GILEAD SCIENCES, INC., 10-K filed on 2/24/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
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     $ 103.2
Entity Common Stock, Shares Outstanding   1,241,420,528  
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 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Report.    
Entity Central Index Key 0000882095    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location San Mateo, California
Auditor Firm ID 42
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 7,564 $ 9,991
Short-term marketable debt securities 68 0
Accounts receivable, net 4,913 4,420
Inventories 1,774 1,710
Prepaid and other current assets 4,024 3,052
Total current assets 18,342 19,173
Property, plant and equipment, net 5,606 5,414
Long-term marketable debt securities 2,974 0
Intangible assets, net 16,978 19,948
Goodwill 8,314 8,314
Deferred tax assets 1,964 2,378
Other long-term assets 4,845 3,769
Total assets 59,023 58,995
Current liabilities:    
Accounts payable 715 833
Accrued rebates 4,337 3,892
Current portion of long-term debt, net 2,807 1,815
Other current liabilities 3,953 5,464
Total current liabilities 11,813 12,004
Long-term debt, net 22,129 24,896
Long-term income taxes payable 896 830
Deferred tax liabilities 402 724
Other long-term liabilities 1,165 1,295
Commitments and contingencies (Note 12)
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; 1,241 and 1,246 shares issued and outstanding, respectively 1 1
Additional paid-in capital 8,932 7,700
Accumulated other comprehensive income 39 132
Retained earnings 13,730 11,497
Total Gilead stockholders’ equity 22,703 19,330
Noncontrolling interest (84) (84)
Total stockholders’ equity 22,618 19,246
Total liabilities and stockholders’ equity $ 59,023 $ 58,995
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Dec. 31, 2025
Dec. 31, 2024
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) 1,241 1,246
Common stock, outstanding (in shares) 1,241 1,246
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 29,443 $ 28,754 $ 27,116
Costs and expenses:      
Cost of goods sold 6,234 6,251 6,498
Research and development expenses 5,799 5,907 5,718
Acquired in-process research and development expenses 1,024 4,663 1,155
In-process research and development impairments 590 4,180 50
Selling, general and administrative expenses 5,774 6,091 6,090
Total costs and expenses 19,421 27,092 19,511
Operating income 10,022 1,662 7,605
Interest expense 1,024 977 944
Other (income) expense, net (798) (6) (198)
Income before income taxes 9,796 690 6,859
Income tax (benefit) expense 1,286 211 1,247
Net income 8,510 480 5,613
Net loss attributable to noncontrolling interest 0 0 (52)
Net income attributable to Gilead $ 8,510 $ 480 $ 5,665
Basic earnings per share attributable to Gilead (in dollars per share) $ 6.84 $ 0.38 $ 4.54
Diluted earnings per share attributable to Gilead (in dollars per share) $ 6.78 $ 0.38 $ 4.50
Shares used in basic earnings per share attributable to Gilead calculation (in shares) 1,244 1,247 1,248
Shares used in diluted earnings per share attributable to Gilead calculation (in shares) 1,255 1,255 1,258
Product sales      
Revenues:      
Total revenues $ 28,915 $ 28,610 $ 26,934
Royalty, contract and other revenues      
Revenues:      
Total revenues $ 527 $ 144 $ 182
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 8,510 $ 480 $ 5,613
Other comprehensive (loss) income, net of reclassifications and taxes:      
Net gain (loss) on foreign currency translation 38 (26) 60
Net gain on available-for-sale debt securities 8 5 28
Net (loss) gain on cash flow hedges (139) 125 (62)
Other comprehensive (loss) income, net (93) 104 26
Comprehensive income, net 8,418 584 5,639
Comprehensive loss attributable to noncontrolling interest, net 0 0 (52)
Comprehensive income attributable to Gilead, net $ 8,418 $ 584 $ 5,691
v3.25.4
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, 2022   1,247        
Beginning 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      
Issuances 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        
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  
Other comprehensive income (loss), net 104     104    
Issuances under employee stock purchase plan (in shares)   2        
Issuances under employee stock purchase plan 139   139      
Issuances 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 8,510       8,510  
Other comprehensive income (loss), net (93)     (93)    
Issuances under employee stock purchase plan (in shares)   2        
Issuances under employee stock purchase plan 143   143      
Issuances under equity incentive plans (in shares)   15        
Issuances under equity incentive plans 265   265      
Stock-based compensation 899   899      
Repurchases of common stock under repurchase programs (in shares)   (18)        
Repurchases of common stock under repurchase programs (1,922)   (74)   (1,848)  
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 (441)       (441)  
Dividends declared $ (3,989)       (3,989)  
Ending balance (in shares) at Dec. 31, 2025 1,241 1,241        
Ending balance at Dec. 31, 2025 $ 22,618 $ 1 $ 8,932 $ 39 $ 13,730 $ (84)
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Average price per share (in dollars per share) $ 107.50 $ 79.54 $ 79.52
Dividend per share (in dollars per share) $ 3.16 $ 3.08 $ 3.00
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Net income $ 8,510 $ 480 $ 5,613
Adjustments to reconcile Net income to Net cash provided by operating activities:      
Depreciation expense 370 381 354
Amortization expense 2,390 2,386 2,339
Stock-based compensation expense 894 835 766
Deferred income taxes 160 (1,844) (962)
Net (gain) loss from equity securities (451) 274 167
Acquired in-process research and development expenses 1,024 4,663 1,155
In-process research and development impairments 590 4,180 50
Other, net 480 353 826
Changes in operating assets and liabilities:      
Accounts receivable, net (367) 139 157
Inventories (1,036) (426) (842)
Prepaid expenses and other (311) (259) 39
Accounts payable (132) 290 (347)
Income tax assets and liabilities, net (2,108) (732) (1,768)
Accrued and other liabilities 6 108 458
Net cash provided by operating activities 10,019 10,828 8,006
Investing Activities:      
Purchases of marketable debt securities (3,939) (244) (1,930)
Proceeds from sales of marketable debt securities 854 2,265 510
Proceeds from maturities of marketable debt securities 55 327 1,334
Acquisitions, including in-process research and development, net of cash acquired (1,070) (4,840) (1,152)
Purchases of equity securities (133) (492) (442)
Purchases of property, plant and equipment (563) (523) (585)
Other investing activities, net 2 58 (1)
Net cash used in investing activities (4,793) (3,449) (2,265)
Financing Activities:      
Proceeds from debt financing, net of issuance costs 0 3,464 1,980
Proceeds from issuances of common stock 408 422 232
Repurchases of common stock under repurchase programs (1,922) (1,150) (1,000)
Repayments of debt and other obligations (1,788) (1,970) (2,250)
Payments of dividends (4,003) (3,918) (3,809)
Other financing activities, net (440) (281) (279)
Net cash used in financing activities (7,745) (3,433) (5,125)
Effect of exchange rate changes on cash and cash equivalents 92 (40) 57
Net change in cash and cash equivalents (2,428) 3,906 673
Cash and cash equivalents at beginning of period 9,991 6,085 5,412
Cash and cash equivalents at end of period $ 7,564 $ 9,991 $ 6,085
v3.25.4
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
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, COVID-19 and cancer. 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®/Lyvdelzi®, Odefsey®, Sovaldi®, Stribild®, Sunlenca®, Tecartus®, Trodelvy®, Truvada®, Truvada for PrEP®, Tybost®, Veklury®, Vemlidy®, Viread®, Vosevi®, Yescarta®, Yeztugo®/Yeytuo® 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 (“Asegua”). 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 16. 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.
Beginning with this Annual Report on Form 10-K, in Note 2. Revenues, we have disclosed our revenues related to major customers as a percentage of gross product sales rather than as a percentage of Total revenues. Prior periods have been revised to reflect this change.
We have evaluated subsequent events through the report issuance date 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.
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 include amounts due to payers and healthcare providers under various programs based on contractual arrangements or statutory requirements, which 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
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 on licensed intellectual property is recognized in the period in which the obligation is satisfied and the corresponding sales by our corporate partners occur, using the sales- and usage-based royalty exception. Contract and other revenues are recognized when the performance obligation is satisfied to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring.
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 $1.0 billion, $869 million and $826 million for the years ended December 31, 2025, 2024 and 2023, 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 fair value. 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 and the related tax impact 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 and realized 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
Up to 45
Leasehold improvementsLease term or shorter
Laboratory and manufacturing equipment
4-10
Internal-use software
3-9
Other
3-15
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 related to forecasted product sales, net of the related tax impact, are recorded in Accumulated other comprehensive income. The unrealized gains or losses in Accumulated other comprehensive income are reclassified into Product sales, as well as the related tax impact into Income tax (benefit) expense, 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 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 unrecognized tax benefits in Income tax expense on our Consolidated Statements of Operations.
We have elected to account for the tax on Global Intangible Low-Taxed Income 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 December 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. 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 15. Income Taxes 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.
v3.25.4
REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Disaggregation of Revenues
The following table summarizes our Total revenues:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
(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$11,467 $1,676 $1,190 $14,334 $10,855 $1,509 $1,060 $13,423 $9,692 $1,253 $905 $11,850 
Descovy2,559 93 105 2,758 1,902 100 110 2,113 1,771 100 114 1,985 
Genvoya1,281 148 69 1,498 1,498 180 84 1,762 1,752 205 103 2,060 
Odefsey881 246 40 1,167 957 290 41 1,288 1,012 294 44 1,350 
Symtuza - Revenue share(1)
363 120 12 495 450 130 12 592 382 133 13 529 
Other HIV(2)
352 109 40 500 257 129 48 434 238 116 47 401 
Total HIV 16,904 2,392 1,456 20,752 15,918 2,339 1,355 19,612 14,848 2,102 1,226 18,175 
Liver Disease
Sofosbuvir/Velpatasvir(3)
636 292 344 1,272 922 299 374 1,596 859 323 355 1,537 
Vemlidy507 49 514 1,070 486 44 428 959 410 38 414 862 
Other Liver Disease(4)
476 330 69 874 192 202 73 467 152 150 83 385 
Total Liver Disease1,619 671 927 3,217 1,601 545 876 3,021 1,421 511 852 2,784 
Veklury470 151 290 911 892 284 623 1,799 972 408 805 2,184 
Oncology
Cell Therapy
Tecartus153 158 32 344 234 138 31 403 245 110 15 370 
Yescarta595 598 303 1,495 662 666 242 1,570 811 547 140 1,498 
Total Cell Therapy748 755 335 1,839 896 804 274 1,973 1,055 658 156 1,869 
Trodelvy877 347 173 1,397 902 294 119 1,315 777 217 68 1,063 
Total Oncology1,626 1,102 508 3,236 1,798 1,098 393 3,289 1,833 875 224 2,932 
Other
AmBisome20 267 221 509 44 276 212 533 43 260 189 492 
Other(5)
177 32 81 290 255 34 68 356 261 40 66 367 
Total Other197 300 302 799 299 310 280 889 304 301 255 859 
Total product sales20,816 4,617 3,483 28,915 20,508 4,576 3,526 28,610 19,377 4,197 3,361 26,934 
Royalty, contract and other revenues60 447 20 527 82 58 4 144 62 114 7 182 
Total revenues$20,876 $5,064 $3,503 $29,443 $20,591 $4,634 $3,529 $28,754 $19,438 $4,310 $3,368 $27,116 
_______________________________
(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, Tybost and Yeztugo/Yeytuo.
(3)    Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua.
(4)    Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Hepsera, Livdelzi/Lyvdelzi, Sovaldi, Viread and Vosevi.
(5)    Includes Cayston, Jyseleca, Letairis and Zydelig.
(6)    All individual international locations accounted for less than 10% of Total revenues.
Revenues from Major Customers
The following table summarizes the revenues from each of our customers who individually accounted for 10% or more of our total gross product sales:
Year Ended December 31,
(as a percentage of total gross product sales)202520242023
Cardinal Health, Inc. (“Cardinal Health”)29 %29 %28 %
Cencora, Inc. (“Cencora”)21 %21 %22 %
McKesson Corporation (“McKesson”)24 %23 %24 %
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)202520242023
Revenue share with Janssen(1) and royalties for licenses of intellectual property
$612 $727 $680 
Changes in estimates(2)
$903 $452 $340 
_______________________________
(1)    See Note 7. Collaborations and Other Arrangements for additional information.
(2)    Changes in estimates increased during the year ended December 31, 2025 primarily due to recognition of $400 million in the third quarter of previously constrained revenues from the sale of certain intellectual property.
Contract Balances
The following table summarizes our contract balances:
December 31,
(in millions)20252024
Contract assets(1)
$629 $277 
Contract liabilities(2)
$48 $58 
_______________________________
(1)    The increase in contract assets during the year ended December 31, 2025 primarily related to recognition of $400 million in the third quarter of previously constrained revenues from the sale of certain intellectual property.
(2)    Future revenues recognized from contract liabilities are not expected to be material in any one year.
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
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, 2025December 31, 2024
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Available-for-sale debt securities:
U.S. treasury securities$1,224 $— $— $1,224 $— $— $— $— 
U.S. government agencies securities— 15 — 15 — — — — 
Corporate debt securities— 1,398 — 1,398 — — — — 
Residential mortgage and asset-backed securities— 407 — 407 — — — — 
Equity securities:
Money market funds6,150 — — 6,150 8,502 — — 8,502 
Publicly traded equity securities1,961 — — 1,961 1,561 — — 1,561 
Deferred compensation plan406 — — 406 343 — — 343 
Foreign currency derivative contracts— 56 — 56 — 128 — 128 
Total$9,741 $1,875 $— $11,616 $10,405 $128 $— $10,533 
Liabilities:
Contingent consideration liability$— $— $278 $278 $— $— $206 $206 
Deferred compensation plan406 — — 406 343 — — 343 
Foreign currency derivative contracts— 72 — 72 — 3 — 3 
Total$406 $72 $278 $757 $343 $3 $206 $552 
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, 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 bulevirtide 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)202520242023
Beginning balance$206 $228 $275 
Changes in valuation assumptions(1)
43 (7)(60)
Effect of foreign exchange remeasurement(2)
29 (14)12 
Ending balance(3)
$278 $206 $228 
_______________________________
(1)    Included in Research and development expenses on our Consolidated Statements of Operations. The changes in 2025 primarily related to changes in assumptions around probability. The changes 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 current liabilities as of December 31, 2025 and in Other long-term liabilities as of December 31, 2024 and 2023 on our Consolidated Balance Sheets, respectively.
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 2025, 2024 and 2023, we recorded partial impairment charges of $590 million, $4.2 billion and $50 million, respectively, related to certain acquired IPR&D assets. See Note 8. 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 8. 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 9. 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)20252024
Fair value$22,342 $23,335 
Carrying value$23,827 $25,562 
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 $0.8 billion and $0.9 billion as of December 31, 2025 and 2024, respectively, and the carrying value was $1.1 billion as of December 31, 2025 and 2024. See Note 10. Debt and Credit Facilities for additional information.
v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES
 12 Months Ended
Dec. 31, 2025
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
The following table summarizes our available-for-sale debt securities:
December 31, 2025
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$1,222 $3 $— $1,224 
U.S. government agencies securities15 — — 15 
Corporate debt securities1,392 7 — 1,398 
Residential mortgage and asset-backed securities405 2 — 407 
Total$3,033 $11 $(1)$3,044 
There were no available-for-sale debt securities balances as of December 31, 2024.
The total gross unrealized losses in the table above relate to available-for-sale debt securities, primarily corporate debt securities and U.S. treasury securities, with an estimated fair value of approximately $724 million that have been in a continuous unrealized loss position for less than 12 months as of December 31, 2025. No allowance for credit losses was recognized for investments with unrealized losses as of December 31, 2025 as the unrealized losses were primarily driven by broader change in interest rates with no adverse conditions identified that would prevent the issuer from making scheduled principal and interest payments. We do not currently intend to sell, and it is not more likely than not that we will be required to sell, such investments before recovery of their amortized cost bases.
The following table summarizes the classification of our available-for-sale debt securities on our Consolidated Balance Sheets:
(in millions)December 31, 2025
Cash and cash equivalents$2 
Short-term marketable debt securities68 
Long-term marketable debt securities2,974 
Total$3,044 
The following table summarizes our available-for-sale debt securities by contractual maturity:
December 31, 2025
(in millions)Amortized CostFair Value
Within one year$70 $70 
After one year through five years2,931 2,941 
After five years through ten years32 32 
Total$3,033 $3,044 
Equity Securities
The following table summarizes the classification of our equity securities on our Consolidated Balance Sheets, including certain equity method investments for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments:
(in millions)December 31, 2025December 31, 2024
Equity securities measured at fair value:
Cash and cash equivalents:
Money market funds$6,150 $8,502 
Prepaid and other current assets:
Equity method investment in Galapagos NV (“Galapagos”) – fair value option551 462 
Equity method investment in Arcus Biosciences, Inc. (“Arcus”) – fair value option749 448 
Other equity method investments – fair value option(1)
183 53 
Other499 614 
Other long-term assets386 327 
Equity method investments and other equity securities without readily determinable fair values:
Other long-term assets(2)
393 386 
Total$8,909 $10,791 
________________________________
(1)    Mostly comprised of our equity interest in Assembly Biosciences, Inc. (“Assembly”), which was approximately 29% of outstanding Assembly stock at the time of our latest purchase of shares.
