Gilead Sciences
40 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.
Customers
Cardinal Health, Inc.
earns from · approximately 90% of our gross product sales in the U.S.named as a riskHistorically, approximately 90% of our gross product sales in the U.S. have been to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates.Risk factors (Item 1A)
Also named by ABBV, AMGN, BAX, COR, CVS, HROW, LLY, MCK and 1 more
McKesson Corporation
earns from · approximately 90% of our gross product sales in the U.S.named as a riskHistorically, approximately 90% of our gross product sales in the U.S. have been to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates.Risk factors (Item 1A)
Also named by ABBV, AMGN, CAH, COR, HALO, HROW, HSIC, LLY and 1 more
Cencora, Inc.
earns from · approximately 90% of our gross product sales in the U.S.named as a riskHistorically, approximately 90% of our gross product sales in the U.S. have been to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates.Risk factors (Item 1A)
Suppliers
Contract manufacturing organizations (CMOs)
depends onnamed as a riskWe depend on CMOs, CTLs and corporate partners to perform manufacturing and testing activities effectively and on a timely basis for the majority of our active pharmaceutical ingredients and drug products.Risk factors (Item 1A)
Contract research organizations (CROs)
depends onnamed as a riskWe rely on third-party contract research organizations (“CROs”) to perform most of our clinical studies, including document preparation, site identification, screening and preparation, pre-study visits, training, program management, patient enrollment, ongoing monitoring, site management and bioanalysis.Risk factors (Item 1A)
Also named by VKTX
Apheresis centers
depends onnamed as a riskDisruptions or difficulties at these vendors could result in product loss and regulatory action.Risk factors (Item 1A)
Partners and platforms
Arcellx, Inc.
depends onnamed as a riskFor equity investments in our strategic partners, such as in connection with our collaborations with Arcus Biosciences, Inc., Galapagos NV and Arcellx, Inc., the value of our equity investments may fluctuate and decline in value.Risk factors (Item 1A)
Arcus Biosciences, Inc.
depends onnamed as a riskFor equity investments in our strategic partners, such as in connection with our collaborations with Arcus Biosciences, Inc., Galapagos NV and Arcellx, Inc., the value of our equity investments may fluctuate and decline in value.Risk factors (Item 1A)
Galapagos NV
named as a riskFor equity investments in our strategic partners, such as in connection with our collaborations with Arcus Biosciences, Inc., Galapagos NV and Arcellx, Inc., the value of our equity investments may fluctuate and decline in value.Risk factors (Item 1A)
Medicines Patent Pool
named as a riskWe have entered into agreements with generic drug manufacturers as well as licensing agreements with the Medicines Patent Pool, a United Nations-backed public health organization, which allow generic drug manufacturers to manufacture generic versions of certain of our products for distribution in certain low- and middle-income countries.Risk factors (Item 1A)
Merck & Co., Inc.
depends onIn collaboration with Merck & Co., Inc. (“Merck”)(1), an oral combination of Merck’s islatravir and lenacapavir is being evaluated as a long-acting HIV treatment for virologically suppressed people living with HIV.Business (Item 1)
Janssen Products, LP (Johnson & Johnson)
earns fromSymtuza is commercialized by Janssen, and we receive a share in revenue for the components that we contribute.Business (Item 1)
Other companies
U.S. manufacturing and R&D investment initiative
operates in · $32 billionnamed as a riskWe are undertaking significant multi‑year capital investments to expand our U.S. manufacturing capabilities and accelerate R&D, including our initiative to invest $32 billion in the U.S. through 2030.Risk factors (Item 1A)
Immunomedics future royalties liability
exposed to its price · $0.8 billionThe current fair value of our debt portfolio and liability related to future royalties are $22.3 billion and $0.8 billion, respectively.Market risk (Item 7A)
HIV treatment and prevention market
concentrated innamed as a riskWe receive a substantial portion of our revenue from sales of our products for the treatment and prevention of HIV infection.Risk factors (Item 1A)
Veklury (COVID-19 demand)
earns fromnamed as a riskFor example, Veklury sales generally reflect COVID-19 related rates and severity of infections and hospitalizations, as well as the availability, uptake and effectiveness of vaccines and alternative treatments for COVID-19, and future sales in the short- and long-term remain uncertain.Risk factors (Item 1A)
Competitors
Apotex Inc.
competes withnamed as a riskThe Apotex/MSN agreement provides a non-exclusive license to those patents beginning on August 6, 2032, or earlier in certain circumstances.Business (Item 1)
Lupin Ltd.
