Gilead Sciences, Inc 10-Q for FY2024 Q2

Gilead Sciences, Inc. (GILD)

10-Q 2024-08-08 For: 2024-06-30

Added on April 11, 2026

About this 10-Q

Gilead Sciences, Inc filed this 10-Q on August 8, 2024, covering the quarter ended June 30, 2024 (FY2024 Q2).

Headline figures

Quarter ended June 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $6.95B; up 5.4% from $6.6B a year earlier
Net income: $1.61B; up 54.4% from net income of $1.05B a year earlier
Diluted EPS: $1.29; up 55.4% from $0.83 a year earlier

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Delaware			94-3047598
(State or Other Jurisdiction of Incorporation or Organization)			(IRS Employer Identification No.)


(in millions, except per share amounts)	June 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	2,772	$	6,085
Short-term marketable debt securities	—		1,179
Accounts receivable, net	4,663		4,660
Inventories	2,026		1,787
Prepaid and other current assets	2,856		2,374
Total current assets	12,317		16,085
Property, plant and equipment, net	5,346		5,317
Long-term marketable debt securities	—		1,163
Intangible assets, net	22,832		26,454
Goodwill	8,314		8,314
Other long-term assets	4,770		4,792
Total assets	$	53,579	$	62,125
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	537	$	550
Accrued rebates	3,923		3,802
Other current liabilities	4,510		5,130
Current portion of long-term debt and other obligations, net	1,810		1,798
Total current liabilities	10,781		11,280
Long-term debt, net	21,540		23,189
Long-term income taxes payable	738		2,039
Deferred tax liability	907		1,588
Other long-term obligations	1,418		1,280
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, par value $0.001 per share; 5 shares authorized; none outstanding	—		—
Common stock, par value $0.001 per share; 5,600 shares authorized; 1,246 shares issued and outstanding	1		1
Additional paid-in capital	7,022		6,500
Accumulated other comprehensive income	93		28
Retained earnings	11,165		16,304
Total Gilead stockholders’ equity	18,281		22,833
Noncontrolling interest	(84)		(84)
Total stockholders’ equity	18,197		22,749
Total liabilities and stockholders’ equity	$	53,579	$	62,125


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share amounts)	2024		2023		2024		2023
Revenues:
Product sales	$	6,912	$	6,564	$	13,559	$	12,870
Royalty, contract and other revenues	41		35		81		81
Total revenues	6,954		6,599		13,640		12,951
Costs and expenses:
Cost of goods sold	1,544		1,442		3,096		2,843
Research and development expenses	1,351		1,407		2,871		2,854
Acquired in-process research and development expenses	38		236		4,169		717
In-process research and development impairment	—		—		2,430		—
Selling, general and administrative expenses	1,377		1,849		2,752		3,168
Total costs and expenses	4,309		4,934		15,317		9,581
Operating income (loss)	2,644		1,665		(1,678)		3,370
Interest expense	237		230		491		459
Other (income) expense, net	355		(152)		265		22
Income (loss) before income taxes	2,053		1,588		(2,433)		2,888
Income tax expense	438		549		123		865
Net income (loss)	1,614		1,039		(2,556)		2,024
Net loss attributable to noncontrolling interest	—		(6)		—		(32)
Net income (loss) attributable to Gilead	$	1,614	$	1,045	$	(2,556)	$	2,055
Basic earnings (loss) per share attributable to Gilead	$	1.29	$	0.84	$	(2.05)	$	1.65
Shares used in basic earnings (loss) per share attributable to Gilead calculation	1,247		1,249		1,247		1,249
Diluted earnings (loss) per share attributable to Gilead	$	1.29	$	0.83	$	(2.05)	$	1.63
Shares used in diluted earnings (loss) per share attributable to Gilead calculation	1,251		1,258		1,247		1,260