(2)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202520242023
Unrealized (gain) loss, net, related to fair value option investments$(440)$377 $68 
Unrealized loss (gain), net, related to all other equity investments35 (93)(8)
Total unrealized (gain) loss, net$(404)$284 $60 
Related Party Transaction
In 2025, we donated certain equity securities at fair value to the Gilead Foundation, a California nonprofit public benefit corporation for which certain of our officers serve as directors, and recorded a related expense of $89 million in Selling, general and administrative expenses on our Consolidated Statements of Operations.
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
Our operations in foreign countries expose us to risk associated with foreign currency exchange rate fluctuations between the U.S. dollar and various foreign currencies, primarily the Euro. To partially mitigate the impact of changes in currency exchange rates on net cash flows from our foreign currency denominated sales as well as outstanding monetary assets and liabilities, we enter into foreign currency exchange forward contracts. In general, the risk of foreign currency fluctuations related to our operations is offset by corresponding gains and losses from our derivative instruments. By working only with major banks and closely monitoring current market conditions, we seek to limit the credit risk that counterparties to these contracts may be unable to perform. We enter into contracts that permit net settlement at maturity. In addition, our overall risk of loss in the event of counterparty default is limited to the amount of any net unrealized gains on outstanding contracts (i.e., including the impact of offsetting unrealized losses). We do not enter into derivative contracts for trading purposes.
The derivative instruments we use to mitigate 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 mitigate 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 $3.9 billion and $2.9 billion as of December 31, 2025 and 2024, respectively.
While all our derivative contracts allow us the right to offset assets and liabilities, we have presented amounts on our Consolidated Balance Sheets on a gross basis. Further, our contracts generally do not require financial collateral. The following table summarizes the classification and fair values of derivative instruments, including the potential effect of offsetting:
December 31, 2025
(in millions)Prepaid and other current assetsOther long-term assetsTotal Derivative AssetsOther current liabilitiesOther long-term liabilitiesTotal Derivative Liabilities
Foreign currency exchange contracts designated as hedges$18 $2 $20 $62 $3 $65 
Foreign currency exchange contracts not designated as hedges36 — 36 7 — 7 
Total derivatives presented gross on the Consolidated Balance Sheets$56 $72 
Total derivatives not offset on the Consolidated Balance Sheets(40)(40)
Net amount (legal offset)$16 $32 
December 31, 2024
(in millions)Prepaid and other current assetsOther long-term assetsTotal Derivative AssetsOther current liabilitiesOther long-term liabilitiesTotal 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 
Total derivatives not offset on the Consolidated Balance Sheets(3)(3)
Net amount (legal offset)$125 $— 
The following table summarizes the effect of our derivative contracts on our Consolidated Financial Statements:
Year Ended December 31,
(in millions)202520242023
Derivatives designated as hedges:
Net (loss) gain recognized in Accumulated other comprehensive income$(164)$171 $(14)
Net (loss) gain reclassified from Accumulated other comprehensive income into Product sales$(5)$27 $58 
Derivatives not designated as hedges:
Net gain recognized in Other (income) expense, net$20 $44 $57 
Approximately $58 million of pre-tax net losses related to the hedged forecasted transactions reported in Accumulated other comprehensive income as of December 31, 2025 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, 2025, 2024 and 2023.
The cash flow effects of our derivative contracts for the years ended December 31, 2025, 2024 and 2023 were included within Net cash provided by operating activities on our Consolidated Statements of Cash Flows.
v3.25.4
ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
Interius
In October 2025, we closed an agreement to acquire all outstanding shares of Interius BioTherapeutics, Inc. (“Interius”), a privately held biotechnology company developing in vivo chimeric antigen receptor (“CAR”) therapeutics, for approximately $350 million in cash consideration. As a result, Interius became our wholly-owned subsidiary.
We accounted for the transaction as an asset acquisition and recorded a $311 million charge to Acquired in-process research and development expenses on our Consolidated Statements of Operations in 2025. The remaining purchase price related to various other assets acquired and liabilities assumed, consisting primarily of deferred tax assets.
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 stock-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 in 2024 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 CAR T-cell 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.
v3.25.4
COLLABORATIONS AND OTHER ARRANGEMENTS
 12 Months Ended
Dec. 31, 2025
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.
Pregene
In September 2025, we entered into a strategic license and collaboration agreement with Shenzhen Pregene Biopharma Co., Ltd. (“Pregene”) to develop next-generation in vivo therapies. Upon closing of the agreement, we made a $120 million upfront payment, and in the fourth quarter of 2025, we made an $80 million milestone payment to Pregene, both of which were charged to Acquired in-process research and development expenses on our Consolidated Statements of Operations. In addition, Pregene is eligible to receive additional payments up to approximately $1.5 billion upon the achievement of certain development, regulatory, and sales-based milestones as well as up to tiered mid-single digit royalties on annual 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, which was charged to Acquired in-process research and development expenses on our Consolidated Statements of Operations in 2025. In addition, LEO Pharma is eligible to receive up to approximately $1.5 billion in additional milestone payments and may also receive tiered royalties on sales of oral STAT6 products.
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 are recognizing the funding as a reduction of Research and development expenses using an attribution model over the period of the related expenses, with $62 million and $78 million of such reductions recorded during the years ended December 31, 2025 and 2024, respectively. 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.
Arcellx
In January 2023, we closed an agreement to enter into a global strategic collaboration with Arcellx, Inc. (“Arcellx”), a public biotechnology company focused on delivering a new class of innovative immunotherapies for patients with cancer and other incurable diseases, 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 made various purchases of Arcellx shares for which we recorded an equity investment of $299 million on our Consolidated Balance Sheets in 2023. As of December 31, 2025, the investment is included in Prepaid and other current assets. The companies 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. In 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.
In February 2026, we entered into a definitive agreement to acquire Arcellx for an estimated $7.0 billion excluding our pre-existing common stock holdings, providing us with full control of its leading pipeline candidate, anitocabtagene autoleucel (“anito-cel”), an investigational BCMA-directed CAR-T cell therapy for patients with relapsed and/or refractory multiple myeloma. Under the terms of the merger agreement, a wholly-owned subsidiary of Gilead will commence a tender offer to acquire all of the outstanding shares of Arcellx’s common stock that Gilead does not already own for an offer price of $115 per share in cash and one non-transferable contingent value right of $5 per share upon the achievement of cumulative global net sales of anito-cel of at least $6.0 billion from launch through year-end 2029. Following successful completion of the tender offer, Gilead will acquire all remaining shares of Arcellx not tendered in the offer through a second step merger at the same price as in the tender offer. Consummation of the tender offer is subject to a minimum tender of at least a majority of then-outstanding Arcellx shares, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary conditions. Gilead plans to pay all cash consideration for the transaction. The tender offer is not subject to a financing condition. Upon closing, which is anticipated in the second quarter of 2026, Arcellx will become a wholly-owned subsidiary.
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, 2025, 2024 and 2023. No revenues have been recognized under the agreement for the years ended December 31, 2025, 2024 and 2023.
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 May 2023 amendment, we paid a $35 million upfront fee to initiate research programs against 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. Our number of designees on Arcus’ board of directors was also increased to three.
Under the Collaboration Agreement, the companies co-develop and share the global costs related to these clinical programs. We recorded $218 million, $243 million and $189 million of such costs primarily in Research and development expenses on our Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, 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, Arcus would be eligible to receive up to $420 million in future option and milestone payments and tiered royalties for each optioned program. If Gilead exercises its option at the later time point, 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.
We have made various purchases of shares since the original closing of the Stock Purchase Agreements, 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. As of December 31, 2025, we held 31.4 million shares, or approximately 30% of the issued and outstanding voting stock of Arcus at the time of our latest purchase of shares.
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, 2025.
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 amounted to approximately $1.3 billion, $1.4 billion and $1.5 billion for the years ended December 31, 2025, 2024 and 2023, respectively, and are included in Product sales on our Consolidated Statements of Operations. Janssen’s share of these revenues was $369 million, $403 million and $430 million for the years ended December 31, 2025, 2024 and 2023, respectively, and are included in Cost of goods sold 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 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 / Shionogi
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. In 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. Under the terms of the 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.
In 2025, Japan Tobacco was acquired by Shionogi & Co., Ltd. (“Shionogi”), and Shionogi assumed all rights and obligations of Japan Tobacco under our agreements. 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 Shionogi, as successor to Japan Tobacco, based on our product sales. Our sales of these products, namely Genvoya and Stribild, amounted to approximately $1.6 billion, $1.8 billion and $2.2 billion for the years ended December 31, 2025, 2024 and 2023, respectively, and are included in Product sales on our Consolidated Statements of Operations. We expensed royalties due to Japan Tobacco (and beginning in 2025, Shionogi as its successor) of $112 million, $139 million and $167 million for the years ended December 31, 2025, 2024 and 2023, respectively, in Cost of goods sold 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.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024. In addition, as of December 31, 2025, there were no accumulated goodwill impairment losses.
Intangible Assets
The following table summarizes our Intangible assets, net:
 December 31, 2025December 31, 2024
(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 $(8,448)$— $2,272 $10,720 $(7,749)$— $2,971 
Intangible asset – axicabtagene ciloleucel
7,110 (3,127)— 3,983 7,110 (2,721)— 4,389 
Intangible asset – Trodelvy
11,730 (4,164)— 7,566 11,730 (3,083)— 8,647 
Intangible asset – Hepcludex
845 (415)— 430 845 (329)— 516 
Other1,483 (1,056)— 428 1,474 (940)1 535 
Total finite-lived assets31,888 (17,211)— 14,678 31,879 (14,822)1 17,058 
Indefinite-lived assets – IPR&D(1)
2,300 — — 2,300 2,890 — — 2,890 
Total intangible assets$34,188 $(17,211)$— $16,978 $34,769 $(14,822)$1 $19,948 
_______________________________
(1)    The Indefinite-lived assets – IPR&D balance as of December 31, 2025 was comprised of $1.75 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $550 million related to bulevirtide. The balance as of December 31, 2024 was comprised of $1.75 billion related to SG for NSCLC and $1.1 billion related to bulevirtide. See “2025 Impairment” below for 2025 activity.
Amortization Expense
Aggregate amortization expense related to finite-lived intangible assets was $2.4 billion for the years ended December 31, 2025 and 2024 and $2.3 billion for the year ended December 31, 2023, 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, 2025:
(in millions)Amount
2026$2,383 
20272,380 
20282,319 
20291,791 
20301,605 
Thereafter4,199 
Total$14,678 
Impairment Assessments
No indicators of impairment resulting in an adjustment to the carrying value of intangible assets were identified for the years ended December 31, 2025, 2024 and 2023, except as described below.
There were no quantitative assessments for IPR&D intangible assets during the year ended December 31, 2025, other than the assessments described below. The weighted-average discount rates used in our quantitative assessments for IPR&D intangible assets during the years ended December 31, 2024 and 2023, other than for the assessments described below, were 7.25% and 7.5%, respectively.
2025 Impairments
In the second quarter of 2025 and again in the fourth quarter of 2025, additional data became available indicating a more competitive market for bulevirtide where it is not yet approved. Based on our evaluation of the data, and in connection with the preparation of the financial statements for the second quarter of 2025 and again for the year ended December 31, 2025, we performed impairment tests and determined that the revised estimated fair value of the bulevirtide IPR&D intangible asset was below its carrying value in both periods. As a result, we recognized partial impairment charges of $190 million and $400 million in In-process research and development impairments on our Consolidated Statements of Operations for the second and fourth quarters of 2025, respectively, for a total of $590 million for the year ended December 31, 2025.
To arrive at the revised estimated fair values as of June 30, 2025 and December 31, 2025, 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 bulevirtide outside of the EU, 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 bulevirtide outside of the EU; 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 discount rates of 8.25% and 7.75% for the second and fourth quarters of 2025, respectively, which are based on the estimated weighted-average cost of capital for companies with profiles similar to ours.
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 available at the time, and in connection with the preparation of the financial statements for the first quarter of 2024, 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 for 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 of 2024, 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 for 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.
v3.25.4
OTHER FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2025
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)20252024
Accounts receivable(1)
$5,895 $5,319 
Less: allowances for chargebacks843 759 
Less: allowances for cash discounts and other97 89 
Less: allowances for credit losses41 52 
Accounts receivable, net$4,913 $4,420 
_______________________________
(1)     As of December 31, 2025, the majority of our Accounts receivable balance arises from product sales in the U.S. and Europe and approximately 60% relates to three wholesalers—Cardinal Health, Cencora and McKesson—and their specialty distributor affiliates.
Inventories
The following table summarizes our Inventories:
December 31,
(in millions)20252024
Raw materials$1,414 $1,295 
Work in process1,306 847 
Finished goods1,647 1,447 
Total$4,368 $3,589 
Reported as:
Inventories$1,774 $1,710 
Other long-term assets(1)
2,594 1,879 
Total$4,368 $3,589 
_______________________________
(1)     As of December 31, 2025, this amount primarily consists of raw materials and work in process.
As of December 31, 2025, we held approximately $613 million of pre-commercial Trodelvy inventory for which the manufacturing process has not yet been approved by FDA.
Prepaid and Other Current Assets
The following table summarizes the components of Prepaid and other current assets:
December 31,
(in millions)20252024
Prepaid taxes$899 $480 
Equity securities1,981 1,577 
Other1,144 995 
Prepaid and other current assets$4,024 $3,052 
Property, Plant and Equipment, Net
The following table summarizes our Property, plant and equipment, net by asset type:
December 31,
(in millions)20252024
Land and land improvements$561 $561 
Buildings and improvements (including leasehold improvements)4,622 4,539 
Laboratory and manufacturing equipment1,241 1,192 
Internal-use software666 692 
Other466 397 
Construction in progress745 501 
Subtotal8,302 7,884 
Less: accumulated depreciation2,696 2,470 
Total$5,606 $5,414 
The following table summarizes our Property, plant and equipment, net by geography:
December 31,
(in millions)20252024
U.S.$4,975 4,787 
International(1)
631 627 
Total$5,606 $5,414 
_______________________________
(1)    All individual international locations accounted for less than 10% of the total balances.
The following table summarizes Depreciation expense:
Year Ended December 31,
(in millions)202520242023
Depreciation expense$370 $381 $354 
Other Current Liabilities
The following table summarizes the components of Other current liabilities:
December 31,
(in millions)20252024
Compensation and employee benefits$1,298 $1,228 
Income taxes payable92 1,646 
Allowance for sales returns321 321 
Other2,243 2,269 
Other current liabilities$3,953 $5,464 
Accumulated Other Comprehensive Income
The following table summarizes the changes in Accumulated other comprehensive income by component, net of tax:
(in millions)Foreign Currency TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
Balance as of December 31, 2022$2 $(33)$33 $2 
Net unrealized gain (loss), net of income tax benefit of $0, $0, and $(2), respectively
$60 $26 $(12)$75 
Loss (gain) reclassified to net income, net of income tax expense of $0, $0, and $7, respectively
— 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 income tax expense of $0, $0, and $21, respectively
$(26)$— $149 $124 
Loss (gain) reclassified to net income, net of income tax expense of $0, $0, and $3, respectively
— 5 (24)(19)
Other comprehensive (loss) income, net(26)5 125 104 
Balance as of December 31, 2024$36 $— $96 $132 
Net unrealized gain (loss), net of income tax expense (benefit) of $0, $3, and $(20), respectively
$38 $9 $(143)$(97)
(Gain) loss reclassified to net income, net of income tax expense (benefit) of $0, $0, and $(1), respectively
— — 5 4 
Other comprehensive income (loss), net38 8 (139)(93)
Balance as of December 31, 2025$74 $8 $(43)$39 
The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net income, including the affected line items from our Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202520242023Line Item Affected
Net (loss) gain related to cash flow hedges$(5)$27 $58 Product sales
Net (gain) loss related to available-for-sale debt securities$(1)$5 $2 Other (income) expense, net
Income tax (benefit) expense$(1)$3 $7 Income tax (benefit) expense
Restructuring
In 2025 and 2024, we incurred restructuring charges primarily related to reductions in our workforce. In 2023, we incurred restructuring charges 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 in 2023 consisted of write-offs of manufacturing assets of $381 million, write-offs of inventory of $89 million and other costs of $57 million.
The following table summarizes the affected line items from our Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202520242023
Cost of goods sold$4 $— $479 
Research and development expenses68 98 20 
Selling, general and administrative expenses66 91 28 
Restructuring charges$138 $188 $527 
As of December 31, 2025, we had a remaining liability of $61 million on our Consolidated Balance Sheets associated with restructuring charges, a majority of which we anticipate will be paid in the next 12 months.
