RSUs”), performance share units (“PSUs”) and stock options, and through our Employee Stock Purchase Plan and the International Employee Stock Purchase Plan (together, as amended, the “ESPP”). Stock-based compensation expense is based on the estimated fair value of the award on the grant date, or the first date of the ESPP purchase period, and recognized over the requisite service periods on our Consolidated Statements of Operations using the straight-line expense attribution approach, reduced for estimated forfeitures. We estimate forfeitures based on our historical experience. The requisite service period could be shorter than the vesting period if an employee is retirement eligible or if an employee terminates due to death or disability.
The estimated fair value of RSUs is based on the closing price of our common stock on the grant date. For PSUs, depending on the terms of the award, estimated fair value is based on either the Monte Carlo valuation methodology or the closing stock price on the grant date. For stock option and ESPP awards, estimated fair value is based on the Black-Scholes option valuation model. Estimated inputs to that model include (i) expected volatility, based on a blend of historical volatility of our common stock price along with implied volatility for traded options on our common stock, (ii) expected term in years, based on the weighted-average period awards are expected to remain outstanding using historical cancellation and exercise data, contractual terms and vesting terms of the award, (iii) risk-free interest rate, based on observed interest rates appropriate for the term of the stock-based awards, and (iv) expected dividend yield, based on our history and expectation of dividend payments.
Earnings Per Share
Basic earnings per share attributable to Gilead is calculated based on Net income attributable to Gilead on our Consolidated Statements of Operations divided by the weighted-average number of shares of our common stock outstanding during the period. Diluted earnings per share attributable to Gilead is calculated based on Net income attributable to Gilead on our Consolidated Statements of Operations divided by the weighted-average number of shares of our common stock and other dilutive securities outstanding during the period. The potentially dilutive shares of our common stock resulting from the assumed exercise of outstanding stock options and equivalents are determined under the treasury stock method.
Cash and Cash Equivalents
We consider highly liquid investments with insignificant interest rate risk and an original maturity of three months or less on the purchase date to be cash equivalents.
Marketable Debt Securities
All of our marketable debt securities are classified as available-for-sale and recorded at estimated fair values. We determine the appropriate classification of our marketable debt securities at the time of purchase and reevaluate such designation at each balance sheet date. We regularly review our investments for declines in fair value below their amortized cost basis to determine whether the impairment is due to credit-related factors or noncredit-related factors. Our review includes the creditworthiness of the security issuers, the severity of the unrealized losses, whether we have the intent to sell the securities and whether it is more likely than not that we will be required to sell the securities before the recovery of their amortized cost bases. When we determine that a portion of the unrealized loss is due to an expected credit loss, we recognize the loss amount in Other (income) expense, net, with a corresponding allowance against the carrying value of the security we hold. The portion of any unrealized loss related to factors other than credit losses, as well as any unrealized gains, are recognized in Accumulated other comprehensive income on our Consolidated Balance Sheets until realized, at which point they are reclassified into Other (income) expense, net on our Consolidated Statements of Operations. Interest and amortization of purchase premiums and discounts are also recorded in Other (income) expense, net on our Consolidated Statements of Operations. The cost of securities sold is based on the specific identification method.
Accounts Receivable
Trade accounts receivable are recorded net of allowances for wholesaler chargebacks related to government and other programs, cash discounts for prompt payment and estimated credit losses. Estimates of our allowance for credit losses consider a number of factors, including existing contractual payment terms, individual customer circumstances, historical payment patterns of our customers, a review of the local economic environment and its potential impact on expected future customer payment patterns and government funding and reimbursement practices.
Inventories
Inventories are recorded at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. We periodically review our inventories to identify obsolete, slow-moving, excess or otherwise unsaleable items. If obsolete, slow-moving, excess or unsaleable items are observed and there are no alternate uses for the inventory, we record a write-down to net realizable value through a charge to Cost of goods sold on our Consolidated Statements of Operations. The determination of net realizable value requires judgment, including consideration of many factors, such as estimates of future product demand, product net selling prices, current and future market conditions and potential product obsolescence, among others. Inventories that are not expected to be sold within 12 months are classified in Other long-term assets on our Consolidated Balance Sheets.
When future commercialization of a product is considered probable and the future economic benefit is expected to be realized, based on management’s judgment, we capitalize pre-launch inventory costs prior to regulatory approval. A number of factors are considered, including the current status in the regulatory approval process, potential impediments to the approval process such as safety or efficacy, anticipated R&D initiatives that could impact the indication in which the compound will be used, viability of commercialization and marketplace trends.
Equity Securities
Equity securities with readily determinable fair values, including those for which we have elected the fair value option, are recorded at fair market value, and unrealized gains and losses are included in Other (income) expense, net on our Consolidated Statements of Operations.
Equity securities without readily determinable fair values are recorded using the measurement alternative of cost less impairment, if any, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. Any impairments or adjustments are recorded in Other (income) expense, net on our Consolidated Statements of Operations.
For investments in entities over which we have significant influence but do not meet the requirements for consolidation and have not elected the fair value option, we use the equity method of accounting, with our share of the underlying income or loss of such entities reported in Other (income) expense, net on our Consolidated Statements of Operations.
Our investments in equity securities are classified in Prepaid and other current assets or Other long-term assets on our Consolidated Balance Sheets, generally depending on marketability and whether the securities are subject to lock-up provisions. We regularly review our securities for indicators of impairment.
Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method. Repairs and maintenance costs are expensed as incurred. Estimated useful lives in years are generally as follows:
Description
Estimated Useful Life 
Buildings and improvements
Shorter of 35 years or useful life
Laboratory and manufacturing equipment
4-10
Office, computer equipment and other
3-15
Leasehold improvementsShorter of useful life or lease term
See “Impairment of Long-Lived Assets” for additional information.
Leases
We determine if an arrangement contains a lease at inception and classify each lease as operating or financing. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term, which is the non-cancelable period stated in the contract adjusted for any options to extend or terminate when it is reasonably certain that we will exercise that option. Right-of-use assets are adjusted for prepaid lease payments, lease incentives and initial direct costs incurred. Operating lease expense for the minimum lease payments is recognized on a straight-line basis over the lease term.
We account for lease and nonlease components in our lease agreements as a single lease component in determining lease assets and liabilities. In addition, we do not recognize the right-of-use assets and liabilities for leases with lease terms of one year or less.
As most of our operating leases do not provide an implicit interest rate, we generally utilize a collateralized incremental borrowing rate, applied in a portfolio approach when relevant, based on the information available at the commencement date to determine the lease liability.
Acquisitions, including Goodwill, Intangible Assets and Contingent Consideration
We account for business combinations using the acquisition method of accounting, which generally requires that assets acquired, including IPR&D projects, and liabilities assumed be recorded at their fair values as of the acquisition date on our Consolidated Balance Sheets. Any excess of consideration over the fair value of net assets acquired is recorded as goodwill. The determination of estimated fair value requires us to make significant estimates and assumptions. As a result, we may record adjustments to the fair values of assets acquired and liabilities assumed within the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred.
Intangible assets related to IPR&D projects are considered to be indefinite-lived until the abandonment or completion of the associated R&D efforts, which generally occurs when regulatory approval is obtained. Goodwill and indefinite-lived intangible assets are not amortized and, instead, are tested for impairment annually or more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired.
Intangible assets with finite useful lives are amortized over their estimated useful lives, primarily on a straight-line basis, and are also periodically reviewed for changes in facts or circumstances resulting in a reduction to the estimated useful life of the asset, requiring the acceleration of amortization. See “Impairment of Long-Lived Assets” for additional information.
In determining the initial fair value of an intangible asset, or when quantitative analysis is required to determine any impairment, we use a probability-weighted income approach that discounts expected future cash flows to present value using a discount rate that is based on the estimated weighted-average cost of capital for companies with profiles similar to ours and represents the rate that market participants would use to value the intangible assets. These cash flow models require the use of Level 3 fair value measurements and inputs, including estimated revenues, which, for example, include significant inputs such as addressable patient population, treatment duration, projected market share, assessment of the asset’s life cycle, and competitive trends impacting the asset; costs and probability of technical and regulatory success, among other factors.
In connection with certain acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified development, regulatory approval or sales-based milestone events. We record contingent consideration resulting from a business combination at its fair value on the acquisition date. Each reporting period thereafter, we revalue these obligations and record increases or decreases in their fair value on our Consolidated Statements of Operations until such time that the payment is made. Increases or decreases in fair value of the contingent consideration liabilities can result from updates to assumptions such as the expected timing or probability of achieving the specified milestones, changes in projected revenues or changes in discount rates.
When we determine net assets acquired do not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an asset acquisition and, therefore, no goodwill is recorded and contingent consideration generally is not recognized at the acquisition date. In an asset acquisition, upfront payments allocated to IPR&D projects at the acquisition date and subsequent pre-commercialization milestone payments are expensed as incurred on our Consolidated Statements of Operations unless there is an alternative future use.
Impairment of Long-Lived Assets
Long-lived assets, including property, plant and equipment and finite-lived intangible assets, are reviewed for impairment whenever facts or circumstances either internally or externally may indicate that the carrying value of an asset may not be recoverable. Should there be an indication of impairment, we test for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset over its useful life to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss.
Derivatives
We recognize all derivative instruments as either assets or liabilities at fair value on our Consolidated Balance Sheets. Unrealized changes in the fair value of derivatives designated as part of a hedge transaction are recorded in Accumulated other comprehensive income. For our hedges related to forecasted product sales, the unrealized gains or losses in Accumulated other comprehensive income are reclassified into Product sales on our Consolidated Statements of Operations when the respective hedged transactions affect earnings. Changes in the fair value of derivatives that are not part of a hedge transaction are recorded each period in Other (income) expense, net on our Consolidated Statements of Operations.
Using regression analysis, we assess, both at inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are effective in offsetting the changes in cash flows or fair values of the hedged items. If we determine that a forecasted transaction is probable of not occurring, we discontinue hedge accounting for the affected portion of the hedge instrument, and any related unrealized gain or loss on the contract is recognized in Other (income) expense, net on our Consolidated Statements of Operations.
Contingencies
We recognize accruals for loss contingencies to the extent that we conclude that a loss is both probable and reasonably estimable. We accrue the best estimate of loss within a range; however, if no estimate in the range is better than any other, then we accrue the minimum amount in the range. If we determine that a material loss is reasonably possible, we disclose the possible loss or range of loss, or that the amount of loss cannot be estimated at this time.
Income Taxes
Our income tax provision is computed under the liability method. Significant estimates are required in determining our provision for income taxes. Some of these estimates are based on interpretations of applicable tax laws or regulations.
Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We record a valuation allowance to reduce our deferred tax assets to the amounts that are more likely than not to be realized. We consider future taxable income, ongoing tax planning strategies and our historical financial performance in assessing the need for a valuation allowance. If we expect to realize deferred tax assets for which we have previously recorded a valuation allowance, we will reduce the valuation allowance in the period in which such determination is first made.
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by tax authorities based on the technical merits of the position. The tax benefit recognized in the Consolidated Financial Statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTB”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by tax authorities, new information obtained during a tax examination or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to UTB in Income tax expense on our Consolidated Statements of Operations.
We have elected to account for the tax on Global Intangible Low-Taxed Income, enacted as part of the Tax Cuts and Jobs Act, as a component of tax expense in the period in which the tax is incurred.
Stock Repurchases
We use the par value method of accounting for our stock repurchases made under repurchase programs. Under the par value method, we record the par value of the shares repurchased to Common stock and the historical issuance cost over par value of the shares repurchased to Additional paid-in capital. The excess of the cost of the shares repurchased over these two amounts is then recorded to Retained earnings.
Foreign Currency Translation and Transactions
Our Consolidated Financial Statements are presented in U.S. dollars. The functional currency for most of our foreign subsidiaries is their local currency. Revenues, expenses, gains and losses for non-U.S. dollar functional currency entities are translated into U.S. dollars using average currency exchange rates for the period. Assets and liabilities for such entities are translated using exchange rates that approximate the rate at the balance sheet date. Foreign currency translation adjustments are recorded as a component of Accumulated other comprehensive income on our Consolidated Balance Sheets. Foreign currency transaction gains and losses on transactions not denominated in functional currency are recorded in Other (income) expense, net, on our Consolidated Statements of Operations.
Fair Value Measurements
We apply fair value accounting for all financial and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. We define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risks.
We determine the fair value using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows:
•Level 1 inputs include quoted prices in active markets for identical assets or liabilities;
•Level 2 inputs include observable inputs other than Level 1 inputs, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and
•Level 3 inputs include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. Our Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation.
Recently Adopted Accounting Pronouncements
In November 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 requires incremental annual and quarterly disclosures about segment measures of profit or loss as well as significant segment expenditures. It also requires public entities with a single reportable segment to provide all segment disclosures required by the amendments in the update and all existing segment disclosures in Topic 280. Beginning with this Annual Report on Form 10-K, we adopted this standard using a retrospective approach, resulting in increased disclosures in our Notes to Consolidated Financial Statements. See Note 17. Segment Information for additional information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, FASB issued ASU No. 2024-03 “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses, and can be applied prospectively or retrospectively. We plan to adopt this guidance beginning with our 2027 annual report to be filed in early 2028 and all quarterly and annual reports thereafter. We expect the adoption of this standard to result in increased disclosures in our Notes to Consolidated Financial Statements.
In December 2023, FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires incremental annual disclosures around income tax rate reconciliations, income taxes paid and other related disclosures. This guidance requires prospective application and permits retrospective application to prior periods presented. We plan to adopt it beginning with our 2025 annual report to be filed in early 2026. We expect the adoption of this standard to result in increased disclosures in our Notes to Consolidated Financial Statements.
v3.25.0.1
REVENUES
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Disaggregation of Revenues
The following table summarizes our Total revenues:
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
(in millions)U.S.
Europe(6)
Rest of World(6)
TotalU.S.
Europe(6)
Rest of World(6)
TotalU.S.
Europe(6)
Rest of World(6)
Total
Product sales:
HIV
Biktarvy$10,855 $1,509 $1,060 $13,423 $9,692 $1,253 $905 $11,850 $8,510 $1,103 $777 $10,390 
Descovy1,902 100 110 2,113 1,771 100 114 1,985 1,631 118 123 1,872 
Genvoya1,498 180 84 1,762 1,752 205 103 2,060 1,983 284 136 2,404 
Odefsey957 290 41 1,288 1,012 294 44 1,350 1,058 364 47 1,469 
Symtuza - Revenue share(1)
450 130 12 592 382 133 13 529 348 168 14 530 
Other HIV(2)
257 129 48 434 238 116 47 401 290 182 59 530 
Total HIV 15,918 2,339 1,355 19,612 14,848 2,102 1,226 18,175 13,820 2,219 1,155 17,194 
Liver Disease
Sofosbuvir/Velpatasvir(3)
922 299 374 1,596 859 323 355 1,537 844 355 331 1,530 
Vemlidy486 44 428 959 410 38 414 862 429 35 379 842 
Other Liver Disease(4)
192 202 73 467 152 150 83 385 167 135 124 426 
Total Liver Disease1,601 545 876 3,021 1,421 511 852 2,784 1,440 525 833 2,798 
Veklury892 284 623 1,799 972 408 805 2,184 1,575 702 1,628 3,905 
Oncology
Cell Therapy
Tecartus234 138 31 403 245 110 15 370 221 75 3 299 
Yescarta662 666 242 1,570 811 547 140 1,498 747 355 57 1,160 
Total Cell Therapy896 804 274 1,973 1,055 658 156 1,869 968 430 60 1,459 
Trodelvy902 294 119 1,315 777 217 68 1,063 525 143 12 680 
Total Oncology1,798 1,098 393 3,289 1,833 875 224 2,932 1,494 573 73 2,139 
Other
AmBisome44 276 212 533 43 260 189 492 57 258 182 497 
Other(5)
255 34 68 356 261 40 66 367 331 65 53 449 
Total Other299 310 280 889 304 301 255 859 388 323 235 946 
Total product sales20,508 4,576 3,526 28,610 19,377 4,197 3,361 26,934 18,716 4,342 3,924 26,982 
Royalty, contract and other revenues82 58 4 144 62 114 7 182 168 127 4 299 
Total revenues$20,591 $4,634 $3,529 $28,754 $19,438 $4,310 $3,368 $27,116 $18,884 $4,469 $3,928 $27,281 
_______________________________
(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”). See Note 7. Collaborations and Other Arrangements for additional information.
(2)    Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, 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, Livdelzi, Sovaldi, Viread and Vosevi.
(5)    Includes Cayston, Jyseleca, Letairis, Ranexa and Zydelig.
(6)    All individual international locations accounted for less than 10% of Total revenues.
Revenues from Major Customers
The following table summarizes revenues from each of our customers who individually accounted for 10% or more of our Total revenues:
Year Ended December 31,
(as a percentage of total revenues)202420232022
Cardinal Health, Inc.26 %26 %25 %
Cencora, Inc.18 %19 %18 %
McKesson Corporation20 %21 %20 %
Revenues Recognized from Performance Obligations Satisfied in Prior Years
The following table summarizes revenues recognized from performance obligations satisfied in prior years:
Year Ended December 31,
(in millions)202420232022
Revenue share with Janssen(1) and royalties for licenses of intellectual property
$727 $680 $783 
Changes in estimates$452 $340 $582 
_______________________________
(1)    See Note 7. Collaborations and Other Arrangements for additional information.
Contract Balances
The following table summarizes our contract balances:
December 31,
(in millions)20242023
Contract assets$277 $117 
Contract liabilities(1)
$58 $109 
_______________________________
(1)    Future revenues recognized from contract liabilities are not expected to be material in any one year.
v3.25.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
The following table summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:
 December 31, 2024December 31, 2023
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Available-for-sale debt securities(1):
U.S. treasury securities$— $— $— $— $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 funds8,502 — — 8,502 4,465 — — 4,465 
Publicly traded equity securities(2)
1,561 — — 1,561 1,458 — — 1,458 
Deferred compensation plan343 — — 343 284 — — 284 
Foreign currency derivative contracts— 128 — 128 — 7 — 7 
Total$10,405 $128 $— $10,533 $6,633 $2,007 $— $8,639 
Liabilities:
Contingent consideration liability$— $— $206 $206 $— $— $228 $228 
Deferred compensation plan343 — — 343 283 — — 283 
Foreign currency derivative contracts— 3 — 3 — 59 — 59 
Total$343 $3 $206 $552 $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.
(2)    Publicly traded equity securities include our investment in Arcellx, Inc. (“Arcellx”) of $515 million as of December 31, 2024, which is subject to contractual sale restrictions until June 2025. See Note 7. Collaborations and Other Arrangements for additional information.
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.
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.
Level 3 Inputs
Contingent Consideration Liability
In connection with our first quarter 2021 acquisition of MYR GmbH (“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:
Year Ended December 31,
(in millions)20242023
Beginning balance$228 $275 
Changes in valuation assumptions(1)
(7)(60)
Effect of foreign exchange remeasurement(2)
(14)12 
Ending balance(3)
$206 $228 
_______________________________
(1)    Included in Research and development expenses on our Consolidated Statements of Operations. The change in 2023 primarily related to changes in assumptions around probability and timing of regulatory approval.
(2)    Included in Other (income) expense, net on our Consolidated Statements of Operations.
(3)    Included in Other long-term obligations on our Consolidated Balance Sheets.
Fair Value Level Transfers
There were no transfers between Level 1, Level 2 and Level 3 in the periods presented.
Nonrecurring Fair Value Measurements
In 2024, 2023 and 2022, we recorded partial impairment charges of $4.2 billion, $50 million and $2.7 billion, respectively, related to certain IPR&D assets. See Note 9. Goodwill and Intangible Assets for additional information.
In 2023, we recorded a $51 million write-off of our finite-lived intangible asset related to filgotinib as discussed in Note 9. Goodwill and Intangible Assets, as well as a $381 million write-off of manufacturing assets related to changes in our manufacturing strategy as discussed in Note 10. Other Financial Information. Both charges were recorded within Cost of goods sold on our Consolidated Statements of Operations.
Other Fair Value Disclosures
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:
December 31,
(in millions)20242023
Fair value$23,335 $22,567 
Carrying value$25,562 $23,834 
Liability Related to Future Royalties
We recorded a liability related to future royalties as part of our 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, determined using Level 3 inputs, was approximately $0.9 billion and $1.2 billion as of December 31, 2024 and 2023, respectively, and the carrying value was $1.1 billion and $1.2 billion as of December 31, 2024 and 2023, respectively. See Note 11. Debt and Credit Facilities for additional information.
v3.25.0.1
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
 12 Months Ended
Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]  
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES 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. As such, there are no balances as of December 31, 2024 in the following tables.
The following table summarizes our available-for-sale debt securities as of December 31, 2023:
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)$2,426 
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time, as of December 31, 2023:
December 31, 2023
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$— $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 Consolidated Balance Sheets as of December 31, 2023:
(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 
Equity Securities
The following table summarizes the classification of our equity securities on our Consolidated Balance Sheets:
December 31,
(in millions)20242023
Equity securities measured at fair value:
Cash and cash equivalents$8,502 $4,465 
Prepaid and other current assets1,577 1,086 
Other long-term assets327 656 
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets(1)
386 340 
Total$10,791 $6,547 
_______________________________
(1)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be VIEs for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
For our equity method investments in Galapagos NV (“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 was classified in Prepaid and other current assets as of December 31, 2024 and 2023 at $462 million and $686 million, respectively. Our investment in Arcus was classified in Prepaid and other current assets as of December 31, 2024 and 2023 at $448 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 Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202420232022
Unrealized loss, net$284 $60 $684 
Related Party Transaction
During the year ended December 31, 2022, Gilead donated certain equity securities at fair value to the Gilead Foundation, a California nonprofit public benefit corporation (the “Foundation”). The Foundation is a related party as certain of our officers also serve as directors of the Foundation. The donation expense of $85 million was recorded within Selling, general and administrative expenses on our Consolidated Statements of Operations during the year ended December 31, 2022.
v3.25.0.1
DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS 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 $2.9 billion and $2.5 billion as of December 31, 2024 and 2023, respectively.
While all our derivative contracts allow us the right to offset assets and liabilities, we have presented amounts in our 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:
December 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$90 $10 $100 $— $— $— 
Foreign currency exchange contracts not designated as hedges28 — 28 3 — 3 
Total derivatives presented gross on the Consolidated Balance Sheets$128 $3 
Gross amounts not offset on the Consolidated Balance Sheets:
Derivative financial instruments$(3)$(3)
Cash collateral received / pledged— — 
Net amount (legal offset)$125 $— 
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 Consolidated Balance Sheets$7 $59 
Gross amounts not offset on the Consolidated Balance Sheets:
Derivative financial instruments$(7)$(7)
Cash collateral received / pledged— — 
Net amount (legal offset)$— $52 
The following table summarizes the effect of our derivative contracts on our Consolidated Financial Statements:
Year Ended December 31,
(in millions)202420232022
Derivatives designated as hedges:
Net gain (loss) recognized in Accumulated other comprehensive income
$171 $(14)$150 
Net gain reclassified from Accumulated other comprehensive income into Product sales
$27 $58 $196 
Derivatives not designated as hedges:
Net gain recognized in Other (income) expense, net
$44 $57 $67 
The majority of gains and losses related to the hedged forecasted transactions reported in Accumulated other comprehensive income as of December 31, 2024 are expected to be reclassified to Product sales within 12 months. There were no discontinuances of cash flow hedges for the years ended December 31, 2024, 2023 and 2022.
The cash flow effects of our derivative contracts for the years ended December 31, 2024, 2023 and 2022 were included within Net cash provided by operating activities on our Consolidated Statements of Cash Flows.
v3.25.0.1
ACQUISITIONS
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
CymaBay
In March 2024, we completed the acquisition of CymaBay Therapeutics, Inc. (“CymaBay”) for total consideration of $3.9 billion, net of cash acquired. Upon closing, CymaBay became our wholly-owned subsidiary.
We accounted for this transaction as an asset acquisition since the lead asset, seladelpar, an investigational, oral, peroxisome proliferator-activated receptor delta agonist shown to regulate critical metabolic and liver disease pathways, represented substantially all of the fair value of the gross assets acquired. In 2024, we recorded a $3.8 billion charge, representing an acquired IPR&D asset with no alternative future use, to Acquired in-process research and development expenses, as well as share-based compensation expense of $133 million related to the cash settlement of unvested CymaBay employee stock awards attributable to post-acquisition services, with $67 million being recorded in Research and development expenses and $67 million in Selling, general and administrative expenses on our Consolidated Statements of Operations. In connection with this acquisition, we recorded $333 million of assets acquired, primarily consisting of net deferred tax assets, and $228 million of liabilities assumed, primarily related to an assumed financing arrangement which we subsequently settled during the year through various payments totaling $209 million.
In July 2024, we paid $320 million to Janssen Pharmaceutica NV to extinguish a future royalty obligation related to seladelpar, which was recorded to Acquired in-process research and development expenses on our Consolidated Statements of Operations.
In August 2024, FDA granted accelerated approval for Livdelzi (seladelpar) for the treatment of primary biliary cholangitis in combination with ursodeoxycholic acid (“UDCA”) in adults who have had an inadequate response to UDCA, or as monotherapy in patients unable to tolerate UDCA.
XinThera
In May 2023, we closed an agreement to acquire XinThera, Inc. (“XinThera”), a privately held biotechnology company focused on small molecule drugs to treat cancer and immunologic diseases, for approximately $200 million in cash consideration, net of cash acquired. As a result, XinThera became our wholly-owned subsidiary.