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2024		2023		2024		2023
Net income (loss)	$	1,614	$	1,039	$	(2,556)	$	2,024
Other comprehensive income, net:
Net foreign currency translation gain (loss)	1		37		(16)		32
Available-for-sale debt securities:
Net unrealized (loss) gain, net of tax impact of $0, $0, $0 and $0, respectively	—		(3)		—		6
Reclassifications to net income (loss), net of tax impact of $0, $0, $0 and $0, respectively	—		1		5		1
Net change	—		(2)		5		7
Cash flow hedges:
Net unrealized gain (loss), net of tax impact of $4, $1, $11 and $0, respectively	28		5		81		(1)
Reclassifications to net income (loss), net of tax impact of $1, $1, $1 and $4, respectively	(5)		(9)		(5)		(29)
Net change	23		(4)		77		(30)
Other comprehensive income, net	24		31		65		9
Comprehensive income (loss), net	1,639		1,070		(2,491)		2,032
Comprehensive loss attributable to noncontrolling interest, net	—		(6)		—		(32)
Comprehensive income (loss) attributable to Gilead, net	$	1,639	$	1,076	$	(2,491)	$	2,064


	Three Months Ended June 30, 2024
(in millions, except per share amounts)	Gilead Stockholders’ Equity									Noncontrolling Interest		Total Stockholders’ Equity
	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings
	Shares	Amount
Balance as of March 31, 2024	1,246	$	1	$	6,813	$	69	$	10,656	$	(84)	$	17,455
Net income	—	—		—		—		1,614		—		1,614
Other comprehensive income, net	—	—		—		24		—		—		24
Issuances under equity incentive plans	2	—		5		—		—		—		5
Stock-based compensation	—	—		209		—		—		—		209
Repurchases of common stock under repurchase programs ($66.67 average price per share)	(2)	—		(6)		—		(94)		—		(100)
Repurchases of common stock for employee tax withholding under equity incentive plans and other	(1)	—		—		—		(33)		—		(33)
Dividends declared ($0.77)	—	—		—		—		(978)		—		(978)
Balance as of June 30, 2024	1,246	$	1	$	7,022	$	93	$	11,165	$	(84)	$	18,197


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Six Months Ended June 30, 2024
(in millions, except per share amounts)	Gilead Stockholders’ Equity									Noncontrolling Interest		Total Stockholders’ Equity
	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings
	Shares	Amount
Balance as of December 31, 2023	1,246	$	1	$	6,500	$	28	$	16,304	$	(84)	$	22,749
Net loss	—	—		—		—		(2,556)		—		(2,556)
Other comprehensive income, net	—	—		—		65		—		—		65
Issuances under employee stock purchase plan	1	—		80		—		—		—		80
Issuances under equity incentive plans	7	—		70		—		—		—		70
Stock-based compensation	—	—		397		—		—		—		397
Repurchases of common stock under repurchase programs ($74.59 average price per share)	(7)	—		(25)		—		(475)		—		(500)
Repurchases of common stock for employee tax withholding under equity incentive plans and other	(2)	—		—		—		(150)		—		(150)
Dividends declared ($1.54 per share)	—	—		—		—		(1,958)		—		(1,958)
Balance as of June 30, 2024	1,246	$	1	$	7,022	$	93	$	11,165	$	(84)	$	18,197


	Three Months Ended June 30, 2023
(in millions, except per share amounts)	Gilead Stockholders’ Equity									Noncontrolling Interest		Total Stockholders’ Equity
	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive (Loss) Income		Retained Earnings
	Shares	Amount
Balance as of March 31, 2023	1,248	$	1	$	5,793	$	(20)	$	15,223	$	(58)	$	20,939
Net income (loss)	—	—		—		—		1,045		(6)		1,039
Other comprehensive income, net	—	—		—		31		—		—		31
Issuances under equity incentive plans	2	—		23		—		—		—		23
Stock-based compensation	—	—		198		—		—		—		198
Repurchases of common stock under repurchase programs ($79.68 average price per share)	(2)	—		(7)		—		(143)		—		(150)
Repurchases of common stock for employee tax withholding under equity incentive plans and other	—	—		—		—		(33)		—		(33)
Dividends declared ($0.75 per share)	—	—		—		—		(954)		—		(954)
Balance as of June 30, 2023	1,247	$	1	$	6,008	$	10	$	15,138	$	(64)	$	21,094