Other (Income) Expense, Net
The following table summarizes the components of Other (income) expense, net:
Year Ended December 31,
(in millions)202520242023
(Gain) loss from equity securities, net$(451)$274 $167 
Interest income(349)(281)(376)
Other, net1 2 11 
Other (income) expense, net$(798)$(6)$(198)
v3.25.4
DEBT AND CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2025
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, 2025December 31, 2024
Senior UnsecuredNovember 2014February 20253.50%$— $1,750 
Senior UnsecuredSeptember 2015March 20263.65%2,750 2,747 
Senior UnsecuredSeptember 2016March 20272.95%1,249 1,249 
Senior UnsecuredSeptember 2020October 20271.20%749 748 
Senior UnsecuredNovember 2024November 20294.80%747 746 
Senior UnsecuredSeptember 2020October 20301.65%996 995 
Senior UnsecuredSeptember 2023October 20335.25%994 993 
Senior UnsecuredNovember 2024June 20355.10%992 991 
Senior UnsecuredSeptember 2015September 20354.60%994 994 
Senior UnsecuredSeptember 2016September 20364.00%744 744 
Senior UnsecuredSeptember 2020October 20402.60%990 989 
Senior UnsecuredDecember 2011December 20415.65%997 997 
Senior UnsecuredMarch 2014April 20444.80%1,738 1,738 
Senior UnsecuredNovember 2014February 20454.50%1,736 1,735 
Senior UnsecuredSeptember 2015March 20464.75%2,225 2,224 
Senior UnsecuredSeptember 2016March 20474.15%1,731 1,730 
Senior UnsecuredSeptember 2020October 20502.80%1,480 1,479 
Senior UnsecuredSeptember 2023October 20535.55%989 988 
Senior UnsecuredNovember 2024November 20545.50%989 989 
Senior UnsecuredNovember 2024November 20645.60%739 738 
Total senior unsecured notes23,827 25,562 
Liability related to future royalties1,110 1,148 
Total debt, net24,937 26,710 
Less: Current portion of long-term debt, net2,807 1,815 
Total Long-term debt, net$22,129 $24,896 
Senior Unsecured Notes
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, 2025 and 2024, 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 are re-assessed each reporting period. The impact from changes in estimates is recognized in the liability and the related interest expense prospectively.
Revolving Credit Facility
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, 2025 and 2024, there were no amounts outstanding under our revolving credit facility.
The 2024 Revolving Credit Facility contains customary representations, warranties, affirmative and negative covenants and events of default. As of December 31, 2025, 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.
Interest Paid
The following table summarizes interest paid, net of amounts capitalized:
Year Ended December 31,
(in millions)202520242023
Interest paid, net of amounts capitalized$1,036 $951 $891 
Contractual Maturities of Financing Obligations
The following table summarizes the aggregate future principal maturities of our senior unsecured notes as of December 31, 2025:
(in millions)Amount
2026$2,750 
20272,000 
2028— 
2029750 
20301,000 
Thereafter17,500 
Total$24,000 
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
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 contain options to extend the lease term, allowing for extensions of up to 15 additional years for certain leases, and some contain options to terminate the lease early with a sufficient number of months’ notice and/or if a given number of years have passed after the lease commencement date. We determine the lease term by assuming the exercise of any renewal and/or early-termination options that are reasonably certain. As of December 31, 2025 and 2024, we did not have material finance leases.
The following table summarizes balance sheet and other information related to our operating leases:
December 31,
(in millions, except weighted average amounts)Classification20252024
Right-of-use assets, netOther long-term assets$532 $515 
Lease liabilities – current
Other current liabilities$102 $113 
Lease liabilities – noncurrent
Other long-term obligations$503 $498 
Weighted average remaining lease term8.1 years8.0 years
Weighted average discount rate3.53 %3.37 %
The following table summarizes cost and other activity related to our operating leases:
Year Ended December 31,
(in millions)202520242023
Operating lease cost, including variable lease and short-term lease cost$169 $163 $165 
Cash paid for amounts included in the measurement of lease liabilities$127 $141 $88 
Right-of-use assets obtained in exchange for lease liabilities(1)
$106 $86 $214 
_______________________________
(1)     These represent noncash activities and were therefore not included on our Consolidated Statements of Cash Flows.
The following table is a maturity analysis of our operating lease liabilities as of December 31, 2025:
(in millions)Amount
2026$121 
202799 
202887 
202975 
203073 
Thereafter243 
Total undiscounted lease payments699 
Less: imputed interest94 
Total discounted lease payments$605 
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
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. As of December 31, 2025, we did not have any material accruals for the matters described herein. As of December 31, 2024, we had approximately $242 million of accruals on our Consolidated Balance Sheets for such matters, with approximately $200 million accrued for a potential settlement with the U.S. Attorney’s Office for the Southern District of New York, which we eventually entered into in April 2025 and subsequently paid.
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.
Starting in March 2022, we received letters from Lupin Ltd. (“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 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 was consolidated with the first lawsuit. In October 2025, the consolidated lawsuit was dismissed based on negotiated settlement agreements with Lupin, Laurus and Cipla. Under the agreements, which are subject to standard acceleration provisions, no generic entry by the parties for Biktarvy tablets containing bictegravir (50 mg), tenofovir alafenamide (25 mg) and emtricitabine (200 mg) is expected prior to April 1, 2036 in the United States. Additionally, no generic entry by the parties for Biktarvy tablets containing bictegravir (30 mg), tenofovir alafenamide (15 mg) and emtricitabine (120 mg) is expected in the United States prior to November 19, 2035, if pediatric exclusivity has been granted, or by May 19, 2035, if pediatric exclusivity has not been granted.
In June 2025, we received a letter from Aspiro Pharma Ltd. (“Aspiro”), indicating that it had submitted an ANDA to FDA to request permission to market and manufacture a generic version of Veklury. Aspiro challenges six of the sixteen patents listed in the Orange Book for Veklury as not valid or not infringed by Aspiro’s proposed ANDA product. In July 2025, we filed a lawsuit against Aspiro in the U.S. District Court of New Jersey. We intend to enforce and defend our intellectual property.
In January 2026, we received a letter from Cipla indicating that it has submitted a new drug application under §505(b)(2) of the Federal Food, Drug, and Cosmetic Act (“505(b)(2) application”) for emtricitabine/tenofovir alafenamide tablets. The 505(b)(2) application references Descovy as the listed drug product. The 505(b)(2) application also includes a paragraph IV certification challenging two Orange Book patents for Descovy. In February 2026, we filed a lawsuit against Cipla in the U.S. District of Court of Delaware. We intend to enforce and defend our intellectual property.
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. Plaintiffs filed their reply briefs in March 2025. Oral argument took place in October 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 April 2025, the court overruled the demurrer and stated in its order that an immediate appeal is warranted. In June 2025, we filed a writ petition to the Court of Appeal, which was denied in August 2025. Trial has been scheduled for March 2027.
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 23,000 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 bellwether trial of the remaining cases. In the putative class action pending in Missouri, the district court issued an order in January 2026 denying, among other things, plaintiffs’ motion for class certification. Plaintiffs have filed a petition for appellate review that is pending in the Eighth Circuit court of appeals. 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.
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 hepatitis C virus (“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. In September 2025, the court granted Gilead’s motion for summary judgment and dismissed the case. Relator has appealed the court’s ruling.
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. Trial is currently scheduled for August 2026.
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.
v3.25.4
EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
EMPLOYEE BENEFITS EMPLOYEE BENEFITS
Stock-Based Compensation
Equity Incentive Plan and ESPP Summary
In May 2022, our stockholders approved and we adopted the Gilead Sciences, Inc. 2022 Equity Incentive Plan (the “2022 Plan”), a broad-based incentive plan that authorized the issuance of a total of 132 million shares of common stock and provides for the grant of equity-based awards, including RSUs, PSUs, stock options and other restricted stock and performance awards, to employees, directors and consultants. No awards may be granted under previous plans since the approval of the 2022 Plan. As of December 31, 2025, a total of 62 million shares remain available for future grant under the 2022 Plan.
A total of 104 million shares of common stock have been authorized for issuance under our ESPP, with 22 million shares still available for issuance as of December 31, 2025.
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)202520242023
RSUs$790 $732 $666 
PSUs33 37 32 
Stock options30 30 30 
ESPP41 36 37 
Acquisition-related expense(1)
— 133 29 
Stock-based compensation expense included in total costs and expenses$894 $969 $796 
_______________________________
(1)    Represents accelerated post-acquisition stock-based compensation expenses, primarily related to CymaBay in 2024.
Year Ended December 31,
(in millions)202520242023
Cost of goods sold$60 $61 $57 
Research and development expenses433 458 377 
Selling, general and administrative expenses401 450 361 
Stock-based compensation expense included in total costs and expenses894 969 796 
Income tax effect(254)(192)(165)
Stock-based compensation expense, net of tax$640 $777 $630 
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, 202421.8 $73.52 
Granted8.9 $116.62 
Vested(10.5)$71.80 
Forfeited(2.4)$85.42 
Outstanding as of December 31, 202517.8 $94.39 
Year Ended December 31,
(in millions, except per share amounts)202520242023
Weighted-average grant date fair value of RSUs granted$116.62 $74.82 $79.66 
Total fair value of RSUs vested
$1,216 $847 $849 
As of December 31, 2025, 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 2.1 years.
PSUs
We grant PSUs that generally vest over a three-year performance period upon the achievement of specified market or performance goals, which include achieving a total shareholder return compared to a pre-determined peer group or achieving revenue or adjusted earnings per share growth 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, 20241.1 $72.24 
Granted0.5 $91.33 
Vested(0.7)$63.86 
Forfeited(0.2)$93.86 
Outstanding as of December 31, 20250.7 $100.00 
Year Ended December 31,
(in millions, except per share amounts)202520242023
Weighted-average grant date fair value of PSUs granted$91.33 $72.24 $81.39 
Total fair value of PSUs vested$73 $43 $35 
As of December 31, 2025, there was $31 million of unrecognized compensation cost related to unvested PSUs, which is expected to be recognized over a weighted-average period of 1.0 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, 202411.8 $69.85 
Granted1.5 $116.55 
Exercised(3.8)$70.38 
Forfeited(0.7)$83.85 
Expired(0.1)$102.24 
Outstanding as of December 31, 20258.7 $76.08 6.21$407 
Exercisable as of December 31, 20255.8 $67.54 5.23$321 
Expected to vest, net of estimated forfeitures as of December 31, 20252.8 $92.88 8.14$82 
_______________________________
(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)202520242023
Weighted-average grant date fair value of stock options granted$22.96 $13.70 $16.11 
Total intrinsic value of options exercised$142 $77 $25 
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,
202520242023
Expected volatility24 %25 %26 %
Expected terms in years555
Risk-free interest rate3.9 %4.1 %4.1 %
Expected dividend yield3.2 %3.9 %3.5 %
As of December 31, 2025, there was $40 million of unrecognized compensation cost related to stock options, which is expected to be recognized over an estimated weighted-average period of 1.9 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)202520242023
Shares issued222
Amount paid by employees for shares$143 $139 $129 
Weighted-average grant date fair value of ESPP shares granted$25.32 $15.76 $17.31 
Total fair value of ESPP shares vested
$75 $27 $45 
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,
202520242023
Expected volatility28 %25 %24 %
Expected terms in years0.50.50.5
Risk-free interest rate4.2 %5.2 %5.1 %
Expected dividend yield3.2 %4.3 %3.7 %
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 $200 million, $204 million and $208 million for the years ended December 31, 2025, 2024 and 2023, 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 $406 million and $343 million as of December 31, 2025 and 2024, respectively.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
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)202520242023
Net income attributable to Gilead$8,510 $480 $5,665 
Shares used in basic earnings per share attributable to Gilead calculation1,244 1,247 1,248 
Dilutive effect of equity-based awards11 8 10 
Shares used in diluted earnings per share attributable to Gilead calculation1,255 1,255 1,258 
Basic earnings per share attributable to Gilead$6.84 $0.38 $4.54 
Diluted earnings per share attributable to Gilead$6.78 $0.38 $4.50 
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 2 million, 5 million and 4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income before income taxes consists of the following:
Year Ended December 31,
(in millions)202520242023
Domestic$8,310 $(876)$5,467 
Foreign1,486 1,566 1,392 
Income before income taxes$9,796 $690 $6,859 
Income tax expense consists of the following:
Year Ended December 31,
(in millions)202520242023
Federal:
Current$820 $1,495 $1,781 
Deferred424 (1,562)(1,126)
1,244 (67)655 
State:
Current51 39 80 
Deferred(190)(386)170 
(139)(347)250 
Foreign:
Current256 519 381 
Deferred(75)106 (39)
181 625 342 
Income tax expense$1,286 $211 $1,247 
In July 2025, the U.S. enacted tax reform legislation through the One Big Beautiful Bill (“OBBB”) Act. Included in this legislation are provisions that restored immediate expensing of domestic R&D expenditures and certain capital expenditures and modified the U.S. taxation of profits derived from foreign operations. The OBBB Act had no material impact to our income tax expense for 2025.
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,
202520242023
(in millions, except percentages)AmountPercentAmountPercentAmountPercent
Income tax expense at U.S. federal statutory tax rate$2,057 21.0 %$145 21.0 %$1,440 21.0 %
State taxes, net of federal benefit(2)
(138)(1.4)%(159)(23.0)%174 2.5 %
Foreign taxes:
Ireland:
Tax rate differential(118)(1.2)%(67)(9.7)%(58)(0.8)%
Other— — %46 6.7 %69 1.0 %
United Kingdom:
Tax rate differential****5 0.1 %
Intercompany asset transfer****92 1.3 %
Other****16 0.2 %
Australia:
Tax rate differential**7 1.0 %**
Intercompany asset transfer**388 56.2 %**
Valuation allowance**(101)(14.6)%**
Other**(44)(6.4)%**
Other foreign jurisdictions(9)(0.1)%41 5.9 %(30)(0.4)%
Effect of cross-border tax laws:
Global intangible low-taxed income85 0.9 %66 9.6 %23 0.3 %
Foreign-derived intangible income(85)(0.9)%(133)(19.3)%(143)(2.1)%
U.S. taxation of foreign branches9 0.1 %(245)(35.5)%— — %
Other2 — %14 2.0 %13 0.2 %
Tax credits:
R&D tax credits(143)(1.5)%(144)(20.9)%(164)(2.4)%
Other(9)(0.1)%(13)(1.9)%(56)(0.8)%
Changes in valuation allowance(3)
(538)(5.5)%588 85.2 %38 0.6 %
Nontaxable or nondeductible items:
Acquired IPR&D and related charges65 0.7 %810 117.4 %88 1.3 %
Other20 0.2 %98 14.2 %(2)— %
Changes in unrecognized tax benefits61 0.6 %(427)(61.9)%(197)(2.9)%
Other adjustments:
Settlement of tax examinations— — %251 36.4 %(67)(1.0)%
Legal entity restructuring— — %(884)(128.1)%— — %
Other27 0.3 %(26)(3.8)%6 0.1 %
Income tax expense / Effective tax rate$1,286 13.1 %$211 30.5 %$1,247 18.2 %
_______________________________
*    Amounts did not meet the disaggregation threshold and therefore are included in Other foreign jurisdictions for this year instead of being broken out separately.
(1)    Recurring items in this rate reconciliation table for 2024 are significantly impacted by the lower Income before income taxes for that year.
(2)    Majority of 2025 state taxes related to Louisiana. Majority of 2024 and 2023 state taxes related to Tennessee.
(3)    The amount in 2025 primarily relates to changes in realizability of a tax loss attribute related to a prior year legal entity restructuring.
Significant components of our deferred tax assets and liabilities are as follows:
December 31,
(in millions)20252024
Deferred tax assets:  
Net operating loss carryforwards$266 $288 
Stock-based compensation83 84 
Reserves and accruals not currently deductible688 685 
Excess of tax basis over book basis of intangible assets776 910 
Deductible acquired IPR&D payments1,293 1,312 
Research and other credit carryforwards353 428 
Equity investments111 237 
Liability related to future royalties270 287 
Capitalized R&D expenditures1,773 2,173 
Capital losses187 590 
Other, net252 213 
Total deferred tax assets before valuation allowance6,052 7,207 
Valuation allowance(1)
(676)(1,217)
Total deferred tax assets5,376 5,990 
Deferred tax liabilities:
Property, plant and equipment(288)(276)
Excess of book basis over tax basis of intangible assets(3,209)(3,836)
Equity investments(92)(81)
Other(225)(143)
Total deferred tax liabilities(3,814)(4,336)
Net deferred tax assets$1,562 $1,654 
_______________________________
(1)    The valuation allowance decreased $541 million in 2025 primarily due to changes in realizability of a tax loss attribute related to a prior year legal entity restructuring. The valuation allowance increased $554 million in 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.
As of December 31, 2025, we had U.S. federal net operating loss and tax credit carryforwards of approximately $355 million and $45 million, respectively, which will start to expire in 2026 if not utilized. In addition, we had state net operating loss and tax credit carryforwards of approximately $3.3 billion and $1.1 billion, respectively, which will start to expire in 2026 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.