We accounted for the transaction as an asset acquisition and recorded a $170 million charge to Acquired in-process research and development expenses on our Consolidated Statements of Operations in 2023. The remaining purchase price related to various other assets acquired and liabilities assumed. Under the agreement, the former shareholders of XinThera are eligible to receive performance-based development and regulatory milestone payments of up to approximately $760 million, with the first $50 million of such milestones paid and charged primarily to Acquired in-process research and development expenses in October 2023.
Tmunity
In February 2023, we closed an agreement to acquire Tmunity Therapeutics, Inc. (“Tmunity”), a clinical-stage, private biotechnology company focused on next-generation chimeric antigen receptor (“CAR”) T-therapies and technologies. Under the terms of the agreement, we acquired all outstanding shares of Tmunity other than those already owned by Gilead for approximately $300 million in cash consideration. As a result, Tmunity became our wholly-owned subsidiary.
We accounted for the transaction as an asset acquisition and recorded a $244 million charge to Acquired in-process research and development expenses on our Consolidated Statements of Operations in 2023. The remaining purchase price related to various other assets acquired and liabilities assumed, consisting primarily of deferred tax assets. Under the agreement, the former shareholders of Tmunity and the University of Pennsylvania are eligible to receive a mix of up to approximately $1.0 billion in potential future payments upon achievement of certain development, regulatory and sales-based milestones, as well as royalty payments on sales, with the first $25 million of milestones charged to Acquired in-process research and development expenses in 2023 and paid in January 2024. In 2024, we paid an additional $47 million for development milestones met, which was charged to Acquired in-process research and development expenses on our Consolidated Statements of Operations.
MiroBio
In September 2022, we acquired all of the outstanding share capital of MiroBio Ltd. (“MiroBio”), a privately-held U.K.-based biotechnology company focused on restoring immune balance with agonists targeting immune inhibitory receptors, for $414 million in cash. As a result, MiroBio became our wholly-owned subsidiary.
We accounted for the transaction as an asset acquisition and recorded a $389 million charge to Acquired in-process research and development expenses on our Consolidated Statements of Operations in 2022. The remaining purchase price related to various other assets acquired and liabilities assumed.
v3.25.0.1
COLLABORATIONS AND OTHER ARRANGEMENTS
 12 Months Ended
Dec. 31, 2024
Collaborative and Other Arrangements [Abstract]  
COLLABORATIONS AND OTHER ARRANGEMENTS COLLABORATIONS AND OTHER ARRANGEMENTS
We enter into licensing and strategic collaborations and other similar arrangements with third parties for the research, development and commercialization of certain products and product candidates. The collaborations involve two or more parties who are active participants in the operating activities of the collaboration and are exposed to significant risks and rewards depending on the commercial success of the activities. The financial terms of these arrangements may include non-refundable upfront payments, expense reimbursements, payments by us for options to acquire certain rights, contingent obligations by us for potential development and regulatory milestone payments and/or sales-based milestone payments, royalty payments, revenue or profit-sharing arrangements and cost-sharing arrangements. Certain payments are contingent upon the occurrence of various future events that have a high degree of uncertainty. Development milestone payments are recorded in our Consolidated Statements of Operations as incurred. Regulatory milestone payments are capitalized as intangible assets and amortized to Cost of goods sold over the term of the respective collaboration arrangement. In conjunction with these arrangements, we occasionally purchase shares of the collaboration partner and record such equity investments in either Prepaid and other current assets or Other long-term assets on our Consolidated Balance Sheets, generally depending on marketability and whether the securities are subject to lock-up provisions.
Arcellx
In January 2023, we closed an agreement to enter into a global strategic collaboration with Arcellx, a public company, to co-develop and co-commercialize Arcellx’s lead late-stage product candidate, CART-ddBCMA, for the treatment of patients with relapsed or refractory multiple myeloma, and potential future next-generation autologous and non-autologous products. In December 2023, we amended the agreement and expanded the scope of the collaboration to include lymphomas and exercised our option to negotiate a license for Arcellx’s ARC-SparX program, ACLX-001, in multiple myeloma. In conjunction with the collaboration, we recorded a combined $313 million charge to Acquired in-process research and development expenses on our Consolidated Statements of Operations in 2023, primarily related to upfront payments. We also recorded a combined equity investment of $299 million. Our equity investment is subject to lock-up provisions until June 2025 and is included in Prepaid and other current assets on our Consolidated Balance Sheets as of December 31, 2024. The companies will share development, clinical trial and commercialization costs for CART-ddBCMA and will jointly commercialize the product and split U.S. profits 50/50. Outside the U.S., we will commercialize the product and Arcellx will receive royalties on sales. Under the agreement, Arcellx is eligible to receive performance-based development and regulatory milestone payments of up to $1.5 billion related to CART-ddBCMA, a potential future next-generation autologous product and a potential future non-autologous product, with further commercial milestone payments, profit split payments on co-promoted products and royalties on at least a portion of worldwide net sales, depending on whether Arcellx opts in to co-promote the future products. During the year ended December 31, 2024, we paid $68 million for development milestones met, which was charged to Acquired in-process research and development expenses on our Consolidated Statements of Operations. If additional future products are developed, Arcellx would be eligible to receive additional milestone payments, profit split payments on co-promoted products and royalties on at least a portion of worldwide net sales, depending on whether Arcellx opts in to co-promote these additional future products as well.
Dragonfly
In April 2022, we entered into a strategic research collaboration agreement (the “Dragonfly Collaboration Agreement”) with Dragonfly Therapeutics, Inc. (“Dragonfly”) to develop natural killer (“NK”) cell engager-based immunotherapies for oncology and inflammation indications. Under the terms of the Dragonfly Collaboration Agreement, we received an exclusive, worldwide license from Dragonfly for the 5T4-targeting investigational immunotherapy program, DF7001, as well as options, after the completion of certain preclinical activities, to license exclusive, worldwide rights to develop and commercialize additional NK cell engager programs using the Dragonfly Tri-specific NK Engager platform. Upon the closing of the Dragonfly Collaboration Agreement, we made a $300 million upfront payment to Dragonfly, and we made an additional $15 million payment related to a target selection in connection with an August 2022 amendment to the agreement, which were recorded in Acquired in-process research and development expenses on our Consolidated Statements of Operations during the year ended December 31, 2022. In July 2023, we mutually agreed to terminate the DF7001 program. If we exercise our options on additional NK cell engager programs, Dragonfly would be eligible to receive opt-in payments and performance-based development, regulatory and commercial milestone payments and royalties on worldwide net sales on these optioned programs.
Merck
In March 2021, we entered into a license and collaboration agreement with Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc. (“Merck”) to jointly develop and commercialize long-acting investigational treatments in HIV that combine Gilead’s investigational capsid inhibitor, lenacapavir, and Merck’s investigational nucleoside reverse transcriptase translocation inhibitor, islatravir, with other formulations potentially added to the collaboration as mutually agreed. The collaboration is initially focused on long-acting oral and injectable formulations.
Under the terms of the agreement, as amended, Gilead and Merck will mostly share global development and commercialization costs at 60% and 40%, respectively, across the oral and injectable formulation programs. For long-acting oral products, if approved, Gilead would lead commercialization in the U.S., and Merck would lead commercialization in the European Union (“EU”) and rest of the world. For long-acting injectable products, if approved, Merck would lead commercialization in the U.S. and Gilead would lead commercialization in the EU and rest of the world. Under the terms of the agreement, Gilead and Merck would jointly promote the combination products in the U.S. and certain other major markets. If successful, we would share global product revenues with Merck equally until product revenues surpass certain pre-determined per formulation revenue tiers. Upon passing $2.0 billion in net product sales for the oral combination in a given calendar year, our share of revenue would increase to 65% for any revenues above the threshold for such calendar year. Upon passing $3.5 billion in net product sales for the injectable combination in a given calendar year, our share of revenue will increase to 65% for any revenues above the threshold for such calendar year. Reimbursements of R&D costs to or from Merck are recorded within Research and development expenses on our Consolidated Statements of Operations. Expenses recognized under the agreement were not material for the years ended December 31, 2024, 2023 and 2022. No revenues have been recognized under the agreement for the years ended December 31, 2024, 2023 and 2022.
We will also have the option to license certain of Merck’s investigational oral integrase inhibitors to develop in combination with lenacapavir. Reciprocally, Merck will have the option to license certain of Gilead’s investigational oral integrase inhibitors to develop in combination with islatravir. Each company may exercise its option for such investigational oral integrase inhibitor of the other company within the first five years after execution of the agreement, following completion of the first Phase 1 clinical trial of that integrase inhibitor. Upon exercise of an option, the companies will split development costs and revenues, unless the non-exercising company decides to opt out, in which case the non-exercising company will be paid a royalty.
Arcus
In May 2020, we entered into a transaction, and have since entered into various amending transactions, with Arcus, a publicly traded oncology-focused biopharmaceutical company, which included entry into an option, license and collaboration agreement (as amended, the “Collaboration Agreement”), with Gilead having the right to opt in to all current and future clinical-stage product candidates for up to ten years following the closing of the initial transaction, and a common stock purchase agreement and an investor rights agreement (together, as amended, the “Stock Purchase Agreements”).
As part of the November 2021 amendment, we exercised our options to three of Arcus’ clinical stage programs and made related collaboration opt-in payments of $725 million to Arcus in 2022, which were included within Net cash used in investing activities on our Consolidated Statements of Cash Flows.
As part of the May 2023 amendment, we paid a $35 million upfront fee to initiate research programs against up to four targets jointly selected by the parties that are applicable to inflammatory diseases, which was charged to Acquired in-process research and development expenses on our Consolidated Statements of Operations.
As part of the January 2024 amendment, we committed to a $100 million continuation fee, which was charged to Acquired in-process research and development expenses on our Consolidated Statements of Operations and paid later in 2024.
Under the Collaboration Agreement, the companies co-develop and share the global costs related to these clinical programs. We recorded $243 million, $189 million and $187 million of such costs primarily in Research and development expenses on our Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. If the optioned molecules achieve regulatory approval, the companies will co-commercialize and equally share profits in the U.S. Gilead will hold exclusive commercialization rights outside the U.S., subject to any rights of Arcus’s existing collaboration partners, and will pay to Arcus tiered royalties as a percentage of net sales ranging from the mid teens to low twenties. For the research programs applicable to inflammatory diseases, Gilead may exercise an option to license each program at two separate, prespecified time points. If Gilead exercises its option at the earlier time point for the first two target programs, Arcus would be eligible to receive up to $420 million in future option and milestone payments and tiered royalties for each optioned program. For any other option exercise by Gilead for the four target programs, the parties would have rights to co-develop and share global development costs and to co-commercialize and share profits in the U.S. for optioned programs. We may also pay as much as an additional $100 million at our option in 2026 and again in 2028, unless terminated early, to maintain the rights to opt in to future Arcus programs for the duration of the contact term.
Under the Stock Purchase Agreements, we have the right to purchase from Arcus additional shares up to a maximum of 35% of the outstanding voting stock of Arcus over a five-year period ending in the third quarter of 2025. We have made various purchases of shares since the original closing of the agreement, including a purchase of shares at a premium for $320 million in 2024 whereby we recorded $233 million for the fair value of the equity investment in Prepaid and other current assets on our Consolidated Balance Sheets and $87 million for the premium in Other (income) expense, net on our Consolidated Statements of Operations for the year ended December 31, 2024. Following this transaction, we owned a total of 30.1 million shares, which represented approximately 33% of the issued and outstanding voting stock of Arcus at that time. As of December 31, 2024, we had three designees on Arcus’ board of directors.
Galapagos
In August 2019, we closed a 10-year option, license and collaboration agreement (the “OLCA”) and a subscription agreement (the “Subscription Agreement”), each with Galapagos, a clinical-stage biotechnology company based in Belgium, pursuant to which the parties entered into a global collaboration that covers certain programs in Galapagos’ current and future product portfolio.
Under the OLCA, if we exercise our option to a program, we will pay a $150 million option exercise fee per program. In addition, Galapagos will receive tiered royalties ranging from 20% to 24% on net sales in our territories of each Galapagos product optioned by us. If we exercise our option for a program, the parties will share equally in development costs and mutually agreed commercialization costs incurred subsequent to our exercise of the option. We may terminate the collaboration in its entirety or on a program-by-program and country-by-country basis with advance notice as well as following other customary termination events.
Pursuant to the Subscription Agreement, we purchased new ordinary shares of Galapagos and were issued warrants that confer the right to subscribe, from time to time, for a number of new shares to be issued by Galapagos sufficient to bring the number of shares owned by us to 29.9% of the issued and outstanding shares at the time of our exercises. We currently own 16.7 million shares or approximately 25.8% of the shares issued and outstanding at the time of last purchase in 2019. We are subject to a 10-year standstill restricting our ability to acquire voting securities of Galapagos exceeding more than 29.9% of the then-issued and outstanding voting securities of Galapagos. We have two designees appointed to Galapagos’ board of directors as of December 31, 2024.
In January 2025, we agreed to amend the OLCA commensurate with Galapagos’ announcement for a planned separation of Galapagos into two entities: a newly to be formed company (to be named at a later date, herein “SpinCo”) with an initial capital allocation of up to approximately €2.45 billion (approximately $2.54 billion) and Galapagos. At the time of separation, should it occur, Galapagos’ and our rights and responsibilities under the OLCA would transfer to SpinCo, and Galapagos would gain full global development and commercialization rights to its pipeline, subject to payment of single digit royalties to Gilead on net sales of certain products. This separation is expected to occur by mid-2025. With respect to Gilead’s ownership stake in Galapagos, upon separation, Gilead will hold approximately 25% of the outstanding shares in both Galapagos and SpinCo and will be subject to a lock-up of Galapagos shares through March 2027 and of SpinCo shares until six months after the separation, subject to certain customary exceptions and early termination provisions. The two Gilead designees appointed to Galapagos’ board of directors will step down upon the separation and Gilead will be entitled to nominate two directors to SpinCo’s board.
Janssen
Complera/Eviplera and Odefsey
In 2009, we entered into a license and collaboration agreement with Janssen to develop and commercialize a fixed-dose combination of our Truvada and Janssen’s non-nucleoside reverse transcriptase inhibitor, rilpivirine. This combination was approved in the U.S. and EU in 2011, and is sold under the brand name Complera in the U.S. and Eviplera in the EU. The agreement was amended in 2014 to expand the collaboration to include another product containing Janssen’s rilpivirine and our emtricitabine and tenofovir alafenamide (“Odefsey”).
Under the amended agreement, Janssen granted us an exclusive license to Complera/Eviplera and Odefsey worldwide, but retained rights to distribute both combination products in certain countries outside of the U.S. Neither party is restricted from combining its drugs with any other drug products except those which are similar to the components of Complera/Eviplera and Odefsey.
We are responsible for manufacturing Complera/Eviplera and Odefsey and have the lead role in registration, distribution and commercialization of both products except in the countries where Janssen distributes. Janssen has exercised a right to co-detail the combination product in some of the countries where we are the selling party.
Under the financial provisions of the 2014 amendment, the selling party sets the price of the combined products and the parties share revenues based on the ratio of the net selling prices of the party’s component(s), subject to certain restrictions and adjustments. We retain a specified percentage of Janssen’s share of revenues, including up to 30% in major markets. Sales of these products are included in Product sales and Janssen’s share of revenues is included in Cost of goods sold on our Consolidated Statements of Operations. Cost of goods sold relating to Janssen’s share was $403 million, $430 million and $483 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Termination of the agreement may be on a product or country basis and will depend on the circumstances, including withdrawal of a product from the market, material breach by either party or expiry of the revenue share payment term. We may terminate the agreement without cause with respect to the countries where we sell the products.
Symtuza
In 2014, we amended a license and collaboration agreement with Janssen to develop and commercialize a fixed-dose combination of Janssen’s darunavir and our cobicistat, emtricitabine and tenofovir alafenamide (“Gilead Compounds”). This combination was approved in the U.S. and EU in July 2018 and September 2017, respectively, and is sold under the brand name Symtuza.
Under the terms of the 2014 amendment, we granted Janssen an exclusive license to Symtuza worldwide. Janssen is responsible for manufacturing, registration, distribution and commercialization of Symtuza worldwide. We are responsible for the intellectual property related to the Gilead Compounds and are the exclusive supplier of the Gilead Compounds. Neither party is restricted from combining its drugs with any other drug products except those which are similar to the components of Symtuza.
Janssen sets the price of Symtuza and the parties share revenue based on the ratio of the net selling prices of the party’s component(s), subject to certain restrictions and adjustments. The intellectual property license and supply obligations related to the Gilead Compounds are accounted for as a single performance obligation. As the license was deemed to be the predominant item to which the revenue share relates, we recognize our share of the Symtuza revenue in the period when the corresponding sales of Symtuza by Janssen occur. We record our share of the Symtuza revenue as Product sales on our Consolidated Statements of Operations primarily because we supply the Gilead Compounds to Janssen for Symtuza.
Termination of the agreement may be on a product or country basis and will depend on the circumstances, including withdrawal of a product from the market, material breach by either party or expiry of the revenue share payment term. Janssen may terminate the agreement without cause on a country-by-country basis, in which case Gilead has the right to become the selling party for such country(ies) if the product has launched but has been on the market for fewer than 10 years. Janssen may also terminate the entire agreement without cause.
Japan Tobacco
In 2005, Japan Tobacco, Inc. (“Japan Tobacco”) granted us exclusive rights to develop and commercialize elvitegravir, a novel HIV integrase inhibitor, in all countries of the world, excluding Japan, where Japan Tobacco retained such rights. Effective December 2018, we entered into an agreement with Japan Tobacco to acquire the rights to market and distribute certain products in our HIV portfolio in Japan and to expand our rights to develop and commercialize elvitegravir to include Japan. We are responsible for the marketing of the products as of January 1, 2019.
We are responsible for seeking regulatory approval in our territories and are required to use diligent efforts to commercialize elvitegravir for the treatment of HIV infection. We bear all costs and expenses associated with such commercialization efforts and pay a royalty to Japan Tobacco based on our product sales. Our sales of these products are included in Product sales on our Consolidated Statements of Operations. Royalties due to Japan Tobacco are included in Cost of goods sold on our Consolidated Statements of Operations. Royalty expenses recognized were $139 million, $167 million and $198 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Under the terms of the 2018 agreement, we paid Japan Tobacco $559 million in cash and recognized an intangible asset of $550 million reflecting the estimated fair value of the marketing-related rights acquired from Japan Tobacco. The intangible asset is being amortized over nine years, representing the period over which the majority of the benefits are expected to be derived from the applicable products in our HIV portfolio. The amortization expense is classified as selling expense and recorded in Selling, general and administrative expenses on our Consolidated Statements of Operations.
Termination of the agreement may be on a product or country basis and will depend on the circumstances, including material breach by either party or expiry of royalty payment term. We may also terminate the entire agreement without cause.
Everest
In April 2019, Everest Medicines (“Everest”) and Immunomedics entered into an agreement granting Everest an exclusive license to develop and commercialize Trodelvy in Greater China, South Korea, Singapore, Indonesia, Philippines, Vietnam, Thailand, Malaysia and Mongolia (the “Territories”). Gilead subsequently acquired Immunomedics in October 2020 and assumed the Everest license and supply agreement, which provided for certain sales milestones and royalties payments to be made to Gilead and was recorded as a $175 million finite-lived asset as part of the purchase accounting. In the fourth quarter of 2022, we reacquired all development and commercialization rights for Trodelvy from Everest and terminated the previous agreement. Under the terms of the new agreement, Gilead made $280 million in upfront termination payments to Everest, of which $84 million was made in 2022 and $196 million was made in 2023. In addition, Everest is eligible to receive up to $175 million in potential additional payments upon achievement of certain regulatory and commercial milestones. We accounted for the new agreement as a contract termination, which includes the reacquisition of commercial rights and the settlement of our pre-existing relationship with Everest. As a result, we recorded an expense of $406 million in Selling, general and administrative expenses on our Consolidated Statements of Operations during the year ended December 31, 2022, which primarily represents the upfront costs and write-off of the remaining value of the pre-existing asset related to the prior agreement. Simultaneously, we recorded an acquired finite-lived asset with a fair value of $50 million for the commercial rights reacquired for products approved in the Territories.
Abingworth
In December 2023, we entered into an arrangement with funds managed by Abingworth LLP (“Abingworth”) under which we will receive up to $210 million to co-fund our development costs for Trodelvy for non-small cell lung cancer in 2023 through 2026. As there is substantive transfer of risk to the financial partner, the development funding is recognized by us as an obligation to perform contractual services. We received $50 million from Abingworth in 2023 and additional amounts subsequently as incurred. We are recognizing the funding as a reduction of Research and development expenses using an attribution model over the period of the related expenses, with $78 million of such reductions recorded during the year ended December 31, 2024. If successful, upon regulatory approval in the U.S. for the specified indication, Abingworth will be eligible to receive an approval-based fixed milestone payment of up to $84 million and royalties based on the applicable net sales.
LEO Pharma
In January 2025, we entered into a strategic partnership with LEO Pharma A/S (“LEO Pharma”) to accelerate the development and commercialization of LEO Pharma’s small molecule oral signal transducer and activator of transcription 6 (“STAT6”) programs for the potential treatment of patients with inflammatory diseases. Gilead will have global rights to develop, manufacture, and commercialize the small molecule oral STAT6 program. LEO Pharma will have the option to potentially co-commercialize oral programs for dermatology outside the U.S. LEO Pharma will hold exclusive global rights to STAT6 topical formulations in dermatology. Upon closing of the agreement, we made a $250 million upfront payment to LEO Pharma. In addition, LEO Pharma is eligible to receive up to approximately $1.5 billion in additional payments and may also receive tiered royalties on sales of oral STAT6 products.
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
The following table summarizes our Property, plant and equipment, net by asset type:
December 31,
(in millions)20242023
Land and land improvements$561 $561 
Buildings and improvements (including leasehold improvements)4,539 4,328 
Laboratory and manufacturing equipment1,192 1,147 
Office, computer equipment and other1,090 1,069 
Construction in progress501 661 
Subtotal7,884 7,766 
Less: accumulated depreciation 2,470 2,449 
Total$5,414 $5,317 
The following table summarizes our Property, plant and equipment, net by geography:
December 31,
(in millions)20242023
U.S.$4,787 4,691 
International(1)
627 626 
Total$5,414 $5,317 
_______________________________
(1)    All individual international locations accounted for less than 10% of the total balances.
v3.25.0.1
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
There were no changes in the carrying value of goodwill for the years ended December 31, 2024 and 2023. In addition, as of December 31, 2024, there were no accumulated goodwill impairment losses.
Intangible Assets
The following table summarizes our Intangible assets, net:
 December 31, 2024December 31, 2023
(in millions)Gross 
Carrying
Amount		Accumulated
Amortization		Foreign Currency Translation AdjustmentNet Carrying AmountGross 
Carrying
Amount		Accumulated
Amortization		Foreign Currency Translation AdjustmentNet Carrying Amount
Finite-lived assets:
Intangible asset – sofosbuvir$10,720 $(7,749)$— $2,971 $10,720 $(7,050)$— $3,670 
Intangible asset – axicabtagene ciloleucel
7,110 (2,721)— 4,389 7,110 (2,314)— 4,796 
Intangible asset – Trodelvy
11,730 (3,083)— 8,647 11,730 (2,002)— 9,728 
Intangible asset – Hepcludex
845 (329)— 516 845 (243)— 602 
Other1,474 (940)1 535 1,414 (827)1 588 
Total finite-lived assets31,879 (14,822)1 17,058 31,819 (12,436)1 19,384 
Indefinite-lived assets – IPR&D(1)
2,890 — — 2,890 7,070 — — 7,070 
Total intangible assets$34,769 $(14,822)$1 $19,948 $38,889 $(12,436)$1 $26,454 
_______________________________
(1)    The Indefinite-lived assets – IPR&D balance as of December 31, 2023 was comprised of $5.9 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $1.1 billion related to bulevirtide. See “2024 IPR&D Impairments” below for 2024 activity. The Indefinite-lived assets – IPR&D balance as of December 31, 2024 was comprised of $1.8 billion related to SG for NSCLC and $1.1 billion related to bulevirtide.
Amortization Expense
Aggregate amortization expense related to finite-lived intangible assets was $2.4 billion, $2.3 billion and $1.8 billion for the years ended December 31, 2024, 2023 and 2022, respectively, primarily included in Cost of goods sold on our Consolidated Statements of Operations.
The following table summarizes the estimated future amortization expense associated with our finite-lived intangible assets as of December 31, 2024:
(in millions)Amount
2025$2,388 
20262,379 
20272,379 
20282,318 
20291,790 
Thereafter5,805 
Total$17,058 
Impairment Assessments
No indicators of impairment were noted for the years ended December 31, 2024, 2023 and 2022, except as described in “2024 Impairments”, “2023 Impairments” and “2022 Impairment” below.
In October 2024, we announced plans to voluntarily withdraw the U.S. accelerated approval for Trodelvy for treatment of adult patients with locally advanced or metastatic urothelial cancer who have previously received a platinum-containing chemotherapy and either programmed death receptor-1 (PD-1) or programmed death-ligand 1 (PD-L1) inhibitor. We analyzed the implications of this and determined that it did not have an impact on the carrying amount of our finite-lived intangible asset related to Trodelvy.
The weighted-average discount rates used in our quantitative assessments for IPR&D intangible assets during the years ended December 31, 2024, 2023 and 2022, other than for the assessments described below, were 7.25%, 7.5% and 7.5%, respectively.
2024 Impairments
In January 2024, we received data from our Phase 3 EVOKE-01 study of Trodelvy evaluating SG indicating that the study did not meet its primary endpoint of overall survival in previously treated metastatic NSCLC, thus triggering a review for potential impairment of the NSCLC IPR&D intangible asset. Based on our evaluation of the study results and all other data currently available, and in connection with the preparation of the financial statements for the first quarter, we performed an interim impairment test and determined that the revised estimated fair value of the NSCLC IPR&D intangible asset was below its carrying value. As a result, we recognized a partial impairment charge of $2.4 billion in In-process research and development impairments on our Consolidated Statements of Operations during the first quarter of 2024.
