Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2022. “2022 marked Gilead’s strongest full year growth in our base business since HCV sales peaked in 2015. This return to growth was driven by consistent and high quality commercial and clinical execution across our portfolio,” said Gilead’s Chairman and Chief Executive Officer Daniel O’Day. “In HIV, Biktarvy gained market share in the U.S. as it has every quarter since launch, while our long-acting HIV agent, lenacapavir, received its first regulatory approvals. The strong full year growth in oncology was driven by continued increase in demand for Trodelvy and our Cell Therapies. We look forward to building on this momentum in 2023 and further increasing our impact for people and communities worldwide.” Fourth Quarter 2022 Financial Results Product Sales Performance for the Fourth Quarter 2022 Total fourth quarter 2022 product sales increased 2% to $7.3 billion compared to the same period in 2021. Total product sales excluding Veklury increased 9% to $6.3 billion for the fourth quarter 2022 compared to the same period in 2021, primarily due to increased sales in HIV and Oncology as well as contributions from HCV products. HIV product sales increased 5% to $4.8 billion for the fourth quarter 2022 compared to the same period in 2021, reflecting higher demand and favorable pricing dynamics, partially offset by channel inventory dynamics in the United States. HCV product sales increased 12% to $439 million for the fourth quarter 2022 compared to the same period in 2021, primarily driven by increased patient starts and favorable pricing dynamics in the United States, partially offset by fewer starts in Europe. Hepatitis B virus (“HBV”) and hepatitis delta virus (“HDV”) product sales decreased 4% to $255 million for the fourth quarter 2022 compared to the same period in 2021. Vemlidy® (TAF 25 mg) sales decreased 2% in the fourth quarter 2022 compared to the same period in 2021, driven primarily by lower demand and pricing dynamics outside of the United States. Hepcludex® (bulevirtide) contributed $13 million in the fourth quarter 2022 as launch activities continued across Europe. Cell Therapy product sales increased 75% to $419 million for the fourth quarter 2022 compared to the same period in 2021. Trodelvy® (sacituzumab govitecan-hziy) sales increased 65% to $195 million for the fourth quarter 2022 compared to the same period in 2021, reflecting continued adoption in metastatic triple-negative breast cancer (“TNBC”) in the United States and Europe. Veklury sales decreased 26% to $1.0 billion for the fourth quarter 2022 compared to the same period in 2021, primarily driven by lower rates of COVID-19 related hospitalizations. Veklury sales generally reflect COVID-19 related rates and severity of infections and hospitalizations, as well as the availability, uptake and effectiveness of vaccinations and alternative treatments for COVID-19. Fourth Quarter 2022 Product Gross Margin, Operating Expenses and Tax Full Year 2022 Financial Results Product Sales Performance for the Full Year 2022 Total full year 2022 product sales were $27.0 billion for the full year 2022 and remained flat compared to the same period in 2021, with growth in HIV, Cell Therapy and Trodelvy, offset by lower Veklury sales. Total product sales excluding Veklury increased 8% to $23.1 billion for the full year 2022 compared to 2021 primarily driven by increased sales in HIV, Cell Therapy and Trodelvy. HIV product sales increased 5% to $17.2 billion for the full year 2022 compared to 2021, primarily reflecting higher demand and favorable pricing dynamics, partially offset by channel inventory dynamics and unfavorable foreign exchange rates. HCV product sales decreased 4% to $1.8 billion for the full year 2022 compared to 2021, primarily due to unfavorable foreign exchange rates, as well as fewer patient starts and unfavorable pricing dynamics. HBV and HDV product sales increased 2% to $988 million for the full year 2022 compared to 2021, driven primarily by higher demand for Vemlidy, mainly in the United States. Cell Therapy product sales increased 68% to $1.5 billion for the full year 2022 compared to 2021, primarily due to higher demand for Yescarta in R/R LBCL, as well as Tecartus in R/R ALL and MCL. Trodelvy sales increased 79% to $680 million for the full year 2022 compared to 2021, reflecting continued adoption in metastatic TNBC in the United States and Europe. Veklury sales decreased 30% to $3.9 billion for the full year 2022 compared to 2021, primarily driven by lower rates of COVID-19 related hospitalizations. Full Year 2022 Product Gross Margin, Operating Expenses and Tax ________________________________ (1) Beginning in the second quarter of 2022, expenses related to development milestones and other collaboration payments made prior to regulatory approval of a developed product were reclassified from R&D expenses to Acquired IPR&D expenses in the