The following is a rollforward of our total gross unrecognized tax benefits:
Year Ended December 31,
(in millions)202520242023
Beginning balance$2,325 $1,962 $1,959 
Tax positions related to current year:
Additions180 743 265 
Tax positions related to prior years:
Additions243 190 109 
Reductions(669)(298)(315)
Settlements— (270)(42)
Lapse of statute of limitations(3)(2)(13)
Ending balance$2,076 $2,325 $1,962 
Of our total unrecognized tax benefits, $0.9 billion and $1.4 billion as of December 31, 2025 and 2024, 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 expenses of $43 million for the year ended December 31, 2025, and income tax benefits of $46 million and $35 million for the years ended December 31, 2024 and 2023, respectively, on our Consolidated Statements of Operations. Accrued interest and penalties related to unrecognized tax benefits were $176 million and $133 million as of December 31, 2025 and 2024, respectively.
We file federal, state and foreign income tax returns in the U.S. and in many foreign jurisdictions. These returns are subject to audit by the respective tax authorities. 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. We are currently under or subject to potential examination for tax years 2019 and onwards for federal income tax purposes and 2016 and onwards for California state income tax purposes. We also have various other state and foreign tax examinations ongoing. 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.
Income taxes paid (net of refunds received), disaggregated by jurisdiction, were as follows:
Year Ended December 31,
(in millions)202520242023
Federal(1)
$2,492 $2,434 $3,411 
State230 107 152 
Foreign:
Australia(2)
253 **
Other240 238 427 
Total income taxes paid$3,215 $2,779 $3,990 
_______________________________
*    Amounts did not meet the disaggregation threshold and therefore are included in Other for this year instead of being broken out separately.
(1)    Includes payments of $1.3 billion in 2025, $1.2 billion in 2024 and $0.9 billion in 2023 related to the transition tax on the mandatory deemed repatriation of foreign earnings in connection with the Tax Cuts and Jobs Act, with the final payment being made in 2025.
(2)    Australia tax payment in 2025 primarily relates to 2024 intercompany asset restructuring involving transfer of certain assets from a prior acquisition to the U.S.
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
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. See Note 2. Revenues for disaggregation of our revenues by major products and by geography. Our Chief Executive Officer, as the chief operating decision-maker (“CODM”), uses Net income attributable to Gilead as the primary measure to evaluate performance, allocate resources to the operations of our company on an entity-wide basis and forecast future financial results. Managing and allocating resources on an entity-wide 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)202520242023
Selling and marketing expenses$3,522 $3,453 $3,272 
General and administrative expenses2,252 2,638 2,818 
Selling, general and administrative expenses$5,774 $6,091 $6,090 
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.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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 against cybersecurity incidents, and which 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 program’s 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 maintain employee cybersecurity training and awareness programs around various 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 CIO and CISO, supported by a cross-functional team, have 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. Our CIO has over 20 years of IT and cybersecurity experience in large biopharmaceutical and life sciences industries, having served in various roles of increasing leadership at a global biopharmaceutical company before joining the company in April 2025. In her current role, the CIO is responsible for implementing enterprise-wide IT and AI strategies for the company. Our 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 group, which reports to the CISO, 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 CIO and CISO. The company engages external legal advisors, cybersecurity forensic firms, communication specialists and other third-party advisors, as appropriate, to assist and advise on cybersecurity program review, cybersecurity program testing and incident response.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CIO and CISO, supported by a cross-functional team, have 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] Our CIO has over 20 years of IT and cybersecurity experience in large biopharmaceutical and life sciences industries, having served in various roles of increasing leadership at a global biopharmaceutical company before joining the company in April 2025. In her current role, the CIO is responsible for implementing enterprise-wide IT and AI strategies for the company. Our 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
v3.25.4
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
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.
Beginning with this Annual Report on Form 10-K, in Note 2. Revenues, we have disclosed our revenues related to major customers as a percentage of gross product sales rather than as a percentage of Total revenues. Prior periods have been revised to reflect this change.
We have evaluated subsequent events through the report issuance date 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.
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 include amounts due to payers and healthcare providers under various programs based on contractual arrangements or statutory requirements, which 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
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 on licensed intellectual property is recognized in the period in which the obligation is satisfied and the corresponding sales by our corporate partners occur, using the sales- and usage-based royalty exception. Contract and other revenues are recognized when the performance obligation is satisfied to the extent a significant reversal in the amount of cumulative revenue recognized is not probable of occurring.
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 fair value. 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 and the related tax impact 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 and realized 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
Up to 45
Leasehold improvementsLease term or shorter
Laboratory and manufacturing equipment
4-10
Internal-use software
3-9
Other
3-15
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 related to forecasted product sales, net of the related tax impact, are recorded in Accumulated other comprehensive income. The unrealized gains or losses in Accumulated other comprehensive income are reclassified into Product sales, as well as the related tax impact into Income tax (benefit) expense, 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 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 unrecognized tax benefits in Income tax expense on our Consolidated Statements of Operations.
We have elected to account for the tax on Global Intangible Low-Taxed Income 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 Measurement
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, 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 bulevirtide until the related contingency is resolved.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
In December 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. 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 15. Income Taxes 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.
v3.25.4
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
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
Up to 45
Leasehold improvementsLease term or shorter
Laboratory and manufacturing equipment
4-10
Internal-use software
3-9
Other
3-15
v3.25.4
REVENUES (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Disaggregation of Revenue
The following table summarizes our Total revenues:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
(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$11,467 $1,676 $1,190 $14,334 $10,855 $1,509 $1,060 $13,423 $9,692 $1,253 $905 $11,850 
Descovy2,559 93 105 2,758 1,902 100 110 2,113 1,771 100 114 1,985 
Genvoya1,281 148 69 1,498 1,498 180 84 1,762 1,752 205 103 2,060 
Odefsey881 246 40 1,167 957 290 41 1,288 1,012 294 44 1,350 
Symtuza - Revenue share(1)
363 120 12 495 450 130 12 592 382 133 13 529 
Other HIV(2)
352 109 40 500 257 129 48 434 238 116 47 401 
Total HIV 16,904 2,392 1,456 20,752 15,918 2,339 1,355 19,612 14,848 2,102 1,226 18,175 
Liver Disease
Sofosbuvir/Velpatasvir(3)
636 292 344 1,272 922 299 374 1,596 859 323 355 1,537 
Vemlidy507 49 514 1,070 486 44 428 959 410 38 414 862 
Other Liver Disease(4)
476 330 69 874 192 202 73 467 152 150 83 385 
Total Liver Disease1,619 671 927 3,217 1,601 545 876 3,021 1,421 511 852 2,784 
Veklury470 151 290 911 892 284 623 1,799 972 408 805 2,184 
Oncology
Cell Therapy
Tecartus153 158 32 344 234 138 31 403 245 110 15 370 
Yescarta595 598 303 1,495 662 666 242 1,570 811 547 140 1,498 
Total Cell Therapy748 755 335 1,839 896 804 274 1,973 1,055 658 156 1,869 
Trodelvy877 347 173 1,397 902 294 119 1,315 777 217 68 1,063 
Total Oncology1,626 1,102 508 3,236 1,798 1,098 393 3,289 1,833 875 224 2,932 
Other
AmBisome20 267 221 509 44 276 212 533 43 260 189 492 
Other(5)
177 32 81 290 255 34 68 356 261 40 66 367 
Total Other197 300 302 799 299 310 280 889 304 301 255 859 
Total product sales20,816 4,617 3,483 28,915 20,508 4,576 3,526 28,610 19,377 4,197 3,361 26,934 
Royalty, contract and other revenues60 447 20 527 82 58 4 144 62 114 7 182 
Total revenues$20,876 $5,064 $3,503 $29,443 $20,591 $4,634 $3,529 $28,754 $19,438 $4,310 $3,368 $27,116 
_______________________________
(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, Tybost and Yeztugo/Yeytuo.
(3)    Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua.
(4)    Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Hepsera, Livdelzi/Lyvdelzi, Sovaldi, Viread and Vosevi.
(5)    Includes Cayston, Jyseleca, Letairis 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 the revenues from each of our customers who individually accounted for 10% or more of our total gross product sales:
Year Ended December 31,
(as a percentage of total gross product sales)202520242023
Cardinal Health, Inc. (“Cardinal Health”)29 %29 %28 %
Cencora, Inc. (“Cencora”)21 %21 %22 %
McKesson Corporation (“McKesson”)24 %23 %24 %
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)202520242023
Revenue share with Janssen(1) and royalties for licenses of intellectual property
$612 $727 $680 
Changes in estimates(2)
$903 $452 $340 
_______________________________
(1)    See Note 7. Collaborations and Other Arrangements for additional information.
(2)    Changes in estimates increased during the year ended December 31, 2025 primarily due to recognition of $400 million in the third quarter of previously constrained revenues from the sale of certain intellectual property.
Summary of Contract Balances
The following table summarizes our contract balances:
December 31,
(in millions)20252024
Contract assets(1)
$629 $277 
Contract liabilities(2)
$48 $58 
_______________________________
(1)    The increase in contract assets during the year ended December 31, 2025 primarily related to recognition of $400 million in the third quarter of previously constrained revenues from the sale of certain intellectual property.
(2)    Future revenues recognized from contract liabilities are not expected to be material in any one year.
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025December 31, 2024
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:        
Available-for-sale debt securities:
U.S. treasury securities$1,224 $— $— $1,224 $— $— $— $— 
U.S. government agencies securities— 15 — 15 — — — — 
Corporate debt securities— 1,398 — 1,398 — — — — 
Residential mortgage and asset-backed securities— 407 — 407 — — — — 
Equity securities:
Money market funds6,150 — — 6,150 8,502 — — 8,502 
Publicly traded equity securities1,961 — — 1,961 1,561 — — 1,561 
Deferred compensation plan406 — — 406 343 — — 343 
Foreign currency derivative contracts— 56 — 56 — 128 — 128 
Total$9,741 $1,875 $— $11,616 $10,405 $128 $— $10,533 
Liabilities:
Contingent consideration liability$— $— $278 $278 $— $— $206 $206 
Deferred compensation plan406 — — 406 343 — — 343 
Foreign currency derivative contracts— 72 — 72 — 3 — 3 
Total$406 $72 $278 $757 $343 $3 $206 $552 
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)202520242023
Beginning balance$206 $228 $275 
Changes in valuation assumptions(1)
43 (7)(60)
Effect of foreign exchange remeasurement(2)
29 (14)12 
Ending balance(3)
$278 $206 $228 
_______________________________
(1)    Included in Research and development expenses on our Consolidated Statements of Operations. The changes in 2025 primarily related to changes in assumptions around probability. The changes 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 current liabilities as of December 31, 2025 and in Other long-term liabilities as of December 31, 2024 and 2023 on our Consolidated Balance Sheets, respectively.
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)20252024
Fair value$22,342 $23,335 
Carrying value$23,827 $25,562 
v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2025
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:
December 31, 2025
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
U.S. treasury securities$1,222 $3 $— $1,224 
U.S. government agencies securities15 — — 15 
Corporate debt securities1,392 7 — 1,398 
Residential mortgage and asset-backed securities405 2 — 407 
Total$3,033 $11 $(1)$3,044 
Summary of the Classification of Available-for-Sale Debt Securities
The following table summarizes the classification of our available-for-sale debt securities on our Consolidated Balance Sheets:
(in millions)December 31, 2025
Cash and cash equivalents$2 
Short-term marketable debt securities68 
Long-term marketable debt securities2,974 
Total$3,044 
The following table summarizes our available-for-sale debt securities by contractual maturity:
December 31, 2025
(in millions)Amortized CostFair Value
Within one year$70 $70 
After one year through five years2,931 2,941 
After five years through ten years32 32 
Total$3,033 $3,044 
Summary of Equity Securities at Fair Value
The following table summarizes the classification of our equity securities on our Consolidated Balance Sheets, including certain equity method investments for which we elected and applied the fair value option as we believe it best reflects the underlying economics of these investments:
(in millions)December 31, 2025December 31, 2024
Equity securities measured at fair value:
Cash and cash equivalents:
Money market funds$6,150 $8,502 
Prepaid and other current assets:
Equity method investment in Galapagos NV (“Galapagos”) – fair value option551 462 
Equity method investment in Arcus Biosciences, Inc. (“Arcus”) – fair value option749 448 
Other equity method investments – fair value option(1)
183 53 
Other499 614 
Other long-term assets386 327 
Equity method investments and other equity securities without readily determinable fair values:
Other long-term assets(2)
393 386 
Total$8,909 $10,791 
________________________________
(1)    Mostly comprised of our equity interest in Assembly Biosciences, Inc. (“Assembly”), which was approximately 29% of outstanding Assembly stock at the time of our latest purchase of shares.
(2)    Mostly comprised of equity interests in certain collaboration partners and investment funds that are considered to be variable interest entities (“VIEs”) for which we are not the primary beneficiary. Our maximum exposure to loss as a result of our involvement in these VIEs is limited to the value of our investment.
summary of Net Unrealized Gains and Losses on Equity Securities
The following table summarizes net unrealized gains and losses related to equity securities still held as of the respective ending balance sheet dates for the periods below, included in Other (income) expense, net on our Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202520242023
Unrealized (gain) loss, net, related to fair value option investments$(440)$377 $68 
Unrealized loss (gain), net, related to all other equity investments35 (93)(8)
Total unrealized (gain) loss, net$(404)$284 $60 
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025
(in millions)Prepaid and other current assetsOther long-term assetsTotal Derivative AssetsOther current liabilitiesOther long-term liabilitiesTotal Derivative Liabilities
Foreign currency exchange contracts designated as hedges$18 $2 $20 $62 $3 $65 
Foreign currency exchange contracts not designated as hedges36 — 36 7 — 7 
Total derivatives presented gross on the Consolidated Balance Sheets$56 $72 
Total derivatives not offset on the Consolidated Balance Sheets(40)(40)
Net amount (legal offset)$16 $32 
December 31, 2024
(in millions)Prepaid and other current assetsOther long-term assetsTotal Derivative AssetsOther current liabilitiesOther long-term liabilitiesTotal 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 
Total derivatives not offset on the Consolidated Balance Sheets(3)(3)
Net amount (legal offset)$125 $— 
Summary of Effect of Derivative Contracts
The following table summarizes the effect of our derivative contracts on our Consolidated Financial Statements:
Year Ended December 31,
(in millions)202520242023
Derivatives designated as hedges:
Net (loss) gain recognized in Accumulated other comprehensive income$(164)$171 $(14)
Net (loss) gain reclassified from Accumulated other comprehensive income into Product sales$(5)$27 $58 
Derivatives not designated as hedges:
Net gain recognized in Other (income) expense, net$20 $44 $57 
v3.25.4
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Indefinite-Lived Intangible Assets
The following table summarizes our Intangible assets, net:
 December 31, 2025December 31, 2024
(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 $(8,448)$— $2,272 $10,720 $(7,749)$— $2,971 
Intangible asset – axicabtagene ciloleucel
7,110 (3,127)— 3,983 7,110 (2,721)— 4,389 
Intangible asset – Trodelvy
11,730 (4,164)— 7,566 11,730 (3,083)— 8,647 
Intangible asset – Hepcludex
845 (415)— 430 845 (329)— 516 
Other1,483 (1,056)— 428 1,474 (940)1 535 
Total finite-lived assets31,888 (17,211)— 14,678 31,879 (14,822)1 17,058 
Indefinite-lived assets – IPR&D(1)
2,300 — — 2,300 2,890 — — 2,890 
Total intangible assets$34,188 $(17,211)$— $16,978 $34,769 $(14,822)$1 $19,948 
_______________________________
(1)    The Indefinite-lived assets – IPR&D balance as of December 31, 2025 was comprised of $1.75 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $550 million related to bulevirtide. The balance as of December 31, 2024 was comprised of $1.75 billion related to SG for NSCLC and $1.1 billion related to bulevirtide. See “2025 Impairment” below for 2025 activity.
Summary of Finite-Lived Intangible Assets
The following table summarizes our Intangible assets, net:
 December 31, 2025December 31, 2024
(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 $(8,448)$— $2,272 $10,720 $(7,749)$— $2,971 
Intangible asset – axicabtagene ciloleucel
7,110 (3,127)— 3,983 7,110 (2,721)— 4,389 
Intangible asset – Trodelvy
11,730 (4,164)— 7,566 11,730 (3,083)— 8,647 
Intangible asset – Hepcludex
845 (415)— 430 845 (329)— 516 
Other1,483 (1,056)— 428 1,474 (940)1 535 
Total finite-lived assets31,888 (17,211)— 14,678 31,879 (14,822)1 17,058 
Indefinite-lived assets – IPR&D(1)
2,300 — — 2,300 2,890 — — 2,890 
Total intangible assets$34,188 $(17,211)$— $16,978 $34,769 $(14,822)$1 $19,948 
_______________________________
(1)    The Indefinite-lived assets – IPR&D balance as of December 31, 2025 was comprised of $1.75 billion related to sacituzumab govitecan-hziy (“SG”) for non-small cell lung cancer (“NSCLC”) and $550 million related to bulevirtide. The balance as of December 31, 2024 was comprised of $1.75 billion related to SG for NSCLC and $1.1 billion related to bulevirtide. See “2025 Impairment” below for 2025 activity.