In September 2024, based on discussions with regulators and external opinion leaders and the completed evaluation of the Phase 3 EVOKE-01 study data, we made a strategic decision to discontinue our clinical development program in metastatic NSCLC for Trodelvy in the second-line indication. This decision triggered a review for potential impairment of the NSCLC IPR&D intangible asset. Based on our evaluation, and in connection with the preparation of the financial statements for the third quarter, we performed an interim impairment test and determined that the revised estimated fair value of the NSCLC IPR&D intangible asset was below its carrying value. As a result, we recognized a partial impairment charge of $1.8 billion in In-process research and development impairments on our Consolidated Statements of Operations during the third quarter of 2024.
To arrive at the revised estimated fair values as of March 31, 2024 and September 30, 2024, we used a probability-weighted income approach that discounts expected future cash flows to present value, which requires the use of Level 3 fair value measurements and inputs, including critical estimated inputs, such as: revenues and operating profits related to the planned utilization of SG in NSCLC, which includes inputs such as addressable patient population, projected market share, treatment duration, and the life of the potential commercialized product; the probability of technical and regulatory success; the time and resources needed to complete the development and approval of SG in NSCLC; an appropriate discount rate based on the estimated weighted-average cost of capital for companies with profiles similar to our profile; and risks related to the viability of and potential alternative treatments in any future target markets. We used a discount rate of 7.00% which is based on the estimated weighted-average cost of capital for companies with profiles similar to ours.
2023 Impairments
In 2023, we wrote off the remaining $51 million balance of a finite-lived intangible asset, charged to Cost of goods sold on our Consolidated Statements of Operations, due to the termination of a global development cost-sharing arrangement with Galapagos related to filgotinib and their obligation to pay tiered royalties to us on net sales in Europe.
Due to a change in anticipated timing of FDA approval, we also recognized a $50 million partial impairment of our bulevirtide IPR&D intangible asset in In-process research and development impairments on our Consolidated Statements of Operations in 2023.
2022 Impairment
In connection with our acquisition of Immunomedics in 2020, we allocated a portion of the purchase price to acquired IPR&D intangible assets. Approximately $8.8 billion was assigned to IPR&D intangible assets related to Trodelvy for treatment of patients with hormone receptor-positive, human epidermal growth factor receptor 2-negative (“HR+/HER2-”) breast cancer. In March 2022, we received data from the Phase 3 TROPiCS-02 study evaluating Trodelvy in patients with HR+/HER2- metastatic breast cancer who have received prior endocrine therapy, cyclin-dependent kinase 4/6 inhibitors and two to four lines of chemotherapy (“third-line plus patients”). Based on our evaluation of the study results, and in connection with the preparation of the financial statements for the first quarter, we updated our estimate of the fair value of our HR+/HER2- IPR&D intangible asset to $6.1 billion as of March 31, 2022. Our estimate of fair value used a probability-weighted income approach that discounts expected future cash flows to the present value, which requires the use of Level 3 fair value measurements and inputs, including estimated revenues, costs, and probability of technical and regulatory success. The expected cash flows included cash flows from HR+/HER2- metastatic breast cancer for third-line plus patients and patients in earlier lines of therapy which are the subject of separate clinical studies. Our revised discounted cash flows were lower primarily due to a delay in launch timing for third-line plus patients which caused a decrease in our market share assumptions based on the expected competitive environment. As of March 2022, there were no changes in our plans or assumptions related to our estimated cash flows for patients in the earlier lines of therapy. We used a discount rate of 6.75% which is based on the estimated weighted-average cost of capital for companies with profiles similar to ours and represents the rate that market participants would use to value the intangible assets. We determined the revised estimated fair value was below the carrying value of the asset and, as a result, we recognized a partial impairment charge of $2.7 billion in In-process research and development impairments on our Consolidated Statements of Operations during the first quarter of 2022.
v3.25.0.1
OTHER FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Other Financial Information [Abstract]  
OTHER FINANCIAL INFORMATION OTHER FINANCIAL INFORMATION
Accounts Receivable, Net
The following table summarizes our Accounts receivable, net:
December 31,
(in millions)20242023
Accounts receivable$5,319 $5,495 
Less: allowances for chargebacks759 679 
Less: allowances for cash discounts and other89 101 
Less: allowances for credit losses52 56 
Accounts receivable, net$4,420 $4,660 
The majority of our trade accounts receivable arises from product sales in the U.S. and Europe.
Inventories
The following table summarizes our Inventories:
December 31,
(in millions)20242023
Raw materials$1,295 $1,246 
Work in process847 847 
Finished goods1,447 1,272 
Total$3,589 $3,366 
Reported as:
Inventories$1,710 $1,787 
Other long-term assets(1)
1,879 1,578 
Total$3,589 $3,366 
_______________________________
(1)     Amounts primarily consist of raw materials.
Prepaid and Other Current Assets
The following table summarizes the components of Prepaid and other current assets:
December 31,
(in millions)20242023
Prepaid taxes$480 $559 
Equity securities1,577 1,086 
Other995 728 
Prepaid and other current assets$3,052 $2,374 
Other Current Liabilities
The following table summarizes the components of Other current liabilities:
December 31,
(in millions)20242023
Compensation and employee benefits$1,228 $1,201 
Income taxes payable1,646 1,208 
Allowance for sales returns321 387 
Other2,269 2,334 
Other current liabilities$5,464 $5,130 
Accumulated Other Comprehensive Income
The following table summarizes the changes in Accumulated other comprehensive income by component, net of tax:
(in millions)Foreign Currency Translation
Available-for-Sale Debt Securities(1)
Cash Flow Hedges(2)
Total
Balance as of December 31, 2021$13 $(4)$74 $83 
Net unrealized (loss) gain, net of tax impact of $0, $0, and $20, respectively
$(11)$(30)$130 $88 
Reclassifications to net income, net of tax impact of $0, $0, and $25, respectively(3)
— 1 (171)(170)
Other comprehensive loss, net(11)(29)(41)(81)
Balance as of December 31, 2022$2 $(33)$33 $2 
Net unrealized gain (loss), net of tax impact of $0, $0, and $(2), respectively
$60 $26 $(12)$75 
Reclassifications to net income, net of tax impact of $0, $0, and $7, respectively(3)
— 2 (51)(49)
Other comprehensive income (loss), net60 28 (62)26 
Balance as of December 31, 2023$62 $(5)$(29)$28 
Net unrealized (loss) gain, net of tax impact of $0, $0, and $21, respectively
$(26)$— $149 $124 
Reclassifications to net income, net of tax impact of $0, $0, and $3, respectively(3)
— 5 (24)(19)
Other comprehensive (loss) income, net(26)5 125 104 
Balance as of December 31, 2024$36 $— $96 $132 
_______________________________
(1)     Reclassifications before tax were $5 million, $2 million and $1 million and are included in Other (income) expense, net on our Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively.
(2)    Reclassifications before tax were $27 million, $58 million and $196 million and are included in Product sales on our Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 5. Derivative Financial Instruments.
(3)    Tax impacts of reclassifications are included in Income tax expense on our Consolidated Statements of Operations.
Restructuring
During 2024, we incurred restructuring charges of $188 million, primarily related to the initiation of reductions in our commercial and R&D workforce. We recorded $98 million of these charges in Research and development expenses and $91 million of these charges in Selling, general and administrative expenses on our Consolidated Statements of Operations. As of December 31, 2024, we have recorded a liability of $93 million on our Consolidated Balance Sheets associated with these restructuring charges, a majority of which we anticipate will be paid in the next 12 months.
During 2023, we incurred restructuring charges of $527 million primarily related to changes in our manufacturing strategy which included a decision to no longer utilize certain facilities. As a result of this decision, we determined that the related assets were fully impaired based on the difference between fair value and the carrying amount. The total charges consisted of write-offs of manufacturing assets of $381 million, write-offs of inventory of $89 million and other costs of $57 million. We recorded $479 million of these charges in Cost of goods sold, $20 million of these charges in Research and development expenses and $28 million of these charges in Selling, general and administrative expenses on our Consolidated Statements of Operations.
Other (Income) Expense, Net
The following table summarizes the components of Other (income) expense, net:
Year Ended December 31,
(in millions)202420232022
Loss from equity securities, net$274 $167 $657 
Interest income(281)(376)(106)
Other, net2 11 29 
Other (income) expense, net$(6)$(198)$581 
v3.25.0.1
DEBT AND CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES
The following table summarizes the carrying amount of our borrowings under various financing arrangements:
(in millions)Carrying Amount
Type of BorrowingIssue DateMaturity DateInterest RateDecember 31, 2024December 31, 2023
Senior UnsecuredMarch 2014April 20243.70%— 1,750 
Senior UnsecuredNovember 2014February 20253.50%1,750 1,749 
Senior UnsecuredSeptember 2015March 20263.65%2,747 2,744 
Senior UnsecuredSeptember 2016March 20272.95%1,249 1,248 
Senior UnsecuredSeptember 2020October 20271.20%748 747 
Senior UnsecuredNovember 2024November 20294.80%746 — 
Senior UnsecuredSeptember 2020October 20301.65%995 994 
Senior UnsecuredSeptember 2023October 20335.25%993 992 
Senior UnsecuredNovember 2024June 20355.10%991 — 
Senior UnsecuredSeptember 2015September 20354.60%994 993 
Senior UnsecuredSeptember 2016September 20364.00%744 743 
Senior UnsecuredSeptember 2020October 20402.60%989 988 
Senior UnsecuredDecember 2011December 20415.65%997 996 
Senior UnsecuredMarch 2014April 20444.80%1,738 1,737 
Senior UnsecuredNovember 2014February 20454.50%1,735 1,734 
Senior UnsecuredSeptember 2015March 20464.75%2,224 2,222 
Senior UnsecuredSeptember 2016March 20474.15%1,730 1,729 
Senior UnsecuredSeptember 2020October 20502.80%1,479 1,478 
Senior UnsecuredSeptember 2023October 20535.55%988 988 
Senior UnsecuredNovember 2024November 20545.50%989 — 
Senior UnsecuredNovember 2024November 20645.60%738 — 
Total senior unsecured notes25,562 23,834 
Liability related to future royalties1,148 1,153 
Total debt, net26,710 24,987 
Less: Current portion of long-term debt, net1,815 1,798 
Total Long-term debt, net$24,896 $23,189 
Senior Unsecured Notes
In November 2024, we issued $3.5 billion aggregate principal amount of senior unsecured notes in a registered offering consisting of $750 million principal amount of 4.80% senior unsecured notes due November 2029, $1.0 billion principal amount of 5.10% senior unsecured notes due June 2035, $1.0 billion principal amount of 5.50% senior unsecured notes due November 2054 and $750 million principal amount of 5.60% senior unsecured notes due November 2064. Additionally, in April 2024, we repaid at maturity $1.75 billion of principal balance related to our senior unsecured notes due April 2024, and in February 2025, we repaid $1.75 billion of principal balance related to our senior unsecured notes due February 2025.
Our senior unsecured notes may be redeemed at our option at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum, as determined by an independent investment banker, of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis at the Treasury Rate, plus a make-whole premium, which are defined in the terms of the notes. The senior unsecured notes also have a par call feature, exercisable at our option, to redeem the notes at par in whole, or in part, on dates ranging from one to six months prior to maturity. In each case, accrued and unpaid interest is also required to be redeemed to the date of redemption.
In the event of a change in control and a downgrade in the rating of our senior unsecured notes below investment grade by Moody’s Investors Service, Inc. and S&P Global Ratings, the holders may require us to purchase all or a portion of their notes at a price equal to 101% of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest to the date of repurchase. We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of December 31, 2024 and 2023, we were not in violation of any covenants.
Liability Related to Future Royalties
In connection with our acquisition of Immunomedics, we assumed a liability related to a funding arrangement, which was originally entered into by Immunomedics and RPI Finance Trust (“RPI”), prior to our acquisition of Immunomedics. Under the funding agreement, RPI has the right to receive certain royalty amounts, subject to certain reductions, based on the net sales of Trodelvy for each calendar quarter during the term of the agreement through approximately 2036. The liability is amortized using the effective interest rate method, resulting in recognition of interest expense over 16 years. The estimated timing and amount of future expected royalty payments over the estimated term will be re-assessed each reporting period. The impact from changes in estimates will be recognized in the liability and the related interest expense prospectively.
Revolving Credit Facilities
In June 2024, we terminated our $2.5 billion revolving credit facility maturing in June 2025 (the “2020 Revolving Credit Facility”) and entered into a new $2.5 billion revolving credit facility maturing in June 2029 (the “2024 Revolving Credit Facility”), which has terms substantially similar to the 2020 Revolving Credit Facility. The 2024 Revolving Credit Facility can be used for working capital requirements and for general corporate purposes, including, without limitation, acquisitions. As of December 31, 2024 and 2023, there were no amounts outstanding under these revolving credit facilities.
The 2024 Revolving Credit Facility contains customary representations, warranties, affirmative and negative covenants and events of default. As of December 31, 2024, we were in compliance with all covenants. Loans under the 2024 Revolving Credit Facility bear interest at either (i) Term SOFR plus the Applicable Percentage, (ii) the Alternative Currency Term Rate plus the Applicable Percentage, or (iii) the Base Rate plus the Applicable Percentage, each as defined in the 2024 Revolving Credit Facility agreement. We may terminate or reduce the commitments and may prepay any loans under the 2024 Revolving Credit Facility in whole or in part at any time without premium or penalty.
Contractual Maturities of Financing Obligations
The following table summarizes the aggregate future principal maturities of our senior unsecured notes as of December 31, 2024:
(in millions)Amount
2025$1,750 
20262,750 
20272,000 
2028— 
2029750 
Thereafter18,500 
Total$25,750 
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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
Our operating leases consist primarily of properties and equipment for our administrative, manufacturing and R&D activities. Some of our leases include options to extend the terms for up to 15 years and some include options to terminate the lease within one year after the lease commencement date. As of December 31, 2024 and 2023, we did not have material finance leases. Operating lease expense, including variable costs and short-term leases, was $163 million, $165 million and $162 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The following table summarizes balance sheet and other information related to our operating leases:
December 31,
(in millions, except weighted average amounts)Classification20242023
Right-of-use assets, netOther long-term assets$515 $581 
Lease liabilities – current
Other current liabilities$113 $125 
Lease liabilities – noncurrent
Other long-term obligations$498 $546 
Weighted average remaining lease term8.0 years7.5 years
Weighted average discount rate3.37 %3.22 %
The following table summarizes other supplemental information related to our operating leases:
Year Ended December 31,
(in millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities$141 $88 $98 
Right-of-use assets obtained in exchange for lease liabilities(1)
$86 $214 $97 
_______________________________
(1)     These represent noncash activities and were therefore not included on our Consolidated Statements of Cash Flows.
The following table summarizes a maturity analysis of our operating lease liabilities showing the aggregate lease payments as of December 31, 2024:
(in millions)Amount
2025$132 
2026109 
202788 
202877 
202964 
Thereafter228 
Total undiscounted lease payments698 
Less: imputed interest87 
Total discounted lease payments$611 
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Legal Proceedings
We are a party to various legal actions. Certain significant matters are described below. We recognize accruals for such actions to the extent that we conclude that a loss is both probable and reasonably estimable. We accrue for the best estimate of a loss within a range; however, if no estimate in the range is better than any other, then we accrue the minimum amount in the range. If we determine that a material loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss. Unless otherwise noted, the outcome of these matters either is not expected to be material or is not possible to determine such that we cannot reasonably estimate the maximum potential exposure or the range of possible loss. We have recorded approximately $242 million of accruals for the matters described herein, with approximately $200 million accrued for a potential settlement with the U.S. Attorney’s Office for the Southern District of New York, on our Consolidated Balance Sheets as of December 31, 2024. We did not have any material accruals for the matters described below as of December 31, 2023.
Litigation Relating to Pre-Exposure Prophylaxis
In August 2019, we filed petitions requesting inter partes review of U.S. Patent Nos. 9,044,509, 9,579,333, 9,937,191 and 10,335,423 (collectively, “HHS Patents”) by the Patent Trial and Appeal Board (“PTAB”). The HHS Patents are assigned to the U.S. Department of Health and Human Services (“HHS”) and purport to claim a process of protecting a primate host from infection by an immunodeficiency retrovirus by administering a combination of FTC and tenofovir disoproxil fumarate (“TDF”) or tenofovir alafenamide (“TAF”) prior to exposure of the host to the immunodeficiency retrovirus, a process commonly known as pre-exposure prophylaxis (“PrEP”). In November 2019, the U.S. Department of Justice filed a lawsuit against us in the U.S. District Court of Delaware, alleging that the use of Truvada and Descovy for PrEP infringes the HHS Patents. In February 2020, PTAB declined to institute our petitions for inter partes review of the HHS Patents. In April 2020, we filed a lawsuit against the U.S. federal government in the U.S. Court of Federal Claims (“CFC”), alleging breach of three material transfer agreements (“MTAs”) related to the research underlying the HHS Patents and two clinical trial agreements (“CTAs”) by the U.S. Centers for Disease Control and Prevention related to PrEP research. A trial for the bifurcated portion of the lawsuit in the CFC was held in June 2022, and in November 2022, the CFC determined that the government breached the MTAs. In January 2024, the CFC found the government liable for breach of both CTAs. In May 2023, the District Court held a trial regarding the government’s patent infringement claims, and the jury rendered a full defense verdict in favor of Gilead, finding that the asserted claims of the HHS Patents are invalid and the HHS patents are not infringed. In March 2024, the District Court upheld the jury’s verdict that the government’s patents are invalid, denied the government’s request for a new trial and then entered final judgment. In July 2024, the government filed a notice of appeal. In January 2025, we entered into a settlement agreement with the government to resolve these litigation matters relating to PrEP. The settlement includes the dismissal of both lawsuits, including the government’s appeal of the jury verdict that its patents are invalid, as well as a license to the government’s existing PrEP patents.
Litigation with Generic Manufacturers
As part of the approval process for some of our products, FDA granted us a New Chemical Entity (“NCE”) exclusivity period during which other manufacturers’ applications for approval of generic versions of our products will not be approved. Generic manufacturers may challenge the patents protecting products that have been granted NCE exclusivity one year prior to the end of the NCE exclusivity period. Generic manufacturers have sought and may continue to seek FDA approval for a similar or identical drug through an abbreviated new drug application (“ANDA”), the application form typically used by manufacturers seeking approval of a generic drug. The sale of generic versions of our products prior to their patent expiration would have a significant negative effect on our revenues and results of operations. To seek approval for a generic version of a product having NCE status, a generic company may submit its ANDA to FDA four years after the branded product’s approval.
In October 2021, we received a letter from Lupin Ltd. (“Lupin”) indicating that it has submitted an ANDA to FDA requesting permission to market and manufacture a generic version of Symtuza, a product commercialized by Janssen Products L.P. and for which Gilead shares in revenues. In November 2021, we, along with Janssen Products, L.P. and Janssen Sciences Ireland Unlimited Company (together, “Janssen”), filed a patent infringement lawsuit against Lupin as co-plaintiffs in the U.S. District Court of Delaware. In September 2022, we received a letter from Apotex Inc. and Apotex Corp. (together, “Apotex”) stating that they have submitted an ANDA for a generic version of Symtuza. In October 2022, we, along with Janssen, filed a patent infringement lawsuit against Apotex as co-plaintiffs in the U.S. District Court of Delaware. The cases against Lupin and Apotex were consolidated into a single trial scheduled for February 2025. In February 2025, we, along with Janssen, entered into a settlement agreement with Lupin and its manufacturer of cobicistat on silicon dioxide, MSN Laboratories Private Limited, MSN Life Sciences Private Ltd., and MSN Pharmaceuticals Inc. (collectively, “MSN”), to resolve the litigation and patent challenges associated with Symtuza in the U.S. District Court for the District of Delaware. Pursuant to the settlement agreement, Lupin and MSN were granted a non-exclusive license for Lupin’s ANDA product in the U.S. to our patent, jointly owned with Janssen, relating to a use of Symtuza, beginning on an agreed-upon date in the future, or earlier in certain circumstances. The terms of the settlement agreement are confidential. In February 2025, we, along with Janssen, entered into a settlement agreement with Apotex to resolve the litigation and patent challenges associated with Symtuza in the U.S. District Court for the District of Delaware. Pursuant to the settlement agreement, Apotex was granted a non-exclusive license for Apotex’s ANDA product in the U.S. to our patent, jointly owned with Janssen, relating to a use of Symtuza, beginning on an agreed-upon date in the future, or earlier in certain circumstances. The terms of the settlement agreement are confidential. Both settlement agreements with Lupin and Apotex have been filed with the U.S. Federal Trade Commission and the U.S. Department of Justice as required by law.
Starting in March 2022, we received letters from Lupin, Laurus Labs (“Laurus”) and Cipla Ltd. (“Cipla”), indicating that they have submitted ANDAs to FDA requesting permission to market and manufacture generic versions of the adult dosage strength of Biktarvy. Lupin, Laurus, and Cipla have challenged the validity of four of the six patents listed in the Orange Book as associated with Biktarvy. We filed a lawsuit against Lupin, Laurus and Cipla in May 2022 in the U.S. District Court of Delaware and intend to enforce and defend our intellectual property. Additionally, in November 2023, we received a letter from Cipla indicating that it has submitted an ANDA to FDA requesting permission to market and manufacture a generic version of the pediatric dosage strength of Biktarvy. Cipla challenged the validity of two of the patents listed in the Orange Book as associated with Biktarvy. We filed a separate lawsuit against Cipla in December 2023 in the U.S. District Court of Delaware. This lawsuit has been consolidated with the first lawsuit, with a single trial scheduled for October 2025. In October 2024, Cipla separately filed a petition at the U.S. Patent & Trademark Office (“USPTO”) for Inter Partes Review (IPR) of one of the patents at issue in District Court litigation. We intend to defend this patent at the USPTO.
In June 2023, we received a letter from Apotex indicating that it has submitted an ANDA to FDA requesting permission to market and manufacture a generic version of Genvoya. In July 2023, we filed a patent infringement lawsuit against Apotex in the U.S. District Court of Delaware and to enforce and defend our intellectual property. This case was consolidated with the Symtuza matters discussed above, and a trial was scheduled for February 2025. In February 2025, we entered into a settlement agreement with Apotex and its manufacturer of cobicistat on silicon dioxide, MSN, to resolve the litigation and patent challenges associated with Genvoya in the U.S. District Court for the District of Delaware. Pursuant to the settlement agreement, Apotex and MSN were granted a non-exclusive license for Apotex’s ANDA product in the U.S. to certain of our patents on cobicistat on silicon dioxide and TAF relating to Genvoya beginning on August 6, 2032, or earlier in certain circumstances. The settlement agreement has been filed with the U.S. Federal Trade Commission and the U.S. Department of Justice as required by law.
Antitrust and Consumer Protection
We, along with Bristol-Myers Squibb Company (“BMS”), Johnson & Johnson, Inc. (“Johnson & Johnson”), and Teva Pharmaceutical Industries Ltd. (“Teva”) have been named as defendants in class action lawsuits filed in 2019 and 2020 related to various drugs used to treat HIV, including drugs used in combination antiretroviral therapy. Plaintiffs allege that we (and the other defendants) engaged in various conduct to restrain competition in violation of federal and state antitrust laws and state consumer protection laws. The lawsuits, which have been consolidated, are pending in the U.S. District Court for the Northern District of California. The lawsuits seek to bring claims on behalf of direct purchasers consisting largely of wholesalers and indirect or end-payor purchasers, including health insurers and individual patients. Plaintiffs seek damages, permanent injunctive relief and other relief. In the second half of 2021 and first half of 2022, several plaintiffs consisting of retail pharmacies, individual health plans and United Healthcare, filed separate lawsuits effectively opting out of the class action cases, asserting claims that are substantively the same as the classes. These cases have been coordinated with the class actions. In March 2023, the District Court granted our motion to hold separate trials as to (i) the allegations against us and Teva seeking monetary damages relating to Truvada and Atripla (“Phase I”) and (ii) the allegations against us and, in part, Johnson & Johnson, seeking monetary damages and injunctive relief relating to Complera (“Phase II”). In May 2023, we settled claims with the direct purchaser class and the retailer opt-out plaintiffs for $525 million, which we paid in the second half of 2023. The settlement agreements are not an admission of liability or fault by us. In June 2023, the jury returned a complete verdict in Gilead’s favor on the remaining plaintiffs’ Phase I allegations. In November 2023, the court denied plaintiffs’ motion to set aside the verdict, and in February 2024, the court entered final judgment on the Phase I verdict and certain summary judgment rulings. In September 2024, plaintiffs filed their opening appellate briefs challenging the Phase I verdict and those summary judgment rulings. We filed our responsive briefs in January 2025. The court has stayed Phase II pending the appeal of Phase I. While we intend to vigorously oppose the appeal and defend against the Phase II claims, we cannot predict the ultimate outcome. If plaintiffs are successful in their appeal or Phase II claims, we could be required to pay monetary damages or could be subject to permanent injunctive relief in favor of plaintiffs.