	Six Months Ended June 30, 2023
(in millions, except per share amounts)	Gilead Stockholders’ Equity									Noncontrolling Interest		Total Stockholders’ Equity
	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income		Retained Earnings
	Shares	Amount
Balance as of December 31, 2022	1,247	$	1	$	5,550	$	2	$	15,687	$	(31)	$	21,209
Net income (loss)	—	—		—		—		2,055		(32)		2,024
Other comprehensive income, net	—	—		—		9		—		—		9
Issuances under employee stock purchase plan	1	—		67		—		—		—		67
Issuances under equity incentive plans	7	—		50		—		—		—		50
Stock-based compensation	—	—		363		—		—		—		363
Repurchases of common stock under repurchase programs ($81.56 average price per share)	(7)	—		(24)		—		(526)		—		(550)
Repurchases of common stock for employee tax withholding under equity incentive plans	(2)	—		—		—		(168)		—		(168)
Dividends declared ($1.50 per share)	—	—		—		—		(1,911)		—		(1,911)
Balance as of June 30, 2023	1,247	$	1	$	6,008	$	10	$	15,138	$	(64)	$	21,094


	December 31, 2023
(in millions)		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury securities		$	427	$	—	$	(1)	$	426
U.S. government agencies securities		127		—		—		127
Non-U.S. government securities		10		—		—		10
Certificates of deposit		45		—		—		45
Corporate debt securities		1,455		4		(8)		1,451
Residential mortgage and asset-backed securities		366		1		—		367
Total		$	2,430	$	5	$	(10)	$	2,426


	December 31, 2023
	Less Than 12 Months				12 Months or Longer				Total
(in millions)	Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value
U.S. treasury securities	$	—	$	161	$	(1)	$	48	$	(1)	$	209
U.S. government agencies securities	—		106		—		2		—		108
Non-U.S. government securities	—		5		—		5		—		10
Corporate debt securities	(1)		333		(7)		546		(8)		878
Residential mortgage and asset-backed securities	—		123		—		24		—		147
Total	$	(2)	$	727	$	(8)	$	624	$	(10)	$	1,351


(in millions)	Foreign Currency Translation		Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax		Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax		Total
Balance as of December 31, 2023	$	62	$	(5)	$	(29)	$	28
Net unrealized (loss) gain	(16)		—		81		65
Reclassifications to net income	—		5		(5)		—
Net current period other comprehensive (loss) income	(16)		5		77		65
Balance as of June 30, 2024	$	46	$	—	$	47	$	93


(in millions)				Carrying Amount
Type of Borrowing	Issue Date	Maturity Date	Interest Rate	June 30, 2024		December 31, 2023
Senior Unsecured	March 2014	April 2024	3.70%	$	—	$	1,750
Senior Unsecured	November 2014	February 2025	3.50%	1,749		1,749
Senior Unsecured	September 2015	March 2026	3.65%	2,746		2,744
Senior Unsecured	September 2016	March 2027	2.95%	1,248		1,248
Senior Unsecured	September 2020	October 2027	1.20%	748		747
Senior Unsecured	September 2020	October 2030	1.65%	995		994
Senior Unsecured	September 2023	October 2033	5.25%	993		992
Senior Unsecured	September 2015	September 2035	4.60%	993		993
Senior Unsecured	September 2016	September 2036	4.00%	743		743
Senior Unsecured	September 2020	October 2040	2.60%	989		988
Senior Unsecured	December 2011	December 2041	5.65%	996		996
Senior Unsecured	March 2014	April 2044	4.80%	1,737		1,737
Senior Unsecured	November 2014	February 2045	4.50%	1,735		1,734
Senior Unsecured	September 2015	March 2046	4.75%	2,223		2,222
Senior Unsecured	September 2016	March 2047	4.15%	1,729		1,729
Senior Unsecured	September 2020	October 2050	2.80%	1,478		1,478
Senior Unsecured	September 2023	October 2053	5.55%	988		988
Total senior unsecured notes				22,091		23,834
Liability related to future royalties				1,159		1,153
Liability related to assumed financing arrangement				99		—
Total debt, net				23,349		24,987
Less: Current portion of long-term debt and other obligations, net				1,809		1,798
Total Long-term debt, net				$	21,540	$	23,189