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, 2025:
(in millions)Amount
2026$2,383 
20272,380 
20282,319 
20291,791 
20301,605 
Thereafter4,199 
Total$14,678 
v3.25.4
OTHER FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Other Financial Information [Abstract]  
Summary of Accounts Receivable, net
The following table summarizes our Accounts receivable, net:
December 31,
(in millions)20252024
Accounts receivable(1)
$5,895 $5,319 
Less: allowances for chargebacks843 759 
Less: allowances for cash discounts and other97 89 
Less: allowances for credit losses41 52 
Accounts receivable, net$4,913 $4,420 
_______________________________
(1)     As of December 31, 2025, the majority of our Accounts receivable balance arises from product sales in the U.S. and Europe and approximately 60% relates to three wholesalers—Cardinal Health, Cencora and McKesson—and their specialty distributor affiliates.
Summary of Inventories
The following table summarizes our Inventories:
December 31,
(in millions)20252024
Raw materials$1,414 $1,295 
Work in process1,306 847 
Finished goods1,647 1,447 
Total$4,368 $3,589 
Reported as:
Inventories$1,774 $1,710 
Other long-term assets(1)
2,594 1,879 
Total$4,368 $3,589 
_______________________________
(1)     As of December 31, 2025, this amount primarily consists of raw materials and work in process.
Summary of Prepaid and Other Current Assets
The following table summarizes the components of Prepaid and other current assets:
December 31,
(in millions)20252024
Prepaid taxes$899 $480 
Equity securities1,981 1,577 
Other1,144 995 
Prepaid and other current assets$4,024 $3,052 
Summary of Property, Plant and Equipment
The following table summarizes our Property, plant and equipment, net by asset type:
December 31,
(in millions)20252024
Land and land improvements$561 $561 
Buildings and improvements (including leasehold improvements)4,622 4,539 
Laboratory and manufacturing equipment1,241 1,192 
Internal-use software666 692 
Other466 397 
Construction in progress745 501 
Subtotal8,302 7,884 
Less: accumulated depreciation2,696 2,470 
Total$5,606 $5,414 
The following table summarizes our Property, plant and equipment, net by geography:
December 31,
(in millions)20252024
U.S.$4,975 4,787 
International(1)
631 627 
Total$5,606 $5,414 
_______________________________
(1)    All individual international locations accounted for less than 10% of the total balances.
The following table summarizes Depreciation expense:
Year Ended December 31,
(in millions)202520242023
Depreciation expense$370 $381 $354 
Summary of Other Current Liabilities
The following table summarizes the components of Other current liabilities:
December 31,
(in millions)20252024
Compensation and employee benefits$1,298 $1,228 
Income taxes payable92 1,646 
Allowance for sales returns321 321 
Other2,243 2,269 
Other current liabilities$3,953 $5,464 
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 TranslationAvailable-for-Sale Debt SecuritiesCash Flow HedgesTotal
Balance as of December 31, 2022$2 $(33)$33 $2 
Net unrealized gain (loss), net of income tax benefit of $0, $0, and $(2), respectively
$60 $26 $(12)$75 
Loss (gain) reclassified to net income, net of income tax expense of $0, $0, and $7, respectively
— 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 income tax expense of $0, $0, and $21, respectively
$(26)$— $149 $124 
Loss (gain) reclassified to net income, net of income tax expense of $0, $0, and $3, respectively
— 5 (24)(19)
Other comprehensive (loss) income, net(26)5 125 104 
Balance as of December 31, 2024$36 $— $96 $132 
Net unrealized gain (loss), net of income tax expense (benefit) of $0, $3, and $(20), respectively
$38 $9 $(143)$(97)
(Gain) loss reclassified to net income, net of income tax expense (benefit) of $0, $0, and $(1), respectively
— — 5 4 
Other comprehensive income (loss), net38 8 (139)(93)
Balance as of December 31, 2025$74 $8 $(43)$39 
The following table summarizes the reclassifications out of Accumulated other comprehensive income and into Net income, including the affected line items from our Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202520242023Line Item Affected
Net (loss) gain related to cash flow hedges$(5)$27 $58 Product sales
Net (gain) loss related to available-for-sale debt securities$(1)$5 $2 Other (income) expense, net
Income tax (benefit) expense$(1)$3 $7 Income tax (benefit) expense
Summary of Restructuring Charges
The following table summarizes the affected line items from our Consolidated Statements of Operations:
Year Ended December 31,
(in millions)202520242023
Cost of goods sold$4 $— $479 
Research and development expenses68 98 20 
Selling, general and administrative expenses66 91 28 
Restructuring charges$138 $188 $527 
Summary of Other (Income) Expense, Net
The following table summarizes the components of Other (income) expense, net:
Year Ended December 31,
(in millions)202520242023
(Gain) loss from equity securities, net$(451)$274 $167 
Interest income(349)(281)(376)
Other, net1 2 11 
Other (income) expense, net$(798)$(6)$(198)
v3.25.4
DEBT AND CREDIT FACILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025December 31, 2024
Senior UnsecuredNovember 2014February 20253.50%$— $1,750 
Senior UnsecuredSeptember 2015March 20263.65%2,750 2,747 
Senior UnsecuredSeptember 2016March 20272.95%1,249 1,249 
Senior UnsecuredSeptember 2020October 20271.20%749 748 
Senior UnsecuredNovember 2024November 20294.80%747 746 
Senior UnsecuredSeptember 2020October 20301.65%996 995 
Senior UnsecuredSeptember 2023October 20335.25%994 993 
Senior UnsecuredNovember 2024June 20355.10%992 991 
Senior UnsecuredSeptember 2015September 20354.60%994 994 
Senior UnsecuredSeptember 2016September 20364.00%744 744 
Senior UnsecuredSeptember 2020October 20402.60%990 989 
Senior UnsecuredDecember 2011December 20415.65%997 997 
Senior UnsecuredMarch 2014April 20444.80%1,738 1,738 
Senior UnsecuredNovember 2014February 20454.50%1,736 1,735 
Senior UnsecuredSeptember 2015March 20464.75%2,225 2,224 
Senior UnsecuredSeptember 2016March 20474.15%1,731 1,730 
Senior UnsecuredSeptember 2020October 20502.80%1,480 1,479 
Senior UnsecuredSeptember 2023October 20535.55%989 988 
Senior UnsecuredNovember 2024November 20545.50%989 989 
Senior UnsecuredNovember 2024November 20645.60%739 738 
Total senior unsecured notes23,827 25,562 
Liability related to future royalties1,110 1,148 
Total debt, net24,937 26,710 
Less: Current portion of long-term debt, net2,807 1,815 
Total Long-term debt, net$22,129 $24,896 
Summary of Interest Paid
The following table summarizes interest paid, net of amounts capitalized:
Year Ended December 31,
(in millions)202520242023
Interest paid, net of amounts capitalized$1,036 $951 $891 
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, 2025:
(in millions)Amount
2026$2,750 
20272,000 
2028— 
2029750 
20301,000 
Thereafter17,500 
Total$24,000 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
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)Classification20252024
Right-of-use assets, netOther long-term assets$532 $515 
Lease liabilities – current
Other current liabilities$102 $113 
Lease liabilities – noncurrent
Other long-term obligations$503 $498 
Weighted average remaining lease term8.1 years8.0 years
Weighted average discount rate3.53 %3.37 %
The following table summarizes cost and other activity related to our operating leases:
Year Ended December 31,
(in millions)202520242023
Operating lease cost, including variable lease and short-term lease cost$169 $163 $165 
Cash paid for amounts included in the measurement of lease liabilities$127 $141 $88 
Right-of-use assets obtained in exchange for lease liabilities(1)
$106 $86 $214 
_______________________________
(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 is a maturity analysis of our operating lease liabilities as of December 31, 2025:
(in millions)Amount
2026$121 
202799 
202887 
202975 
203073 
Thereafter243 
Total undiscounted lease payments699 
Less: imputed interest94 
Total discounted lease payments$605 
v3.25.4
EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
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)202520242023
RSUs$790 $732 $666 
PSUs33 37 32 
Stock options30 30 30 
ESPP41 36 37 
Acquisition-related expense(1)
— 133 29 
Stock-based compensation expense included in total costs and expenses$894 $969 $796 
_______________________________
(1)    Represents accelerated post-acquisition stock-based compensation expenses, primarily related to CymaBay in 2024.
Year Ended December 31,
(in millions)202520242023
Cost of goods sold$60 $61 $57 
Research and development expenses433 458 377 
Selling, general and administrative expenses401 450 361 
Stock-based compensation expense included in total costs and expenses894 969 796 
Income tax effect(254)(192)(165)
Stock-based compensation expense, net of tax$640 $777 $630 
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, 202421.8 $73.52 
Granted8.9 $116.62 
Vested(10.5)$71.80 
Forfeited(2.4)$85.42 
Outstanding as of December 31, 202517.8 $94.39 
Year Ended December 31,
(in millions, except per share amounts)202520242023
Weighted-average grant date fair value of RSUs granted$116.62 $74.82 $79.66 
Total fair value of RSUs vested
$1,216 $847 $849 
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, 20241.1 $72.24 
Granted0.5 $91.33 
Vested(0.7)$63.86 
Forfeited(0.2)$93.86 
Outstanding as of December 31, 20250.7 $100.00 
Year Ended December 31,
(in millions, except per share amounts)202520242023
Weighted-average grant date fair value of PSUs granted$91.33 $72.24 $81.39 
Total fair value of PSUs vested$73 $43 $35 
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, 202411.8 $69.85 
Granted1.5 $116.55 
Exercised(3.8)$70.38 
Forfeited(0.7)$83.85 
Expired(0.1)$102.24 
Outstanding as of December 31, 20258.7 $76.08 6.21$407 
Exercisable as of December 31, 20255.8 $67.54 5.23$321 
Expected to vest, net of estimated forfeitures as of December 31, 20252.8 $92.88 8.14$82 
_______________________________
(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)202520242023
Weighted-average grant date fair value of stock options granted$22.96 $13.70 $16.11 
Total intrinsic value of options exercised$142 $77 $25 
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,
202520242023
Expected volatility24 %25 %26 %
Expected terms in years555
Risk-free interest rate3.9 %4.1 %4.1 %
Expected dividend yield3.2 %3.9 %3.5 %
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,
202520242023
Expected volatility28 %25 %24 %
Expected terms in years0.50.50.5
Risk-free interest rate4.2 %5.2 %5.1 %
Expected dividend yield3.2 %4.3 %3.7 %
Summary of ESPP Activity
The following table summarizes our ESPP activity:
Year Ended December 31,
(in millions, except per share amounts)202520242023
Shares issued222
Amount paid by employees for shares$143 $139 $129 
Weighted-average grant date fair value of ESPP shares granted$25.32 $15.76 $17.31 
Total fair value of ESPP shares vested
$75 $27 $45 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
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)202520242023
Net income attributable to Gilead$8,510 $480 $5,665 
Shares used in basic earnings per share attributable to Gilead calculation1,244 1,247 1,248 
Dilutive effect of equity-based awards11 8 10 
Shares used in diluted earnings per share attributable to Gilead calculation1,255 1,255 1,258 
Basic earnings per share attributable to Gilead$6.84 $0.38 $4.54 
Diluted earnings per share attributable to Gilead$6.78 $0.38 $4.50 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Income Before Income Taxes
Income before income taxes consists of the following:
Year Ended December 31,
(in millions)202520242023
Domestic$8,310 $(876)$5,467 
Foreign1,486 1,566 1,392 
Income before income taxes$9,796 $690 $6,859 
Summary of Income Tax Expense
Income tax expense consists of the following:
Year Ended December 31,
(in millions)202520242023
Federal:
Current$820 $1,495 $1,781 
Deferred424 (1,562)(1,126)
1,244 (67)655 
State:
Current51 39 80 
Deferred(190)(386)170 
(139)(347)250 
Foreign:
Current256 519 381 
Deferred(75)106 (39)
181 625 342 
Income tax expense$1,286 $211 $1,247 
Summary of Effective Tax Rate Reconciliation
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,
202520242023
(in millions, except percentages)AmountPercentAmountPercentAmountPercent
Income tax expense at U.S. federal statutory tax rate$2,057 21.0 %$145 21.0 %$1,440 21.0 %
State taxes, net of federal benefit(2)
(138)(1.4)%(159)(23.0)%174 2.5 %
Foreign taxes:
Ireland:
Tax rate differential(118)(1.2)%(67)(9.7)%(58)(0.8)%
Other— — %46 6.7 %69 1.0 %
United Kingdom:
Tax rate differential****5 0.1 %
Intercompany asset transfer****92 1.3 %
Other****16 0.2 %
Australia:
Tax rate differential**7 1.0 %**
Intercompany asset transfer**388 56.2 %**
Valuation allowance**(101)(14.6)%**
Other**(44)(6.4)%**
Other foreign jurisdictions(9)(0.1)%41 5.9 %(30)(0.4)%
Effect of cross-border tax laws:
Global intangible low-taxed income85 0.9 %66 9.6 %23 0.3 %
Foreign-derived intangible income(85)(0.9)%(133)(19.3)%(143)(2.1)%
U.S. taxation of foreign branches9 0.1 %(245)(35.5)%— — %
Other2 — %14 2.0 %13 0.2 %
Tax credits:
R&D tax credits(143)(1.5)%(144)(20.9)%(164)(2.4)%
Other(9)(0.1)%(13)(1.9)%(56)(0.8)%
Changes in valuation allowance(3)
(538)(5.5)%588 85.2 %38 0.6 %
Nontaxable or nondeductible items:
Acquired IPR&D and related charges65 0.7 %810 117.4 %88 1.3 %
Other20 0.2 %98 14.2 %(2)— %
Changes in unrecognized tax benefits61 0.6 %(427)(61.9)%(197)(2.9)%
Other adjustments:
Settlement of tax examinations— — %251 36.4 %(67)(1.0)%
Legal entity restructuring— — %(884)(128.1)%— — %
Other27 0.3 %(26)(3.8)%6 0.1 %
Income tax expense / Effective tax rate$1,286 13.1 %$211 30.5 %$1,247 18.2 %
_______________________________
*    Amounts did not meet the disaggregation threshold and therefore are included in Other foreign jurisdictions for this year instead of being broken out separately.
(1)    Recurring items in this rate reconciliation table for 2024 are significantly impacted by the lower Income before income taxes for that year.
(2)    Majority of 2025 state taxes related to Louisiana. Majority of 2024 and 2023 state taxes related to Tennessee.
(3)    The amount in 2025 primarily relates to changes in realizability of a tax loss attribute related to a prior year legal entity restructuring.
Summary of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities are as follows:
December 31,
(in millions)20252024
Deferred tax assets:  
Net operating loss carryforwards$266 $288 
Stock-based compensation83 84 
Reserves and accruals not currently deductible688 685 
Excess of tax basis over book basis of intangible assets776 910 
Deductible acquired IPR&D payments1,293 1,312 
Research and other credit carryforwards353 428 
Equity investments111 237 
Liability related to future royalties270 287 
Capitalized R&D expenditures1,773 2,173 
Capital losses187 590 
Other, net252 213 
Total deferred tax assets before valuation allowance6,052 7,207 
Valuation allowance(1)
(676)(1,217)
Total deferred tax assets5,376 5,990 
Deferred tax liabilities:
Property, plant and equipment(288)(276)
Excess of book basis over tax basis of intangible assets(3,209)(3,836)
Equity investments(92)(81)
Other(225)(143)
Total deferred tax liabilities(3,814)(4,336)
Net deferred tax assets$1,562 $1,654 
_______________________________
(1)    The valuation allowance decreased $541 million in 2025 primarily due to changes in realizability of a tax loss attribute related to a prior year legal entity restructuring. The valuation allowance increased $554 million in 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.
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)202520242023
Beginning balance$2,325 $1,962 $1,959 
Tax positions related to current year:
Additions180 743 265 
Tax positions related to prior years:
Additions243 190 109 
Reductions(669)(298)(315)
Settlements— (270)(42)
Lapse of statute of limitations(3)(2)(13)
Ending balance$2,076 $2,325 $1,962 
Summary of Income Taxes Paid (Net of Refunds Received)
Income taxes paid (net of refunds received), disaggregated by jurisdiction, were as follows:
Year Ended December 31,
(in millions)202520242023
Federal(1)
$2,492 $2,434 $3,411 
State230 107 152 
Foreign:
Australia(2)
253 **
Other240 238 427 
Total income taxes paid$3,215 $2,779 $3,990 
_______________________________
*    Amounts did not meet the disaggregation threshold and therefore are included in Other for this year instead of being broken out separately.
(1)    Includes payments of $1.3 billion in 2025, $1.2 billion in 2024 and $0.9 billion in 2023 related to the transition tax on the mandatory deemed repatriation of foreign earnings in connection with the Tax Cuts and Jobs Act, with the final payment being made in 2025.
(2)    Australia tax payment in 2025 primarily relates to 2024 intercompany asset restructuring involving transfer of certain assets from a prior acquisition to the U.S.
