Financial Analysis

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 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

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. Attorneys 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. G …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT AND CREDIT FACILITIES The following table summarizes the carrying amount of our borrowings under various financing arrangements: (in millions) Carrying Amount Type of Borrowing Issue Date Maturity Date Interest Rate December 31, 2025 December 31, 2024 Senior Unsecured November 2014 February 2025 3.50% $ $ 1,750 Senior Unsecured September 2015 March 2026 3.65% 2,750 2,747 Senior Unsecured September 2016 March 2027 2.95% 1,249 1,249 Senior Unsecured September 2020 October 2027 1.20% 749 748 Senior Unsecured November 2024 November 2029 4.80% 747 746 Senior Unsecured September 2020 October 2030 1.65% 996 995 Senior Unsecured September 2023 October 2033 5.25% 994 993 Senior Unsecured November 2024 June 2035 5.10% 992 991 Senior Unsecured September 2015 September 2035 4.60% 994 994 Senior Unsecured September 2016 September 2036 4.00% 744 744 Senior Unsecured September 2020 October 2040 2.60% 990 989 Senior Unsecured December 2011 December 2041 5.65% 997 997 Senior Unsecured March 2014 April 2044 4.80% 1,738 1,738 Senior Unsecured November 2014 February 2045 4.50% 1,736 1,735 Senior Unsecured September 2015 March 2046 4.75% 2,225 2,224 Senior Unsecured September 2016 March 2047 4.15% 1,731 1,730 Senior Unsecured September 2020 October 2050 2.80% 1,480 1,479 Senior Unsecured September 2023 October 2053 5.55% 989 988 Senior Unsecured November 2024 November 2054 5.50% 989 989 Senior Unsecured November 2024 November 2064 5.60% 739 738 Total senior unsecured notes 23,827 25,562 Liab …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes our Total revenues: Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 (in millions) U.S. Europe (6) Rest of World (6) Total U.S. Europe (6) Rest of World (6) Total U.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 Descovy 2,559 93 105 2,758 1,902 100 110 2,113 1,771 100 114 1,985 Genvoya 1,281 148 69 1,498 1,498 180 84 1,762 1,752 205 103 2,060 Odefsey 881 246 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 Vemlidy 507 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 Disease 1,619 671 927 3,217 1,601 545 876 3,021 1,421 511 852 2,784 Veklury 470 151 290 911 892 284 623 1,799 972 408 805 2,184 Oncology Cell Therapy Tecartus 153 158 32 344 234 138 31 403 245 110 15 370 Yescarta 595 598 303 1,495 662 666 242 1,570 811 547 140 1,498 Total Cell Therapy 748 755 335 1,839 896 804 274 1,973 1,055 658 156 1,869 Trodelvy 877 347 173 1,397 902 294 119 1,315 777 217 68 1,063 Total Oncology 1,626 1,102 508 3,236 1,798 1,098 393 …

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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) 2025 2024 2023 RSUs $ 790 $ 732 $ 666 PSUs 33 37 32 Stock options 30 30 30 ESPP 41 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) 2 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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, 2025 December 31, 2024 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 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 funds 6,150 6,150 8,502 8,502 Publicly traded equity securities 1,961 1,961 1,561 1,561 Deferred compensation plan 406 406 343 343 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 plan 406 406 343 343 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, …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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, 2025 December 31, 2024 (in millions) Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Adjustment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Adjustment Net 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 Other 1,483 (1,056) 428 1,474 (940) 1 535 Total finite-lived assets 31,888 (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 N …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Income before income taxes consists of the following: Year Ended December 31, (in millions) 2025 2024 2023 Domestic $ 8,310 $ (876) $ 5,467 Foreign 1,486 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) 2025 2024 2023 Federal: Current $ 820 $ 1,495 $ 1,781 Deferred 424 (1,562) (1,126) 1,244 (67) 655 State: Current 51 39 80 Deferred (190) (386) 170 (139) (347) 250 Foreign: Current 256 519 381 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, 2025 2024 2023 (in millions, except percentages) Amount Percent Amount Percent Amount Percent 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 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

