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    Gilead Sciences Inc (GILD)

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    Business Description

    Gilead Sciences, Inc. is a biopharmaceutical company dedicated to developing innovative medicines for the prevention and treatment of life-threatening diseases such as HIV, viral hepatitis, COVID-19, and cancer. Operating in over 35 countries, with its headquarters in Foster City, California, Gilead's primary revenue streams come from its HIV, oncology, and liver disease product lines . In 2023, HIV products, particularly Biktarvy, were the largest contributors to sales, while oncology and liver disease treatments also played significant roles in the company's financial success .

    1. HIV Products - Focuses on developing and marketing treatments for HIV, with Biktarvy being a major product holding a significant market share in the U.S. .
    2. Oncology - Offers cancer treatments, including Trodelvy and cell therapies like Yescarta and Tecartus, contributing significantly to revenue growth .
    3. Liver Disease Treatments - Provides therapies for hepatitis C and B, contributing to the company's overall revenue .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Daniel P. O'DayChairman and Chief Executive OfficerMarch 2019Daniel P. O'Day joined Gilead Sciences in March 2019 as the Chairman of the Board of Directors and Chief Executive Officer. Before joining Gilead, he served as the CEO of Roche Pharmaceuticals, where his career spanned more than three decades. He holds a bachelor's degree in biology from Georgetown University and an MBA from Columbia University .
    Andrew D. DickinsonChief Financial Officer2016Andrew D. Dickinson serves as the Chief Financial Officer of Gilead Sciences, Inc. He oversees the company's global finance, corporate development, IT, operations, and strategy organizations. Before Gilead, he was the global Co-Head of Healthcare Investment Banking at Lazard and held roles at Myogen, Inc. .
    Johanna MercierChief Commercial Officer2019Johanna Mercier is responsible for the global commercialization of all Gilead's medicines. She joined Gilead in 2019 after a 25-year tenure at Bristol-Myers Squibb, where she held several executive leadership positions. She holds a bachelor's degree in biology from the University of Montreal and an MBA from Concordia University .
    Merdad V. ParseyChief Medical Officer2019Merdad V. Parsey, M.D., Ph.D., oversees Gilead's global clinical development and medical affairs organizations. Before Gilead, he was Senior VP of Early Clinical Development at Genentech and held leadership roles at several other companies. He completed his M.D. and Ph.D. at the University of Maryland, Baltimore .
    Deborah H. TelmanExecutive Vice President, Corporate Affairs and General Counsel2022Deborah H. Telman oversees Gilead's Government Affairs and Policy, Public Affairs, Legal, and Compliance functions. Before Gilead, she was EVP, General Counsel, and Corporate Secretary at Organon. She has over 25 years of legal counsel experience and holds a Juris Doctor degree from Boston University School of Law .

    Questions to Ask Management

    1. Given lenacapavir's remarkable clinical profile for PrEP, can you elaborate on your strategy to expand the market beyond the current demographics, and what challenges do you anticipate in reaching at least 600,000 users by 2030?
    2. With the noted competitive headwinds affecting Yescarta sales, including both in-class competition and bispecifics, what specific measures are you implementing to counter these challenges, and do you foresee the need to pivot your commercial strategy?
    3. The ASCENT-03 trial is event-driven and may not reach data cutoff this year due to ongoing event accrual. How does this potential delay impact your oncology pipeline timelines, and what contingency plans do you have if delays continue?
    4. Can you clarify the role and importance of subcutaneous injectables in your HIV treatment market relative to your weekly oral options, and how do you intend to position these different modalities to meet patient needs?
    5. Given that Livdelzi received accelerated approval for PBC, how confident are you in completing the confirmatory trials successfully, and what steps are you taking to ensure long-term success and adoption of Livdelzi in the market?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateQ1 2020
    End Date/DurationNo fixed expiration
    Total additional amount$5.0 billion
    Remaining authorization amount$3,074 million
    DetailsPurchases can be made in the open market or in privately negotiated transactions