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
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)202520242023
Selling and marketing expenses$3,522 $3,453 $3,272 
General and administrative expenses2,252 2,638 2,818 
Selling, general and administrative expenses$5,774 $6,091 $6,090 
v3.25.4
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
country
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Accounting Policies [Abstract]      
Number of countries in which entity operates | country 35    
Number of operating segments | segment 1    
Advertising expense | $ $ 1,000 $ 869 $ 826
v3.25.4
SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Summary of Property, Plant and Equipment, Estimated Useful Life (Details)
Dec. 31, 2025
Buildings and improvements  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 45 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
Internal-use software | Minimum  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 3 years
Internal-use software | Maximum  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 9 years
Other | Minimum  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 3 years
Other | Maximum  
Organization And Summary Of Significant Accounting Policies [Line Items]  
Estimated Useful Life (in years) 15 years
v3.25.4
REVENUES - Summary of Disaggregation of Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenues $ 29,443 $ 28,754 $ 27,116
U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 20,876 20,591 19,438
Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 5,064 4,634 4,310
Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 3,503 3,529 3,368
Product sales      
Disaggregation of Revenue [Line Items]      
Total revenues 28,915 28,610 26,934
Product sales | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 20,816 20,508 19,377
Product sales | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 4,617 4,576 4,197
Product sales | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 3,483 3,526 3,361
Total HIV      
Disaggregation of Revenue [Line Items]      
Total revenues 20,752 19,612 18,175
Total HIV | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 16,904 15,918 14,848
Total HIV | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 2,392 2,339 2,102
Total HIV | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 1,456 1,355 1,226
Biktarvy      
Disaggregation of Revenue [Line Items]      
Total revenues 14,334 13,423 11,850
Biktarvy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 11,467 10,855 9,692
Biktarvy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 1,676 1,509 1,253
Biktarvy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 1,190 1,060 905
Descovy      
Disaggregation of Revenue [Line Items]      
Total revenues 2,758 2,113 1,985
Descovy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 2,559 1,902 1,771
Descovy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 93 100 100
Descovy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 105 110 114
Genvoya      
Disaggregation of Revenue [Line Items]      
Total revenues 1,498 1,762 2,060
Genvoya | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 1,281 1,498 1,752
Genvoya | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 148 180 205
Genvoya | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 69 84 103
Odefsey      
Disaggregation of Revenue [Line Items]      
Total revenues 1,167 1,288 1,350
Odefsey | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 881 957 1,012
Odefsey | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 246 290 294
Odefsey | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 40 41 44
Symtuza - Revenue share      
Disaggregation of Revenue [Line Items]      
Total revenues 495 592 529
Symtuza - Revenue share | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 363 450 382
Symtuza - Revenue share | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 120 130 133
Symtuza - Revenue share | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 12 12 13
Other HIV      
Disaggregation of Revenue [Line Items]      
Total revenues 500 434 401
Other HIV | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 352 257 238
Other HIV | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 109 129 116
Other HIV | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 40 48 47
Total Oncology      
Disaggregation of Revenue [Line Items]      
Total revenues 3,236 3,289 2,932
Total Oncology | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 1,626 1,798 1,833
Total Oncology | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 1,102 1,098 875
Total Oncology | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 508 393 224
Total Cell Therapy      
Disaggregation of Revenue [Line Items]      
Total revenues 1,839 1,973 1,869
Total Cell Therapy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 748 896 1,055
Total Cell Therapy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 755 804 658
Total Cell Therapy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 335 274 156
Tecartus      
Disaggregation of Revenue [Line Items]      
Total revenues 344 403 370
Tecartus | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 153 234 245
Tecartus | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 158 138 110
Tecartus | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 32 31 15
Yescarta      
Disaggregation of Revenue [Line Items]      
Total revenues 1,495 1,570 1,498
Yescarta | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 595 662 811
Yescarta | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 598 666 547
Yescarta | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 303 242 140
Trodelvy      
Disaggregation of Revenue [Line Items]      
Total revenues 1,397 1,315 1,063
Trodelvy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 877 902 777
Trodelvy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 347 294 217
Trodelvy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 173 119 68
Total Liver Disease      
Disaggregation of Revenue [Line Items]      
Total revenues 3,217 3,021 2,784
Total Liver Disease | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 1,619 1,601 1,421
Total Liver Disease | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 671 545 511
Total Liver Disease | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 927 876 852
Sofosbuvir/Velpatasvir      
Disaggregation of Revenue [Line Items]      
Total revenues 1,272 1,596 1,537
Sofosbuvir/Velpatasvir | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 636 922 859
Sofosbuvir/Velpatasvir | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 292 299 323
Sofosbuvir/Velpatasvir | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 344 374 355
Vemlidy      
Disaggregation of Revenue [Line Items]      
Total revenues 1,070 959 862
Vemlidy | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 507 486 410
Vemlidy | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 49 44 38
Vemlidy | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 514 428 414
Other Liver Disease      
Disaggregation of Revenue [Line Items]      
Total revenues 874 467 385
Other Liver Disease | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 476 192 152
Other Liver Disease | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 330 202 150
Other Liver Disease | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 69 73 83
Veklury      
Disaggregation of Revenue [Line Items]      
Total revenues 911 1,799 2,184
Veklury | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 470 892 972
Veklury | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 151 284 408
Veklury | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 290 623 805
Total Other      
Disaggregation of Revenue [Line Items]      
Total revenues 799 889 859
Total Other | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 197 299 304
Total Other | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 300 310 301
Total Other | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 302 280 255
AmBisome      
Disaggregation of Revenue [Line Items]      
Total revenues 509 533 492
AmBisome | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 20 44 43
AmBisome | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 267 276 260
AmBisome | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 221 212 189
Other      
Disaggregation of Revenue [Line Items]      
Total revenues 290 356 367
Other | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 177 255 261
Other | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 32 34 40
Other | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues 81 68 66
Royalty, contract and other revenues      
Disaggregation of Revenue [Line Items]      
Total revenues 527 144 182
Royalty, contract and other revenues | U.S.      
Disaggregation of Revenue [Line Items]      
Total revenues 60 82 62
Royalty, contract and other revenues | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 447 58 114
Royalty, contract and other revenues | Rest of World      
Disaggregation of Revenue [Line Items]      
Total revenues $ 20 $ 4 $ 7
v3.25.4
REVENUES - Summary of Revenues from Major Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk - Product sales
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cardinal Health, Inc. (“Cardinal Health”)      
Revenue, Major Customer [Line Items]      
Percentage of revenues 29.00% 29.00% 28.00%
Cencora, Inc. (“Cencora”)      
Revenue, Major Customer [Line Items]      
Percentage of revenues 21.00% 21.00% 22.00%
McKesson Corporation (“McKesson”)      
Revenue, Major Customer [Line Items]      
Percentage of revenues 24.00% 23.00% 24.00%
v3.25.4
REVENUES - Summary of Revenues Recognized from Performance Obligations Satisfied in Prior Periods (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]      
Revenue share with Janssen and royalties for licenses of intellectual property $ 612 $ 727 $ 680
Changes in estimates 903 $ 452 $ 340
Previously constrained revenue $ 400    
v3.25.4
REVENUES - Summary of Contract Balances (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets $ 629 $ 277
Contract liabilities 48 $ 58
Previously constrained revenue $ 400  
v3.25.4
FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Recorded at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Available-for-sale debt securities $ 3,044  
Fair value, recurring    
Assets    
Total 11,616 $ 10,533
Liabilities:    
Total 757 552
Fair value, recurring | MYR    
Liabilities:    
Contingent consideration liability 278 206
Level 1 | Fair value, recurring    
Assets    
Total 9,741 10,405
Liabilities:    
Total 406 343
Level 1 | Fair value, recurring | MYR    
Liabilities:    
Contingent consideration liability 0 0
Level 2 | Fair value, recurring    
Assets    
Total 1,875 128
Liabilities:    
Total 72 3
Level 2 | Fair value, recurring | MYR    
Liabilities:    
Contingent consideration liability 0 0
Level 3 | Fair value, recurring    
Assets    
Total 0 0
Liabilities:    
Total 278 206
Level 3 | Fair value, recurring | MYR    
Liabilities:    
Contingent consideration liability 278 206
U.S. treasury securities    
Assets    
Available-for-sale debt securities 1,224  
U.S. treasury securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 1,224 0
U.S. treasury securities | Level 1 | Fair value, recurring    
Assets    
Available-for-sale debt securities 1,224 0
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    
Assets    
Available-for-sale debt securities 15  
U.S. government agencies securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 15 0
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 15 0
U.S. government agencies securities | Level 3 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Corporate debt securities    
Assets    
Available-for-sale debt securities 1,398  
Corporate debt securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 1,398 0
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 1,398 0
Corporate debt securities | Level 3 | Fair value, recurring    
Assets    
Available-for-sale debt securities 0 0
Residential mortgage and asset-backed securities    
Assets    
Available-for-sale debt securities 407  
Residential mortgage and asset-backed securities | Fair value, recurring    
Assets    
Available-for-sale debt securities 407 0
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 407 0
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 6,150 8,502
Money market funds | Level 1 | Fair value, recurring    
Assets    
Marketable equity securities 6,150 8,502
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 1,961 1,561
Publicly traded equity securities | Level 1 | Fair value, recurring    
Assets    
Marketable equity securities 1,961 1,561
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 406 343
Liabilities:    
Deferred compensation plan 406 343
Deferred compensation plan | Level 1 | Fair value, recurring    
Assets    
Marketable equity securities 406 343
Liabilities:    
Deferred compensation plan 406 343
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 56 128
Liabilities:    
Foreign currency derivative contracts 72 3
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 56 128
Liabilities:    
Foreign currency derivative contracts 72 3
Foreign currency derivative contracts | Level 3 | Fair value, recurring    
Assets    
Foreign currency derivative contracts 0 0
Liabilities:    
Foreign currency derivative contracts $ 0 $ 0
v3.25.4
FAIR VALUE MEASUREMENTS - Additional Information (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Mar. 04, 2021
EUR (€)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
In-process research and development impairments $ 590 $ 4,180 $ 50  
Write-off of finite-lived intangible asset 2,400 2,400 2,300  
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 800 900    
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 $ 1,100    
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
v3.25.4
FAIR VALUE MEASUREMENTS - Summary of Change in Fair Value of Contingent Consideration (Details) - MYR - Contingent Consideration - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Beginning balance $ 206 $ 228 $ 275
Changes in valuation assumptions 43 (7) (60)
Effect of foreign exchange remeasurement 29 (14) 12
Ending balance $ 278 $ 206 $ 228
v3.25.4
FAIR VALUE MEASUREMENTS - Summary of Total Estimated Fair Value and Carrying Value of Senior Unsecured Notes (Details) - Level 2 - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair value    
Fair Value, Assets and Liabilities    
Fair value $ 22,342 $ 23,335
Carrying value    
Fair Value, Assets and Liabilities    
Carrying value $ 23,827 $ 25,562
v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Available-for-Sale Debt Securities at Estimated Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Available-for-Sale Securities    
Amortized Cost $ 3,033 $ 0
Gross Unrealized Gains 11  
Gross Unrealized Losses (1)  
Estimated Fair Value 3,044  
U.S. treasury securities    
Available-for-Sale Securities    
Amortized Cost 1,222  
Gross Unrealized Gains 3  
Gross Unrealized Losses 0  
Estimated Fair Value 1,224  
U.S. government agencies securities    
Available-for-Sale Securities    
Amortized Cost 15  
Gross Unrealized Gains 0  
Gross Unrealized Losses 0  
Estimated Fair Value 15  
Corporate debt securities    
Available-for-Sale Securities    
Amortized Cost 1,392  
Gross Unrealized Gains 7  
Gross Unrealized Losses 0  
Estimated Fair Value 1,398  
Residential mortgage and asset-backed securities    
Available-for-Sale Securities    
Amortized Cost 405  
Gross Unrealized Gains 2  
Gross Unrealized Losses 0  
Estimated Fair Value $ 407  
v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Abstract]    
Debt securities, available-for-sale, amortized cost $ 3,033 $ 0
Debt securities, available-for-sale, unrealized loss position for less than 12 months $ 724  
v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Balance Sheet Classification of Available-for-Sale Debt Securities (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Debt Securities, Available-for-sale [Line Items]  
Total $ 3,044
Cash and cash equivalents:  
Debt Securities, Available-for-sale [Line Items]  
Total 2
Short-term marketable debt securities  
Debt Securities, Available-for-sale [Line Items]  
Total 68
Long-term marketable debt securities  
Debt Securities, Available-for-sale [Line Items]  
Total $ 2,974
v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Available-for-Sale Debt Securities by Contractual Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Amortized Cost    
Within one year $ 70  
After one year through five years 2,931  
After five years through ten years 32  
Amortized Cost 3,033 $ 0
Fair Value    
Within one year 70  
After one year through five years 2,941  
After five years through ten years 32  
Total $ 3,044  
v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Summary of Classification of Equity Securities at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Sep. 30, 2025
Feb. 28, 2025
Dec. 31, 2024
Equity method investments and other equity securities without readily determinable fair values:        
Other long-term assets $ 393     $ 386
Equity securities measured at fair value and without readily determinable fair value and equity method investments        
Total 8,909     10,791
Arcus        
Equity securities measured at fair value and without readily determinable fair value and equity method investments        
Ownership percentage     30.00%  
Assembly Biosciences, Inc        
Equity securities measured at fair value and without readily determinable fair value and equity method investments        
Ownership percentage   29.00%    
Cash and cash equivalents: | Money market funds        
Equity securities measured at fair value:        
Equity securities measured at fair value 6,150     8,502
Prepaid and other current assets: | Galapagos        
Equity securities measured at fair value:        
Equity securities measured at fair value 551     462
Prepaid and other current assets: | Arcus        
Equity securities measured at fair value:        
Equity securities measured at fair value 749     448
Prepaid and other current assets: | Assembly Biosciences, Inc        
Equity securities measured at fair value:        
Equity securities measured at fair value 183     53
Prepaid and other current assets: | Nonconsolidated Investees, Other        
Equity securities measured at fair value:        
Equity securities measured at fair value 499     614
Other long-term assets        
Equity securities measured at fair value:        
Equity securities measured at fair value $ 386     $ 327
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Total unrealized (gain) loss, net $ (404) $ 284 $ 60
Fair Value Option Investments      
Debt Securities, Available-for-sale [Line Items]      
Total unrealized (gain) loss, net (440) 377 68
All Other Equity Investments      
Debt Securities, Available-for-sale [Line Items]      
Total unrealized (gain) loss, net $ 35 $ (93) $ (8)
v3.25.4
AVAILABLE-FOR-SALE DEBT SECURITIES AND EQUITY SECURITIES - Related Party Transaction (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Selling, general and administrative expenses $ 5,774 $ 6,091 $ 6,090
Gilead Foundation | Related Party      
Related Party Transaction [Line Items]      
Selling, general and administrative expenses $ 89    
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Outstanding notional amounts on foreign currency exchange contracts $ 3,900 $ 2,900  
Loss from accumulated other comprehensive income 58    
Discontinuances 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    
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Classification and Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Total Derivative Assets    
Total Derivative Assets $ 56 $ 128
Total derivatives not offset on the Consolidated Balance Sheets (40) (3)
Net amount (legal offset) 16 125
Total Derivative Liabilities    
Total derivatives presented gross on the Consolidated Balance Sheets 72 3
Total derivatives not offset on the Consolidated Balance Sheets (40) (3)
Net amount (legal offset) 32 0
Foreign currency exchange contracts designated as hedges    
Total Derivative Assets    
Total Derivative Assets 20 100
Total Derivative Liabilities    
Total derivatives presented gross on the Consolidated Balance Sheets 65 0
Foreign currency exchange contracts not designated as hedges    