	Total Number of Shares Purchased (in thousands)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs (in thousands)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Programs (in millions)
April 1 - April 30, 2024	563	$	68.13	522	$	3,439
May 1 - May 31, 2024	591	$	65.83	539	$	3,403
June 1 - June 30, 2024	853	$	65.59	440	$	3,374
Total	2,007	$	66.38	1,500


	Three Months Ended June 30, 2024								Three Months Ended June 30, 2023
(in millions)	U.S.		Europe		Rest of World		Total		U.S.		Europe		Rest of World		Total
Product sales:
HIV
Biktarvy	$	2,585	$	370	$	277	$	3,232	$	2,439	$	302	$	237	$	2,979
Descovy	434		25		26		485		460		25		31		516
Genvoya	372		45		23		440		455		56		29		540
Odefsey	233		72		10		315		267		74		11		351
Symtuza - Revenue share(1)	131		34		3		168		84		33		3		120
Other HIV(2)	65		25		15		105		74		31		15		120
Total HIV	3,821		571		353		4,745		3,778		521		326		4,626

Liver Disease
Sofosbuvir/Velpatasvir(3)	267		84		126		476		223		84		90		397
Vemlidy	117		11		115		243		96		10		113		219
Other Liver Disease(4)	47		47		19		113		37		37		21		95
Total Liver Disease	431		142		259		832		356		131		225		711

Veklury	76		53		85		214		97		52		107		256

Oncology
Cell Therapy
Tecartus	63		37		7		107		56		29		4		88
Yescarta	186		169		58		414		217		133		30		380
Total Cell Therapy	250		206		66		521		272		162		34		469

Trodelvy	224		69		26		320		189		53		17		260
Total Oncology	474		275		92		841		462		215		51		728

Other
AmBisome	17		69		65		151		20		69		61		151
Other(5)	98		8		24		130		64		10		17		92
Total Other	115		77		88		280		85		80		78		243
Total product sales	4,916		1,118		878		6,912		4,777		999		788		6,564
Royalty, contract and other revenues	25		15		1		41		6		28		1		35
Total revenues	$	4,941	$	1,133	$	879	$	6,954	$	4,784	$	1,027	$	789	$	6,599


	Six Months Ended June 30, 2024								Six Months Ended June 30, 2023
(in millions)	U.S.		Europe		Rest of World		Total		U.S.		Europe		Rest of World		Total
Product sales:
HIV
Biktarvy	$	4,900	$	735	$	542	$	6,177	$	4,600	$	606	$	449	$	5,656
Descovy	805		51		55		911		855		50		60		965
Genvoya	704		95		44		843		872		111		58		1,041
Odefsey	457		148		21		626		497		149		22		668
Symtuza - Revenue share(1)	236		67		6		309		182		70		7		259
Other HIV(2)	125		70		27		222		136		63		28		228
Total HIV	7,226		1,167		695		9,088		7,142		1,049		624		8,816

Liver Disease
Sofosbuvir/Velpatasvir(3)	515		163		203		881		427		174		181		782
Vemlidy	212		22		233		467		183		19		216		418
Other Liver Disease(4)	89		94		38		221		64		78		44		186
Total Liver Disease	816		279		474		1,569		674		271		441		1,386

Veklury	391		123		255		769		349		163		317		829

Oncology
Cell Therapy
Tecartus	118		73		16		207		114		56		6		177
Yescarta	357		327		110		794		427		254		58		739
Total Cell Therapy	475		400		126		1,001		542		310		65		916

Trodelvy	429		137		62		628		351		107		23		482
Total Oncology	904		537		188		1,629		893		417		88		1,398

Other
AmBisome	31		139		124		294		27		129		111		267
Other(5)	156		18		36		209		127		22		26		175
Total Other	188		156		160		504		153		152		137		442
Total product sales	9,525		2,262		1,772		13,559		9,211		2,052		1,607		12,870
Royalty, contract and other revenues	49		30		2		81		25		54		3		81
Total revenues	$	9,574	$	2,292	$	1,774	$	13,640	$	9,236	$	2,106	$	1,610	$	12,951