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) Classification 2025 2024 Right-of-use assets, net Other 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 term 8.1 years 8.0 years Weighted average discount rate 3.53 % 3.37 % The following table summarizes cost and other activity related to our operating leases: Year Ended December 31, (in millions) 2025 2024 2023 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 le …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

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 StatementReporting Comprehensive IncomeExpense 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. …

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REVENUES Disaggregation of Revenues The following table summarizes our Total revenues: Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023 (in millions) U.S. Europe (6) Rest of World (6) Total U.S. Europe (6) Rest of World (6) Total U.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 Descovy 2,559 93 105 2,758 1,902 100 110 2,113 1,771 100 114 1,985 Genvoya 1,281 148 69 1,498 1,498 180 84 1,762 1,752 205 103 2,060 Odefsey 881 246 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 Vemlidy 507 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 Disease 1,619 671 927 3,217 1,601 545 876 3,021 1,421 511 852 2,784 Veklury 470 151 290 911 892 284 623 1,799 972 408 805 2,184 Oncology Cell Therapy Tecartus 153 158 32 344 234 138 31 403 245 110 15 370 Yescarta 595 598 303 1,495 662 666 242 1,570 811 547 140 1,498 Total Cell Therapy 748 755 335 1,839 896 804 274 1,973 1,055 658 156 1,869 Trodelvy 877 347 173 1,397 902 294 119 1,315 777 217 68 1,063 Total Oncology 1 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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) 2025 2024 2023 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 Asset information is not regularly provide …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

ACQUISITIONS, COLLABORATIONS AND OTHER ARRANGEMENTS We enter into acquisitions, 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, cost-sharing arrangements and equity investments. 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 therapeutics, for approximately $350 million in cash consideration. As a result, Interius became our wholly-owned subsidiary. 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 a …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

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 September 30, 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 Condensed Consolidated Balance Sheets for the matters described herein, with approximately $200 million accrued for a settlement with the U.S. Attorneys Office for the Southern District of New York that we entered into in April 2025 and paid subsequently. 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 approve …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT AND CREDIT FACILITIES The following table summarizes the carrying amount of our borrowings under various financing arrangements: (in millions) Carrying Amount Type of Borrowing Issue Date Maturity Date Interest Rate September 30, 2025 December 31, 2024 Senior Unsecured November 2014 February 2025 3.50% $ $ 1,750 Senior Unsecured September 2015 March 2026 3.65% 2,749 2,747 Senior Unsecured September 2016 March 2027 2.95% 1,249 1,249 Senior Unsecured September 2020 October 2027 1.20% 749 748 Senior Unsecured November 2024 November 2029 4.80% 747 746 Senior Unsecured September 2020 October 2030 1.65% 996 995 Senior Unsecured September 2023 October 2033 5.25% 994 993 Senior Unsecured November 2024 June 2035 5.10% 991 991 Senior Unsecured September 2015 September 2035 4.60% 994 994 Senior Unsecured September 2016 September 2036 4.00% 744 744 Senior Unsecured September 2020 October 2040 2.60% 989 989 Senior Unsecured December 2011 December 2041 5.65% 997 997 Senior Unsecured March 2014 April 2044 4.80% 1,738 1,738 Senior Unsecured November 2014 February 2045 4.50% 1,736 1,735 Senior Unsecured September 2015 March 2046 4.75% 2,225 2,224 Senior Unsecured September 2016 March 2047 4.15% 1,730 1,730 Senior Unsecured September 2020 October 2050 2.80% 1,479 1,479 Senior Unsecured September 2023 October 2053 5.55% 989 988 Senior Unsecured November 2024 November 2054 5.50% 989 989 Senior Unsecured November 2024 November 2064 5.60% 739 738 Total senior unsecured notes 23,823 25,562 Lia …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes our Total revenues: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total Product sales: HIV Biktarvy $ 2,940 $ 427 $ 320 $ 3,686 $ 2,826 $ 375 $ 272 $ 3,472 Descovy 652 23 25 701 534 24 28 586 Genvoya 323 34 19 377 384 44 21 449 Odefsey 206 61 10 277 248 69 9 326 Symtuza - Revenue share (1) 95 26 3 124 103 33 3 139 Other HIV (2) 82 22 9 112 65 26 9 100 Total HIV 4,299 592 386 5,277 4,161 570 342 5,073 Liver Disease Sofosbuvir/Velpatasvir (3) 146 65 97 309 222 67 96 385 Vemlidy 136 12 132 280 126 11 95 232 Other Liver Disease (4) 132 81 17 231 45 54 17 116 Total Liver Disease 414 158 247 819 393 132 207 733 Veklury 140 43 93 277 393 81 219 692 Oncology Cell Therapy Tecartus 40 35 8 83 63 29 6 98 Yescarta 123 151 75 349 145 182 60 387 Total Cell Therapy 163 186 83 432 208 211 66 485 Trodelvy 221 89 47 357 226 80 26 332 Total Oncology 384 275 129 788 433 291 92 816 Other AmBisome 2 69 52 123 6 71 52 130 Other (5) 34 7 20 61 47 8 16 71 Total Other 36 76 72 184 53 80 68 201 Total product sales 5,274 1,144 928 7,345 5,433 1,154 928 7,515 Royalty, contract and other revenues 7 411 5 424 17 13 1 30 Total revenues $ 5,281 $ 1,555 $ 933 $ 7,769 $ 5,450 $ 1,167 $ 929 $ 7,545 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total Product sales: HIV Biktarvy $ 8,2 …