Condensed Consolidated Statements of Income. We believe this presentation assists users of the financial statements to better understand the total costs incurred to acquire IPR&D projects. Prior periods have been recast for both GAAP and Non-GAAP reporting to reflect this classification, resulting in a reduction of previously reported R&D expenses of $669 million and $762 million for the fourth quarter and full year 2021, respectively, and $8 million for the three months ended March 31, 2022. Guidance and Outlook Gilead is providing full-year 2023 guidance below: A reconciliation between GAAP and non-GAAP financial information for the 2023 guidance is provided in the accompanying tables. Also see the Forward-Looking Statements described below. The financial guidance is subject to a number of risks and uncertainties, including uncertainty around the duration and magnitude of the COVID-19 pandemic. Key Updates Since Our Last Quarterly Release Virology Oncology Inflammation Corporate Certain amounts and percentages in this press release may not sum or recalculate due to rounding. Conference Call At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on http://investors.gilead.com and will be archived on www.gilead.com for one year. Non-GAAP Financial Information The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets and inventory step-up charges, and other items that are considered unusual or not representative of underlying trends of Gilead’s business, fair value adjustments of equity securities and discrete and related tax charges or benefits associated with changes in tax related laws and guidelines. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the accompanying tables. Beginning in the first quarter of 2022, consistent with recent industry communications from the U.S. Securities and Exchange Commission (“SEC”), Gilead no longer excludes the initial costs of acquired IPR&D projects from its non-GAAP financial measures. Prior period non-GAAP financial measures are revised to conform to the new presentation. About Gilead Sciences Gilead Sciences, Inc. 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. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis and cancer. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California. Forward-Looking Statements Statements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: the impact of the COVID-19 pandemic on Gilead’s business, financial condition and results of operations; the development, manufacturing and distribution of Veklury as a treatment for COVID-19, including the uncertainty of the amount and timing of future Veklury sales and Gilead’s ability to effectively manage the global supply and distribution of Veklury; Gilead’s ability to achieve its anticipated full year 2023 financial results, including as a result of potential adverse revenue impacts from COVID-19 and potential revenues from Veklury; Gilead’s ability to make progress on any of its long-term ambitions or strategic priorities laid out in its corporate strategy; Gilead’s ability to accelerate or sustain revenues for its virology, oncology and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including those involving Arcellx, Daiichi Sankyo, EVOQ, Jounce and Tmunity; Gilead’s ability to identify suitable transactions as part of its business strategy and the risk that Gilead may not be able to complete any such transaction in a timely manner or at all, including the possibility that a governmental entity or regulatory body may delay or refuse to grant approval for the consummation of the transaction; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving Trodelvy, Tecartus, Yescarta, domvanalimab, etrumadenant and zimberelimab, and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead’s product candidates or the product candidates of Gilead’s strategic partners; Gilead’s ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines; Gilead’s ability to receive regulatory approvals in a timely manner or at all, including EC approval of Trodelvy for the treatment of adult patients with pre-treated HR+/HER2 mBC, and the risk that any such approvals, if granted, may be subject to significant limitations on use; Gilead’s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s products, including the risk that Kite may be unable to increase its manufacturing capacity, timely manufacture and deliver its products or produce an amount of supply sufficient to satisfy demand for such products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products, including Biktarvy, Sunlenca, Vemlidy and Yescarta; and other risks identified from time to time in Gilead’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes 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. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended December 31, 2022 are not necessarily indicative of operating results for any future periods. Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements. # # # Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, GILEAD SCIENCES®, KITE®, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX®, HEPSERA®, JYSELECA®, LETAIRIS®, ODEFSEY®, RANEXA®, SOVALDI®, STRIBILD®, SUNLENCA® , TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA® and ZYDELIG®. This report may also refer to trademarks, service marks and trade names of other companies. For more information on Gilead Sciences, Inc., please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235). GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)               Three Months Ended   Twelve Months Ended     December 31,   December 31, (in millions, except per share amounts)   2022   2021   2022   2021 Revenues:                 Product sales   $ 7,333     $ 7,160     $ 26,982     $ 27,008   Royalty, contract and other revenues     56       84       299       297   Total revenues     7,389       7,244       27,281       27,305   Costs and expenses:                 Cost of goods sold     1,396       2,627       5,657       6,601   Research and development expenses     1,548       1,358       4,977       4,601   Acquired in-process research and development expenses     158       669       944       939   In-process research and development impairment     —       —       2,700       —   Selling, general and administrative expenses     2,020       1,650       5,673       5,246   Total costs and expenses     5,122       6,304       19,951       17,387   Operating income     2,267       940       7,330       9,918   Interest expense     (227 )     (238 )     (935 )     (1,001 ) Other income (expense), net     (9 )     57       (581 )     (639 ) Income before income taxes     2,031       759       5,814       8,278   Income tax expense     (398 )     (383 )     (1,248 )     (2,077 ) Net income     1,633       376       4,566       6,201   Net loss attributable to noncontrolling interest     7       6       26       24   Net income attributable to Gilead   $ 1,640     $ 382     $ 4,592     $ 6,225   Basic earnings per share attributable to Gilead   $ 1.31     $ 0.30     $ 3.66     $ 4.96   Shares used in per share calculation - basic     1,252       1,256       1,255       1,256   Diluted earnings per share attributable to Gilead   $ 1.30     $ 0.30     $ 3.64     $ 4.93   Shares used in per share calculation - diluted     1,264       1,262       1,262       1,262   Cash dividends declared per share   $ 0.73     $ 0.71     $ 2.92     $ 2.84                     Research and development expenses as a % of revenues     20.9 %     18.7 %     18.2 %     16.9 % Selling, general and administrative expenses as a % of revenues     27.3 %     22.8 %     20.8 %     19.2 % GILEAD SCIENCES, INC. TOTAL REVENUE SUMMARY (unaudited)                       Three Months Ended       Twelve Months Ended         December 31,       December 31,     (in millions, except percentages)   2022   2021   Change   2022   2021   Change Product sales:                         HIV   $ 4,772   $ 4,538   5 %   $ 17,194   $ 16,315   5 % HCV     439     393   12 %     1,810     1,881   (4 )% HBV/HDV     255     265   (4 )%     988     969   2 % Cell Therapy     419     239   75 %     1,459     871   68 % Trodelvy     195     118   65 %     680     380   79 % Other     252     250   1 %     946     1,027   (8 )% Total product sales excluding Veklury     6,333     5,803   9 %     23,077     21,443   8 % Veklury     1,000     1,357   (26 )%     3,905     5,565   (30 )% Total product sales     7,333     7,160   2 %     26,982     27,008   — % Royalty, contract and other revenues     56     84   (33 )%     299     297   1 % Total revenues   $ 7,389   $ 7,244   2 %   $ 27,281   $ 27,305   — % GILEAD SCIENCES, INC. NON-GAAP FINANCIAL INFORMATION(1) (unaudited)                       Three Months Ended       Twelve Months Ended         December 31,       December 31,     (in millions, except percentages)   2022   2021   Change   2022   2021   Change Non-GAAP:                         Cost of goods sold   $ 968     $ 2,111     (54 )%   $ 3,602     $ 4,538     (21 )% Research and development expenses   $ 1,544     $ 1,315     17 %   $ 4,968     $ 4,464     11 % Acquired IPR&D expenses   $ 158     $ 669     (76 )%   $ 944     $ 939     1 % Selling, general and administrative expenses   $ 2,020     $ 1,642     23 %   $ 5,587     $ 4,974     12 % Other income (expense), net   $ 52     $ —     NM     $ 77     $ (29 )   NM   Diluted EPS   $ 1.67     $ 0.69     141 %   $ 7.26     $ 7.18     1 %                           Product gross margin     86.8 %     70.5 %   1628 bps     86.6 %     83.2 %   345 bps Research and development expenses as a % of revenues     20.9 %     18.2 %   274 bps     18.2 %     16.3 %   186 bps Selling, general and administrative expenses as a % of revenues     27.3 %     22.7 %   468 bps     20.5 %     18.2 %   226 bps Operating margin     36.5 %     20.8 %   1573 bps     44.6 %     45.4 %   -75 