	June 30, 2024								December 31, 2023
(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	$	(7,399)	$	—	$	3,321	$	10,720	$	(7,050)	$	—	$	3,670
Intangible asset – axicabtagene ciloleucel	7,110		(2,517)		—		4,593		7,110		(2,314)		—		4,796
Intangible asset – Trodelvy	11,730		(2,543)		—		9,187		11,730		(2,002)		—		9,728
Intangible asset – Hepcludex	845		(286)		—		559		845		(243)		—		602
Other	1,414		(883)		1		533		1,414		(827)		1		588
Total finite-lived assets	31,819		(13,628)		1		18,192		31,819		(12,436)		1		19,384
Indefinite-lived assets – IPR&D(1)	4,640		—		—		4,640		7,070		—		—		7,070
Total intangible assets	$	36,459	$	(13,628)	$	1	$	22,832	$	38,889	$	(12,436)	$	1	$	26,454


(in millions)	June 30, 2024		December 31, 2023
Raw materials	$	1,259	$	1,246
Work in process	803		847
Finished goods	1,326		1,272
Total	$	3,388	$	3,366
Reported as:
Inventories	$	2,026	$	1,787
Other long-term assets(1)	1,362		1,578
Total	$	3,388	$	3,366


Exhibit Footnote	Exhibit Number	Description of Document
(1)	2.1	Agreement and Plan of Merger, dated February 11, 2024, among CymaBay Therapeutics, Inc., Registrant and Pacific Merger Sub, Inc.

(2)	3.1	Restated Certificate of Incorporation of Registrant

(3)	3.2	Amended and Restated Bylaws of Registrant

	4.1	Reference is made to Exhibit 3.1 and Exhibit 3.2

(4)	4.2	Indenture related to Senior Notes, dated as of March 30, 2011, between Registrant and Wells Fargo, National Association, as Trustee

(4)	4.3	First Supplemental Indenture related to Senior Notes, dated as of March 30, 2011, between Registrant and Wells Fargo, National Association, as Trustee (including form of Senior Notes)

(5)	4.4	Second Supplemental Indenture related to Senior Notes, dated as of December 13, 2011, between Registrant and Wells Fargo, National Association, as Trustee (including Form of 2041 Note)

(6)	4.5	Third Supplemental Indenture related to Senior Notes, dated as of March 7, 2014, between Registrant and Wells Fargo, National Association, as Trustee (including Form of 2024 Note and Form of 2044 Note)

(7)	4.6	Fourth Supplemental Indenture related to Senior Notes, dated as of November 17, 2014, between Registrant and Wells Fargo, National Association, as Trustee (including Form of 2025 Note and Form of 2045 Note)

(8)	4.7	Fifth Supplemental Indenture, dated as of September 14, 2015, between Registrant and Wells Fargo Bank, National Association, as Trustee (including Form of 2026 Note, Form of 2035 Note and Form of 2046 Note)

(9)	4.8	Sixth Supplemental Indenture, dated as of September 20, 2016, between Registrant and Wells Fargo Bank, National Association, as Trustee (including Form of 2027 Note, Form of 2036 Note and Form of 2047 Note)

10	4.9	Eighth Supplemental Indenture, dated as of September 30, 2020, between the Registrant and Wells Fargo Bank, National Association, as Trustee (including Form of 2027 Note, Form of 2030 Note, Form of 2040 Note, and Form of 2050 Note)

(11)	4.10	Ninth Supplemental Indenture, dated as of September 14, 2023, between the Registrant and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as Trustee (including Form of 2033 Note and Form of 2053 Note)

(12)	4.11	Description of Registrant’s Securities

(13)	10.1*	Gilead Sciences, Inc. 2004 Equity Incentive Plan, amended and restated May 10, 2017

(14)	10.2*	Amendment No. 1 to Gilead Sciences, Inc. 2004 Equity Incentive Plan, amended and restated May 10, 2017