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$1,750 Current Portion of LT DebtN/A7.5% = (1,750 / 23,249) * 100
    2025$1,750 Senior Unsecured Notes3.50% 7.5% = (1,750 / 23,249) * 100
    2026$2,746 Senior Unsecured Notes3.65% 11.8% = (2,746 / 23,249) * 100
    2027$1,996 Senior Unsecured Notes2.95% 8.6% = (1,996 / 23,249) * 100
    2030$995 Senior Unsecured Notes1.65% 4.3% = (995 / 23,249) * 100
    2033$993 Senior Unsecured Notes5.25% 4.3% = (993 / 23,249) * 100
    2035$994 Senior Unsecured Notes4.60% 4.3% = (994 / 23,249) * 100
    2036$743 Senior Unsecured Notes4.00% 3.2% = (743 / 23,249) * 100
    2040$989 Senior Unsecured Notes2.60% 4.3% = (989 / 23,249) * 100
    2041$996 Senior Unsecured Notes5.65% 4.3% = (996 / 23,249) * 100
    2044$1,737 Senior Unsecured Notes4.80% 7.5% = (1,737 / 23,249) * 100
    2045$1,735 Senior Unsecured Notes4.50% 7.5% = (1,735 / 23,249) * 100
    2046$2,223 Senior Unsecured Notes4.75% 9.6% = (2,223 / 23,249) * 100
    2047$1,730 Senior Unsecured Notes4.15% 7.4% = (1,730 / 23,249) * 100
    2050$1,479 Senior Unsecured Notes2.80% 6.4% = (1,479 / 23,249) * 100
    2053$988 Senior Unsecured Notes5.55% 4.3% = (988 / 23,249) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1988 PresentCurrent auditor

    Latest news

    Recent developments and announcements about GILD.

    Financial Actions

      Debt Issuance

      ·
      Nov 20, 2024, 9:44 PM

      Gilead Sciences, Inc. has recently created a direct financial obligation by entering into a Tenth Supplemental Indenture on November 20, 2024. This agreement involves the issuance of several senior notes, including:

      • $750 million of 4.80% Senior Notes due 2029
      • $1 billion of 5.10% Senior Notes due 2035
      • $1 billion of 5.50% Senior Notes due 2054
      • $750 million of 5.60% Senior Notes due 2064

      These notes were sold in a public offering under the company's Registration Statement on Form S-3. The proceeds from these notes are intended for general corporate purposes, which may include the repayment of existing debt. The issuance of these notes will increase the company's liabilities on its balance sheet, potentially affecting its financial health by increasing its debt obligations. However, the company has the option to redeem these notes at any time, which provides some flexibility in managing its financial commitments .

    Legal & Compliance

      Legal Proceedings

      ·
      Nov 20, 2024, 9:43 PM

      Summary of Legal Matter Involving Gilead Sciences, Inc.

      Key Parties Involved:

      • Gilead Sciences, Inc. (the Company)
      • Computershare Trust Company, National Association (Trustee)

      Nature of the Proceedings: Gilead Sciences, Inc. has entered into a Tenth Supplemental Indenture with Computershare Trust Company, National Association, as a successor to Wells Fargo Bank, National Association. This agreement pertains to the issuance of several series of senior notes, including:

      • $750,000,000 of 4.80% Senior Notes due 2029
      • $1,000,000,000 of 5.10% Senior Notes due 2035
      • $1,000,000,000 of 5.50% Senior Notes due 2054
      • $750,000,000 of 5.60% Senior Notes due 2064

      These notes are part of a public offering under the company's Registration Statement on Form S-3. The proceeds from these notes are intended for general corporate purposes, which may include the repayment of existing debt .

      Potential Financial or Operational Consequences: The issuance of these notes will increase Gilead's debt obligations, with interest payments scheduled semi-annually at varying rates depending on the maturity date of each note. The company has also agreed to certain restrictions, such as limitations on creating secured indebtedness and requirements to offer to repurchase the notes upon certain change of control events. These financial instruments provide Gilead with additional capital, which could be used to enhance operational capabilities or manage existing liabilities .