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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: September 30, 2025 December 31, 2024 (in millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Available-for-sale debt securities: U.S. treasury securities $ 757 $ $ $ 757 $ $ $ $ U.S. government agencies securities 5 5 Corporate debt securities 963 963 Residential mortgage and asset-backed securities 300 300 Equity securities: Money market funds 5,745 5,745 8,502 8,502 Publicly traded equity securities (1) 1,804 1,804 1,561 1,561 Deferred compensation plan 401 401 343 343 Foreign currency derivative contracts 31 31 128 128 Total $ 8,707 $ 1,298 $ $ 10,005 $ 10,405 $ 128 $ $ 10,533 Liabilities: Contingent consideration liability $ $ $ 274 $ 274 $ $ $ 206 $ 206 Deferred compensation plan 401 401 343 343 Foreign currency derivative contracts 92 92 3 3 Total $ 401 $ 92 $ 274 $ 767 $ 343 $ 3 $ 206 $ 552 _______________________________ (1) Publicly traded equity securities include our investment in Galapagos NV (Galapagos) of $570 million and Assembly Biosciences, Inc. (Assembly) of $115 million as of September 30, 2025, which are subject to contractual sale restrictions. Our investment in Assembly is restricted until October 2025, and our investment in Galapagos is restricted until December 2025. For additional details on Galapagos, see Note 6. Acqu …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INTANGIBLE ASSETS The following table summarizes our Intangible assets, net: September 30, 2025 December 31, 2024 (in millions) Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Adjustment Net Carrying Amount Gross Carrying Amount Accumulated Amortization Foreign Currency Translation Adjustment Net Carrying Amount Finite-lived assets: Intangible asset sofosbuvir $ 10,720 $ (8,273) $ $ 2,447 $ 10,720 $ (7,749) $ $ 2,971 Intangible asset axicabtagene ciloleucel 7,110 (3,026) 4,084 7,110 (2,721) 4,389 Intangible asset Trodelvy 11,730 (3,894) 7,836 11,730 (3,083) 8,647 Intangible asset Hepcludex 845 (394) 451 845 (329) 516 Other 1,479 (1,028) 451 1,474 (940) 1 535 Total finite-lived assets 31,884 (16,614) 15,270 31,879 (14,822) 1 17,058 Indefinite-lived assets IPR&D (1) 2,700 2,700 2,890 2,890 Total intangible assets $ 34,584 $ (16,614) $ $ 17,970 $ 34,769 $ (14,822) $ 1 $ 19,948 _______________________________ (1) The Indefinite-lived assets IPR&D balance as of September 30, 2025 was comprised of $1.75 billion related to sacituzumab govitecan-hziy (SG) for non-small cell lung cancer (NSCLC) and $950 million related to bulevirtide. See 2025 Impairment below for 2025 activity. Impairment Assessments No indicators of impairment were noted for the three and nine months ended September 30, 2025 and 2024, except as described in 2025 Impairment and 2024 Impairments below. 2025 Impairment During the three months ended June 30, 2025, additional competiti …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The following table summarizes our Income tax expense (benefit): Three Months Ended Nine Months Ended September 30, September 30, (in millions, except percentages) 2025 2024 2025 2024 Income (loss) before income taxes $ 3,641 $ 956 $ 7,718 $ (1,477) Income tax expense (benefit) $ 589 $ (297) $ 1,391 $ (174) Effective tax rate 16.2 % (31.1) % 18.0 % 11.8 % Our effective income tax rate of 16.2% for the three months ended September 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to a settlement with a tax authority, favorable changes in the fair value of our equity securities that are non-taxable for income tax purposes and a remeasurement of certain deferred tax liabilities related to acquired intangible assets. Our effective income tax rate of 18.0% for the nine months ended September 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to tax benefits from stock-based compensation, a settlement with a tax authority and remeasurement of certain deferred tax liabilities related to acquired intangible assets. Our effective income tax rate of (31.1)% for the three months ended September 30, 2024 differed from the U.S. federal statutory rate of 21% primarily due to a tax benefit associated with a legal entity restructuring and a decrease in state deferred tax liabilities associated with the $1.8 billion NSCLC IPR&D intangible asset impairment charge. Our effective income tax rate of 11.8% for the nine months ende …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