(15)	10.3*	Gilead Sciences, Inc. 2022 Equity Incentive Plan

(16)	10.4*	Form of employee stock option agreement under 2004 Equity Incentive Plan (for grants made in 2011 through 2018)

(17)	10.5*	Form of global employee stock option agreement under 2004 Equity Incentive Plan (for grants made in 2019)

(18)	10.6*	Form of global employee stock option agreement under 2004 Equity Incentive Plan (4 year vest) (for grants made in 2019)

(19)	10.7*	Form of global employee stock option agreement under 2004 Equity Incentive Plan (4 year vest) (for grants made in 2020)

(20)	10.8*	Form of global employee stock option agreement under 2004 Equity Incentive Plan (4 year vest) (for grants made in 2021)

(21)	10.9*	Form of global employee stock option agreement under 2004 Equity Incentive Plan (4 year vest) (for certain grants made in 2022)

(22)	10.10*	Form of global employee stock option agreement under 2022 Equity Incentive Plan (4 year vest) (for certain grants made in 2022)

(23)	10.11*	Form of global employee stock option agreement under 2022 Equity Incentive Plan (4 year vest) (for certain grants made in 2023)

(42)	10.12*	Form of global employee stock option agreement under 2022 Equity Incentive Plan (4 year vest) (for certain grants commencing in 2024)

(24)	10.13*	Form of non-employee director stock option agreement under 2004 Equity Incentive Plan (for grants made in 2014 through 2018)

(17)	10.14*	Form of non-employee director stock option agreement under 2004 Equity Incentive Plan (for grants made in 2019)

(25)	10.15*	Form of non-employee director stock option agreement under 2004 Equity Incentive Plan (for grants made in 2020 and 2021)

(22)	10.16*	Form of non-employee director stock option agreement under 2022 Equity Incentive Plan (for grants made in 2022)

(26)	10.17*	Form of non-employee director stock option agreement under 2022 Equity Incentive Plan (for grants made in 2023)

	10.18,*	Form of non-employee director stock option agreement under 2022 Equity Incentive Plan (for grants commencing in 2024)

(19)	10.19*	Form of performance share award agreement - TSR Goals (U.S.) under 2004 Equity Incentive Plan (for grants made in 2020)

(20)	10.20*	Form of performance share award agreement - TSR Goals (U.S.) under 2004 Equity Incentive Plan (for grants made in 2021)

(21)	10.21*	Form of performance share award agreement - TSR Goals (U.S.) under 2004 Equity Incentive Plan (for grants made in 2022)

(23)	10.22*	Form of performance share award agreement - TSR Goals (U.S.) under 2022 Equity Incentive Plan (for grants made in 2023)


		GILEAD SCIENCES, INC.
		(Registrant)

Date:	August 8, 2024	/s/ DANIEL P. O’DAY
		Daniel P. O’Day Chairman and Chief Executive Officer (Principal Executive Officer)

Date:	August 8, 2024	/s/ ANDREW D. DICKINSON
		Andrew D. Dickinson Chief Financial Officer (Principal Financial Officer)


Optionee:
Grant Date:
Exercise Price:			$[ ] per share of Common Stock
Total Number of Option Shares:			[ ] shares of Common Stock
Expiration Date:
Vesting Schedule:			The Option will vest and become exercisable as of the Grant Date.


GILEAD SCIENCES, INC.
			/s/ Jyoti Mehra
By:			Jyoti Mehra
Title:			EVP, Human Resources


Participant:
Grant Date:
Number of Shares Subject to Award:			[ ] shares of Common Stock (“Shares”)
Vesting Schedule:			The Award will be fully vested on the Grant Date.


Issuance Schedule:			Unless Participant has made a timely deferral election with the Company in accordance with the applicable requirements of Section 409A of the Code to defer the issuance of Shares to one or more designated issuance or distribution dates or events beyond the otherwise applicable settlement date (a “Deferral Election”), the Shares will be issued no later than 30 days following the Grant Date. However, if Participant has made a timely Deferral Election, then the Shares will be issued in accordance with the terms and provisions of such Deferral Election, including the applicable distribution event and method of distribution. In the event of a Change in Control, the distribution provisions of Paragraph 4 will apply.