Gilead completed the acquisition of CymaBay Therapeutics in March 2024 for $3.9 billion, adding seladelpar, an investigational treatment for primary biliary cholangitis, to its pipeline. A new drug application for seladelpar was submitted to the FDA in December 2023.

Gilead amended its collaboration agreement with Arcus in January 2024, acquiring an additional 15.2 million shares of Arcus common stock for $320 million, increasing its ownership stake to 33%. This indicates a continued strategic focus on oncology.

Gilead received FDA approval to expand Biktarvy's label to include treatment of people with HIV who have suppressed viral loads with known or suspected M184V/I resistance and to expand Vemlidy's label to include treatment of chronic hepatitis B virus in children six years and older. This highlights a focus on expanding the reach of existing products.

Gilead incurred restructuring charges of $21 million and $84 million for the three and six months ended June 30, 2024, respectively, primarily related to reductions in commercial and research and development workforce. This indicates an effort to streamline operations.

In April 2024, Gilead repaid $1.75 billion of principal balance related to senior unsecured notes, demonstrating active management of debt obligations.

Gilead terminated its $2.5 billion revolving credit facility maturing in June 2025 and entered into a new $2.5 billion revolving credit facility maturing in June 2029. This demonstrates proactive management of liquidity and access to capital.

Gilead faces ongoing product liability lawsuits related to Viread, Truvada, Atripla, Complera and Stribild, alleging kidney, bone and/or tooth injuries. These lawsuits could result in significant monetary damages and have a material adverse effect on the company's financial condition.

Gilead faces ongoing challenges to its patents by generic manufacturers, which could lead to loss of exclusivity and reduced revenues. The company is currently involved in patent litigation related to Symtuza, Biktarvy and Genvoya.

The Inflation Reduction Act of 2022 is expected to increase Gilead's payment obligations under the Part D discount program, limit prices, and increase rebates, which could negatively impact profitability and financial results.

HIV product sales increased 3% for the three months ended June 30, 2024, primarily driven by higher demand for Biktarvy, partially offset by lower average realized price. This indicates that Biktarvy is a key driver of growth in the HIV market.

Cell therapy product sales increased 11% for the three months ended June 30, 2024, driven by increased demand for Yescarta and Tecartus. This indicates a strong competitive position in the cell therapy market.

Veklury product sales decreased by 16% for the three months ended June 30, 2024, primarily due to lower rates of COVID-19 related hospitalizations. This highlights the dependence of Veklury sales on the pandemic situation.

Product gross margin was 77.7% for the three months ended June 30, 2024, remaining relatively flat compared to the same period in 2023. This indicates stable cost management in manufacturing.

Selling, general and administrative expenses decreased 26% for the three months ended June 30, 2024, primarily due to a $525 million legal settlement expense in 2023 that did not repeat in 2024. This indicates a positive trend in managing operational costs.

Research and development expenses were $1.4 billion for the three months ended June 30, 2024, remaining relatively flat compared to the same period in 2023. This indicates a consistent level of investment in R&D activities.

Gilead announced a research collaboration, option and license agreement with Merus N.V. to discover novel antibody-based trispecific T-cell engagers in oncology, indicating a continued focus on innovative research.

Gilead entered into an exclusive license agreement with Xilio Therapeutics to develop and commercialize Xilio's tumor-activated IL-12 program, including investigational candidate XTX301, demonstrating investment in innovative technologies.

Acquired in-process research and development expenses were $4.2 billion for the six months ended June 30, 2024, primarily comprised of $3.9 billion related to the CymaBay acquisition, indicating a large investment in new technologies and products.

Gilead repurchased $1.5 billion of common stock during the three months ended June 30, 2024, under its existing share repurchase program, indicating a commitment to returning value to shareholders.

Gilead's Board of Directors declared a quarterly dividend of $0.77 per share of common stock for the third quarter of 2024, demonstrating a commitment to returning capital to shareholders.

Cash and cash equivalents decreased by $3.3 billion from December 31, 2023 to June 30, 2024, due to acquisitions, primarily the CymaBay acquisition. This indicates a shift in capital allocation towards strategic acquisitions.

Gilead acknowledges that the standards for tracking and reporting on ESG matters are relatively new and continue to evolve, which may result in a lack of consistent comparative data from period to period. This highlights the challenges in reporting ESG initiatives.

Gilead states that its ESG goals and objectives are not guarantees that it will be able to achieve them, and efforts to accomplish and accurately report on these goals and objectives present numerous operational, reputational, financial, legal and other risks. This indicates that the company is aware of the challenges in meeting ESG targets.

Gilead acknowledges that its ESG practices must meet evolving investor and stakeholder expectations, and failure to do so could negatively impact its reputation, ability to attract employees and its attractiveness as an investment. This highlights the importance of ESG to the company's stakeholders.

Foreign currency exchange rates, net of hedges, had an unfavorable impact on total product sales of $69 million and $116 million for the three and six months ended June 30, 2024, respectively. This highlights the impact of global currency fluctuations on the company's revenues.

Gilead notes that government authorities and third-party payers are increasingly attempting to limit or regulate the price of medical products and services, which could negatively impact the company's profitability.

Gilead acknowledges that its sales in countries with relatively higher prices may be reduced if products can be imported and resold into those countries from lower price markets, highlighting the risk of price arbitrage.