bps Effective tax rate     16.8 %     32.2 %   -1540 bps     19.3 %     20.4 %   -110 bps ________________________________ (1) Refer to Non-GAAP Financial Information section above for further disclosures on non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial information is provided in the tables on pages 12 - 13. Beginning in the first quarter of 2022, consistent with recent industry communications from the U.S. Securities and Exchange Commission, the Company no longer excludes the initial costs of acquired IPR&D projects from its non-GAAP financial measures. Prior period non-GAAP financial measures are revised to conform to the new presentation. GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (unaudited)               Three Months Ended   Twelve Months Ended     December 31,   December 31, (in millions, except percentages and per share amounts)   2022   2021   2022   2021 Cost of goods sold reconciliation:                 GAAP cost of goods sold   $ 1,396     $ 2,627     $ 5,657     $ 6,601   Acquisition-related – amortization of acquired intangibles and inventory step-up charges     (428 )     (516 )     (2,013 )     (2,063 ) Other(1)     —       —       (42 )     —   Non-GAAP cost of goods sold   $ 968     $ 2,111     $ 3,602     $ 4,538                     Product gross margin reconciliation:                 GAAP product gross margin     81.0 %     63.3 %     79.0 %     75.6 % Acquisition-related – amortization of acquired intangibles and inventory step-up charges     5.8 %     7.2 %     7.5 %     7.6 % Other(1)     — %     — %     0.2 %     — % Non-GAAP product gross margin     86.8 %     70.5 %     86.6 %     83.2 %                   Research and development expenses reconciliation:                 GAAP research and development expenses   $ 1,548     $ 1,358     $ 4,977     $ 4,601   Acquisition-related – amortization of inventory step-up charges     —   .   (42 )     —       (109 ) Acquisition-related – other costs(2)     (1 ) .   —       13       (14 ) Other(1)     (4 ) .   (1 )     (22 )     (14 ) Non-GAAP research and development expenses   $ 1,544     $ 1,315     $ 4,968     $ 4,464                     IPR&D impairment reconciliation:                 GAAP IPR&D impairment   $ —     $ —     $ 2,700     $ —   IPR&D impairment     —   .   —       (2,700 )     —   Non-GAAP IPR&D impairment   $ —     $ —     $ —     $ —                     Selling, general and administrative expenses reconciliation:                 GAAP selling, general and administrative expenses   $ 2,020     $ 1,650     $ 5,673     $ 5,246   Acquisition-related – other costs(2)     (1 ) .   (3 )     (3 )     (45 ) Other(1)     1   .   (5 )     (83 )     (227 ) Non-GAAP selling, general and administrative expenses   $ 2,020     $ 1,642     $ 5,587     $ 4,974                     Operating income reconciliation:                 GAAP operating income   $ 2,267     $ 940     $ 7,330     $ 9,918   Acquisition-related – amortization of acquired intangibles and inventory step-up charges     428   .   558       2,013       2,172   Acquisition-related – other costs(2)     2   .   3       (10 )     59   IPR&D impairment     —   .   —       2,700       —   Other(1)     2   .   6       147       241   Non-GAAP operating income   $ 2,699     $ 1,507     $ 12,180     $ 12,390                     Operating margin reconciliation:                 GAAP operating margin     30.7 %     13.0 %     26.9 %     36.3 % Acquisition-related – amortization of acquired intangibles and inventory step-up charges     5.8 %     7.7 %     7.4 %     8.0 % Acquisition-related – other costs(2)     — %     0.1 %     — %     0.2 % IPR&D impairment     — %     — %     9.9 %     — % Other(1)     — %     — %     0.5 %     0.9 % Non-GAAP operating margin     36.5 %     20.8 %     44.6 %     45.4 %                   Other income (expense), net reconciliation:                 GAAP other income (expense), net   $ (9 )   $ 57     $ (581 )   $ (639 ) Loss (gain) from equity securities, net     61       (57 )     657       610   Non-GAAP other income (expense), net   $ 52     $ —     $ 77     $ (29 ) GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) (unaudited)               Three Months Ended   Twelve Months Ended     December 31,   December 31, (in millions, except percentages and per share amounts)   2022   2021   2022   2021 Effective tax rate reconciliation:                 GAAP effective tax rate     19.6 %     50.5 %     21.5 %     25.1 % Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments(3)     (2.8 )%     (18.3 )%     (2.1 )%     (4.7 )% Non-GAAP effective tax rate     16.8 %     32.2 %     19.3 %     20.4 %                   Net income attributable to Gilead reconciliation:                 GAAP net income attributable to Gilead   $ 1,640     $ 382     $ 4,592     $ 6,225   Acquisition-related – amortization of acquired intangibles and inventory step-up charges     346       449       1,610       1,750   Acquisition-related – other costs(2)     1       —       (12 )     46   IPR&D impairment     —   .   —       2,057       —   Other(1)     2   .   3       106       146   Loss (gain) from equity securities, net     60       (56 )     630       631   Discrete and related tax charges(3)     57       88       175       267   Non-GAAP net income attributable to Gilead   $ 2,106     $ 866     $ 9,158     $ 9,065                     Diluted EPS reconciliation:                 GAAP diluted EPS   $ 1.30     $ 0.30     $ 3.64     $ 4.93   Acquisition-related – amortization of acquired intangibles and inventory step-up charges     0.27       0.36       1.28       1.39   Acquisition-related – other costs(2)     —       —       (0.01 )     0.04   IPR&D impairment     —       —       1.63       —   Other(1)     —       —       0.08       0.11   Loss (gain) from equity securities, net     0.05       (0.04 )     0.50       0.50   Discrete and related tax charges(3)     0.05       0.07       0.14       0.21   Non-GAAP diluted EPS   $ 1.67     $ 0.69     $ 7.26     $ 7.18                     Non-GAAP adjustment summary:                 Cost of goods sold adjustments   $ 428     $ 516     $ 2,055     $ 2,063   Research and development expenses adjustments     4       43       9       137   IPR&D impairment adjustments     —       —       2,700       —   Selling, general and administrative expenses adjustments     —       8       86       272   Total non-GAAP adjustments before other income (expense), net, and income taxes     432       567       4,850       2,472   Other income (expense), net, adjustments     61       (57 )     657       610   Total non-GAAP adjustments before income taxes     493       510       5,507       3,082   Income tax effect of non-GAAP adjustments above     (84 )     (114 )     (1,116 )     (509 ) Discrete and related tax charges(3)     57       88       175       267   Total non-GAAP adjustments after tax   $ 466     $ 484     $ 4,566     $ 2,840   ______________________________ (1) Adjustments to Cost of goods sold and Research and development expenses primarily include various restructuring expenses during the first quarter of 2022 and the second quarter of 2021. Adjustments to Selling, general and administrative expenses primarily include donations to the Gilead Foundation, a California nonprofit organization, during the second quarters of 2022 and 2021. (2) Adjustments include employee-related expenses, contingent consideration fair value adjustments and other expenses associated with Gilead’s acquisitions of MiroBio, Ltd., Immunomedics, Inc. and MYR GmbH. (3) Represents discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and transfers of intangible assets from a foreign subsidiary to Ireland and the United States. GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP 2023 FULL YEAR GUIDANCE(1) (unaudited) (in millions, except percentages and per share amounts)   Provided February 2, 2023 Projected product gross margin GAAP to non-GAAP reconciliation:     GAAP projected product gross margin   79.0% Acquisition-related expenses   ~ 7% Non-GAAP projected product gross margin   86.0%       Projected operating income GAAP to non-GAAP reconciliation:     GAAP projected operating income   $9,200 - $9,800 Acquisition-related expenses   ~ 1,800 Non-GAAP projected operating income   $11,000 - $11,600       Projected effective tax rate GAAP to non-GAAP reconciliation:     GAAP projected effective tax rate   ~ 22% Discrete and related tax adjustments, and income tax effect of adjustments above   (~ 2%) Non-GAAP projected effective tax rate   ~ 20%       Projected diluted EPS GAAP to non-GAAP reconciliation:     GAAP projected diluted EPS   $5.30 - $5.70 Acquisition-related expenses and tax adjustments   ~ 1.30 Non-GAAP projected diluted EPS   $6.60 - $7.00 ________________________________ (1) The non-GAAP 2023 full-year guidance includes non-GAAP adjustments to actual current period results as well as adjustments for the known future impact associated with events that have already occurred, such as future amortization of our intangible assets and the future impact of discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and transfers of intangible assets from a foreign subsidiary to Ireland and the United States. Our full-year guidance excludes the potential impact of any (i) acquisitions or business development transactions that have not been executed, (ii) future fair value adjustments of equity securities and (iii) discrete tax charges or benefits associated with changes in tax related laws and guidelines that have not been enacted, as Gilead is unable to project such amounts. GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)     December 31, (in millions)   2022   2021 Assets         Cash, cash equivalents and marketable securities   $ 7,630     $ 7,829   Accounts receivable, net     4,777       4,493   Inventories     2,820       2,734   Property, plant and