In January 2022, we, along with BMS and Janssen Products, L.P., were named as defendants in a lawsuit filed in the Superior Court of the State of California, County of San Mateo, by Aetna, Inc. on behalf of itself and its affiliates and subsidiaries that effectively opts the Aetna plaintiffs out of the above class actions. The allegations are substantively the same as those in the class actions. The Aetna plaintiffs seek damages, permanent injunctive relief and other relief. In March 2024, the court denied our motion for judgment on the pleadings to preclude Aetna from re-litigating claims that were dismissed at summary judgment in the above class action cases. We filed a writ petition appealing the denial of our motion for judgment on the pleadings, which the appellate court denied in May 2024. In April 2024, the court granted our motion to bifurcate the case to adjudicate the issue of preclusion before litigating the merits of the case. In July 2024, Aetna filed a request to voluntarily dismiss two of its claims with prejudice, which the court subsequently granted, leaving only the claims related to Truvada and Atripla. In September 2024, Aetna filed an amended complaint with respect to these claims. In October 2024, we filed a demurrer and motion to strike plaintiff’s claims.
In February 2021, we, along with BMS and Teva, were named as defendants in a lawsuit filed in the First Judicial District Court for the State of New Mexico, County of Santa Fe by the New Mexico Attorney General. The New Mexico Attorney General alleges that we (and the other defendants) restrained competition in violation of New Mexico antitrust and consumer protection laws. The New Mexico Attorney General seeks damages, permanent injunctive relief and other relief. We moved to dismiss the case based on lack of personal jurisdiction and, in July 2023, the New Mexico Supreme Court remanded the case back to the trial court for limited jurisdictional discovery.
We intend to vigorously defend ourselves in these actions, however, we cannot predict the ultimate outcome. If plaintiffs are successful in their claims, we could be required to pay significant monetary damages or could be subject to permanent injunctive relief awarded in favor of plaintiffs, which may result in a material, adverse effect on our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable.
Product Liability
We have been named as a defendant in one putative class action lawsuit and various product liability lawsuits related to Viread, Truvada, Atripla, Complera and Stribild. Plaintiffs allege that Viread, Truvada, Atripla, Complera and/or Stribild caused them to experience kidney, bone and/or tooth injuries. The lawsuits, which are pending in state or federal court in California and Missouri, involve approximately 22,000 active plaintiffs. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. The first bellwether trial in California state court was scheduled to begin in October 2022 but is currently stayed pending the conclusion of appellate proceedings in the California Supreme Court. In the California federal case, Gilead agreed to make a one-time payment of approximately $39 million to a group of plaintiffs (approximately 2,470 plaintiffs). The federal court set a trial date of March 2027 for the first bellweather trial of the remaining cases. Briefing is ongoing in the putative class action in Missouri regarding whether the court should certify the proposed class. We intend to vigorously defend ourselves in these actions, however, we cannot predict the ultimate outcome. If plaintiffs are successful in their claims, we could be required to pay significant monetary damages, which may result in a material, adverse effect on our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable.
Government Investigation
In 2017, we received a subpoena from the U.S. Attorney’s Office for the Southern District of New York requesting documents related to our promotional speaker programs for HIV. We have recorded an accrual of approximately $200 million for a potential settlement of this matter.
Qui Tam Litigation
A former sales employee filed a qui tam lawsuit against Gilead in March 2017 in U.S. District Court for the Eastern District of Pennsylvania. Following the government’s decision not to intervene in the suit, the case was unsealed in December 2020. The lawsuit alleges that certain of Gilead’s HCV sales and marketing activities and donations to an independent charitable foundation violated the federal False Claims Act and various state false claims acts. The lawsuit seeks all available relief under these statutes.
Health Choice Advocates, LLC (“Health Choice”) filed a qui tam lawsuit against Gilead in May 2020 in Texas state court. The lawsuit alleged that Gilead violated the Texas Medicare Fraud Prevention Act (“TMFPA”) through our clinical educator programs for Sovaldi and Harvoni and our HCV and HIV patient support programs. The lawsuit sought all available relief under the TMFPA. Health Choice voluntarily dismissed the case without prejudice in August 2023, and commenced a new action in October 2023, asserting largely identical allegations and claims. In the newly filed action, the Texas Attorney General has intervened as a plaintiff.
We intend to vigorously defend ourselves in these actions, however, we cannot predict the ultimate outcomes. If any of these plaintiffs are successful in their claims, we could be required to pay significant monetary damages, which may result in a material, adverse effect on our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable.
Other Matters
We are a party to various legal actions that arose in the ordinary course of our business. We do not believe that it is probable or reasonably possible that these other legal actions will have a material adverse impact on our consolidated financial position, results of operations or cash flows.
v3.25.0.1
EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE BENEFITS EMPLOYEE BENEFITS
Stock-Based Compensation
Equity Incentive Plans and ESPP Summary
In May 2004, our stockholders approved and we adopted the Gilead Sciences, Inc. 2004 Equity Incentive Plan (as amended, the “2004 Plan”). As part of the Forty Seven, Inc. acquisition in 2020, we assumed the Forty Seven, Inc. 2018 Equity Incentive Plan, which we subsequently amended and restated as the Gilead Sciences, Inc. 2018 Equity Incentive Plan (as amended and restated, the “2018 Plan”). As part of the Immunomedics acquisition in 2020, we assumed the Immunomedics Amended and Restated 2014 Long-Term Incentive Plan, which we subsequently merged into the 2004 Plan.
In May 2022, our stockholders approved and we adopted the Gilead Sciences, Inc. 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan authorized the issuance of a total of 132 million shares of common stock. No awards may be granted under the 2004 Plan or the 2018 Plan since the approval of the 2022 Plan.
These are broad-based incentive plans that provide for the grant of equity-based awards, including RSUs, PSUs, stock options and other restricted stock and performance awards, to employees, directors and consultants. As of December 31, 2024, a total of 70 million shares remain available for future grant under the 2022 Plan. Also, under our ESPP, a total of 104 million shares of common stock have been authorized for issuance, and there were 24 million shares available for issuance as of December 31, 2024.
Stock-Based Compensation Expense
The following tables summarize total stock-based compensation expense included on our Consolidated Statements of Operations, classified by award type and expense type:
Year Ended December 31,
(in millions)202420232022
RSUs$732 $666 $557 
PSUs37 32 25 
Stock options30 30 28 
ESPP36 37 26 
Acquisition-related expense(1)
133 29 8 
Stock-based compensation expense included in total costs and expenses$969 $796 $645 
_______________________________
(1)    Accelerated post-acquisition stock-based compensation expenses of $133 million related to the 2024 CymaBay acquisition, $19 million and $10 million related to the 2023 XinThera and Tmunity acquisitions, respectively, and $8 million related to the 2022 MiroBio acquisition.
Year Ended December 31,
(in millions)202420232022
Cost of goods sold$61 $57 $46 
Research and development expenses458 377 285 
Selling, general and administrative expenses450 361 313 
Stock-based compensation expense included in total costs and expenses969 796 645 
Income tax effect(192)(165)(91)
Stock-based compensation expense, net of tax$777 $630 $553 
RSUs
We grant time-based RSUs to certain employees as part of our annual employee equity compensation review program as well as to new hire employees and to non-employee members of our Board. RSUs are share-based awards that entitle the holder to receive freely tradable shares of our common stock upon vesting. RSUs generally vest over three or four years from the date of grant. RSUs have dividend equivalent rights entitling holders to dividend equivalents to be paid upon vesting for each share of the underlying unit.
The following tables summarize our RSU activity:
RSUs
(in millions, except per share amounts)SharesWeighted-
Average
Grant Date Fair Value Per Share
Outstanding as of December 31, 202322.7 $71.24 
Granted12.4 $74.82 
Vested(11.0)$70.49 
Forfeited(2.2)$72.52 
Outstanding as of December 31, 202421.8 $73.52 
Year Ended December 31,
(in millions, except per share amounts)202420232022
Weighted-average grant date fair value of RSUs granted$74.82 $79.66 $60.36 
Total fair value of RSUs vested
$847 $849 $554 
As of December 31, 2024, there was $1.1 billion of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 2.2 years.
PSUs
We grant PSUs that vest upon the achievement of specified market or performance goals, which could include achieving a total shareholder return compared to a pre-determined peer group or achieving revenue targets. The actual number of common shares ultimately issued is calculated by multiplying the number of PSUs by a payout percentage ranging from 0% to 200%, and these awards generally vest only when a committee (or subcommittee) of our Board has determined that the specified market and performance goals have been achieved. PSUs have dividend equivalent rights entitling holders to dividend equivalents to be paid upon vesting for each share of the underlying unit.
The following tables summarize our PSU activity:
PSUs
(in millions, except per share amounts)SharesWeighted-
Average
Grant Date Fair Value Per Share
Outstanding as of December 31, 20231.0 $67.48 
Granted0.6 $72.24 
Vested(0.5)$71.86 
Forfeited— $72.10 
Outstanding as of December 31, 20241.1 $72.24 
Year Ended December 31,
(in millions, except per share amounts)202420232022
Weighted-average grant date fair value of PSUs granted$72.24 $81.39 $60.04 
Total fair value of PSUs vested$43 $35 $14 
As of December 31, 2024, there was $31 million of unrecognized compensation cost related to unvested PSUs, which is expected to be recognized over a weighted-average period of 1.1 years.
Stock Options
Option grants are designated as either non-statutory or incentive stock options. The exercise price of stock options may not be less than the fair market value of our common stock on the grant date and no stock option may have a term in excess of 10 years. Employee stock options generally vest over three or four years. Stock options may be settled in cash or in shares of our common stock, including a net issuance using shares otherwise purchasable under the option to pay the exercise price.
The following tables summarize activity and other information related to our stock options:
Shares
(in millions)		Weighted-
Average
Exercise Price
(in dollars)		Weighted-Average
Remaining
Contractual Term
(years)
Aggregate
 Intrinsic
Value
(in millions)(1)
Outstanding as of December 31, 202314.3 $69.38 
Granted2.5 $74.70 
Exercised(4.1)$69.28 
Forfeited(0.5)$71.65 
Expired(0.3)$89.27 
Outstanding as of December 31, 202411.8 $69.85 6.38$268 
Exercisable as of December 31, 20247.4 $68.72 5.26$178 
Expected to vest, net of estimated forfeitures as of December 31, 20244.2 $71.67 8.26$86 
_______________________________
(1)     Aggregate intrinsic value represents the value of our closing stock price on the last trading day of the year in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.
Year Ended December 31,
(in millions, except per share amounts)202420232022
Weighted-average grant date fair value of stock options granted$13.70 $16.11 $9.08 
Total intrinsic value of options exercised$77 $25 $59 
We used the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the stock option awards:
Year Ended December 31,
202420232022
Expected volatility25 %26 %27 %
Expected terms in years555
Risk-free interest rate4.1 %4.1 %1.9 %
Expected dividend yield3.9 %3.5 %4.3 %
As of December 31, 2024, there was $43 million of unrecognized compensation cost related to stock options, which is expected to be recognized over an estimated weighted-average period of 2.1 years.
ESPP
Under our ESPP, employees can purchase shares of our common stock based on a percentage of their compensation subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of our common stock on the offering date or the purchase date. The ESPP offers a six-month look-back feature. ESPP purchases are settled with common stock from the ESPP’s previously authorized and available pool of shares.
The following table summarizes our ESPP activity:
Year Ended December 31,
(in millions, except per share amounts)202420232022
Shares issued222
Amount paid by employees for shares$139 $129 $103 
Weighted-average grant date fair value of ESPP shares granted$15.76 $17.31 $13.40 
Total fair value of ESPP shares vested
$27 $45 $21 
We used the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the ESPP awards:
Year Ended December 31,
202420232022
Expected volatility25 %24 %23 %
Expected terms in years0.50.50.5
Risk-free interest rate5.2 %5.1 %1.8 %
Expected dividend yield4.3 %3.7 %4.5 %
Deferred Compensation
We maintain a retirement saving plan under which eligible U.S. employees may defer compensation for income tax purposes under Section 401(k) of the Internal Revenue Code (the “Gilead Sciences 401k Plan”). In certain foreign subsidiaries, we maintain defined benefit plans as required by local regulatory requirements. Our total matching contribution expense under the Gilead Sciences 401k Plan and other defined benefit plans was $204 million, $208 million and $176 million for the years ended December 31, 2024, 2023 and 2022, respectively.
We maintain a deferred compensation plan under which our directors and key employees may defer compensation. Amounts deferred by participants are deposited into a rabbi trust. The total assets and liabilities associated with the deferred compensation plan were both approximately $343 million and $284 million as of December 31, 2024 and 2023, respectively.
v3.25.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The following table shows the calculation of basic and diluted earnings per share attributable to Gilead:
Year Ended December 31,
(in millions, except per share amounts)202420232022
Net income attributable to Gilead$480 $5,665 $4,592 
Shares used in basic earnings per share attributable to Gilead calculation1,247 1,248 1,255 
Dilutive effect of stock options and equivalents8 10 7 
Shares used in diluted earnings per share attributable to Gilead calculation1,255 1,258 1,262 
Basic earnings per share attributable to Gilead$0.38 $4.54 $3.66 
Diluted earnings per share attributable to Gilead$0.38 $4.50 $3.64 
Potential shares of common stock excluded from the computation of Diluted earnings per share attributable to Gilead because their effect would have been antidilutive were 5 million, 4 million and 12 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income before income taxes consists of the following:
Year Ended December 31,
(in millions)202420232022
Domestic$(876)$5,467 $4,439 
Foreign1,566 1,392 1,375 
Income before income taxes$690 $6,859 $5,814 
Income tax expense consists of the following:
Year Ended December 31,
(in millions)202420232022
Federal:
Current$1,495 $1,781 $2,539 
Deferred(1,562)(1,126)(1,502)
(67)655 1,037 
State:
Current39 80 32 
Deferred(386)170 (154)
(347)250 (122)
Foreign:
Current519 381 232 
Deferred106 (39)101 
625 342 333 
Income tax expense$211 $1,247 $1,248 
The reconciliation between the federal statutory tax rate applied to Income before income taxes and our effective tax rate is summarized as follows(1):
Year Ended December 31,
202420232022
Federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit(43.6)%2.3 %(2.0)%
Foreign earnings at different rates10.9 %(0.2)%(0.6)%
Research and other credits(31.6)%(4.3)%(2.7)%
US tax on foreign earnings12.1 %1.0 %2.7 %
Foreign-derived intangible income deduction(19.3)%(2.1)%(3.8)%
Tax examinations(33.7)%(4.7)%(0.2)%
Acquired IPR&D & related charges117.3 %1.3 %1.4 %
Changes in valuation allowance15.6 %0.9 %1.2 %
Non-taxable unrealized loss on investment6.8 %0.2 %0.7 %
Legal entity restructuring(52.6)%— %— %
Other27.6 %2.8 %3.8 %
Effective tax rate30.5 %18.2 %21.5 %
_______________________________
(1)     Recurring items in this rate reconciliation table for 2024 are significantly impacted by the lower Income before income taxes for that year.
Significant components of our deferred tax4 assets and liabilities are as follows:
December 31,
(in millions)20242023
Deferred tax assets:  
Net operating loss carryforwards$288 $417 
Stock-based compensation84 94 
Reserves and accruals not currently deductible685 644 
Excess of tax basis over book basis of intangible assets910 1,041 
Upfront and milestone payments1,312 1,271 
Research and other credit carryforwards428 283 
Equity investments237 221 
Liability related to future royalties287 296 
Capitalized R&D expenditures2,173 1,623 
Capital losses590 17 
Other, net213 303 
Total deferred tax assets before valuation allowance7,207 6,210 
Valuation allowance(1,217)(663)
Total deferred tax assets5,990 5,547 
Deferred tax liabilities:
Property, plant and equipment(276)(274)
Excess of book basis over tax basis of intangible assets(3,836)(5,481)
Other(224)(184)
Total deferred tax liabilities(4,336)(5,939)
Net deferred tax assets (liabilities)$1,654 $(392)
The valuation allowance increased $554 million for the year ended December 31, 2024, primarily due to capital losses, state research credits, and unrealized losses on our equity investments, partially offset by utilization of foreign net operating losses.
The valuation allowance increased $64 million for the year ended December 31, 2023, primarily due to unrealized losses on our equity investments.
As of December 31, 2024, we had U.S. federal net operating loss and tax credit carryforwards of approximately $602 million and $45 million, respectively, which will start to expire in 2025 if not utilized. In addition, we had state net operating loss and tax credit carryforwards of approximately $3.0 billion and $1.1 billion, respectively, which will start to expire in 2025 and 2027, respectively, if not utilized. Utilization of net operating losses and tax credits may be subject to an annual limitation due to ownership change limitations provided in the Internal Revenue Code of 1986, as amended, and similar state provisions. This annual limitation may result in the expiration of the net operating losses and credits before utilization.
We file federal, state and foreign income tax returns in the U.S. and in many foreign jurisdictions. For federal income tax purposes, the statute of limitations is open for 2019 and onwards and 2016 and onwards for California income tax purposes. For certain acquired entities, the statute of limitations is open for all years from inception due to our utilization of their net operating losses and credits carried over from prior years.
Our income tax returns are subject to audit by federal, state and foreign tax authorities. We are currently under examination by the Internal Revenue Service for our 2019 to 2021 tax years. There are differing interpretations of tax laws and regulations, and as a result, significant disputes may arise with these tax authorities involving issues of the timing and amount of deductions and allocations of income among various tax jurisdictions. We periodically evaluate our exposures associated with our tax filing positions.
Of the total unrecognized tax benefits, $1.4 billion and $929 million as of December 31, 2024 and 2023, respectively, if recognized, would reduce our effective tax rate in the period of recognition. Interest and penalties related to unrecognized tax benefits included income tax benefits of $46 million, $35 million and $3 million on our Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. Accrued interest and penalties related to unrecognized tax benefits were $133 million and $180 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, we do not believe that it is reasonably possible that our unrecognized tax benefits will significantly change in the next 12 months.
The following is a rollforward of our total gross unrecognized tax benefits:
Year Ended December 31,
(in millions)202420232022
Beginning balance$1,962 $1,959 $1,713 
Tax positions related to current year:
Additions743 265 129 
Reductions— — — 
Tax positions related to prior years:
Additions190 109 225 
Reductions(298)(315)(31)
Settlements(270)(42)(10)
Lapse of statute of limitations(2)(13)(68)
Ending balance$2,325 $1,962 $1,959 
In connection with the Tax Cuts and Jobs Act, we recorded a federal income tax payable for transition tax on the mandatory deemed repatriation of foreign earnings that is payable over an eight-year period. Federal income tax payable for transition tax was $1.3 billion and $2.4 billion as of December 31, 2024 and 2023, respectively. We anticipate making a payment for the remaining $1.3 billion in 2025.
v3.25.0.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We have one operating segment which primarily focuses on the discovery, development and commercialization of innovative medicines in areas of unmet medical need. Our Chief Executive Officer, as the chief operating decision-maker (“CODM”), manages and allocates resources to the operations of our company on an entity-wide basis, using Net income attributable to Gilead as the primary performance measure. Managing and allocating resources on this basis enables our CODM to assess the overall level of resources available and how to best deploy these resources across functions and R&D projects based on unmet medical need, scientific data, probability of technical and regulatory successful development, market potential and other considerations, and, as necessary, reallocate resources among our internal R&D portfolio and external opportunities to best support the long-term growth of our business. Our CODM is regularly provided with entity-wide expense categories similar to those found on our Consolidated Statements of Operations, as well as the following:
Year Ended December 31,
(in millions)202420232022
Selling and marketing expenses$3,453 $3,272 $3,331 
General and administrative expenses2,638 2,818 2,342 
Selling, general and administrative expenses$6,091 $6,090 $5,673 
Asset information is not regularly provided to the CODM for assessing performance and allocating resources other than consolidated cash, cash equivalents and marketable debt securities, which can be found on our Consolidated Balance Sheets.
v3.25.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
We have evaluated subsequent events and determined that there are no further events or transactions to be disclosed other than those already disclosed elsewhere in the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income attributable to Gilead $ 480 $ 5,665 $ 4,592
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We manage material risks from cybersecurity threats through a cross-functional and layered approach that is designed to detect, identify, respond to, recover from and protect from cybersecurity incidents and is informed by industry recognized standards.
Our security governance function, which includes key employees who work in Information Security, Legal, and Privacy teams, such as our Chief Information Officer (“CIO”) and Chief Information Security Officer (“CISO”), are responsible for establishing and implementing cybersecurity policies and procedures, which includes developing and updating our enterprise Incident Response Plan (“IRP”), managing incident response, and overseeing any policy exceptions and potential compensating controls.
Additionally, we assess our cybersecurity maturity annually and implement and maintain controls that are designed to evaluate and improve our cybersecurity program, such as vulnerability assessments and penetration tests, as needed. We also execute employee cybersecurity training and awareness programs around various key cybersecurity topics, including reporting incidents, phishing, ransomware, remote working, cloud security, privileged access and removable media.
Our process for assessing, identifying and managing material risks from cybersecurity threats is integrated into our overall risk management process. We have a robust enterprise risk management (“ERM”) program that plays an important role in seeking to manage and address existing and emerging risks, including cybersecurity risks, which are critical to our overall business goals and objectives. The ERM team updates our Chief Executive Officer (“CEO”) and his leadership team on cybersecurity risks as well as their potential impact, likelihood, potential mitigation plan and status.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our process for assessing, identifying and managing material risks from cybersecurity threats is integrated into our overall risk management process. We have a robust enterprise risk management (“ERM”) program that plays an important role in seeking to manage and address existing and emerging risks, including cybersecurity risks, which are critical to our overall business goals and objectives.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board of Directors plays an important role in overseeing cybersecurity risks. Our Board of Directors has established an oversight structure for monitoring the effectiveness of and risks related to the cybersecurity program. The Audit Committee has been designated by the Board to oversee cybersecurity and information technology risks. The Audit Committee receives quarterly cybersecurity updates from our CISO, and the chair of the Audit Committee meets with the CISO individually on a quarterly basis. These updates often address topics such as ongoing efforts to improve our cybersecurity posture, operational metrics, incident metrics and mitigation actions, and may include key metrics such as those related to cybersecurity maturity, risk reduction, cybersecurity program health, and audit and compliance activities. The Audit Committee updates the Board on its activities at each regularly scheduled Board meeting. Updates related to cybersecurity are provided to the Board on an annual basis as part of an overall ERM update. In addition to this regular reporting, significant cybersecurity events may also be escalated on an as-needed basis through the company’s organizational structure in accordance with the IRP.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors plays an important role in overseeing cybersecurity risks. Our Board of Directors has established an oversight structure for monitoring the effectiveness of and risks related to the cybersecurity program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board of Directors plays an important role in overseeing cybersecurity risks. Our Board of Directors has established an oversight structure for monitoring the effectiveness of and risks related to the cybersecurity program. The Audit Committee has been designated by the Board to oversee cybersecurity and information technology risks. The Audit Committee receives quarterly cybersecurity updates from our CISO, and the chair of the Audit Committee meets with the CISO individually on a quarterly basis. These updates often address topics such as ongoing efforts to improve our cybersecurity posture, operational metrics, incident metrics and mitigation actions, and may include key metrics such as those related to cybersecurity maturity, risk reduction, cybersecurity program health, and audit and compliance activities. The Audit Committee updates the Board on its activities at each regularly scheduled Board meeting. Updates related to cybersecurity are provided to the Board on an annual basis as part of an overall ERM update. In addition to this regular reporting, significant cybersecurity events may also be escalated on an as-needed basis through the company’s organizational structure in accordance with the IRP.
Cybersecurity Risk Role of Management [Text Block]
Our CISO, supported by a cross-functional team, has primary responsibility for assessing and managing our cybersecurity program and the related risks. Details of the risk management and escalation processes are discussed in “Cybersecurity Risk Management and Strategy” above. The CISO has over 30 years of IT and cybersecurity experience in large biopharmaceutical, life sciences, financial and technology industries, including over ten years with the company, and is responsible for managing the security architecture, engineering, technology operations, monitoring, incident response, risk, governance, quality and compliance at the company.
The company’s Information Security function is comprised of teams that engage in a range of cybersecurity activities such as security operations, security engineering, data privacy controls, validation, compliance and audit readiness. Leaders of each team are expected to collaborate to help increase visibility of key issues and alignment with strategy. As noted above, the company’s IRP includes standard processes for escalating significant cybersecurity incidents to management, including the CISO. The company’s incident response team also coordinates with external legal advisors, cybersecurity forensic firms, communication specialists, and other outside advisors and experts, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CISO, supported by a cross-functional team, has primary responsibility for assessing and managing our cybersecurity program and the related risks. Details of the risk management and escalation processes are discussed in “Cybersecurity Risk Management and Strategy” above.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has over 30 years of IT and cybersecurity experience in large biopharmaceutical, life sciences, financial and technology industries, including over ten years with the company, and is responsible for managing the security architecture, engineering, technology operations, monitoring, incident response, risk, governance, quality and compliance at the company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee receives quarterly cybersecurity updates from our CISO, and the chair of the Audit Committee meets with the CISO individually on a quarterly basis. These updates often address topics such as ongoing efforts to improve our cybersecurity posture, operational metrics, incident metrics and mitigation actions, and may include key metrics such as those related to cybersecurity maturity, risk reduction, cybersecurity program health, and audit and compliance activities.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Gilead, our wholly-owned subsidiaries and any variable interest entities (“VIEs”) for which we are the primary beneficiary. All intercompany transactions have been eliminated. For any consolidated entities where we own or are exposed to less than 100% of the economics, we record net income or loss attributable to noncontrolling interests in our Consolidated Statements of Operations equal to the attributable economic or ownership interest retained in such entities by the respective noncontrolling parties.
When we obtain a variable interest in another entity, we assess at the inception of the relationship and upon occurrence of certain significant events whether the entity is a VIE and, if so, whether we are the primary beneficiary of the VIE based on our power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and our obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
The preparation of these Consolidated Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an ongoing basis, we evaluate our significant accounting policies and estimates. We base our estimates on historical experience and on various market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Actual results may differ significantly from these estimates.
Certain amounts and percentages herein may not sum or recalculate due to rounding.