REVENUES Disaggregation of Revenues The following table summarizes our Total revenues: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 (in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Total Product sales: HIV Biktarvy $ 2,940 $ 427 $ 320 $ 3,686 $ 2,826 $ 375 $ 272 $ 3,472 Descovy 652 23 25 701 534 24 28 586 Genvoya 323 34 19 377 384 44 21 449 Odefsey 206 61 10 277 248 69 9 326 Symtuza - Revenue share (1) 95 26 3 124 103 33 3 139 Other HIV (2) 82 22 9 112 65 26 9 100 Total HIV 4,299 592 386 5,277 4,161 570 342 5,073 Liver Disease Sofosbuvir/Velpatasvir (3) 146 65 97 309 222 67 96 385 Vemlidy 136 12 132 280 126 11 95 232 Other Liver Disease (4) 132 81 17 231 45 54 17 116 Total Liver Disease 414 158 247 819 393 132 207 733 Veklury 140 43 93 277 393 81 219 692 Oncology Cell Therapy Tecartus 40 35 8 83 63 29 6 98 Yescarta 123 151 75 349 145 182 60 387 Total Cell Therapy 163 186 83 432 208 211 66 485 Trodelvy 221 89 47 357 226 80 26 332 Total Oncology 384 275 129 788 433 291 92 816 Other AmBisome 2 69 52 123 6 71 52 130 Other (5) 34 7 20 61 47 8 16 71 Total Other 36 76 72 184 53 80 68 201 Total product sales 5,274 1,144 928 7,345 5,433 1,154 928 7,515 Royalty, contract and other revenues 7 411 5 424 17 13 1 30 Total revenues $ 5,281 $ 1,555 $ 933 $ 7,769 $ 5,450 $ 1,167 $ 929 $ 7,545 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (in millions) U.S. Europe Rest of World Total U.S. Europe Rest of World Tot …

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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 (loss) attributable to Gilead as the primary measure to evaluate performance, review budget-to-actual results, 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 research and development (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 Condensed Consolidated Statements of Operations, as well as the following: Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2025 2024 2025 2024 Selling and marketing expenses $ 829 $ 848 $ 2,446 $ 2,396 General and administrative expenses 52 …

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