equipment, net     5,475       5,121   Intangible assets, net     28,894       33,455   Goodwill     8,314       8,332   Other assets     5,261       5,988   Total assets   $ 63,171     $ 67,952   Liabilities and Stockholders’ Equity         Current liabilities   $ 11,237     $ 11,610   Long-term liabilities     30,725       35,278   Stockholders’ equity(1)     21,209       21,064   Total liabilities and stockholders’ equity   $ 63,171     $ 67,952   ________________________________ (1) As of December 31, 2022 and 2021, there were 1,247 and 1,254 shares of common stock issued and outstanding, respectively. GILEAD SCIENCES, INC. SELECTED CASH FLOW INFORMATION (unaudited)               Three Months Ended   Twelve Months Ended     December 31,   December 31, (in millions)   2022   2021   2022   2021 Net cash provided by operating activities   $ 2,566     $ 3,205     $ 9,072     $ 11,384   Net cash used in investing activities     (374 )     (278 )     (2,466 )     (3,131 ) Net cash used in financing activities     (1,554 )     (1,942 )     (6,469 )     (8,877 ) Effect of exchange rate changes on cash and cash equivalents     75       (9 )     (63 )     (35 ) Net change in cash and cash equivalents     713       976       74       (659 ) Cash and cash equivalents at beginning of period     4,699       4,362       5,338       5,997   Cash and cash equivalents at end of period   $ 5,412     $ 5,338     $ 5,412     $ 5,338       Three Months Ended   Twelve Months Ended     December 31,   December 31, (in millions)   2022   2021   2022   2021 Net cash provided by operating activities   $ 2,566     $ 3,205     $ 9,072     $ 11,384   Capital expenditures     (181 )     (156 )     (728 )     (579 ) Free cash flow   $ 2,386     $ 3,049     $ 8,344     $ 10,805   GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY (unaudited)               Three Months Ended   Twelve Months Ended     December 31,   December 31, (in millions)   2022   2021   2022   2021 HIV                 Biktarvy – U.S.   $ 2,423     $ 2,123     $ 8,510     $ 7,049   Biktarvy – Europe     295       262       1,103       969   Biktarvy – Other International     200       145       777       606         2,918       2,530       10,390       8,624                     Complera / Eviplera – U.S.     17       29       74       102   Complera / Eviplera – Europe     37       38       113       142   Complera / Eviplera – Other International     3       2       13       14         58       69       200       258                     Descovy – U.S.     479       403       1,631       1,397   Descovy – Europe     26       36       118       164   Descovy – Other International     31       34       123       139         537       473       1,872       1,700                     Genvoya – U.S.     543       634       1,983       2,267   Genvoya – Europe     64       85       284       391   Genvoya – Other International     33       37       136       221         640       756       2,404       2,879                     Odefsey – U.S.     295       303       1,058       1,076   Odefsey – Europe     85       104       364       440   Odefsey – Other International     11       13       47       52         392       420       1,469       1,568                     Stribild – U.S.     20       38       88       132   Stribild – Europe     7       10       29       43   Stribild – Other International     3       2       10       14         29       50       127       189                     Truvada – U.S.     37       46       113       314   Truvada – Europe     3       4       15       22   Truvada – Other International     5       11       18       35         45       61       147       371                     Revenue share – Symtuza(1) – U.S.     97       94       348       355   Revenue share – Symtuza(1) – Europe     42       40       168       165   Revenue share – Symtuza(1) – Other International     3       3       14       11         142       137       530       531                     Other HIV(2) – U.S.     4       26       15       136   Other HIV(2) – Europe     5       11       24       30   Other HIV(2) – Other International     3       5       17       29         12       42       57       195                     Total HIV – U.S.     3,914       3,696       13,820       12,828   Total HIV – Europe     566       590       2,219       2,366   Total HIV – Other International     293       252       1,155       1,121         4,772       4,538       17,194       16,315   GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY - (Continued) (unaudited)               Three Months Ended   Twelve Months Ended     December 31,   December 31, (in millions)   2022   2021   2022   2021 Veklury                 Veklury – U.S.     395       877       1,575       3,640   Veklury – Europe     142       334       702       1,095   Veklury – Other International     462       146       1,628       830         1,000       1,357       