Revenue Recognition
Revenue Recognition
Product Sales
We recognize revenue from product sales when control of the product transfers to the customer, which is generally upon shipment or delivery, or in certain cases, upon the corresponding sales by our customer to a third party. Revenues are recognized net of estimated rebates and chargebacks, patient co-pay assistance, prompt pay discounts, distributor fees, sales return provisions and other related deductions. These deductions to product sales are referred to as gross-to-net deductions and are estimated and recorded in the period in which the related product sales occur. Our payment terms to customers generally range from 30 to 90 days; however, payment terms differ by jurisdiction, by customer and, in some instances, by type of product. Revenues from product sales, net of gross-to-net deductions, are recorded only to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring when the uncertainty associated with gross-to-net deductions is subsequently resolved. Taxes assessed by governmental authorities and collected from customers are excluded from product sales. If we expect, at contract inception, that the period between the transfer of control and corresponding payment from the customer will be one year or less, we do not adjust the amount of consideration for the effects of a financing component. Shipping and handling activities are considered to be fulfillment activities and not a separate performance obligation.
Gross-to-Net Deductions
Rebates and Chargebacks
Rebates and chargebacks are based on contractual arrangements or statutory requirements and include amounts due to payers and healthcare providers under various programs. These amounts may vary by product, payer and individual plans. Providers qualified under certain programs can purchase our products through wholesalers or other distributors at a discount. The wholesalers or distributors then charge the discount back to us.
Rebates and chargebacks are estimated primarily based on product sales, including product mix and pricing, historical and estimated payer mix and discount rates, among other inputs, which require significant estimates and judgment. We assess and update our estimates each reporting period to reflect actual claims and other current information.
Chargebacks that are payable to our direct customers are generally classified as reductions of Accounts receivable on our Consolidated Balance Sheets. Rebates that are payable to third party payers and healthcare providers are recorded in Accrued rebates on our Consolidated Balance Sheets.
Patient Co-Pay Assistance
Co-pay assistance represents financial assistance to qualified patients, assisting them with prescription drug co-payments required by insurance. Our accrual for co-pay is based on an estimate of claims and the cost per claim that we expect to receive associated with inventory that exists in the distribution channel at period end.
Cash Discounts
We estimate cash discounts based on contractual terms, historical customer payment patterns and our expectations regarding future customer payment patterns.
Distributor Fees
Under our inventory management agreements with our significant U.S. wholesalers, we pay the wholesalers a fee primarily for compliance with certain contractually-determined covenants such as the maintenance of agreed-upon inventory levels. These distributor fees are based on a contractually-determined fixed percentage of sales.
Allowance for Sales Returns
Allowances are made for estimated sales returns by our customers and are recorded in the period the related revenue is recognized. We typically permit returns if the product is damaged, defective, or otherwise cannot be used by the customer. In the U.S., we typically permit returns six months prior to and up to one year after the product expiration date. Outside the U.S., returns are only allowed in certain countries on a limited basis.
Our estimates of sales returns are based primarily on analysis of our historical product return patterns, industry information reporting the return rates for similar products and contractual agreement terms. We also take into consideration known or expected changes in the marketplace specific to each product.
Royalty, Contract and Other Revenues
Royalty revenue is recognized in the period in which the obligation is satisfied and the corresponding sales by our corporate partners occur. Contract and other revenues are recognized when the performance obligation is satisfied.
Research and Development Expenses
Research and Development Expenses
Research and development expenses are recorded when incurred and consist primarily of personnel costs including salaries, benefits and stock-based compensation expense, infrastructure, materials and supplies and other support costs, research and clinical studies performed by contract research organizations (“CROs”) and our collaboration partners and other outside services. From time to time, we enter into development and collaboration agreements in which we share expenses with a collaboration partner. We record payments received from our collaborative partners for their share of the development costs as a reduction of Research and development expenses.
Clinical study costs are a significant component of Research and development expenses. Most of our clinical studies are performed by third-party CROs. We monitor levels of performance under each significant contract including the extent of patient enrollment and other activities through communications with our CROs. We accrue costs for clinical studies performed by CROs over the service periods specified in the contracts and adjust our estimates, if required, based upon our ongoing review of the level of effort and costs actually incurred by the CROs. All of our material CRO contracts are terminable by us upon written notice and we are generally only liable for actual services completed by the CRO and certain non-cancelable expenses incurred at any point of termination. Payments we make for research and development (“R&D”) services prior to the services being rendered are recorded as prepaid assets within Prepaid and other current assets on our Consolidated Balance Sheets and are expensed as the services are provided.
Acquired In Process Research and Development Expenses
Acquired In-Process Research and Development Expenses
Acquired in-process research and development expenses are recorded when incurred and reflect costs of externally-developed in-process research and development (“IPR&D”) projects, acquired directly in a transaction other than a business combination, that do not have an alternative future use, including upfront and pre-commercialization milestone payments related to various collaborations and the costs of rights to IPR&D projects.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
Selling, general and administrative expenses are recorded when incurred and consist primarily of personnel costs, facilities and overhead costs, and selling, marketing and advertising expenses, as well as other general and administrative costs related to finance, human resources, legal and other administrative activities.
Advertising expenses within Selling, general and administrative expenses, including promotional expenses, are recorded when incurred
Stock-Based Compensation
Stock-Based Compensation
We provide stock-based compensation in the form of various types of equity-based awards, including restricted stock units (“RSUs”), performance share units (“PSUs”) and stock options, and through our Employee Stock Purchase Plan and the International Employee Stock Purchase Plan (together, as amended, the “ESPP”). Stock-based compensation expense is based on the estimated fair value of the award on the grant date, or the first date of the ESPP purchase period, and recognized over the requisite service periods on our Consolidated Statements of Operations using the straight-line expense attribution approach, reduced for estimated forfeitures. We estimate forfeitures based on our historical experience. The requisite service period could be shorter than the vesting period if an employee is retirement eligible or if an employee terminates due to death or disability.
The estimated fair value of RSUs is based on the closing price of our common stock on the grant date. For PSUs, depending on the terms of the award, estimated fair value is based on either the Monte Carlo valuation methodology or the closing stock price on the grant date. For stock option and ESPP awards, estimated fair value is based on the Black-Scholes option valuation model. Estimated inputs to that model include (i) expected volatility, based on a blend of historical volatility of our common stock price along with implied volatility for traded options on our common stock, (ii) expected term in years, based on the weighted-average period awards are expected to remain outstanding using historical cancellation and exercise data, contractual terms and vesting terms of the award, (iii) risk-free interest rate, based on observed interest rates appropriate for the term of the stock-based awards, and (iv) expected dividend yield, based on our history and expectation of dividend payments.
Earnings Per Share
Earnings Per Share
Basic earnings per share attributable to Gilead is calculated based on Net income attributable to Gilead on our Consolidated Statements of Operations divided by the weighted-average number of shares of our common stock outstanding during the period. Diluted earnings per share attributable to Gilead is calculated based on Net income attributable to Gilead on our Consolidated Statements of Operations divided by the weighted-average number of shares of our common stock and other dilutive securities outstanding during the period. The potentially dilutive shares of our common stock resulting from the assumed exercise of outstanding stock options and equivalents are determined under the treasury stock method.
Cash and Cash Equivalents
Cash and Cash Equivalents
We consider highly liquid investments with insignificant interest rate risk and an original maturity of three months or less on the purchase date to be cash equivalents.
Marketable Debt Securities
Marketable Debt Securities
All of our marketable debt securities are classified as available-for-sale and recorded at estimated fair values. We determine the appropriate classification of our marketable debt securities at the time of purchase and reevaluate such designation at each balance sheet date. We regularly review our investments for declines in fair value below their amortized cost basis to determine whether the impairment is due to credit-related factors or noncredit-related factors. Our review includes the creditworthiness of the security issuers, the severity of the unrealized losses, whether we have the intent to sell the securities and whether it is more likely than not that we will be required to sell the securities before the recovery of their amortized cost bases. When we determine that a portion of the unrealized loss is due to an expected credit loss, we recognize the loss amount in Other (income) expense, net, with a corresponding allowance against the carrying value of the security we hold. The portion of any unrealized loss related to factors other than credit losses, as well as any unrealized gains, are recognized in Accumulated other comprehensive income on our Consolidated Balance Sheets until realized, at which point they are reclassified into Other (income) expense, net on our Consolidated Statements of Operations. Interest and amortization of purchase premiums and discounts are also recorded in Other (income) expense, net on our Consolidated Statements of Operations. The cost of securities sold is based on the specific identification method.
Accounts Receivable
Accounts Receivable
Trade accounts receivable are recorded net of allowances for wholesaler chargebacks related to government and other programs, cash discounts for prompt payment and estimated credit losses. Estimates of our allowance for credit losses consider a number of factors, including existing contractual payment terms, individual customer circumstances, historical payment patterns of our customers, a review of the local economic environment and its potential impact on expected future customer payment patterns and government funding and reimbursement practices.
Inventories
Inventories
Inventories are recorded at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. We periodically review our inventories to identify obsolete, slow-moving, excess or otherwise unsaleable items. If obsolete, slow-moving, excess or unsaleable items are observed and there are no alternate uses for the inventory, we record a write-down to net realizable value through a charge to Cost of goods sold on our Consolidated Statements of Operations. The determination of net realizable value requires judgment, including consideration of many factors, such as estimates of future product demand, product net selling prices, current and future market conditions and potential product obsolescence, among others. Inventories that are not expected to be sold within 12 months are classified in Other long-term assets on our Consolidated Balance Sheets.
When future commercialization of a product is considered probable and the future economic benefit is expected to be realized, based on management’s judgment, we capitalize pre-launch inventory costs prior to regulatory approval. A number of factors are considered, including the current status in the regulatory approval process, potential impediments to the approval process such as safety or efficacy, anticipated R&D initiatives that could impact the indication in which the compound will be used, viability of commercialization and marketplace trends.
Equity Securities
Equity Securities
Equity securities with readily determinable fair values, including those for which we have elected the fair value option, are recorded at fair market value, and unrealized gains and losses are included in Other (income) expense, net on our Consolidated Statements of Operations.
Equity securities without readily determinable fair values are recorded using the measurement alternative of cost less impairment, if any, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. Any impairments or adjustments are recorded in Other (income) expense, net on our Consolidated Statements of Operations.
For investments in entities over which we have significant influence but do not meet the requirements for consolidation and have not elected the fair value option, we use the equity method of accounting, with our share of the underlying income or loss of such entities reported in Other (income) expense, net on our Consolidated Statements of Operations.
Our investments in equity securities are classified in Prepaid and other current assets or Other long-term assets on our Consolidated Balance Sheets, generally depending on marketability and whether the securities are subject to lock-up provisions. We regularly review our securities for indicators of impairment.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method. Repairs and maintenance costs are expensed as incurred. Estimated useful lives in years are generally as follows:
Description
Estimated Useful Life 
Buildings and improvements
Shorter of 35 years or useful life
Laboratory and manufacturing equipment
4-10
Office, computer equipment and other
3-15
Leasehold improvementsShorter of useful life or lease term
See “Impairment of Long-Lived Assets” for additional information.
Leases
Leases
We determine if an arrangement contains a lease at inception and classify each lease as operating or financing. Right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term, which is the non-cancelable period stated in the contract adjusted for any options to extend or terminate when it is reasonably certain that we will exercise that option. Right-of-use assets are adjusted for prepaid lease payments, lease incentives and initial direct costs incurred. Operating lease expense for the minimum lease payments is recognized on a straight-line basis over the lease term.
We account for lease and nonlease components in our lease agreements as a single lease component in determining lease assets and liabilities. In addition, we do not recognize the right-of-use assets and liabilities for leases with lease terms of one year or less.
As most of our operating leases do not provide an implicit interest rate, we generally utilize a collateralized incremental borrowing rate, applied in a portfolio approach when relevant, based on the information available at the commencement date to determine the lease liability.
Acquisitions, including Goodwill, Intangible Assets and Contingent Consideration
Acquisitions, including Goodwill, Intangible Assets and Contingent Consideration
We account for business combinations using the acquisition method of accounting, which generally requires that assets acquired, including IPR&D projects, and liabilities assumed be recorded at their fair values as of the acquisition date on our Consolidated Balance Sheets. Any excess of consideration over the fair value of net assets acquired is recorded as goodwill. The determination of estimated fair value requires us to make significant estimates and assumptions. As a result, we may record adjustments to the fair values of assets acquired and liabilities assumed within the measurement period, which may be up to one year from the acquisition date, with the corresponding offset to goodwill. Transaction costs associated with business combinations are expensed as they are incurred.
Intangible assets related to IPR&D projects are considered to be indefinite-lived until the abandonment or completion of the associated R&D efforts, which generally occurs when regulatory approval is obtained. Goodwill and indefinite-lived intangible assets are not amortized and, instead, are tested for impairment annually or more frequently if events or changes in circumstances indicate that it is more likely than not that the assets are impaired.
Intangible assets with finite useful lives are amortized over their estimated useful lives, primarily on a straight-line basis, and are also periodically reviewed for changes in facts or circumstances resulting in a reduction to the estimated useful life of the asset, requiring the acceleration of amortization. See “Impairment of Long-Lived Assets” for additional information.
In determining the initial fair value of an intangible asset, or when quantitative analysis is required to determine any impairment, we use a probability-weighted income approach that discounts expected future cash flows to present value using a discount rate that is based on the estimated weighted-average cost of capital for companies with profiles similar to ours and represents the rate that market participants would use to value the intangible assets. These cash flow models require the use of Level 3 fair value measurements and inputs, including estimated revenues, which, for example, include significant inputs such as addressable patient population, treatment duration, projected market share, assessment of the asset’s life cycle, and competitive trends impacting the asset; costs and probability of technical and regulatory success, among other factors.
In connection with certain acquisitions, we may be required to pay future consideration that is contingent upon the achievement of specified development, regulatory approval or sales-based milestone events. We record contingent consideration resulting from a business combination at its fair value on the acquisition date. Each reporting period thereafter, we revalue these obligations and record increases or decreases in their fair value on our Consolidated Statements of Operations until such time that the payment is made. Increases or decreases in fair value of the contingent consideration liabilities can result from updates to assumptions such as the expected timing or probability of achieving the specified milestones, changes in projected revenues or changes in discount rates.
When we determine net assets acquired do not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an asset acquisition and, therefore, no goodwill is recorded and contingent consideration generally is not recognized at the acquisition date. In an asset acquisition, upfront payments allocated to IPR&D projects at the acquisition date and subsequent pre-commercialization milestone payments are expensed as incurred on our Consolidated Statements of Operations unless there is an alternative future use.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
Long-lived assets, including property, plant and equipment and finite-lived intangible assets, are reviewed for impairment whenever facts or circumstances either internally or externally may indicate that the carrying value of an asset may not be recoverable. Should there be an indication of impairment, we test for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset over its useful life to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss.
Derivatives
Derivatives
We recognize all derivative instruments as either assets or liabilities at fair value on our Consolidated Balance Sheets. Unrealized changes in the fair value of derivatives designated as part of a hedge transaction are recorded in Accumulated other comprehensive income. For our hedges related to forecasted product sales, the unrealized gains or losses in Accumulated other comprehensive income are reclassified into Product sales on our Consolidated Statements of Operations when the respective hedged transactions affect earnings. Changes in the fair value of derivatives that are not part of a hedge transaction are recorded each period in Other (income) expense, net on our Consolidated Statements of Operations.
Using regression analysis, we assess, both at inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are effective in offsetting the changes in cash flows or fair values of the hedged items. If we determine that a forecasted transaction is probable of not occurring, we discontinue hedge accounting for the affected portion of the hedge instrument, and any related unrealized gain or loss on the contract is recognized in Other (income) expense, net on our Consolidated Statements of Operations.
Contingencies
Contingencies
We recognize accruals for loss contingencies to the extent that we conclude that a loss is both probable and reasonably estimable. We accrue the best estimate of loss within a range; however, if no estimate in the range is better than any other, then we accrue the minimum amount in the range. If we determine that a material loss is reasonably possible, we disclose the possible loss or range of loss, or that the amount of loss cannot be estimated at this time.
Income Taxes
Income Taxes
Our income tax provision is computed under the liability method. Significant estimates are required in determining our provision for income taxes. Some of these estimates are based on interpretations of applicable tax laws or regulations.
Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. We record a valuation allowance to reduce our deferred tax assets to the amounts that are more likely than not to be realized. We consider future taxable income, ongoing tax planning strategies and our historical financial performance in assessing the need for a valuation allowance. If we expect to realize deferred tax assets for which we have previously recorded a valuation allowance, we will reduce the valuation allowance in the period in which such determination is first made.
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by tax authorities based on the technical merits of the position. The tax benefit recognized in the Consolidated Financial Statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTB”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by tax authorities, new information obtained during a tax examination or resolution of an examination. We recognize both accrued interest and penalties, where appropriate, related to UTB in Income tax expense on our Consolidated Statements of Operations.
We have elected to account for the tax on Global Intangible Low-Taxed Income, enacted as part of the Tax Cuts and Jobs Act, as a component of tax expense in the period in which the tax is incurred.
Stock Repurchases
Stock Repurchases
We use the par value method of accounting for our stock repurchases made under repurchase programs. Under the par value method, we record the par value of the shares repurchased to Common stock and the historical issuance cost over par value of the shares repurchased to Additional paid-in capital. The excess of the cost of the shares repurchased over these two amounts is then recorded to Retained earnings.
Foreign Currency Translation and Transaction
Foreign Currency Translation and Transactions
Our Consolidated Financial Statements are presented in U.S. dollars. The functional currency for most of our foreign subsidiaries is their local currency. Revenues, expenses, gains and losses for non-U.S. dollar functional currency entities are translated into U.S. dollars using average currency exchange rates for the period. Assets and liabilities for such entities are translated using exchange rates that approximate the rate at the balance sheet date. Foreign currency translation adjustments are recorded as a component of Accumulated other comprehensive income on our Consolidated Balance Sheets. Foreign currency transaction gains and losses on transactions not denominated in functional currency are recorded in Other (income) expense, net, on our Consolidated Statements of Operations.
Fair Value Measurements
Fair Value Measurements
We apply fair value accounting for all financial and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. We define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risks.
We determine the fair value using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows:
•Level 1 inputs include quoted prices in active markets for identical assets or liabilities;
•Level 2 inputs include observable inputs other than Level 1 inputs, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and
•Level 3 inputs include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. Our Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation.
Fair Value Measurements
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.
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.
Level 3 Inputs
Contingent Consideration Liability
In connection with our first quarter 2021 acquisition of MYR GmbH (“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.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
In November 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 requires incremental annual and quarterly disclosures about segment measures of profit or loss as well as significant segment expenditures. It also requires public entities with a single reportable segment to provide all segment disclosures required by the amendments in the update and all existing segment disclosures in Topic 280. Beginning with this Annual Report on Form 10-K, we adopted this standard using a retrospective approach, resulting in increased disclosures in our Notes to Consolidated Financial Statements. See Note 17. Segment Information for additional information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, FASB issued ASU No. 2024-03 “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses, and can be applied prospectively or retrospectively. We plan to adopt this guidance beginning with our 2027 annual report to be filed in early 2028 and all quarterly and annual reports thereafter. We expect the adoption of this standard to result in increased disclosures in our Notes to Consolidated Financial Statements.
In December 2023, FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires incremental annual disclosures around income tax rate reconciliations, income taxes paid and other related disclosures. This guidance requires prospective application and permits retrospective application to prior periods presented. We plan to adopt it beginning with our 2025 annual report to be filed in early 2026. We expect the adoption of this standard to result in increased disclosures in our Notes to Consolidated Financial Statements.
v3.25.0.1
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Property, Plant and Equipment, Estimated Useful Life Estimated useful lives in years are generally as follows:
Description
Estimated Useful Life 
Buildings and improvements
Shorter of 35 years or useful life
Laboratory and manufacturing equipment
4-10
Office, computer equipment and other
3-15
Leasehold improvementsShorter of useful life or lease term
v3.25.0.1
REVENUES (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregation of Revenue
The following table summarizes our Total revenues:
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
(in millions)U.S.
Europe(6)
Rest of World(6)
TotalU.S.
Europe(6)
Rest of World(6)
TotalU.S.
Europe(6)
Rest of World(6)
Total
Product sales:
HIV
Biktarvy$10,855 $1,509 $1,060 $13,423 $9,692 $1,253 $905 $11,850 $8,510 $1,103 $777 $10,390 
Descovy1,902 100 110 2,113 1,771 100 114 1,985 1,631 118 123 1,872 
Genvoya1,498 180 84 1,762 1,752 205 103 2,060 1,983 284 136 2,404 
Odefsey957 290 41 1,288 1,012 294 44 1,350 1,058 364 47 1,469 
Symtuza - Revenue share(1)
450 130 12 592 382 133 13 529 348 168 14 530 
Other HIV(2)
257 129 48 434 238 116 47 401 290 182 59 530 
Total HIV 15,918 2,339 1,355 19,612 14,848 2,102 1,226 18,175 13,820 2,219 1,155 17,194 
Liver Disease
Sofosbuvir/Velpatasvir(3)
922 299 374 1,596 859 323 355 1,537 844 355 331 1,530 
Vemlidy486 44 428 959 410 38 414 862 429 35 379 842 
Other Liver Disease(4)
192 202 73 467 152 150 83 385 167 135 124 426 
Total Liver Disease1,601 545 876 3,021 1,421 511 852 2,784 1,440 525 833 2,798 
Veklury892 284 623 1,799 972 408 805 2,184 1,575 702 1,628 3,905 
Oncology
Cell Therapy
Tecartus234 138 31 403 245 110 15 370 221 75 3 299 
Yescarta662 666 242 1,570 811 547 140 1,498 747 355 57 1,160 
Total Cell Therapy896 804 274 1,973 1,055 658 156 1,869 968 430 60 1,459 
Trodelvy902 294 119 1,315 777 217 68 1,063 525 143 12 680 
Total Oncology1,798 1,098 393 3,289 1,833 875 224 2,932 1,494 573 73 2,139 
Other
AmBisome44 276 212 533 43 260 189 492 57 258 182 497 
Other(5)
255 34 68 356 261 40 66 367 331 65 53 449 
Total Other299 310 280 889 304 301 255 859 388 323 235 946 
Total product sales20,508 4,576 3,526 28,610 19,377 4,197 3,361 26,934 18,716 4,342 3,924 26,982 
Royalty, contract and other revenues82 58 4 144 62 114 7 182 168 127 4 299 
Total revenues$20,591 $4,634 $3,529 $28,754 $19,438 $4,310 $3,368 $27,116 $18,884 $4,469 $3,928 $27,281 
_______________________________
(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”). See Note 7. Collaborations and Other Arrangements for additional information.
(2)    Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, 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, Livdelzi, Sovaldi, Viread and Vosevi.
(5)    Includes Cayston, Jyseleca, Letairis, Ranexa and Zydelig.
(6)    All individual international locations accounted for less than 10% of Total revenues
Summary of Revenues from Major Customers
The following table summarizes revenues from each of our customers who individually accounted for 10% or more of our Total revenues:
Year Ended December 31,
(as a percentage of total revenues)202420232022
Cardinal Health, Inc.26 %26 %25 %
Cencora, Inc.18 %19 %18 %
McKesson Corporation20 %21 %20 %
Summary of Revenues Recognized from Performance Obligations Satisfied in Prior Periods
The following table summarizes revenues recognized from performance obligations satisfied in prior years:
Year Ended December 31,
(in millions)202420232022
Revenue share with Janssen(1) and royalties for licenses of intellectual property
$727 $680 $783 
Changes in estimates$452 $340 $582 
_______________________________
(1)    See Note 7. Collaborations and Other Arrangements for additional information.
Summary of Contract Balances
The following table summarizes our contract balances:
December 31,
(in millions)20242023
Contract assets$277 $117 
Contract liabilities(1)
$58 $109 
_______________________________
(1)    Future revenues recognized from contract liabilities are not expected to be material in any one year.
v3.25.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value
The following table summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:
 December 31, 2024December 31, 2023
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Available-for-sale debt securities(1):
U.S. treasury securities$— $— $— $— $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 funds8,502 — — 8,502 4,465 — — 4,465 
Publicly traded equity securities(2)
1,561 — — 1,561 1,458 — — 1,458 
Deferred compensation plan343 — — 343 284 — — 284 
Foreign currency derivative contracts— 128 — 128 — 7 — 7 
Total$10,405 $128 $— $10,533 $6,633 $2,007 $— $8,639 
Liabilities:
Contingent consideration liability$— $— $206 $206 $— $— $228 $228 
Deferred compensation plan343 — — 343 283 — — 283 
Foreign currency derivative contracts— 3 — 3 — 59 — 59 
Total$343 $3 $206 $552 $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.
(2)    Publicly traded equity securities include our investment in Arcellx, Inc. (“Arcellx”) of $515 million as of December 31, 2024, which is subject to contractual sale restrictions until June 2025. See Note 7. Collaborations and Other Arrangements for additional information.
Summary of Change in Fair Value of Contingent Consideration
The following table summarizes the change in fair value of our contingent consideration liability:
Year Ended December 31,
(in millions)20242023
Beginning balance$228 $275 
Changes in valuation assumptions(1)
(7)(60)
Effect of foreign exchange remeasurement(2)
(14)12 
Ending balance(3)
$206 $228 
_______________________________
(1)    Included in Research and development expenses on our Consolidated Statements of Operations. The change in 2023 primarily related to changes in assumptions around probability and timing of regulatory approval.
(2)    Included in Other (income) expense, net on our Consolidated Statements of Operations.
(3)    Included in Other long-term obligations on our Consolidated Balance Sheets.