Total Derivative Assets    
Total Derivative Assets 36 28
Total Derivative Liabilities    
Total derivatives presented gross on the Consolidated Balance Sheets 7 3
Prepaid and other current assets: | Foreign currency exchange contracts designated as hedges    
Total Derivative Assets    
Total Derivative Assets 18 90
Prepaid and other current assets: | Foreign currency exchange contracts not designated as hedges    
Total Derivative Assets    
Total Derivative Assets 36 28
Other long-term assets | Foreign currency exchange contracts designated as hedges    
Total Derivative Assets    
Total Derivative Assets 2 10
Other long-term assets | Foreign currency exchange contracts not designated as hedges    
Total Derivative Assets    
Total Derivative Assets 0 0
Other current liabilities | Foreign currency exchange contracts designated as hedges    
Total Derivative Liabilities    
Total derivatives presented gross on the Consolidated Balance Sheets 62 0
Other current liabilities | Foreign currency exchange contracts not designated as hedges    
Total Derivative Liabilities    
Total derivatives presented gross on the Consolidated Balance Sheets 7 3
Other long-term liabilities | Foreign currency exchange contracts designated as hedges    
Total Derivative Liabilities    
Total derivatives presented gross on the Consolidated Balance Sheets 3 0
Other long-term liabilities | Foreign currency exchange contracts not designated as hedges    
Total Derivative Liabilities    
Total derivatives presented gross on the Consolidated Balance Sheets $ 0 $ 0
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Effect of Derivative Contracts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives designated as hedges:      
Net (loss) gain recognized in Accumulated other comprehensive income $ (164) $ 171 $ (14)
Net (loss) gain reclassified from Accumulated other comprehensive income into Product sales (5) 27 58
Derivatives not designated as hedges:      
Net gain recognized in Other (income) expense, net $ 20 $ 44 $ 57
v3.25.4
ACQUISITIONS (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 22, 2023
Oct. 31, 2025
Jul. 31, 2024
Mar. 31, 2024
Oct. 31, 2023
May 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination, Separately Recognized Transaction [Line Items]                  
Acquired in-process research and development expenses             $ 1,024 $ 4,663 $ 1,155
Stock-based compensation expense included in total costs and expenses             894 969 796
Research and development expenses                  
Business Combination, Separately Recognized Transaction [Line Items]                  
Stock-based compensation expense included in total costs and expenses             433 458 377
Selling, general and administrative expenses                  
Business Combination, Separately Recognized Transaction [Line Items]                  
Stock-based compensation expense included in total costs and expenses             401 450 361
Interius BioTherapeutics                  
Business Combination, Separately Recognized Transaction [Line Items]                  
Asset acquisition consideration   $ 350              
Acquired in-process research and development expenses   $ 311              
CymaBay                  
Business Combination, Separately Recognized Transaction [Line Items]                  
Asset acquisition consideration       $ 3,900          
Acquired in-process research and development expenses               3,800  
Stock-based compensation expense included in total costs and expenses               133  
Asset acquisition, assets acquired               333  
Asset acquisition, liabilities assumed               228  
Liability payments               209  
CymaBay | Janssen Pharmaceutica NV                  
Business Combination, Separately Recognized Transaction [Line Items]                  
Payment to extinguish a future royalty obligation     $ 320            
CymaBay | Research and development expenses                  
Business Combination, Separately Recognized Transaction [Line Items]                  
Stock-based compensation expense included in total costs and expenses               67  
CymaBay | Selling, general and administrative expenses                  
Business Combination, Separately Recognized Transaction [Line Items]                  
Stock-based compensation expense included in total costs and expenses               67  
XinThera, Inc                  
Business Combination, Separately Recognized Transaction [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 Transaction [Line Items]                  
Acquired in-process research and development expenses                 244
Cash consideration $ 300                
Tmunity Therapeutics | Tmunity And University Of Pennsylvania                  
Business Combination, Separately Recognized Transaction [Line Items]                  
Acquired in-process research and development expenses               $ 47 $ 25
Maximum potential future milestone payments             $ 1,000    
v3.25.4
COLLABORATIONS AND OTHER ARRANGEMENTS (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 23, 2026
USD ($)
$ / shares
Mar. 13, 2021
USD ($)
May 27, 2020
Sep. 30, 2025
USD ($)
Jan. 31, 2025
USD ($)
Jan. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
May 31, 2023
USD ($)
Aug. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2025
USD ($)
designee
shares
Dec. 31, 2025
USD ($)
designee
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2014
Feb. 28, 2025
Jan. 30, 2023
Jul. 13, 2020
USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Acquired in-process research and development expenses                       $ 1,024 $ 4,663 $ 1,155        
Research and development expenses                       5,799 5,907 5,718        
Total revenues                       29,443 28,754 27,116        
Cost of goods sold                       $ 6,234 6,251 6,498        
Arcus                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Shares owned (in shares) | shares                     31.4 31.4            
Ownership percentage                               30.00%    
Global Strategic Collaboration Agreement | Arcellx, Inc                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Acquired in-process research and development expenses                         68 313        
Maximum potential future milestone payments             $ 1,500             1,500        
Payments to acquire shares                           299        
Percentage of profits earned                                 50.00%  
Global Strategic Collaboration Agreement | Arcellx, Inc | Arcellx, Inc                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Percentage of profits earned                                 50.00%  
Merck Sharp & Dohme Corp                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Percent of global and development and commercialization costs   60.00%                                
Research and development expenses                       $ 0 0 0        
Revenues recognized                       0 0 0        
Option period to license certain inhibitors (in years)   5 years                                
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%                                
Arcus collaboration agreement and stock purchase agreements | Arcus                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Opt-in term (in years)     10 years                              
Arcus collaboration agreement | Arcus                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Maximum potential future milestone payments               $ 420                    
Research and development expenses                       $ 218 243 189        
Collaboration agreement, up-front fee paid               $ 35                    
Additional option fee in future years                                   $ 100
Galapagos subscription agreement | Galapagos                                    
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 16.7            
Standstill restricting term (in years)                 10 years                  
Janssen pharmaceuticals                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Purchase price of goods less specified amount, maximum percentage                             30.00%      
Total revenues                       $ 1,300 1,400 1,500        
Cost of goods sold                       369 403 430        
Period subject to termination (in years)                             10 years      
Shionogi, formerly Japan Tobacco                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Total revenues                       1,600 1,800 2,200        
Cash paid                   $ 559                
Finite-lived intangible assets acquired                   $ 550                
Amortization useful life (in years)                   9 years                
Royalty expense                       112 139 167        
Arcellx, Inc | Subsequent event                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Estimated acquisition price $ 7,000                                  
Offer price (in dollars per share) | $ / shares $ 115                                  
Contingent value right (in dollars per share) | $ / shares $ 5                                  
Contingent sales amount (at least) $ 6,000                                  
Pregene Biopharma | Pregene Biopharma Agreement                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Payments to acquire in process research and development       $ 120                            
Acquired in-process research and development expenses                     $ 80              
Maximum potential future milestone payments                     $ 1,500 1,500            
LEO Pharma A/S | LEO Pharma agreement                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Payments to acquire in process research and development         $ 250                          
Maximum potential future milestone payments         $ 1,500                          
Abingworth, LLP                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Maximum potential future milestone payments             84             $ 84        
Funding expenses                       $ 62 $ 78          
Abingworth, LLP | Maximum                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Funding received             $ 210                      
Arcus                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Option fee           $ 100                        
Number of designees on board of directors | designee                     3 3            
Additional equity investment           320                        
Arcus | Nonoperating Income (Expense)                                    
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                                    
Additional equity investment, premium           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 2            
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount $ 31,888 $ 31,879
Accumulated Amortization (17,211) (14,822)
Foreign Currency Translation Adjustment 0 1
Total 14,678 17,058
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross  Carrying Amount 2,300 2,890
Foreign Currency Translation Adjustment 0 0
Net Carrying Amount 2,300 2,890
Intangible Assets, Net (Including Goodwill) [Abstract]    
Gross  Carrying Amount 34,188 34,769
Accumulated Amortization (17,211) (14,822)
Foreign Currency Translation Adjustment 0 1
Net Carrying Amount 16,978 19,948
In Process Research And Development NSCLC    
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross  Carrying Amount 1,750 1,750
In Process Research And Development Bulevirtide    
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]    
Gross  Carrying Amount 550 1,100
Intangible asset – sofosbuvir    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 10,720 10,720
Accumulated Amortization (8,448) (7,749)
Foreign Currency Translation Adjustment 0 0
Total 2,272 2,971
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization (8,448) (7,749)
Intangible asset – axicabtagene ciloleucel    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 7,110 7,110
Accumulated Amortization (3,127) (2,721)
Foreign Currency Translation Adjustment 0 0
Total 3,983 4,389
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization (3,127) (2,721)
Intangible asset – Trodelvy    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 11,730 11,730
Accumulated Amortization (4,164) (3,083)
Foreign Currency Translation Adjustment 0 0
Total 7,566 8,647
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization (4,164) (3,083)
Intangible asset – Hepcludex    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 845 845
Accumulated Amortization (415) (329)
Foreign Currency Translation Adjustment 0 0
Total 430 516
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization (415) (329)
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 1,483 1,474
Accumulated Amortization (1,056) (940)
Foreign Currency Translation Adjustment 0 1
Total 428 535
Intangible Assets, Net (Including Goodwill) [Abstract]    
Accumulated Amortization $ (1,056) $ (940)
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]                
Accumulated goodwill impairment losses $ 0         $ 0    
Aggregate amortization expense related to finite-lived intangible assets           2,400 $ 2,400 $ 2,300
Discount rate of acquired IPR&D         7.50%   7.25% 7.50%
In-process research and development impairments           590 $ 4,180 $ 50
Galapagos | Fair Value, Nonrecurring                
Business Combination [Line Items]                
Aggregate amortization expense related to finite-lived intangible assets               $ 51
In Process Research And Development Bulevirtide                
Business Combination [Line Items]                
In-process research and development impairments $ 400 $ 190       $ 590    
In Process Research And Development Bulevirtide | Fair Value, Nonrecurring                
Business Combination [Line Items]                
In-process research and development impairments         $ 50      
In Process Research And Development Bulevirtide | Measurement Input, Discount Rate                
Business Combination [Line Items]                
Discount rate, measurement input 7.75% 8.25%       7.75%    
In Process Research And Development NSCLC                
Business Combination [Line Items]                
In-process research and development impairments     $ 1,800 $ 2,400        
In Process Research And Development NSCLC | Immunomedics, Inc. | Measurement Input, Discount Rate                
Business Combination [Line Items]                
Discount rate, measurement input     7.00% 7.00%        
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Summary of Estimated Future Amortization Expense of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 2,383  
2027 2,380  
2028 2,319  
2029 1,791  
2030 1,605  
Thereafter 4,199  
Total $ 14,678 $ 17,058
v3.25.4
OTHER FINANCIAL INFORMATION - Summary of Accounts Receivable, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Accounts receivable $ 5,895 $ 5,319
Less: allowances for chargebacks 843 759
Less: allowances for cash discounts and other 97 89
Less: allowances for credit losses 41 52
Accounts receivable, net $ 4,913 $ 4,420
Three Wholesalers | Accounts Receivable | Customer Concentration Risk    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Percentage of revenues 60.00%  
v3.25.4
OTHER FINANCIAL INFORMATION - Summary of Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Financial Information [Abstract]    
Raw materials $ 1,414 $ 1,295
Work in process 1,306 847
Finished goods 1,647 1,447
Total 4,368 3,589
Inventories 1,774 1,710
Other long term assets $ 2,594 $ 1,879
v3.25.4
OTHER FINANCIAL INFORMATION - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Inventory [Line Items]    
Inventories $ 1,774 $ 1,710
Trodelvy    
Inventory [Line Items]    
Inventories $ 613  
v3.25.4
OTHER FINANCIAL INFORMATION - Prepaid and Other Current Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Financial Information [Abstract]    
Prepaid taxes $ 899 $ 480
Equity securities 1,981 1,577
Other 1,144 995
Prepaid and other current assets $ 4,024 $ 3,052
v3.25.4
OTHER FINANCIAL INFORMATION - Summary of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Land and land improvements $ 561 $ 561
Buildings and improvements (including leasehold improvements) 4,622 4,539
Laboratory and manufacturing equipment 1,241 1,192
Internal-use software 666 692
Other 466 397
Construction in progress 745 501
Subtotal 8,302 7,884
Less: accumulated depreciation 2,696 2,470
Total $ 5,606 $ 5,414
v3.25.4
OTHER FINANCIAL INFORMATION - Book Value of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net $ 5,606 $ 5,414
U.S.    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net 4,975 4,787
International    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, net $ 631 $ 627
v3.25.4
OTHER FINANCIAL INFORMATION - Depreciation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Financial Information [Abstract]      
Depreciation expense $ 370 $ 381 $ 354
v3.25.4
OTHER FINANCIAL INFORMATION - Summary of Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Financial Information [Abstract]    
Compensation and employee benefits $ 1,298 $ 1,228
Income taxes payable 92 1,646
Allowance for sales returns 321 321
Other 2,243 2,269
Other current liabilities $ 3,953 $ 5,464
v3.25.4
OTHER FINANCIAL INFORMATION - Summary of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ 19,246 $ 22,749 $ 21,209
Other comprehensive (loss) income, net (93) 104 26
Ending balance 22,618 19,246 22,749
Accumulated Other Comprehensive Income      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 132 28 2
Net unrealized (loss) gain, net of tax impact (97) 124 75
Reclassifications to net income, net of tax impact 4 (19) (49)
Other comprehensive (loss) income, net (93) 104 26
Ending balance 39 132 28
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 36 62 2
Net unrealized (loss) gain, net of tax impact 38 (26) 60
Reclassifications to net income, net of tax impact 0 0 0
Other comprehensive (loss) income, net 38 (26) 60
Ending balance 74 36 62
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 0 (5) (33)
Net unrealized (loss) gain, net of tax impact 9 0 26
Reclassifications to net income, net of tax impact 0 5 2
Other comprehensive (loss) income, net 8 5 28
Ending balance 8 0 (5)
Net unrealized (loss) gain, tax 3 0 0
Reclassifications to net income, tax 0 0 0
Cash Flow Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 96 (29) 33
Net unrealized (loss) gain, net of tax impact (143) 149 (12)
Reclassifications to net income, net of tax impact 5 (24) (51)
Other comprehensive (loss) income, net (139) 125 (62)
Ending balance (43) 96 (29)
Net unrealized (loss) gain, tax (20) 21 (2)
Reclassifications to net income, tax $ (1) $ 3 $ 7
v3.25.4
OTHER FINANCIAL INFORMATION - Reclassification out of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Product sales $ 29,443 $ 28,754 $ 27,116
Other (income) expense, net (798) (6) (198)
Income tax (benefit) expense 1,286 211 1,247
Reclassification out of Accumulated Other Comprehensive Income | Net (loss) gain related to cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Product sales (5) 27 58
Reclassification out of Accumulated Other Comprehensive Income | Net (gain) loss related to available-for-sale debt securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other (income) expense, net (1) 5 2
Reclassification out of Accumulated Other Comprehensive Income | Income tax (benefit) expense      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income tax (benefit) expense $ (1) $ 3 $ 7
v3.25.4
OTHER FINANCIAL INFORMATION - Restructuring (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Other costs     $ 57
Restructuring charges $ 138 $ 188 527
Restructuring liability 61    
Manufacturing Assets      
Restructuring Cost and Reserve [Line Items]      
Write-off     381
Inventory Write-downs      
Restructuring Cost and Reserve [Line Items]      
Write-off     89
Cost of goods sold      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 4 $ 0 $ 479
Restructuring charges, statement of income or comprehensive income, extensible enumeration Cost of goods sold Cost of goods sold Cost of goods sold