3,905       5,565   HCV                 Ledipasvir / Sofosbuvir(3) – U.S.     19       21       46       84   Ledipasvir / Sofosbuvir(3) – Europe     4       7       17       31   Ledipasvir / Sofosbuvir(3) – Other International     8       21       51       97         31       49       115       212                     Sofosbuvir / Velpatasvir(4) – U.S.     214       166       844       815   Sofosbuvir / Velpatasvir(4) – Europe     67       82       355       316   Sofosbuvir / Velpatasvir(4) – Other International     87       59       331       331         369       307       1,530       1,462                     Other HCV(5) – U.S.     27       22       115       119   Other HCV(5) – Europe     9       10       40       74   Other HCV(5) – Other International     3       5       10       14         39       37       166       207                     Total HCV – U.S.     260       209       1,005       1,018   Total HCV – Europe     80       99       413       421   Total HCV – Other International     98       85       392       442         439       393       1,810       1,881   HBV/HDV                 Vemlidy – U.S.     123       118       429       384   Vemlidy – Europe     8       9       35       34   Vemlidy – Other International     89       98       379       396         220       225       842       814                     Viread – U.S.     2       3       6       11   Viread – Europe     6       6       23       28   Viread – Other International     14       17       62       72         22       26       91       111                     Other HBV/HDV(6) – U.S.     (1 )     1       —       2   Other HBV/HDV(6) – Europe     14       13       55       42         13       14       55       44                     Total HBV/HDV – U.S.     124       122       435       397   Total HBV/HDV – Europe     28       28       112       104   Total HBV/HDV – Other International     103       115       441       468         255       265       988       969   Cell therapy                 Tecartus – U.S.     61       42       221       136   Tecartus – Europe     19       15       75       40   Tecartus – Other International     1       —       3       —         82       57       299       176                     Yescarta – U.S.     219       106       747       406   Yescarta – Europe     103       65       355       253   Yescarta – Other International     15       11       57       36         337       182       1,160       695                     Total cell therapy – U.S.     281       148       968       542   Total cell therapy – Europe     122       80       430       293   Total cell therapy – Other International     17       11       60       36         419       239       1,459       871   GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY - (Continued) (unaudited)               Three Months Ended   Twelve Months Ended     December 31,   December 31, (in millions)   2022   2021   2022   2021 Trodelvy                 Trodelvy – U.S.     146       109       525       370   Trodelvy – Europe     44       9       143       10   Trodelvy – Other International     4       —       12       —         195       118       680       380   Other                 AmBisome – U.S.     9       7       57       39   AmBisome – Europe     66       72       258       274   AmBisome – Other International     42       41       182       227         117       120       497       540                     Letairis – U.S.     60       49       196       206                     Other(7) – U.S.     44       27       135       136   Other(7) – Europe     13       47       65       115   Other(7) – Other International     18       7       53       30         75       81       253       281                     Total other – U.S.     113       83       388       381   Total other – Europe     79       119       323       389   Total other – Other International     61       48       235       257         252       250       946       1,027                     Total product sales – U.S.     5,234       5,244       18,716       19,176   Total product sales – Europe     1,061       1,259       4,342       4,678   Total product sales – Other International     1,037       657       3,924       3,154       $ 7,333     $ 7,160     $ 26,982     $ 27,008   _______________________________ (1) Represents Gilead’s revenue from cobicistat (“C”), FTC and TAF in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company. (2) Includes Atripla, Emtriva, Sunlenca and Tybost. (3) Amounts consist of sales of Harvoni and the authorized generic version of Harvoni sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC. (4) Amounts consist of sales of Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC. (5) Includes Vosevi and Sovaldi. (6) Includes Hepcludex and Hepsera. (7) Includes Cayston, Jyseleca, Ranexa and Zydelig.   View source version on businesswire.com: https://www.businesswire.com/news/home/20230202005366/en/