Summary of Estimated Fair Value and Carrying Value of Unsecured Notes and Liability of Future Royalty
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:
December 31,
(in millions)20242023
Fair value$23,335 $22,567 
Carrying value$25,562 $23,834 
v3.25.0.1
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]  
Summary of Available-for-Sale Debt Securities at Estimated Fair Value
The following table summarizes our available-for-sale debt securities as of December 31, 2023:
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)$2,426 
Summary of Available-for-Sale Debt Securities In Continuous Unrealized Loss Position
The following table summarizes information related to available-for-sale debt securities that have been in a continuous unrealized loss position, classified by length of time, as of December 31, 2023:
December 31, 2023
Less Than 12 Months12 Months or LongerTotal
(in millions)Gross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$— $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 
Summary of the Classification of Available-for-Sale Debt Securities
The following table summarizes the classification of our available-for-sale debt securities in our Consolidated Balance Sheets as of December 31, 2023:
(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 
Summary of Equity Securities at Fair Value
The following table summarizes the classification of our equity securities on our Consolidated Balance Sheets:
December 31,
(in millions)20242023
Equity securities measured at fair value:
Cash and cash equivalents$8,502 $4,465 
Prepaid and other current assets1,577 1,086 
Other long-term assets327 656 
Equity method investments and other equity investments without readily determinable fair values:
Other long-term assets(1)
386 340 
Total$10,791 $6,547 
_______________________________
(1)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be VIEs for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
summary of Net Unrealized Gains and Losses on Equity Securities
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 Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202420232022
Unrealized loss, net$284 $60 $684 
v3.25.0.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Classification and Fair Value of Derivative Instruments The following table summarizes the classification and fair values of derivative instruments, including the potential effect of offsetting:
December 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$90 $10 $100 $— $— $— 
Foreign currency exchange contracts not designated as hedges28 — 28 3 — 3 
Total derivatives presented gross on the Consolidated Balance Sheets$128 $3 
Gross amounts not offset on the Consolidated Balance Sheets:
Derivative financial instruments$(3)$(3)
Cash collateral received / pledged— — 
Net amount (legal offset)$125 $— 
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 Consolidated Balance Sheets$7 $59 
Gross amounts not offset on the Consolidated Balance Sheets:
Derivative financial instruments$(7)$(7)
Cash collateral received / pledged— — 
Net amount (legal offset)$— $52 
Summary of Effect of Foreign Currency Exchange Contracts
The following table summarizes the effect of our derivative contracts on our Consolidated Financial Statements:
Year Ended December 31,
(in millions)202420232022
Derivatives designated as hedges:
Net gain (loss) recognized in Accumulated other comprehensive income
$171 $(14)$150 
Net gain reclassified from Accumulated other comprehensive income into Product sales
$27 $58 $196 
Derivatives not designated as hedges:
Net gain recognized in Other (income) expense, net
$44 $57 $67 
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
The following table summarizes our Property, plant and equipment, net by asset type:
December 31,
(in millions)20242023
Land and land improvements$561 $561 
Buildings and improvements (including leasehold improvements)4,539 4,328 
Laboratory and manufacturing equipment1,192 1,147 
Office, computer equipment and other1,090 1,069 
Construction in progress501 661 
Subtotal7,884 7,766 
Less: accumulated depreciation 2,470 2,449 
Total$5,414 $5,317 
The following table summarizes our Property, plant and equipment, net by geography:
December 31,
(in millions)20242023
U.S.$4,787 4,691 
International(1)
627 626 
Total$5,414 $5,317 
_______________________________
(1)    All individual international locations accounted for less than 10% of the total balances.
v3.25.0.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Indefinite-Lived Intangible Assets
The following table summarizes our Intangible assets, net:
 December 31, 2024December 31, 2023
(in millions)Gross 
Carrying
Amount		Accumulated
Amortization		Foreign Currency Translation AdjustmentNet Carrying AmountGross 
Carrying
Amount		Accumulated
Amortization		Foreign Currency Translation AdjustmentNet Carrying Amount
Finite-lived assets:
Intangible asset – sofosbuvir$10,720 $(7,749)$— $2,971 $10,720 $(7,050)$— $3,670 
Intangible asset – axicabtagene ciloleucel
7,110 (2,721)— 4,389 7,110 (2,314)— 4,796 
Intangible asset – Trodelvy
11,730 (3,083)— 8,647 11,730 (2,002)— 9,728 
Intangible asset – Hepcludex
845 (329)— 516 845 (243)— 602 
Other1,474 (940)1 535 1,414 (827)1 588 
Total finite-lived assets31,879 (14,822)1 17,058 31,819 (12,436)1 19,384 
Indefinite-lived assets – IPR&D(1)
2,890 — — 2,890 7,070 — — 7,070 
Total intangible assets$34,769 $(14,822)$1 $19,948 $38,889 $(12,436)$1 $26,454 
_______________________________
(1)    The Indefinite-lived assets – IPR&D balance as of December 31, 2023 was comprised of $5.9 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $1.1 billion related to bulevirtide. See “2024 IPR&D Impairments” below for 2024 activity. The Indefinite-lived assets – IPR&D balance as of December 31, 2024 was comprised of $1.8 billion related to SG for NSCLC and $1.1 billion related to bulevirtide.
Summary of Finite-Lived Intangible Assets
The following table summarizes our Intangible assets, net:
 December 31, 2024December 31, 2023
(in millions)Gross 
Carrying
Amount		Accumulated
Amortization		Foreign Currency Translation AdjustmentNet Carrying AmountGross 
Carrying
Amount		Accumulated
Amortization		Foreign Currency Translation AdjustmentNet Carrying Amount
Finite-lived assets:
Intangible asset – sofosbuvir$10,720 $(7,749)$— $2,971 $10,720 $(7,050)$— $3,670 
Intangible asset – axicabtagene ciloleucel
7,110 (2,721)— 4,389 7,110 (2,314)— 4,796 
Intangible asset – Trodelvy
11,730 (3,083)— 8,647 11,730 (2,002)— 9,728 
Intangible asset – Hepcludex
845 (329)— 516 845 (243)— 602 
Other1,474 (940)1 535 1,414 (827)1 588 
Total finite-lived assets31,879 (14,822)1 17,058 31,819 (12,436)1 19,384 
Indefinite-lived assets – IPR&D(1)
2,890 — — 2,890 7,070 — — 7,070 
Total intangible assets$34,769 $(14,822)$1 $19,948 $38,889 $(12,436)$1 $26,454 
_______________________________
(1)    The Indefinite-lived assets – IPR&D balance as of December 31, 2023 was comprised of $5.9 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $1.1 billion related to bulevirtide. See “2024 IPR&D Impairments” below for 2024 activity. The Indefinite-lived assets – IPR&D balance as of December 31, 2024 was comprised of $1.8 billion related to SG for NSCLC and $1.1 billion related to bulevirtide.
Summary of Estimated Future Amortization Expense of Finite-Lived Intangible Assets
The following table summarizes the estimated future amortization expense associated with our finite-lived intangible assets as of December 31, 2024:
(in millions)Amount
2025$2,388 
20262,379 
20272,379 
20282,318 
20291,790 
Thereafter5,805 
Total$17,058 
v3.25.0.1
OTHER FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Other Financial Information [Abstract]  
Summary of Accounts Receivable, net
The following table summarizes our Accounts receivable, net:
December 31,
(in millions)20242023
Accounts receivable$5,319 $5,495 
Less: allowances for chargebacks759 679 
Less: allowances for cash discounts and other89 101 
Less: allowances for credit losses52 56 
Accounts receivable, net$4,420 $4,660 
Summary of Inventories
The following table summarizes our Inventories:
December 31,
(in millions)20242023
Raw materials$1,295 $1,246 
Work in process847 847 
Finished goods1,447 1,272 
Total$3,589 $3,366 
Reported as:
Inventories$1,710 $1,787 
Other long-term assets(1)
1,879 1,578 
Total$3,589 $3,366 
_______________________________
(1)     Amounts primarily consist of raw materials.
Summary of Prepaid and Other Current Assets
The following table summarizes the components of Prepaid and other current assets:
December 31,
(in millions)20242023
Prepaid taxes$480 $559 
Equity securities1,577 1,086 
Other995 728 
Prepaid and other current assets$3,052 $2,374 
Summary of Other Current Liabilities
The following table summarizes the components of Other current liabilities:
December 31,
(in millions)20242023
Compensation and employee benefits$1,228 $1,201 
Income taxes payable1,646 1,208 
Allowance for sales returns321 387 
Other2,269 2,334 
Other current liabilities$5,464 $5,130 
Summary of Accumulated OCI by Component
The following table summarizes the changes in Accumulated other comprehensive income by component, net of tax:
(in millions)Foreign Currency Translation
Available-for-Sale Debt Securities(1)
Cash Flow Hedges(2)
Total
Balance as of December 31, 2021$13 $(4)$74 $83 
Net unrealized (loss) gain, net of tax impact of $0, $0, and $20, respectively
$(11)$(30)$130 $88 
Reclassifications to net income, net of tax impact of $0, $0, and $25, respectively(3)
— 1 (171)(170)
Other comprehensive loss, net(11)(29)(41)(81)
Balance as of December 31, 2022$2 $(33)$33 $2 
Net unrealized gain (loss), net of tax impact of $0, $0, and $(2), respectively
$60 $26 $(12)$75 
Reclassifications to net income, net of tax impact of $0, $0, and $7, respectively(3)
— 2 (51)(49)
Other comprehensive income (loss), net60 28 (62)26 
Balance as of December 31, 2023$62 $(5)$(29)$28 
Net unrealized (loss) gain, net of tax impact of $0, $0, and $21, respectively
$(26)$— $149 $124 
Reclassifications to net income, net of tax impact of $0, $0, and $3, respectively(3)
— 5 (24)(19)
Other comprehensive (loss) income, net(26)5 125 104 
Balance as of December 31, 2024$36 $— $96 $132 
_______________________________
(1)     Reclassifications before tax were $5 million, $2 million and $1 million and are included in Other (income) expense, net on our Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively.
(2)    Reclassifications before tax were $27 million, $58 million and $196 million and are included in Product sales on our Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 5. Derivative Financial Instruments.
(3)    Tax impacts of reclassifications are included in Income tax expense on our Consolidated Statements of Operations.
Summary of Other (Income) Expense, Net
The following table summarizes the components of Other (income) expense, net:
Year Ended December 31,
(in millions)202420232022
Loss from equity securities, net$274 $167 $657 
Interest income(281)(376)(106)
Other, net2 11 29 
Other (income) expense, net$(6)$(198)$581 
v3.25.0.1
DEBT AND CREDIT FACILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Financing Arrangements
The following table summarizes the carrying amount of our borrowings under various financing arrangements:
(in millions)Carrying Amount
Type of BorrowingIssue DateMaturity DateInterest RateDecember 31, 2024December 31, 2023
Senior UnsecuredMarch 2014April 20243.70%— 1,750 
Senior UnsecuredNovember 2014February 20253.50%1,750 1,749 
Senior UnsecuredSeptember 2015March 20263.65%2,747 2,744 
Senior UnsecuredSeptember 2016March 20272.95%1,249 1,248 
Senior UnsecuredSeptember 2020October 20271.20%748 747 
Senior UnsecuredNovember 2024November 20294.80%746 — 
Senior UnsecuredSeptember 2020October 20301.65%995 994 
Senior UnsecuredSeptember 2023October 20335.25%993 992 
Senior UnsecuredNovember 2024June 20355.10%991 — 
Senior UnsecuredSeptember 2015September 20354.60%994 993 
Senior UnsecuredSeptember 2016September 20364.00%744 743 
Senior UnsecuredSeptember 2020October 20402.60%989 988 
Senior UnsecuredDecember 2011December 20415.65%997 996 
Senior UnsecuredMarch 2014April 20444.80%1,738 1,737 
Senior UnsecuredNovember 2014February 20454.50%1,735 1,734 
Senior UnsecuredSeptember 2015March 20464.75%2,224 2,222 
Senior UnsecuredSeptember 2016March 20474.15%1,730 1,729 
Senior UnsecuredSeptember 2020October 20502.80%1,479 1,478 
Senior UnsecuredSeptember 2023October 20535.55%988 988 
Senior UnsecuredNovember 2024November 20545.50%989 — 
Senior UnsecuredNovember 2024November 20645.60%738 — 
Total senior unsecured notes25,562 23,834 
Liability related to future royalties1,148 1,153 
Total debt, net26,710 24,987 
Less: Current portion of long-term debt, net1,815 1,798 
Total Long-term debt, net$24,896 $23,189 
Summary of Contractual Maturities of Financing Obligations
The following table summarizes the aggregate future principal maturities of our senior unsecured notes as of December 31, 2024:
(in millions)Amount
2025$1,750 
20262,750 
20272,000 
2028— 
2029750 
Thereafter18,500 
Total$25,750 
v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Supplemental Information Related to Operating Leases
The following table summarizes balance sheet and other information related to our operating leases:
December 31,
(in millions, except weighted average amounts)Classification20242023
Right-of-use assets, netOther long-term assets$515 $581 
Lease liabilities – current
Other current liabilities$113 $125 
Lease liabilities – noncurrent
Other long-term obligations$498 $546 
Weighted average remaining lease term8.0 years7.5 years
Weighted average discount rate3.37 %3.22 %
The following table summarizes other supplemental information related to our operating leases:
Year Ended December 31,
(in millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities$141 $88 $98 
Right-of-use assets obtained in exchange for lease liabilities(1)
$86 $214 $97 
_______________________________
(1)     These represent noncash activities and were therefore not included on our Consolidated Statements of Cash Flows.
Summary of Operating Lease Aggregate Future Lease Payments
The following table summarizes a maturity analysis of our operating lease liabilities showing the aggregate lease payments as of December 31, 2024:
(in millions)Amount
2025$132 
2026109 
202788 
202877 
202964 
Thereafter228 
Total undiscounted lease payments698 
Less: imputed interest87 
Total discounted lease payments$611 
v3.25.0.1
EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expenses -Included in Consolidated Statement of Income
The following tables summarize total stock-based compensation expense included on our Consolidated Statements of Operations, classified by award type and expense type:
Year Ended December 31,
(in millions)202420232022
RSUs$732 $666 $557 
PSUs37 32 25 
Stock options30 30 28 
ESPP36 37 26 
Acquisition-related expense(1)
133 29 8 
Stock-based compensation expense included in total costs and expenses$969 $796 $645 
_______________________________
(1)    Accelerated post-acquisition stock-based compensation expenses of $133 million related to the 2024 CymaBay acquisition, $19 million and $10 million related to the 2023 XinThera and Tmunity acquisitions, respectively, and $8 million related to the 2022 MiroBio acquisition.
Year Ended December 31,
(in millions)202420232022
Cost of goods sold$61 $57 $46 
Research and development expenses458 377 285 
Selling, general and administrative expenses450 361 313 
Stock-based compensation expense included in total costs and expenses969 796 645 
Income tax effect(192)(165)(91)
Stock-based compensation expense, net of tax$777 $630 $553 
Summary of RSU Activity
The following tables summarize our RSU activity:
RSUs
(in millions, except per share amounts)SharesWeighted-
Average
Grant Date Fair Value Per Share
Outstanding as of December 31, 202322.7 $71.24 
Granted12.4 $74.82 
Vested(11.0)$70.49 
Forfeited(2.2)$72.52 
Outstanding as of December 31, 202421.8 $73.52 
Year Ended December 31,
(in millions, except per share amounts)202420232022
Weighted-average grant date fair value of RSUs granted$74.82 $79.66 $60.36 
Total fair value of RSUs vested
$847 $849 $554 
Summary of PSU Activity
The following tables summarize our PSU activity:
PSUs
(in millions, except per share amounts)SharesWeighted-
Average
Grant Date Fair Value Per Share
Outstanding as of December 31, 20231.0 $67.48 
Granted0.6 $72.24 
Vested(0.5)$71.86 
Forfeited— $72.10 
Outstanding as of December 31, 20241.1 $72.24 
Year Ended December 31,
(in millions, except per share amounts)202420232022
Weighted-average grant date fair value of PSUs granted$72.24 $81.39 $60.04 
Total fair value of PSUs vested$43 $35 $14 
Summary of Activity Under Stock Option Plans
The following tables summarize activity and other information related to our stock options:
Shares
(in millions)		Weighted-
Average
Exercise Price
(in dollars)		Weighted-Average
Remaining
Contractual Term
(years)
Aggregate
 Intrinsic
Value
(in millions)(1)
Outstanding as of December 31, 202314.3 $69.38 
Granted2.5 $74.70 
Exercised(4.1)$69.28 
Forfeited(0.5)$71.65 
Expired(0.3)$89.27 
Outstanding as of December 31, 202411.8 $69.85 6.38$268 
Exercisable as of December 31, 20247.4 $68.72 5.26$178 
Expected to vest, net of estimated forfeitures as of December 31, 20244.2 $71.67 8.26$86 
_______________________________
(1)     Aggregate intrinsic value represents the value of our closing stock price on the last trading day of the year in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.
Year Ended December 31,
(in millions, except per share amounts)202420232022
Weighted-average grant date fair value of stock options granted$13.70 $16.11 $9.08 
Total intrinsic value of options exercised$77 $25 $59 
Summary of Assumptions to Calculate the Estimated Fair Value of Awards
We used the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the stock option awards:
Year Ended December 31,
202420232022
Expected volatility25 %26 %27 %
Expected terms in years555
Risk-free interest rate4.1 %4.1 %1.9 %
Expected dividend yield3.9 %3.5 %4.3 %
We used the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the ESPP awards:
Year Ended December 31,
202420232022
Expected volatility25 %24 %23 %
Expected terms in years0.50.50.5
Risk-free interest rate5.2 %5.1 %1.8 %
Expected dividend yield4.3 %3.7 %4.5 %
Summary of ESPP Activity
The following table summarizes our ESPP activity:
Year Ended December 31,
(in millions, except per share amounts)202420232022
Shares issued222
Amount paid by employees for shares$139 $129 $103 
Weighted-average grant date fair value of ESPP shares granted$15.76 $17.31 $13.40 
Total fair value of ESPP shares vested
$27 $45 $21 
v3.25.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Summary of Earnings Per Share, Basic and Diluted
The following table shows the calculation of basic and diluted earnings per share attributable to Gilead:
Year Ended December 31,
(in millions, except per share amounts)202420232022
Net income attributable to Gilead$480 $5,665 $4,592 
Shares used in basic earnings per share attributable to Gilead calculation1,247 1,248 1,255 
Dilutive effect of stock options and equivalents8 10 7 
Shares used in diluted earnings per share attributable to Gilead calculation1,255 1,258 1,262 
Basic earnings per share attributable to Gilead$0.38 $4.54 $3.66 
Diluted earnings per share attributable to Gilead$0.38 $4.50 $3.64 
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summary of Income Before Income Taxes
Income before income taxes consists of the following:
Year Ended December 31,
(in millions)202420232022
Domestic$(876)$5,467 $4,439 
Foreign1,566 1,392 1,375 
Income before income taxes$690 $6,859 $5,814 
Summary of Income Tax Expense
Income tax expense consists of the following:
Year Ended December 31,
(in millions)202420232022
Federal:
Current$1,495 $1,781 $2,539 
Deferred(1,562)(1,126)(1,502)
(67)655 1,037 
State:
Current39 80 32 
Deferred(386)170 (154)
(347)250 (122)
Foreign:
Current519 381 232 
Deferred106 (39)101 
625 342 333 
Income tax expense$211 $1,247 $1,248 
Summary of Difference Between Provision for Income Taxes and Federal Statutory Income Tax Rate to Income Before Provision for Income Taxes
The reconciliation between the federal statutory tax rate applied to Income before income taxes and our effective tax rate is summarized as follows(1):
Year Ended December 31,
202420232022
Federal statutory rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit(43.6)%2.3 %(2.0)%
Foreign earnings at different rates10.9 %(0.2)%(0.6)%
Research and other credits(31.6)%(4.3)%(2.7)%
US tax on foreign earnings12.1 %1.0 %2.7 %
Foreign-derived intangible income deduction(19.3)%(2.1)%(3.8)%
Tax examinations(33.7)%(4.7)%(0.2)%
Acquired IPR&D & related charges117.3 %1.3 %1.4 %
Changes in valuation allowance15.6 %0.9 %1.2 %
Non-taxable unrealized loss on investment6.8 %0.2 %0.7 %
Legal entity restructuring(52.6)%— %— %
Other27.6 %2.8 %3.8 %
Effective tax rate30.5 %18.2 %21.5 %
_______________________________
(1)     Recurring items in this rate reconciliation table for 2024 are significantly impacted by the lower Income before income taxes for that year.
Summary of Deferred Tax Assets and Liabilities
Significant components of our deferred tax4 assets and liabilities are as follows:
December 31,
(in millions)20242023
Deferred tax assets:  
Net operating loss carryforwards$288 $417 
Stock-based compensation84 94 
Reserves and accruals not currently deductible685 644 
Excess of tax basis over book basis of intangible assets910 1,041 
Upfront and milestone payments1,312 1,271 
Research and other credit carryforwards428 283 
Equity investments237 221 
Liability related to future royalties287 296 
Capitalized R&D expenditures2,173 1,623 
Capital losses590 17 
Other, net213 303 
Total deferred tax assets before valuation allowance7,207 6,210 
Valuation allowance(1,217)(663)
Total deferred tax assets5,990 5,547 
Deferred tax liabilities:
Property, plant and equipment(276)(274)
Excess of book basis over tax basis of intangible assets(3,836)(5,481)
Other(224)(184)
Total deferred tax liabilities(4,336)(5,939)
Net deferred tax assets (liabilities)$1,654 $(392)
Summary of Unrecognized Tax Benefits Roll Forward
The following is a rollforward of our total gross unrecognized tax benefits:
Year Ended December 31,
(in millions)202420232022
Beginning balance$1,962 $1,959 $1,713 
Tax positions related to current year:
Additions743 265 129 
Reductions— — — 
Tax positions related to prior years:
Additions190 109 225 
Reductions(298)(315)(31)
Settlements(270)(42)(10)
Lapse of statute of limitations(2)(13)(68)
Ending balance$2,325 $1,962 $1,959 
v3.25.0.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of Segment Expense Categories Our CODM is regularly provided with entity-wide expense categories similar to those found on our Consolidated Statements of Operations, as well as the following:
Year Ended December 31,
(in millions)202420232022
Selling and marketing expenses$3,453 $3,272 $3,331 
General and administrative expenses2,638 2,818 2,342 
Selling, general and administrative expenses$6,091 $6,090 $5,673 
v3.25.0.1
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
country
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Accounting Policies [Abstract]      
Number of countries in which entity operates | country 35    
Number of operating segments | segment 1    
Advertising expense | $ $ 869 $ 826 $ 778
v3.25.0.1
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Summary of Property, Plant and Equipment, Estimated Useful Life (Details)
Dec. 31, 2024
Buildings and improvements  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 35 years
Laboratory and manufacturing equipment | Minimum  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 4 years
Laboratory and manufacturing equipment | Maximum  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 10 years
Office, computer equipment and other | Minimum  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 3 years
Office, computer equipment and other | Maximum  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 15 years
v3.25.0.1
REVENUES - Summary of Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenues $ 28,754 $ 27,116 $ 27,281
U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 20,591 19,438 18,884
Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 4,634 4,310 4,469
Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 3,529 3,368 3,928
Product sales      
Disaggregation of Revenue [Line Items]      
Total revenues 28,610 26,934 26,982
Product sales | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 20,508 19,377 18,716
Product sales | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 4,576 4,197 4,342
Product sales | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 3,526 3,361 3,924
Total HIV      
Disaggregation of Revenue [Line Items]      
Total revenues 19,612 18,175 17,194
Total HIV | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 15,918 14,848 13,820
Total HIV | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 2,339 2,102 2,219
Total HIV | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 1,355 1,226 1,155
Biktarvy      
Disaggregation of Revenue [Line Items]      
Total revenues 13,423 11,850 10,390
Biktarvy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 10,855 9,692 8,510
Biktarvy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 1,509 1,253 1,103
Biktarvy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 1,060 905 777
Descovy      
Disaggregation of Revenue [Line Items]      
Total revenues 2,113 1,985 1,872
Descovy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 1,902 1,771 1,631
Descovy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 100 100 118
Descovy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 110 114 123
Genvoya      
Disaggregation of Revenue [Line Items]      
Total revenues 1,762 2,060 2,404
Genvoya | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 1,498 1,752 1,983
Genvoya | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 180 205 284
Genvoya | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 84 103 136
Odefsey      
Disaggregation of Revenue [Line Items]      
Total revenues 1,288 1,350 1,469
Odefsey | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 957 1,012 1,058
Odefsey | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 290 294 364
Odefsey | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 41 44 47
Symtuza - Revenue share      
Disaggregation of Revenue [Line Items]      
Total revenues 592 529 530
Symtuza - Revenue share | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 450 382 348
Symtuza - Revenue share | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 130 133 168
Symtuza - Revenue share | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 12 13 14
Other HIV      
Disaggregation of Revenue [Line Items]      
Total revenues 434 401 530
Other HIV | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 257 238 290
Other HIV | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 129 116 182
Other HIV | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 48 47 59
Total Oncology      
Disaggregation of Revenue [Line Items]      
Total revenues 3,289 2,932 2,139
Total Oncology | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 1,798 1,833 1,494
Total Oncology | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 1,098 875 573
Total Oncology | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 393 224 73
Total Cell Therapy      
Disaggregation of Revenue [Line Items]      
Total revenues 1,973 1,869 1,459
Total Cell Therapy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 896 1,055 968
Total Cell Therapy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 804 658 430
Total Cell Therapy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 274 156 60
Tecartus      
Disaggregation of Revenue [Line Items]      
Total revenues 403 370 299
Tecartus | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 234 245 221
Tecartus | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 138 110 75
Tecartus | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 31 15 3
Yescarta      
Disaggregation of Revenue [Line Items]      
Total revenues 1,570 1,498 1,160
Yescarta | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 662 811 747
Yescarta | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 666 547 355
Yescarta | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 242 140 57
Trodelvy      
Disaggregation of Revenue [Line Items]      
Total revenues 1,315 1,063 680
Trodelvy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 902 777 525
Trodelvy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 294 217 143
Trodelvy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 119 68 12
Total Liver Disease      
Disaggregation of Revenue [Line Items]      
Total revenues 3,021 2,784 2,798
Total Liver Disease | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 1,601 1,421 1,440
Total Liver Disease | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 545 511 525
Total Liver Disease | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 876 852 833
Sofosbuvir/Velpatasvir      
Disaggregation of Revenue [Line Items]      
Total revenues 1,596 1,537 1,530
Sofosbuvir/Velpatasvir | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 922 859 844
Sofosbuvir/Velpatasvir | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 299 323 355
Sofosbuvir/Velpatasvir | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 374 355 331
Vemlidy      
Disaggregation of Revenue [Line Items]      
Total revenues 959 862 842
Vemlidy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 486 410 429
Vemlidy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 44 38 35
Vemlidy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 428 414 379
Other Liver Disease      
Disaggregation of Revenue [Line Items]      
Total revenues 467 385 426
Other Liver Disease | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 192 152 167
Other Liver Disease | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 202 150 135
Other Liver Disease | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 73 83 124
Veklury      
Disaggregation of Revenue [Line Items]      
Total revenues 1,799 2,184 3,905
Veklury | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 892 972 1,575
Veklury | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 284 408 702
Veklury | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 623 805 1,628
Total Other      
Disaggregation of Revenue [Line Items]      
Total revenues 889 859 946
Total Other | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 299 304 388
Total Other | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 310 301 323
Total Other | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 280 255 235
AmBisome      
Disaggregation of Revenue [Line Items]      
Total revenues 533 492 497
AmBisome | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 44 43 57
AmBisome | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 276 260 258
AmBisome | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 212 189 182
Other      
Disaggregation of Revenue [Line Items]      
Total revenues 356 367 449
Other | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 255 261 331
Other | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 34 40 65
Other | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 68 66 53
Royalty, contract and other revenues      
Disaggregation of Revenue [Line Items]      
Total revenues 144 182 299
Royalty, contract and other revenues | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 82 62 168
Royalty, contract and other revenues | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 58 114 127
Royalty, contract and other revenues | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues $ 4 $ 7 $ 4
v3.25.0.1
REVENUES - Summary of Revenues from Major Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cardinal Health, Inc.      