Research and development expenses      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 68 $ 98 $ 20
Restructuring charges, statement of income or comprehensive income, extensible enumeration Research and development expenses Research and development expenses Research and development expenses
Selling, general and administrative expenses      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 66 $ 91 $ 28
Restructuring charges, statement of income or comprehensive income, extensible enumeration Selling, general and administrative expenses Selling, general and administrative expenses Selling, general and administrative expenses
v3.25.4
OTHER FINANCIAL INFORMATION - Other (Income) Expense, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Financial Information [Abstract]      
(Gain) loss from equity securities, net $ (451) $ 274 $ 167
Interest income (349) (281) (376)
Other, net 1 2 11
Other (income) expense, net $ (798) $ (6) $ (198)
v3.25.4
DEBT AND CREDIT FACILITIES - Summary of Debt Carrying Amount (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt, net $ 24,937 $ 26,710
Less: Current portion of long-term debt, net 2,807 1,815
Total Long-term debt, net 22,129 24,896
Senior notes    
Debt Instrument [Line Items]    
Total debt, net $ 24,000  
Senior notes | 3.50% Senior Unsecured Notes Due in February 2025    
Debt Instrument [Line Items]    
Interest Rate 3.50%  
Total debt, net $ 0 1,750
Senior notes | 3.65% Senior Unsecured Notes Due in March 2026    
Debt Instrument [Line Items]    
Interest Rate 3.65%  
Total debt, net $ 2,750 2,747
Senior notes | 2.95% Senior Unsecured Notes Due in March 2027    
Debt Instrument [Line Items]    
Interest Rate 2.95%  
Total debt, net $ 1,249 1,249
Senior notes | 1.20% Senior Unsecured Notes Due October 2027    
Debt Instrument [Line Items]    
Interest Rate 1.20%  
Total debt, net $ 749 748
Senior notes | 4.80% Senior Unsecured Notes Due in November 2029    
Debt Instrument [Line Items]    
Interest Rate 4.80%  
Total debt, net $ 747 746
Senior notes | 1.65% Senior Unsecured Notes Due October 2030    
Debt Instrument [Line Items]    
Interest Rate 1.65%  
Total debt, net $ 996 995
Senior notes | 5.25% Senior Unsecured Notes Due October 2033    
Debt Instrument [Line Items]    
Interest Rate 5.25%  
Total debt, net $ 994 993
Senior notes | 5.10% Senior Unsecured Notes Due in June 2035    
Debt Instrument [Line Items]    
Interest Rate 5.10%  
Total debt, net $ 992 991
Senior notes | 4.60% Senior Unsecured Notes Due in September 2035    
Debt Instrument [Line Items]    
Interest Rate 4.60%  
Total debt, net $ 994 994
Senior notes | 4.00% Senior Unsecured Notes Due in September 2036    
Debt Instrument [Line Items]    
Interest Rate 4.00%  
Total debt, net $ 744 744
Senior notes | 2.60% Senior Unsecured Notes Due October 2040    
Debt Instrument [Line Items]    
Interest Rate 2.60%  
Total debt, net $ 990 989
Senior notes | 5.65% Senior Unsecured Notes Due in December 2041    
Debt Instrument [Line Items]    
Interest Rate 5.65%  
Total debt, net $ 997 997
Senior notes | 4.80% Senior Unsecured Notes Due in April 2044    
Debt Instrument [Line Items]    
Interest Rate 4.80%  
Total debt, net $ 1,738 1,738
Senior notes | 4.50% Senior Unsecured Notes Due in February 2045    
Debt Instrument [Line Items]    
Interest Rate 4.50%  
Total debt, net $ 1,736 1,735
Senior notes | 4.75% Senior Unsecured Notes Due in March 2046    
Debt Instrument [Line Items]    
Interest Rate 4.75%  
Total debt, net $ 2,225 2,224
Senior notes | 4.15% Senior Unsecured Notes Due in March 2047    
Debt Instrument [Line Items]    
Interest Rate 4.15%  
Total debt, net $ 1,731 1,730
Senior notes | 2.80% Senior Unsecured Notes Due October 2050    
Debt Instrument [Line Items]    
Interest Rate 2.80%  
Total debt, net $ 1,480 1,479
Senior notes | 5.55% Senior Unsecured Notes Due October 2053    
Debt Instrument [Line Items]    
Interest Rate 5.55%  
Total debt, net $ 989 988
Senior notes | 5.50% Senior Unsecured Notes Due November 2054    
Debt Instrument [Line Items]    
Interest Rate 5.50%  
Total debt, net $ 989 989
Senior notes | 5.60% Senior Unsecured Notes Due November 2064    
Debt Instrument [Line Items]    
Interest Rate 5.60%  
Total debt, net $ 739 738
Senior Notes and Medium-Term Notes    
Debt Instrument [Line Items]    
Total senior unsecured notes 23,827 25,562
Liability related to future royalties    
Debt Instrument [Line Items]    
Total debt, net $ 1,110 $ 1,148
v3.25.4
DEBT AND CREDIT FACILITIES - Additional Information (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Oct. 23, 2020
Debt Instrument [Line Items]            
Repayments of debt   $ 1,788 $ 1,970 $ 2,250    
Immunomedics, Inc. | Measurement Input, Expected Term            
Debt Instrument [Line Items]            
Liability related to future royalties, measurement Input           16
Senior notes            
Debt Instrument [Line Items]            
Redemption price, percentage   100.00%        
Redemption price, percentage of aggregate principal amount   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 | 3.50% Senior Unsecured Notes Due in February 2025            
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  
v3.25.4
DEBT AND CREDIT FACILITIES - Summary of Interest Paid (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]      
Interest paid, net of amounts capitalized $ 1,036 $ 951 $ 891
v3.25.4
DEBT AND CREDIT FACILITIES - Summary of Contractual Maturities of Financing Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total debt, net $ 24,937 $ 26,710
Senior notes    
Debt Instrument [Line Items]    
2026 2,750  
2027 2,000  
2028 0  
2029 750  
2030 1,000  
Thereafter 17,500  
Total debt, net $ 24,000  
v3.25.4
LEASES - Additional Information (Details)
Dec. 31, 2025
Leases [Abstract]  
Lease term extension (in years) 15 years
v3.25.4
LEASES - Summary of Balance Sheet Location and Other Information (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets, net $ 532 $ 515
Lease liabilities – current 102 113
Lease liabilities – noncurrent $ 503 $ 498
Weighted average remaining lease term 8 years 1 month 6 days 8 years
Weighted average discount rate 3.53% 3.37%
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 liabilities Other long-term liabilities
v3.25.4
LEASES - Summary of Supplemental Information Related to Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost, including variable lease and short-term lease cost $ 169 $ 163 $ 165
Cash paid for amounts included in the measurement of lease liabilities 127 141 88
Right-of-use assets obtained in exchange for lease liabilities $ 106 $ 86 $ 214
v3.25.4
LEASES - Summary of Operating Lease Liabilities Maturity (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 121
2027 99
2028 87
2029 75
2030 73
Thereafter 243
Total undiscounted lease payments 699
Less: imputed interest 94
Total discounted lease payments $ 605
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 1 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
patent
Jul. 31, 2024
claim
Nov. 30, 2023
patent
May 31, 2023
USD ($)
Mar. 31, 2022
patent
Dec. 31, 2023
USD ($)
Dec. 31, 2025
USD ($)
plaintiff
lawsuit
Dec. 31, 2024
USD ($)
Other Commitments [Line Items]                
Accrued litigation             $ 0 $ 242
Number of patents challenged | patent 6   2   4      
Number of patents | patent 16       6      
Payments for legal settlements           $ 525    
Settlement amount awarded       $ 525        
Number of claims dismissed | claim   2            
Product Liability                
Other Commitments [Line Items]                
Number of claims filed | lawsuit             1  
Number of plaintiffs | plaintiff             23,000  
Product Liability - California                
Other Commitments [Line Items]                
Settlement amount awarded             $ 39  
Number of plaintiffs | plaintiff             2,470  
Potential Settlement                
Other Commitments [Line Items]                
Accrued litigation               $ 200
v3.25.4
EMPLOYEE BENEFITS - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Matching contribution expense $ 200 $ 204 $ 208  
Fair value, recurring | Deferred compensation plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity securities measured at fair value $ 406 $ 343    
ESPP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common stock authorized (in shares) 104      
Shares available for future grant (in shares) 22      
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 1 month 6 days      
PSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options vesting period (in years) 3 years      
Unrecognized compensation cost $ 31      
Period for recognition (in years) 1 year      
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost $ 40      
Period for recognition (in years) 1 year 10 months 24 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) 62      
v3.25.4
EMPLOYEE BENEFITS - Summary of Stock-Based Compensation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses $ 894 $ 969 $ 796
Income tax effect (254) (192) (165)
Stock-based compensation expense, net of tax 640 777 630
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 0 133 29
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 60 61 57
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 433 458 377
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 401 450 361
RSUs      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 790 732 666
PSUs      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses 33 37 32
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 30
ESPP      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Stock-based compensation expense included in total costs and expenses $ 41 $ 36 $ 37
v3.25.4
EMPLOYEE BENEFITS - Summary of Restricted Stock (Details) - RSUs - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Shares      
Outstanding, beginning balance (in shares) 21.8    
Granted (in shares) 8.9    
Vested (in shares) (10.5)    
Forfeited (in shares) (2.4)    
Outstanding, ending balance (in shares) 17.8 21.8  
Weighted- Average Grant Date Fair Value Per Share      
Outstanding, beginning balance (in dollars per share) $ 73.52    
Granted (in dollars per share) 116.62 $ 74.82 $ 79.66
Vested (in dollars per share) 71.80    
Forfeited (in dollars per share) 85.42    
Outstanding, ending balance (in dollars per share) $ 94.39 $ 73.52  
Total fair value of RSUs vested $ 1,216 $ 847 $ 849
v3.25.4
EMPLOYEE BENEFITS - Summary of Performance Share Awards (Details) - PSUs - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Shares      
Outstanding, beginning balance (in shares) 1.1    
Granted (in shares) 0.5    
Vested (in shares) (0.7)    
Forfeited (in shares) (0.2)    
Outstanding, ending balance (in shares) 0.7 1.1  
Weighted- Average Grant Date Fair Value Per Share      
Outstanding, beginning balance (in dollars per share) $ 72.24    
Granted (in dollars per share) 91.33 $ 72.24 $ 81.39
Vested (in dollars per share) 63.86    
Forfeited (in dollars per share) 93.86    
Outstanding, ending balance (in dollars per share) $ 100.00 $ 72.24  
Total fair value of RSUs vested $ 73 $ 43 $ 35
v3.25.4
EMPLOYEE BENEFITS - Summary of Stock Options (Details) - Stock options - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]      
Outstanding, beginning balance (in shares) 11.8    
Granted (in shares) 1.5    
Exercised (in shares) (3.8)    
Forfeited (in shares) (0.7)    
Expired (in shares) (0.1)    
Outstanding, beginning balance (in shares) 8.7 11.8  
Exercisable (in shares) 5.8    
Expected to vest, net of estimated forfeitures (in shares) 2.8    
Weighted- Average Exercise Price (in dollars)      
Outstanding, beginning balance (in dollars per share) $ 69.85    
Granted (in dollars per share) 116.55    
Exercised (in dollars per share) 70.38    
Forfeited (in dollars per share) 83.85    
Expired (in dollars per share) 102.24    
Outstanding, ending balance (in dollars per share) 76.08 $ 69.85  
Exercisable (in dollars per share) 67.54    
Expected to vest, net of estimated forfeitures (in dollars per share) $ 92.88    
Weighted-Average Remaining Contractual Term (years)      
Outstanding 6 years 2 months 15 days    
Exercisable 5 years 2 months 23 days    
Expected to vest, net of estimated forfeitures 8 years 1 month 20 days    
Aggregate Intrinsic Value (in millions)      
Outstanding $ 407    
Exercisable 321    
Expected to vest, net of estimated forfeitures $ 82    
Weighted average grant date fair value (in dollars per share) $ 22.96 $ 13.70 $ 16.11
Total intrinsic value of options exercised $ 142 $ 77 $ 25
v3.25.4
EMPLOYEE BENEFITS - Summary of Assumptions Used to Calculate the Fair Value of Awards (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 24.00% 25.00% 26.00%
Expected terms in years 5 years 5 years 5 years
Risk-free interest rate 3.90% 4.10% 4.10%
Expected dividend yield 3.20% 3.90% 3.50%
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility 28.00% 25.00% 24.00%
Expected terms in years 6 months 6 months 6 months
Risk-free interest rate 4.20% 5.20% 5.10%
Expected dividend yield 3.20% 4.30% 3.70%
v3.25.4
EMPLOYEE BENEFITS - Summary of ESPP Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Issuances under employee stock purchase plan $ 143 $ 139 $ 129
ESPP      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares issued 2 2 2
Issuances under employee stock purchase plan $ 143 $ 139 $ 129
Weighted-average grant date fair value of ESPP shares granted (in dollars per share) $ 25.32 $ 15.76 $ 17.31
Total fair value of ESPP shares vested $ 75 $ 27 $ 45
v3.25.4
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, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income attributable to Gilead $ 8,510 $ 480 $ 5,665
Shares used in basic earnings per share attributable to Gilead calculation (in shares) 1,244 1,247 1,248
Dilutive effect of equity-based awards (in shares) 11 8 10
Shares used in diluted earnings per share attributable to Gilead calculation (in shares) 1,255 1,255 1,258
Basic earnings per share attributable to Gilead (in dollars per share) $ 6.84 $ 0.38 $ 4.54
Diluted earnings per share attributable to Gilead (in dollars per share) $ 6.78 $ 0.38 $ 4.50
v3.25.4
EARNINGS PER SHARE - Additional Information (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Antidilutive securities excluded from computation of earnings per share (in shares) 2 5 4
v3.25.4
INCOME TAXES - Summary of Income Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 8,310 $ (876) $ 5,467
Foreign 1,486 1,566 1,392
Income before income taxes $ 9,796 $ 690 $ 6,859
v3.25.4
INCOME TAXES - Summary of Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Federal:      
Current $ 820 $ 1,495 $ 1,781
Deferred 424 (1,562) (1,126)
Federal income tax expense (benefit) 1,244 (67) 655
State:      
Current 51 39 80
Deferred (190) (386) 170
State and local income tax expense (benefit) (139) (347) 250
Foreign:      
Current 256 519 381
Deferred (75) 106 (39)
Foreign income tax expense 181 625 342
Income tax (benefit) expense $ 1,286 $ 211 $ 1,247
v3.25.4
INCOME TAXES - Summary of Effective Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Income tax expense at U.S. federal statutory tax rate $ 2,057 $ 145 $ 1,440
State taxes, net of federal benefit (138) (159) 174
Effect of cross-border tax laws:      
Global intangible low-taxed income 85 66 23
Foreign-derived intangible income (85) (133) (143)
U.S. taxation of foreign branches 9 (245) 0
Other 2 14 13
Tax credits:      
R&D tax credits (143) (144) (164)
Other (9) (13) (56)
Nontaxable or nondeductible items:      
Acquired IPR&D and related charges 65 810 88
Other 20 98 (2)
Changes in unrecognized tax benefits 61 (427) (197)
Other adjustments:      
Settlement of tax examinations 0 251 (67)
Legal entity restructuring 0 (884) 0
Income tax (benefit) expense $ 1,286 $ 211 $ 1,247
Percent      
Income tax expense at U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit (1.40%) (23.00%) 2.50%
Effect of cross-border tax laws:      
Global intangible low-taxed income 0.90% 9.60% 0.30%
Foreign-derived intangible income (0.90%) (19.30%) (2.10%)
U.S. taxation of foreign branches 0.10% (35.50%) 0.00%
Other 0.00% 2.00% 0.20%
Tax credits:      
R&D tax credits (1.50%) (20.90%) (2.40%)
Other (0.10%) (1.90%) (0.80%)
Nontaxable or nondeductible items:      
Acquired IPR&D and related charges 0.70% 117.40% 1.30%
Other 0.20% 14.20% 0.00%
Changes in unrecognized tax benefits 0.60% (61.90%) (2.90%)
Other adjustments:      
Settlement of tax examinations 0.00% 36.40% (1.00%)
Legal entity restructuring 0.00% (128.10%) 0.00%
Income tax expense / Effective tax rate 13.10% 30.50% 18.20%
Ireland:      
Amount      
Tax rate differential $ (118) $ (67) $ (58)
Other $ 0 $ 46 $ 69
Percent      
Tax rate differential (1.20%) (9.70%) (0.80%)
Other 0.00% 6.70% 1.00%
United Kingdom:      
Amount      
Tax rate differential     $ 5
Other     16
Intercompany asset transfer     $ 92
Percent      
Tax rate differential     0.10%
Other     0.20%
Intercompany asset transfer     1.30%
Australia:      
Amount      
Tax rate differential   $ 7  
Other   (44)  
Intercompany asset transfer   388  
Valuation allowance   $ (101)  
Percent      
Tax rate differential   1.00%  
Other   (6.40%)  
Intercompany asset transfer   56.20%  
Valuation allowance   (14.60%)  
Other foreign jurisdictions      
Amount      
Tax rate differential $ (9) $ 41 $ (30)
Percent      
Tax rate differential (0.10%) 5.90% (0.40%)
U.S.      
Amount      
Other $ 27 $ (26) $ 6
Valuation allowance $ (538) $ 588 $ 38
Percent      
Other 0.30% (3.80%) 0.10%
Valuation allowance (5.50%) 85.20% 0.60%
v3.25.4
INCOME TAXES - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss carryforwards $ 266 $ 288
Stock-based compensation 83 84
Reserves and accruals not currently deductible 688 685
Excess of tax basis over book basis of intangible assets 776 910
Deductible acquired IPR&D payments 1,293 1,312
Research and other credit carryforwards 353 428
Equity investments 111 237
Liability related to future royalties 270 287
Capitalized R&D expenditures 1,773 2,173
Capital losses 187 590
Other, net 252 213
Total deferred tax assets before valuation allowance 6,052 7,207
Valuation allowance (676) (1,217)
Total deferred tax assets 5,376 5,990
Deferred tax liabilities:    
Property, plant and equipment (288) (276)
Excess of book basis over tax basis of intangible assets (3,209) (3,836)
Equity investments (92) (81)
Other (225) (143)
Total deferred tax liabilities (3,814) (4,336)
Net deferred tax assets 1,562 1,654
Valuation allowance increase (decrease) $ (541) $ 554
v3.25.4
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Unrecognized tax benefits $ 900 $ 1,400  
Income tax penalties and interest benefit 43 46 $ 35
Accrued interest and income tax penalties 176 $ 133  
Domestic tax authority      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 355    
Tax credit carryforward 45    
State and local jurisdiction      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 3,300    
Tax credit carryforward $ 1,100    
v3.25.4
INCOME TAXES - Summary of Rollforward of Total Unrecognized Tax Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Beginning balance $ 2,325 $ 1,962 $ 1,959
Tax positions related to current year:      
Additions 180 743 265
Tax positions related to prior years:      
Additions 243 190 109
Reductions (669) (298) (315)
Settlements 0 (270) (42)
Lapse of statute of limitations (3) (2) (13)
Ending balance $ 2,076 $ 2,325 $ 1,962
v3.25.4
INCOME TAXES - Summary of Income Taxes Paid, Net of Tax Refunds (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 2,492 $ 2,434 $ 3,411
State 230 107 152
Total income taxes paid 3,215 2,779 3,990
Accrued repatriation of foreign earnings 1,300 1,200 900
Australia:      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign: 253    
Other foreign jurisdictions      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign: $ 240 $ 238 $ 427
v3.25.4
SEGMENT INFORMATION (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Number of operating segments | segment 1    
Number of reportable segments | segment 1    
Selling, general and administrative expenses $ 5,774 $ 6,091 $ 6,090
Reportable Segment      
Segment Reporting Information [Line Items]      
Selling and marketing expenses 3,522 3,453 3,272
General and administrative expenses 2,252 2,638 2,818
Selling, general and administrative expenses $ 5,774 $ 6,091 $ 6,090