Revenue, Major Customer [Line Items]      
Percentage of revenues 26.00% 26.00% 25.00%
Cencora, Inc.      
Revenue, Major Customer [Line Items]      
Percentage of revenues 18.00% 19.00% 18.00%
McKesson Corporation      
Revenue, Major Customer [Line Items]      
Percentage of revenues 20.00% 21.00% 20.00%
v3.25.0.1
REVENUES - Summary of Revenues Recognized from Performance Obligations Satisfied in Prior Periods (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Revenue share with Janssen and royalties for licenses of intellectual property $ 727 $ 680 $ 783
Changes in estimates $ 452 $ 340 $ 582
v3.25.0.1
REVENUES - Summary of Contract Balances (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract assets $ 277 $ 117
Contract liabilities $ 58 $ 109
v3.25.0.1
FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Recorded at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Available-for-sale debt securities   $ 2,426
Fair value, recurring    
Assets    
Total $ 10,533 8,639
Liabilities:    
Total 552 570
Fair value, recurring | MYR    
Liabilities:    
Contingent consideration liability 206 228
Fair value, recurring | Arcellx, Inc    
Liabilities:    
Equity securities subject to contractual sale restrictions 515  
Level 1 | Fair value, recurring    
Assets    
Total 10,405 6,633
Liabilities:    
Total 343 283
Level 1 | Fair value, recurring | MYR    
Liabilities:    
Contingent consideration liability 0 0
Level 2 | Fair value, recurring    
Assets    
Total 128 2,007
Liabilities:    
Total 3 59
Level 2 | Fair value, recurring | MYR    
Liabilities:    
Contingent consideration liability 0 0
Level 3 | Fair value, recurring    
Assets    
Total 0 0
Liabilities:    
Total 206 228
Level 3 | Fair value, recurring | MYR    
Liabilities:    
Contingent consideration liability 206 228
U.S. treasury securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 426
U.S. treasury securities | Level 1 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 426
U.S. treasury securities | Level 2 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
U.S. treasury securities | Level 3 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
U.S. government agencies securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 127
U.S. government agencies securities | Level 1 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
U.S. government agencies securities | Level 2 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 127
U.S. government agencies securities | Level 3 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Non-U.S. government securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 10
Non-U.S. government securities | Level 1 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Non-U.S. government securities | Level 2 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 10
Non-U.S. government securities | Level 3 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Certificates of deposit | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 45
Certificates of deposit | Level 1 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Certificates of deposit | Level 2 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 45
Certificates of deposit | Level 3 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Corporate debt securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 1,451
Corporate debt securities | Level 1 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Corporate debt securities | Level 2 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 1,451
Corporate debt securities | Level 3 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Residential mortgage and asset-backed securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 367
Residential mortgage and asset-backed securities | Level 1 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Residential mortgage and asset-backed securities | Level 2 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 367
Residential mortgage and asset-backed securities | Level 3 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Money market funds | Fair value, recurring    
Assets    
Marketable equity securities 8,502 4,465
Money market funds | Level 1 | Fair value, recurring    
Assets    
Marketable equity securities 8,502 4,465
Money market funds | Level 2 | Fair value, recurring    
Assets    
Marketable equity securities 0 0
Money market funds | Level 3 | Fair value, recurring    
Assets    
Marketable equity securities 0 0
Publicly traded equity securities | Fair value, recurring    
Assets    
Marketable equity securities 1,561 1,458
Publicly traded equity securities | Level 1 | Fair value, recurring    
Assets    
Marketable equity securities 1,561 1,458
Publicly traded equity securities | Level 2 | Fair value, recurring    
Assets    
Marketable equity securities 0 0
Publicly traded equity securities | Level 3 | Fair value, recurring    
Assets    
Marketable equity securities 0 0
Deferred compensation plan | Fair value, recurring    
Assets    
Marketable equity securities 343 284
Liabilities:    
Deferred compensation plan 343 283
Deferred compensation plan | Level 1 | Fair value, recurring    
Assets    
Marketable equity securities 343 284
Liabilities:    
Deferred compensation plan 343 283
Deferred compensation plan | Level 2 | Fair value, recurring    
Assets    
Marketable equity securities 0 0
Liabilities:    
Deferred compensation plan 0 0
Deferred compensation plan | Level 3 | Fair value, recurring    
Assets    
Marketable equity securities 0 0
Liabilities:    
Deferred compensation plan 0 0
Foreign currency derivative contracts | Fair value, recurring    
Assets    
Foreign currency derivative contracts 128 7
Liabilities:    
Foreign currency derivative contracts 3 59
Foreign currency derivative contracts | Level 1 | Fair value, recurring    
Assets    
Foreign currency derivative contracts 0 0
Liabilities:    
Foreign currency derivative contracts 0 0
Foreign currency derivative contracts | Level 2 | Fair value, recurring    
Assets    
Foreign currency derivative contracts 128 7
Liabilities:    
Foreign currency derivative contracts 3 59
Foreign currency derivative contracts | Level 3 | Fair value, recurring    
Assets    
Foreign currency derivative contracts 0 0
Liabilities:    
Foreign currency derivative contracts $ 0 $ 0
v3.25.0.1
FAIR VALUE MEASUREMENTS - Additional Information (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Mar. 04, 2021
EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
In-process research and development impairments $ 4,180 $ 50 $ 2,700  
Write-off of finite-lived intangible asset 2,400 2,300 $ 1,800  
Manufacturing Assets        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Write-off   381    
Fair Value, Nonrecurring | Galapagos        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Write-off of finite-lived intangible asset   51    
Immunomedics, Inc. | Fair Value, Nonrecurring | Level 3 | Fair value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Future royalties 900 1,200    
Immunomedics, Inc. | Fair Value, Nonrecurring | Level 3 | Carrying value        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Future royalties $ 1,100 $ 1,200    
Maximum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Foreign currency derivative contract maturities (in months) 18 months      
Maximum | MYR        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Contingent consideration liability | €       € 300
v3.25.0.1
FAIR VALUE MEASUREMENTS - Summary of Change in Fair Value of Contingent Consideration (Details) - MYR - Contingent Consideration - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 228 $ 275
Changes in valuation assumptions (7) (60)
Effect of foreign exchange remeasurement (14) 12
Ending balance $ 206 $ 228
v3.25.0.1
FAIR VALUE MEASUREMENTS - Summary of Total Estimated Fair Value and Carrying Value of Senior Unsecured Notes (Details) - Level 2 - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair value    
Fair Value, Assets and Liabilities    
Fair value $ 23,335 $ 22,567
Carrying value    
Fair Value, Assets and Liabilities    
Carrying value $ 25,562 $ 23,834
v3.25.0.1
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Available-for-Sale Debt Securities at Estimated Fair Value (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Available-for-Sale Securities  
Amortized Cost $ 2,430
Gross Unrealized Gains 5
Gross Unrealized Losses (10)
Estimated Fair Value 2,426
U.S. treasury securities  
Available-for-Sale Securities  
Amortized Cost 427
Gross Unrealized Gains 0
Gross Unrealized Losses (1)
Estimated Fair Value 426
U.S. government agencies securities  
Available-for-Sale Securities  
Amortized Cost 127
Gross Unrealized Gains 0
Gross Unrealized Losses 0
Estimated Fair Value 127
Non-U.S. government securities  
Available-for-Sale Securities  
Amortized Cost 10
Gross Unrealized Gains 0
Gross Unrealized Losses 0
Estimated Fair Value 10
Certificates of deposit  
Available-for-Sale Securities  
Amortized Cost 45
Gross Unrealized Gains 0
Gross Unrealized Losses 0
Estimated Fair Value 45
Corporate debt securities  
Available-for-Sale Securities  
Amortized Cost 1,455
Gross Unrealized Gains 4
Gross Unrealized Losses (8)
Estimated Fair Value 1,451
Residential mortgage and asset-backed securities  
Available-for-Sale Securities  
Amortized Cost 366
Gross Unrealized Gains 1
Gross Unrealized Losses 0
Estimated Fair Value $ 367
v3.25.0.1
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Available-for-Sale Debt Securities In Continuous Unrealized Loss Position (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Gross Unrealized Losses  
Less Than 12 Months $ (2)
12 Months or Longer (8)
Total (10)
Estimated Fair Value  
Less Than 12 Months 727
12 Months or Longer 624
Total 1,351
U.S. treasury securities  
Gross Unrealized Losses  
Less Than 12 Months 0
12 Months or Longer (1)
Total (1)
Estimated Fair Value  
Less Than 12 Months 161
12 Months or Longer 48
Total 209
U.S. government agencies securities  
Gross Unrealized Losses  
Less Than 12 Months 0
12 Months or Longer 0
Total 0
Estimated Fair Value  
Less Than 12 Months 106
12 Months or Longer 2
Total 108
Non-U.S. government securities  
Gross Unrealized Losses  
Less Than 12 Months 0
12 Months or Longer 0
Total 0
Estimated Fair Value  
Less Than 12 Months 5
12 Months or Longer 5
Total 10
Corporate debt securities  
Gross Unrealized Losses  
Less Than 12 Months (1)
12 Months or Longer (7)
Total (8)
Estimated Fair Value  
Less Than 12 Months 333
12 Months or Longer 546
Total 878
Residential mortgage and asset-backed securities  
Gross Unrealized Losses  
Less Than 12 Months 0
12 Months or Longer 0
Total 0
Estimated Fair Value  
Less Than 12 Months 123
12 Months or Longer 24
Total $ 147
v3.25.0.1
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Balance Sheet Classification of Available-for-Sale Debt Securities (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-sale [Line Items]  
Total $ 2,426
Cash and cash equivalents  
Debt Securities, Available-for-sale [Line Items]  
Total 83
Short-term marketable debt securities  
Debt Securities, Available-for-sale [Line Items]  
Total 1,179
Long-term marketable debt securities  
Debt Securities, Available-for-sale [Line Items]  
Total $ 1,163
v3.25.0.1
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Classification of Equity Securities at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Equity method investments and other equity investments without readily determinable fair values:    
Other long-term assets $ 386 $ 340
Equity securities measured at fair value and without readily determinable fair value and equity method investments    
Total 10,791 6,547
Cash and cash equivalents    
Equity securities measured at fair value:    
Equity securities measured at fair value 8,502 4,465
Prepaid and other current assets    
Equity securities measured at fair value:    
Equity securities measured at fair value 1,577 1,086
Other long-term assets    
Equity securities measured at fair value:    
Equity securities measured at fair value $ 327 $ 656
v3.25.0.1
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Available-for-Sale Securities      
Marketable equity securities $ 1,577 $ 1,086  
Selling, general and administrative expenses 6,091 6,090 $ 5,673
Galapagos | Fair value, recurring      
Available-for-Sale Securities      
Marketable equity securities 462    
Equity securities subject to contractual sale restrictions   686  
Arcus | Fair value, recurring      
Available-for-Sale Securities      
Marketable equity securities $ 448 $ 283  
Gilead Foundation | Related Party      
Available-for-Sale Securities      
Selling, general and administrative expenses     $ 85
v3.25.0.1
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Net Unrealized Gains and Losses on Equity Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale [Abstract]      
Unrealized loss, net $ 284 $ 60 $ 684
v3.25.0.1
DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Outstanding notional amounts on foreign currency exchange contracts $ 2,900 $ 2,500  
Gain (loss) on discontinuance of cash flow hedges $ 0 $ 0 $ 0
Maximum      
Derivative [Line Items]      
Maturity on derivative instruments (in months) 18 months    
Time estimate for gains (losses) to be reclassified from AOCI to product sales (in months) 12 months    
v3.25.0.1
DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Classification and Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Total Derivative Assets $ 128 $ 7
Gross amounts not offset on the Consolidated Balance Sheets:    
Derivative financial instruments (3) (7)
Cash collateral received / pledged 0 0
Net amount (legal offset) 125 0
Total Derivative Liabilities 3 59
Derivative financial instruments (3) (7)
Cash collateral received / pledged 0 0
Net amount (legal offset) 0 52
Foreign currency exchange contracts designated as hedges    
Derivatives, Fair Value [Line Items]    
Total Derivative Assets 100 6
Gross amounts not offset on the Consolidated Balance Sheets:    
Total Derivative Liabilities 0 45
Foreign currency exchange contracts not designated as hedges    
Derivatives, Fair Value [Line Items]    
Total Derivative Assets 28 1
Gross amounts not offset on the Consolidated Balance Sheets:    
Total Derivative Liabilities 3 15
Prepaid and other current assets | Foreign currency exchange contracts designated as hedges    
Derivatives, Fair Value [Line Items]    
Total Derivative Assets 90 6
Prepaid and other current assets | Foreign currency exchange contracts not designated as hedges    
Derivatives, Fair Value [Line Items]    
Total Derivative Assets 28 1
Other current liabilities | Foreign currency exchange contracts designated as hedges    
Gross amounts not offset on the Consolidated Balance Sheets:    
Total Derivative Liabilities 0 38
Other current liabilities | Foreign currency exchange contracts not designated as hedges    
Gross amounts not offset on the Consolidated Balance Sheets:    
Total Derivative Liabilities 3 15
Other long-term assets | Foreign currency exchange contracts designated as hedges    
Derivatives, Fair Value [Line Items]    
Total Derivative Assets 10 0
Other long-term assets | Foreign currency exchange contracts not designated as hedges    
Derivatives, Fair Value [Line Items]    
Total Derivative Assets 0 0
Other long-term obligations | Foreign currency exchange contracts designated as hedges    
Gross amounts not offset on the Consolidated Balance Sheets:    
Total Derivative Liabilities 0 7
Other long-term obligations | Foreign currency exchange contracts not designated as hedges    
Gross amounts not offset on the Consolidated Balance Sheets:    
Total Derivative Liabilities $ 0 $ 0
v3.25.0.1
DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Effect of Foreign Currency Exchange Contracts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Net gain (loss) recognized in Accumulated other comprehensive income $ 171 $ (14) $ 150
Net gain reclassified from Accumulated other comprehensive income into Product sales 27 58 196
Net gain recognized in Other (income) expense, net $ 44 $ 57 $ 67
v3.25.0.1
ACQUISITIONS - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 22, 2023
Sep. 20, 2022
Jul. 31, 2024
Mar. 31, 2024
Oct. 31, 2023
May 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Combination, Separately Recognized Transactions [Line Items]                  
Acquired in-process research and development expenses             $ 4,663 $ 1,155 $ 944
Stock-based compensation expense             969 796 645
Research and development expenses                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Stock-based compensation expense             458 377 285
Selling, general and administrative expenses                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Stock-based compensation expense             450 361 313
CymaBay                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Asset acquisition consideration       $ 3,900          
Acquired in-process research and development expenses             3,800    
Stock-based compensation expense             133    
Asset acquisition, assets acquired             333    
Asset acquisition, liabilities assumed             228    
Liability payments             209    
CymaBay | Research and development expenses                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Stock-based compensation expense             67    
CymaBay | Selling, general and administrative expenses                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Stock-based compensation expense             67    
CymaBay | Janssen Pharmaceutica NV                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Payment to extinguish a future royalty obligation     $ 320            
XinThera, Inc                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Acquired in-process research and development expenses         $ 50     170  
Cash consideration           $ 200      
Maximum potential future milestone payments           $ 760      
Tmunity Therapeutics                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Acquired in-process research and development expenses               244  
Cash consideration $ 300                
Tmunity Therapeutics | Tmunity And University Of Pennsylvania                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Acquired in-process research and development expenses             47 $ 25  
Maximum potential future milestone payments             $ 1,000    
MiroBio Ltd.                  
Business Combination, Separately Recognized Transactions [Line Items]                  
Acquired in-process research and development expenses                 $ 389
Cash consideration   $ 414              
v3.25.0.1
COLLABORATIONS AND OTHER ARRANGEMENTS (Details)
€ in Millions, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Mar. 13, 2021
USD ($)
Jul. 13, 2020
USD ($)
May 27, 2020
Jan. 31, 2025
USD ($)
Dec. 31, 2023
USD ($)
May 31, 2023
USD ($)
Apr. 30, 2022
USD ($)
Aug. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2024
USD ($)
designee
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2014
Jan. 31, 2025
EUR (€)
Jan. 31, 2024
USD ($)
shares
Jan. 30, 2023
Nov. 18, 2021
program
Oct. 23, 2020
USD ($)
Dec. 31, 2019
shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Acquired in-process research and development expenses                   $ 4,663 $ 1,155 $ 944              
Research and development expenses                   5,907 5,718 4,977              
Cost of goods sold                   6,251 6,498 5,657              
Selling, general and administrative expenses                   $ 6,091 6,090 5,673              
Arcus                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Option fee                             $ 100        
Additional equity investment                             320        
Number of designees on board of directors | designee                   3                  
Arcus | Nonoperating Income (Expense)                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Additional equity investment                             87        
Arcus | Prepaid and other current assets                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Additional equity investment                             $ 233        
Galapagos                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Number of designees on board of directors | designee                   2                  
Abingworth                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Maximum potential future milestone payments         $ 84           84                
Funding received                     50                
Funding expenses                   $ 78                  
Abingworth | Maximum                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Funding received         210                            
Abingworth                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Milestone payment upon approval         84           84                
Dragonfly Therapeutics Collaboration Agreement | Dragonfly Therapeutics, Inc.                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Payments to acquire in process research and development             $ 300                        
Additional payments to acquire in process research and development                       15              
Merck Sharp & Dohme Corp                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Percent of global and development and commercialization costs 60.00%                                    
Revenues recognized                   0 0 0              
Option period to license certain inhibitors (in years) 5 years                                    
Research and development expenses                   0 0 0              
Merck Sharp & Dohme Corp | Oral Formulation Product                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Net product sales threshold $ 2,000                                    
Percent of global product revenues 65.00%                                    
Merck Sharp & Dohme Corp | Injectable Formulation Product                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Net product sales threshold $ 3,500                                    
Percent of global product revenues 65.00%                                    
Merck Sharp & Dohme Corp | Merck                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Percent of global and development and commercialization costs 40.00%                                    
Janssen pharmaceuticals                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Purchase price of goods less specified amount, maximum percentage                         30.00%            
Cost of goods sold                   403 430 483              
Period subject to termination (in years)                         10 years            
Japan tobacco                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Royalty expense                   139 167 198              
Cash paid                 $ 559                    
Finite-lived intangible assets acquired                 $ 550                    
Amortization useful life (in years)                 9 years                    
Everest Medicines | Licensing Agreements                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Finite-lived intangible assets acquired                       50              
Finite-lived intangible asset                                   $ 175  
Selling, general and administrative expenses                       406              
Everest Medicines | Everest Medicines                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Maximum potential future milestone payments                       175              
Upfront termination payments                       280              
Termination payments                     196 84              
LEO Pharma agreement | LEO Pharma A/S | Subsequent event                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Payments to acquire in process research and development       $ 250                              
Additional payments (up to)       $ 1,500                              
Arcellx, Inc | Global Strategic Collaboration Agreement                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Acquired in-process research and development expenses                   68 313                
Payments to acquire shares                     299                
Percentage of profits earned                               50.00%      
Maximum potential future milestone payments         $ 1,500           1,500                
Arcellx, Inc | Global Strategic Collaboration Agreement | Arcellx, Inc                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Percentage of profits earned                               50.00%      
Arcus                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Shares owned (in shares) | shares                             30.1        
Ownership percentage                             33.00%        
Arcus | Arcus collaboration agreement and stock purchase agreements                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Opt-in term (in years)     10 years                                
Number of clinical stage programs with exercise options | program                                 3    
Collaboration opt-in payments                       725              
Arcus | Arcus collaboration agreement                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Maximum potential future milestone payments           $ 420                          
Collaboration agreement, up-front fee paid           $ 35                          
Research and development expenses                   $ 243 $ 189 $ 187              
Additional option fee in future years   $ 100                                  
Arcus | Arcus stock purchase agreement                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Maximum percentage of outstanding stock allowed to be purchased   35.00%                                  
Purchase period (in years)   5 years                                  
Galapagos | Galapagos subscription agreement                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Ownership percentage               25.80%                      
Collaboration term (in years)               10 years                      
Potential option exercise fee               $ 150                      
Payment of tiered royalties, low-end percentage               20.00%                      
Payment of tiered royalties, high-end percentage               24.00%                      
Maximum ownership percentage               29.90%                      
Shares of common stock acquired (in shares) | shares                                     16.7
Standstill restricting term (in years)               10 years                      
Galapagos | Galapagos subscription agreement | Subsequent event                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Ownership percentage       25.00%                   25.00%          
SpinCo | Galapagos subscription agreement | Subsequent event                                      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                      
Ownership percentage       25.00%                   25.00%          
Initial capital allocation (up to)       $ 2,540                   € 2,450          
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Land and land improvements $ 561 $ 561
Buildings and improvements (including leasehold improvements) 4,539 4,328
Laboratory and manufacturing equipment 1,192 1,147
Office, computer equipment and other 1,090 1,069
Construction in progress 501 661
Subtotal 7,884 7,766
Less: accumulated depreciation 2,470 2,449
Total $ 5,414 $ 5,317
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT - Book Value of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net $ 5,414 $ 5,317
U.S.    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net 4,787 4,691
International    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net $ 627 $ 626
v3.25.0.1
GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount $ 31,879 $ 31,819
Accumulated Amortization (14,822) (12,436)
Foreign Currency Translation Adjustment 1 1
Total 17,058 19,384
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross  Carrying Amount 2,890 7,070
Foreign Currency Translation Adjustment 0 0
Net Carrying Amount 2,890 7,070
Intangible Assets, Net (Including Goodwill) [Abstract]    
Gross  Carrying Amount 34,769 38,889
Accumulated Amortization (14,822) (12,436)
Foreign Currency Translation Adjustment 1 1
Net Carrying Amount 19,948 26,454
In Process Research And Development NSCLC    
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross  Carrying Amount 1,800 5,900
In Process Research And Development Bulevirtide    
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross  Carrying Amount 1,100 1,100
Intangible asset – sofosbuvir    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 10,720 10,720
Accumulated Amortization (7,749) (7,050)
Foreign Currency Translation Adjustment 0 0
Total 2,971 3,670
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization (7,749) (7,050)
Intangible asset – axicabtagene ciloleucel    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 7,110 7,110
Accumulated Amortization (2,721) (2,314)
Foreign Currency Translation Adjustment 0 0
Total 4,389 4,796
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization (2,721) (2,314)
Intangible asset – Trodelvy    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 11,730 11,730
Accumulated Amortization (3,083) (2,002)
Foreign Currency Translation Adjustment 0 0
Total 8,647 9,728
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization (3,083) (2,002)
Intangible asset – Hepcludex    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 845 845
Accumulated Amortization (329) (243)
Foreign Currency Translation Adjustment 0 0
Total 516 602
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization (329) (243)
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 1,474 1,414
Accumulated Amortization (940) (827)
Foreign Currency Translation Adjustment 1 1
Total 535 588
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization $ (940) $ (827)
v3.25.0.1
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2020
Intangible Assets [Line Items]                
Accumulated goodwill impairment losses         $ 0      
Aggregate amortization expense related to finite-lived intangible assets         $ 2,400 $ 2,300 $ 1,800  
Discount rate of acquired IPR&D     7.50%   7.25% 7.50% 7.50%  
In-process research and development impairments         $ 4,180 $ 50 $ 2,700  
Fair Value, Nonrecurring | Galapagos                
Intangible Assets [Line Items]                
Aggregate amortization expense related to finite-lived intangible assets           $ 51    
In Process Research And Development NSCLC                
Intangible Assets [Line Items]                
In-process research and development impairments $ 1,800 $ 2,400            
In Process Research And Development Bulevirtide | Fair Value, Nonrecurring                
Intangible Assets [Line Items]                
In-process research and development impairments     $ 50          
In Process Research And Development Trodelvy For HR+/HER2-                
Intangible Assets [Line Items]                
Indefinite-lived intangible assets, fair value       $ 6,100        
In Process Research And Development Trodelvy For HR+/HER2- | Fair Value, Nonrecurring                
Intangible Assets [Line Items]                
In-process research and development impairments       $ 2,700        
Immunomedics, Inc. | In Process Research And Development NSCLC | Measurement Input, Discount Rate                
Intangible Assets [Line Items]                
Discount rate, measurement input 7.00% 7.00%            
Immunomedics, Inc. | In Process Research And Development Trodelvy For HR+/HER2-                
Intangible Assets [Line Items]                
Aggregate fair value of acquired IPR&D               $ 8,800
Immunomedics, Inc. | In Process Research And Development Trodelvy For HR+/HER2- | Measurement Input, Discount Rate                
Intangible Assets [Line Items]                
Discount rate, measurement input       6.75%        
v3.25.0.1
GOODWILL AND INTANGIBLE ASSETS - Summary of Estimated Future Amortization Expense of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 2,388  
2026 2,379  
2027 2,379  
2028 2,318  
2029 1,790  
Thereafter 5,805  
Total $ 17,058 $ 19,384
v3.25.0.1
OTHER FINANCIAL INFORMATION - Summary of Accounts Receivable, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Financial Information [Abstract]    
Accounts receivable $ 5,319 $ 5,495
Less: allowances for chargebacks 759 679
Less: allowances for cash discounts and other 89 101
Less: allowances for credit losses 52 56
Accounts receivable, net $ 4,420 $ 4,660
v3.25.0.1
OTHER FINANCIAL INFORMATION - Summary of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Financial Information [Abstract]    
Raw materials $ 1,295 $ 1,246
Work in process 847 847
Finished goods 1,447 1,272
Total 3,589 3,366
Inventories 1,710 1,787
Other long term assets $ 1,879 $ 1,578
v3.25.0.1
OTHER FINANCIAL INFORMATION - Prepaid and Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Financial Information [Abstract]    
Prepaid taxes $ 480 $ 559
Equity securities 1,577 1,086
Other 995 728
Prepaid and other current assets $ 3,052 $ 2,374
v3.25.0.1
OTHER FINANCIAL INFORMATION - Summary of Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Financial Information [Abstract]    
Compensation and employee benefits $ 1,228 $ 1,201
Income taxes payable 1,646 1,208
Allowance for sales returns 321 387
Other 2,269 2,334
Other current liabilities $ 5,464 $ 5,130
v3.25.0.1
OTHER FINANCIAL INFORMATION - Summary of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ 22,749 $ 21,209 $ 21,064
Net unrealized (loss) gain, net of tax impact 124 75 88
Reclassifications to net income, net of tax impact (19) (49) (170)
Other comprehensive income (loss), net 104 26 (81)
Ending balance 19,246 22,749 21,209
Accumulated Other Comprehensive Income      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 28 2 83
Other comprehensive income (loss), net 104 26 (81)
Ending balance 132 28 2
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 62 2 13
Net unrealized (loss) gain, net of tax impact (26) 60 (11)
Reclassifications to net income, net of tax impact 0 0 0
Other comprehensive income (loss), net (26) 60 (11)
Ending balance 36 62 2
Net unrealized (loss) gain, tax 0 0 0
Reclassifications to net income, tax 0 0 0
Available-for-Sale Debt Securities      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (5) (33) (4)
Net unrealized (loss) gain, net of tax impact 0 26 (30)
Reclassifications to net income, net of tax impact 5 2 1
Other comprehensive income (loss), net 5 28 (29)
Ending balance 0 (5) (33)
Net unrealized (loss) gain, tax 0 0 0
Reclassifications to net income, tax 0 0 0
Reclassifications before tax 5 2 1
Cash Flow Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (29) 33 74
Net unrealized (loss) gain, net of tax impact 149 (12) 130
Reclassifications to net income, net of tax impact (24) (51) (171)
Other comprehensive income (loss), net 125 (62) (41)
Ending balance 96 (29) 33
Net unrealized (loss) gain, tax 21 (2) 20
Reclassifications to net income, tax 3 7 25
Reclassifications before tax $ 27 $ 58 $ 196
v3.25.0.1
OTHER FINANCIAL INFORMATION - Restructuring (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 188 $ 527
Restructuring liability 93  
Other costs   57
Cost of goods sold    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges   $ 479
Restructuring charges, statement of income or comprehensive income, extensible enumeration   Cost of goods sold
Research and development expenses    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 98 $ 20
Restructuring charges, statement of income or comprehensive income, extensible enumeration Research and development expenses Research and development expenses
Selling, general and administrative expenses    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 91 $ 28
Restructuring charges, statement of income or comprehensive income, extensible enumeration Selling, general and administrative expenses Selling, general and administrative expenses
Manufacturing Assets    
Restructuring Cost and Reserve [Line Items]    
Write-off   $ 381
Inventory Write-downs    
Restructuring Cost and Reserve [Line Items]    
Write-off   $ 89
v3.25.0.1
OTHER FINANCIAL INFORMATION - Other (Income) Expense, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Financial Information [Abstract]      
Loss from equity securities, net $ 274 $ 167 $ 657
Interest income (281) (376) (106)
Other, net 2 11 29
Other (income) expense, net $ (6) $ (198) $ 581
v3.25.0.1
DEBT AND CREDIT FACILITIES - Summary of Debt Carrying Amount (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Nov. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Total debt, net $ 26,710   $ 24,987
Less: Current portion of long-term debt, net 1,815   1,798
Total Long-term debt, net 24,896   23,189
Senior notes      
Debt Instrument [Line Items]      
Total debt, net $ 25,750    
Senior notes | 3.70% Senior Unsecured Notes Due in April 2024      
Debt Instrument [Line Items]      
Interest Rate 3.70%    
Total debt, net $ 0   1,750
Senior notes | 3.50% Senior Unsecured Notes Due in February 2025      
Debt Instrument [Line Items]      
Interest Rate 3.50%    
Total debt, net $ 1,750   1,749
Senior notes | 3.65% Senior Unsecured Notes Due in March 2026      
Debt Instrument [Line Items]      
Interest Rate 3.65%    
Total debt, net $ 2,747   2,744
Senior notes | 2.95% Senior Unsecured Notes Due in March 2027      
Debt Instrument [Line Items]      
Interest Rate 2.95%    
Total debt, net $ 1,249   1,248
Senior notes | 1.20% Senior Unsecured Notes Due October 2027      
Debt Instrument [Line Items]      
Interest Rate 1.20%    
Total debt, net $ 748   747
Senior notes | 4.80% Senior Unsecured Notes Due in November 2029      
Debt Instrument [Line Items]      
Interest Rate 4.80% 4.80%  
Total debt, net $ 746   0
Senior notes | 1.65% Senior Unsecured Notes Due October 2030      
Debt Instrument [Line Items]      
Interest Rate 1.65%    
Total debt, net $ 995   994
Senior notes | 5.25% Senior Unsecured Notes Due October 2033      
Debt Instrument [Line Items]      
Interest Rate 5.25%    
Total debt, net $ 993   992
Senior notes | 5.10% Senior Unsecured Notes Due in June 2035      
Debt Instrument [Line Items]      
Interest Rate 5.10% 5.10%  
Total debt, net $ 991   0
Senior notes | 4.60% Senior Unsecured Notes Due in September 2035      
Debt Instrument [Line Items]      
Interest Rate 4.60%    
Total debt, net $ 994   993
Senior notes | 4.00% Senior Unsecured Notes Due in September 2036      
Debt Instrument [Line Items]      
Interest Rate 4.00%    
Total debt, net $ 744   743
Senior notes | 2.60% Senior Unsecured Notes Due October 2040      
Debt Instrument [Line Items]      
Interest Rate 2.60%    
Total debt, net $ 989   988
Senior notes | 5.65% Senior Unsecured Notes Due in December 2041      
Debt Instrument [Line Items]      
Interest Rate 5.65%    
Total debt, net $ 997   996
Senior notes | 4.80% Senior Unsecured Notes Due in April 2044      
Debt Instrument [Line Items]      
Interest Rate 4.80%    
Total debt, net $ 1,738   1,737
Senior notes | 4.50% Senior Unsecured Notes Due in February 2045      
Debt Instrument [Line Items]      
Interest Rate 4.50%    
Total debt, net $ 1,735   1,734
Senior notes | 4.75% Senior Unsecured Notes Due in March 2046      
Debt Instrument [Line Items]      
Interest Rate 4.75%    
Total debt, net $ 2,224   2,222
Senior notes | 4.15% Senior Unsecured Notes Due in March 2047      
Debt Instrument [Line Items]      
Interest Rate 4.15%    
Total debt, net $ 1,730   1,729
Senior notes | 2.80% Senior Unsecured Notes Due October 2050      
Debt Instrument [Line Items]      
Interest Rate 2.80%    
Total debt, net $ 1,479   1,478
Senior notes | 5.55% Senior Unsecured Notes Due October 2053      
Debt Instrument [Line Items]      
Interest Rate 5.55%    
Total debt, net $ 988   988
Senior notes | 5.50% Senior Unsecured Notes Due November 2054      
Debt Instrument [Line Items]      
Interest Rate 5.50% 5.50%  
Total debt, net $ 989   0
Senior notes | 5.60% Senior Unsecured Notes Due November 2064      
Debt Instrument [Line Items]      
Interest Rate 5.60% 5.60%  
Total debt, net $ 738   0
Senior Notes and Medium-Term Notes      
Debt Instrument [Line Items]      
Total senior unsecured notes 25,562   23,834
Liability related to future royalties      
Debt Instrument [Line Items]      
Total debt, net $ 1,148   $ 1,153
v3.25.0.1
DEBT AND CREDIT FACILITIES - Additional Information (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2025
USD ($)
Apr. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Nov. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Oct. 23, 2020
Debt Instrument [Line Items]                
Repayments of debt     $ 1,970 $ 2,250 $ 1,500      
Immunomedics, Inc. | Measurement Input, Expected Term                
Debt Instrument [Line Items]                
Liability related to future royalties, measurement Input               16
Senior notes                
Debt Instrument [Line Items]                
Principal amount           $ 3,500    
Redemption price, percentage     101.00%          
Senior notes | Minimum                
Debt Instrument [Line Items]                
Par call term (in months)     1 month          
Senior notes | Maximum                
Debt Instrument [Line Items]                
Par call term (in months)     6 months          
Senior notes | 4.80% Senior Unsecured Notes Due in November 2029                
Debt Instrument [Line Items]                
Principal amount           $ 750    
Interest rate, stated percentage     4.80%     4.80%    
Redemption price, percentage     100.00%          
Senior notes | 5.10% Senior Unsecured Notes Due in June 2035                
Debt Instrument [Line Items]                
Principal amount           $ 1,000    
Interest rate, stated percentage     5.10%     5.10%    
Redemption price, percentage     100.00%          
Senior notes | 5.50% Senior Unsecured Notes Due November 2054                
Debt Instrument [Line Items]                
Principal amount           $ 1,000    
Interest rate, stated percentage     5.50%     5.50%    
Redemption price, percentage     100.00%          
Senior notes | 5.60% Senior Unsecured Notes Due November 2064                
Debt Instrument [Line Items]                
Principal amount           $ 750    
Interest rate, stated percentage     5.60%     5.60%    
Redemption price, percentage     100.00%          
Senior notes | 3.70% Senior Unsecured Notes Due in April 2024                
Debt Instrument [Line Items]                
Interest rate, stated percentage     3.70%          
Repayments of debt   $ 1,750            
Senior notes | 3.50% Senior Unsecured Notes Due in February 2025                
Debt Instrument [Line Items]                
Interest rate, stated percentage     3.50%          
Senior notes | 3.50% Senior Unsecured Notes Due in February 2025 | Subsequent event | Forecast                
Debt Instrument [Line Items]                
Repayments of debt $ 1,750              
Line of credit | Revolving credit facility                
Debt Instrument [Line Items]                
Amounts outstanding under the facility     $ 0 $ 0        
Line of credit | Terminated 2020 Revolving Credit Facility | Revolving credit facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity             $ 2,500  
Line of credit | 2024 Revolving Credit Facility | Revolving credit facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity             $ 2,500  
v3.25.0.1
DEBT AND CREDIT FACILITIES - Summary of Contractual Maturities of Financing Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt, net $ 26,710 $ 24,987
Senior notes    
Debt Instrument [Line Items]    
2025 1,750  
2026 2,750  
2027 2,000  
2028 0  
2029 750  
Thereafter 18,500  
Total debt, net $ 25,750  
v3.25.0.1
LEASES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Lease term extension (in years) 15 years    
Termination period (in years) one year    
Operating lease expense $ 163 $ 165 $ 162
v3.25.0.1
LEASES - Summary of Balance Sheet Location and Other Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Right-of-use assets, net $ 515 $ 581
Lease liabilities – current 113 125
Lease liabilities – noncurrent $ 498 $ 546
Weighted average remaining lease term 8 years 7 years 6 months
Weighted average discount rate 3.37% 3.22%
Operating lease, right-of-use asset, statement of financial position, extensible enumeration Other long-term assets Other long-term assets
Operating lease, current, statement of financial position, extensible enumeration Other current liabilities Other current liabilities
Operating lease, noncurrent, statement of financial position, extensible enumeration Other long-term obligations Other long-term obligations
v3.25.0.1
LEASES - Summary of Supplemental Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Cash paid for amounts included in the measurement of lease liabilities $ 141 $ 88 $ 98
Right-of-use assets obtained in exchange for lease liabilities $ 86 $ 214 $ 97
v3.25.0.1
LEASES - Summary of Operating Lease Liabilities Maturity (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 132
2026 109
2027 88
2028 77
2029 64
Thereafter 228
Total undiscounted lease payments 698
Less: imputed interest 87
Total discounted lease payments $ 611
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 1 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2024
claim
Nov. 30, 2023
patent
May 31, 2023
USD ($)
Mar. 31, 2022
patent
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
lawsuit
plaintiff
Apr. 30, 2020
agreement
Other Commitments [Line Items]              
Accrued litigation         $ 0 $ 242  
Number of patents challenged | patent   2   4      
Number of patents | patent       6      
Payments for legal settlements         $ 525    
Number of claims dismissed | claim 2            
Settlement amount awarded     $ 525        
Potential Settlement              
Other Commitments [Line Items]              
Accrued litigation           $ 200  
Pre-Exposure Prophylaxis              
Other Commitments [Line Items]              
Number of material transfer agreements | agreement             3
Product Liability              
Other Commitments [Line Items]              
Number of claims filed | lawsuit           1  
Number of plaintiffs | plaintiff           22,000  
Product Liability - California              
Other Commitments [Line Items]              
Number of plaintiffs | plaintiff           2,470  
Settlement amount awarded           $ 39  
v3.25.0.1
EMPLOYEE BENEFITS - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Matching contribution expense $ 204 $ 208 $ 176  
Deferred compensation plan | Fair value, recurring        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity securities measured at fair value $ 343 $ 284    
ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for future grant (in shares) 24      
Capital shares reserved for future issuance (in shares) 104      
Purchase price of common stock (as percent) 85.00%      
RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost $ 1,100      
Period for recognition (in years) 2 years 2 months 12 days      
PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost $ 31      
Period for recognition (in years) 1 year 1 month 6 days      
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost $ 43      
Period for recognition (in years) 2 years 1 month 6 days      
Expiration period (in years) 10 years      
Minimum | RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years) 3 years      
Minimum | PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Payout percentage 0.00%      
Minimum | Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years) 3 years      
Maximum | RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years) 4 years      
Maximum | PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Payout percentage 200.00%      
Maximum | Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years) 4 years      
2022 Equity Incentive Plan | Common Stock         
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock authorized (in shares)       132
Shares available for future grant (in shares) 70      
v3.25.0.1
EMPLOYEE BENEFITS - Summary of Stock-Based Compensation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses $ 969 $ 796 $ 645
Income tax effect (192) (165) (91)
Stock-based compensation expense, net of tax 777 630 553
Acquisition-related expense      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 133 29 8
Acquisition-related expense | CymaBay      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 133    
Acquisition-related expense | XinThera, Inc      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses   19  
Acquisition-related expense | Tmunity Therapeutics      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses   10  
Acquisition-related expense | MiroBio Ltd.      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses     8
Cost of goods sold      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 61 57 46
Research and development expenses      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 458 377 285
Selling, general and administrative expenses      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 450 361 313
RSUs      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 732 666 557
PSUs      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 37 32 25
Stock options      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 30 30 28
ESPP      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses $ 36 $ 37 $ 26
v3.25.0.1
EMPLOYEE BENEFITS - Summary of Restricted Stock (Details) - RSUs - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Outstanding, beginning balance (in shares) 22.7    
Granted (in shares) 12.4    
Vested (in shares) (11.0)    
Forfeited (in shares) (2.2)    
Outstanding, ending balance (in shares) 21.8 22.7  
Weighted- Average Grant Date Fair Value Per Share      
Outstanding, beginning balance (in dollars per share) $ 71.24    
Granted (in dollars per share) 74.82 $ 79.66 $ 60.36
Vested (in dollars per share) 70.49    
Forfeited (in dollars per share) 72.52    
Outstanding, ending balance (in dollars per share) $ 73.52 $ 71.24  
Total fair value of RSUs vested $ 847 $ 849 $ 554
v3.25.0.1
EMPLOYEE BENEFITS - Summary of Performance Share Awards (Details) - PSUs - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Outstanding, beginning balance (in shares) 1.0    
Granted (in shares) 0.6    
Vested (in shares) (0.5)    
Forfeited (in shares) 0.0    
Outstanding, ending balance (in shares) 1.1 1.0  
Weighted- Average Grant Date Fair Value Per Share      
Outstanding, beginning balance (in dollars per share) $ 67.48    
Granted (in dollars per share) 72.24 $ 81.39 $ 60.04
Vested (in dollars per share) 71.86    
Forfeited (in dollars per share) 72.10    
Outstanding, ending balance (in dollars per share) $ 72.24 $ 67.48  
Total fair value of RSUs vested $ 43 $ 35 $ 14
v3.25.0.1
EMPLOYEE BENEFITS - Summary of Stock Options (Details) - Stock options - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]      
Outstanding, beginning balance (in shares) 14.3    
Granted (in shares) 2.5    
Exercised (in shares) (4.1)    
Forfeited (in shares) (0.5)    
Expired (in shares) (0.3)    
Outstanding, beginning balance (in shares) 11.8 14.3  
Exercisable (in shares) 7.4    
Expected to vest, net of estimated forfeitures (in shares) 4.2    
Weighted- Average Exercise Price (in dollars)      
Outstanding, beginning balance (in dollars per share) $ 69.38    
Granted (in dollars per share) 74.70    
Exercised (in dollars per share) 69.28    
Forfeited (in dollars per share) 71.65    
Expired (in dollars per share) 89.27    
Outstanding, ending balance (in dollars per share) 69.85 $ 69.38  
Exercisable (in dollars per share) 68.72    
Expected to vest, net of estimated forfeitures (in dollars per share) $ 71.67    
Weighted-Average Remaining Contractual Term (years)      
Outstanding 6 years 4 months 17 days    
Exercisable 5 years 3 months 3 days    
Expected to vest, net of estimated forfeitures 8 years 3 months 3 days    
Aggregate Intrinsic Value (in millions)      
Outstanding $ 268    
Exercisable 178    
Expected to vest, net of estimated forfeitures $ 86    
Weighted average grant date fair value (in dollars per share) $ 13.70 $ 16.11 $ 9.08
Total intrinsic value of options exercised $ 77 $ 25 $ 59
v3.25.0.1
EMPLOYEE BENEFITS - Summary of Assumptions Used to Calculate the Fair Value of Awards (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 25.00% 26.00% 27.00%
Expected terms in years 5 years 5 years 5 years
Risk-free interest rate 4.10% 4.10% 1.90%
Expected dividend yield 3.90% 3.50% 4.30%
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 25.00% 24.00% 23.00%
Expected terms in years 6 months 6 months 6 months
Risk-free interest rate 5.20% 5.10% 1.80%
Expected dividend yield 4.30% 3.70% 4.50%
v3.25.0.1
EMPLOYEE BENEFITS - Summary of ESPP Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Issuances under employee stock purchase plan $ 139 $ 129 $ 103
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares issued 2 2 2
Issuances under employee stock purchase plan $ 139 $ 129 $ 103
Weighted-average grant date fair value of ESPP shares granted (in dollars per share) $ 15.76 $ 17.31 $ 13.40
Total fair value of ESPP shares vested $ 27 $ 45 $ 21
v3.25.0.1
EARNINGS PER SHARE - Summary of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income attributable to Gilead $ 480 $ 5,665 $ 4,592
Shares used in basic earnings per share attributable to Gilead calculation (in shares) 1,247 1,248 1,255
Dilutive effect of stock options and equivalents (in shares) 8 10 7
Shares used in diluted earnings per share attributable to Gilead calculation (in shares) 1,255 1,258 1,262
Basic earnings per share attributable to Gilead (in dollars per share) $ 0.38 $ 4.54 $ 3.66
Diluted earnings per share attributable to Gilead (in dollars per share) $ 0.38 $ 4.50 $ 3.64
v3.25.0.1
EARNINGS PER SHARE - Additional Information (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share (in shares) 5 4 12
v3.25.0.1
INCOME TAXES - Summary of Income Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ (876) $ 5,467 $ 4,439
Foreign 1,566 1,392 1,375
Income before income taxes $ 690 $ 6,859 $ 5,814
v3.25.0.1
INCOME TAXES - Summary of Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Federal:      
Current $ 1,495 $ 1,781 $ 2,539
Deferred (1,562) (1,126) (1,502)
Federal income tax expense (benefit) (67) 655 1,037
State:      
Current 39 80 32
Deferred (386) 170 (154)
State and local income tax expense (benefit) (347) 250 (122)
Foreign:      
Current 519 381 232
Deferred 106 (39) 101
Foreign income tax expense 625 342 333
Income tax expense $ 211 $ 1,247 $ 1,248
v3.25.0.1
INCOME TAXES - Summary of Difference Between Provision For Income Taxes and Federal Statutory Income Tax Rate to Income Before Provision for Income Taxes (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal statutory rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit (43.60%) 2.30% (2.00%)
Foreign earnings at different rates 10.90% (0.20%) (0.60%)
Research and other credits (31.60%) (4.30%) (2.70%)
US tax on foreign earnings 12.10% 1.00% 2.70%
Foreign-derived intangible income deduction (19.30%) (2.10%) (3.80%)
Tax examinations (33.70%) (4.70%) (0.20%)
Acquired IPR&D & related charges 117.30% 1.30% 1.40%
Changes in valuation allowance 15.60% 0.90% 1.20%
Non-taxable unrealized loss on investment 6.80% 0.20% 0.70%
Legal entity restructuring (52.60%) 0.00% 0.00%
Other 27.60% 2.80% 3.80%
Effective tax rate 30.50% 18.20% 21.50%
v3.25.0.1
INCOME TAXES - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforwards $ 288 $ 417
Stock-based compensation 84 94
Reserves and accruals not currently deductible 685 644
Excess of tax basis over book basis of intangible assets 910 1,041
Upfront and milestone payments 1,312 1,271
Research and other credit carryforwards 428 283
Equity investments 237 221
Liability related to future royalties 287 296
Capitalized R&D expenditures 2,173 1,623
Capital losses 590 17
Other, net 213 303
Total deferred tax assets before valuation allowance 7,207 6,210
Valuation allowance (1,217) (663)
Total deferred tax assets 5,990 5,547
Deferred tax liabilities:    
Property, plant and equipment (276) (274)
Excess of book basis over tax basis of intangible assets (3,836) (5,481)
Other (224) (184)
Total deferred tax liabilities (4,336) (5,939)
Net deferred tax assets $ 1,654  
Net deferred tax liabilities   $ (392)
v3.25.0.1
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Valuation allowance increase $ 554 $ 64  
Unrecognized tax benefits 1,400 929  
Income tax penalties and interest benefit 46 35 $ 3
Accrued interest and income tax penalties 133 180  
Accrued repatriation of foreign earnings 1,300 $ 2,400  
Anticipated payment 1,300    
Domestic tax authority      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 602    
Tax credit carryforward 45    
State and local jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 3,000    
Tax credit carryforward $ 1,100    
v3.25.0.1
INCOME TAXES - Summary of Rollforward of Total Unrecognized Tax Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 1,962 $ 1,959 $ 1,713
Tax positions related to current year:      
Additions 743 265 129
Reductions 0 0 0
Tax positions related to prior years:      
Additions 190 109 225
Reductions (298) (315) (31)
Settlements (270) (42) (10)
Lapse of statute of limitations (2) (13) (68)
Ending balance $ 2,325 $ 1,962 $ 1,959
v3.25.0.1
SEGMENT INFORMATION (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments | segment 1    
Selling, general and administrative expenses $ 6,091 $ 6,090 $ 5,673
Reportable Segment      
Segment Reporting Information [Line Items]      
Selling and marketing expenses 3,453 3,272 3,331
General and administrative expenses 2,638 2,818 2,342
Selling, general and administrative expenses $ 6,091 $ 6,090 $ 5,673