competes withnamed as a riskIn October 2025, Gilead entered into settlement agreements to resolve patent litigations with Lupin Ltd., Cipla Ltd. and Laurus Labs Ltd., generic manufacturers that filed abbreviated new drug applications with FDA to market generic versions of Biktarvy.Business (Item 1)
Places
China
depends onnamed as a riskFor example, recently enacted and proposed legislation in the U.S., such as the BIOSECURE Act (which, among other things, prohibits U.S. executive agencies from contracting with, or expending loans or granting funds to, companies that use biotechnology equipment or services for certain activities from certain foreign-owned entities) and the ABC Safe Drug Act (which, among other things, could prohibit U.S. federal health care programs from purchasing drugs and drug ingredients manufactured in China), has the potential to adversely impact our ability to receive goods or services from such entities, including certain of which we use in connection with our clinical trials and our clinical and commercial manufacturing, which could increase the cost or limit the supply of material available to us, delay the procurement or supply of such material, delay or impact clinical trials and regulatory submissions, delay the launch of commercial products and adversely affect our financial condition and business prospects.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Ireland
subject tonamed as a riskOur effective tax rates are affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, the introduction of new taxes, and changes in tax laws, regulations, administrative practices and interpretations, including in the U.S., Germany and Ireland.Risk factors (Item 1A)
Also named by AAPL, ACN, ADI, AGX, BEN, CDNS, CELH, COR and 13 more
Netherlands
operates innamed as a riskWe also face risks related to our in-house CAR T-cell therapy manufacturing facilities in California, Maryland and the Netherlands, spanning process development, vector manufacturing, clinical trial production and commercial product manufacturing.Risk factors (Item 1A)
Cork, Ireland
operates inWe also perform quality control testing, labeling, packaging and final release of many of our products at the Cork facility, which are distributed to the EU and other international markets through our facility in Dublin.Business (Item 1)
La Verne, California
operates inLa Verne, California: We manufacture AmBisome, perform quality control testing and package and label the majority of our commercial products for distribution to the Americas and the Pacific Rim.Business (Item 1)
Hazards
California
operates innamed as a riskAdditionally, our corporate headquarters in Foster City and certain R&D and manufacturing facilities are located in California, a region that is seismically active and prone to wildfires.Risk factors (Item 1A)
Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more
Commodities and inputs
Euro
exposed to its price · approximately 26% of our 2025 product salesnamed as a riskAs such, certain of our monetary assets and liabilities and approximately 26% of our 2025 product sales are denominated in foreign currencies.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Tocilizumab
depends onnamed as a risksecuring sufficient supply of other medications to manage side effects, such as tocilizumab and corticosteroids, which may not be available in sufficient quantities, may not adequately control the side effects and/or may have detrimental impacts on the efficacy of cell therapy.Risk factors (Item 1A)
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskFailure to comply with these or other requirements imposed by FDA could result in significant civil monetary penalties, fines, suspensions of regulatory approvals, product recalls, seizure of products and criminal prosecutions.Risk factors (Item 1A)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
European Medicines Agency (EMA)
subject tonamed as a riskThe products we develop must be approved for marketing and sale by regulatory authorities and, once approved, are subject to extensive regulation by FDA, EMA and comparable regulatory agencies in other countries.Risk factors (Item 1A)
Laws and programs
U.S. Section 232 pharmaceutical tariffs
subject to · up to 100% tariffsnamed as a riskFor example, in September 2025, the U.S. Presidential administration announced plans to impose up to 100% tariffs on imported branded or patented pharmaceuticals, subject to certain exceptions.Risk factors (Item 1A)
Medicare
subject tonamed as a riskWe continue to evaluate the potential impact of the IRA on our business, but we anticipate that the negotiated Medicare price will be substantially lower than the price we currently charge in Medicare and may also lead to increased rebates we owe Medicaid agencies and reduced ceiling prices charged to 340B covered entities.Risk factors (Item 1A)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
One Big Beautiful Bill Act
subject tonamed as a riskU.S. Congress has enacted the One Big Beautiful Bill (“OBBB”) Act, which made several changes to the Medicaid program, such as imposing Medicaid work requirements and imposing stricter eligibility and enrollment standards.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Medicaid
subject tonamed as a riskChanges to the 340B program or the Medicaid program at the federal or state level could have a material adverse effect on our business.Risk factors (Item 1A)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
Inflation Reduction Act of 2022 (IRA)
subject tonamed as a riskIn January 2026, the Department of Health and Human Services selected Biktarvy for Medicare negotiation of Medicare prices that will be effective beginning in 2028, and more of our products may be selected in the future.Risk factors (Item 1A)
Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more
340B Drug Pricing Program
subject tonamed as a riskA substantial portion of our product sales is subject to significant discounts from list price, including rebates that we may be required to pay state Medicaid agencies and discounts provided to covered entities under 340B.Risk factors (Item 1A)
Also named by ABBV, BAX, BIIB, BMY, CAH, COR, CVS, EXEL and 13 more
BIOSECURE Act
subject tonamed as a riskIf there is any dispute or disruption in our relationships with our CROs, including as a result of legislative or regulatory actions (such as the recently enacted BIOSECURE Act in the U.S.), our clinical trials and regulatory submissions may be delayed and our costs may increase.Risk factors (Item 1A)
Most-favored-nation (MFN) drug pricing agreement with U.S. administration
subject tonamed as a riskIn December 2025, Gilead reached an agreement with the administration to (1) pause the imposition of Section 232 tariffs on Gilead for three years, (2) implement MFN prices in Medicaid for select existing and future launched products, (3) set a new direct-to-patient price for Epclusa and (4) return a portion of increased international revenues to the U.S. if the U.S. government is successful in increasing drug prices abroad.Risk factors (Item 1A)
PEPFAR
earns fromnamed as a riskActions by the current U.S. Presidential administration to reorganize federal health agencies or reduce or pause funding for domestic and international HIV treatment and prevention programs and grants, such as the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) and Centers for Disease Control and Prevention (CDC) grants for HIV prevention, may adversely impact our business.Risk factors (Item 1A)
Florida drug importation program
subject tonamed as a riskFor example, in January 2024, FDA authorized Florida’s proposed program to import prescription drugs from Canada, and U.S. sales may be adversely affected if Florida meets the additional requirements set by FDA in its authorization.Risk factors (Item 1A)
Medicare DRG 018 (CAR T-cell reimbursement)
subject tonamed as a riskWhile the DRG has a significantly higher base payment amount than the prior DRG 016, the payment available may not be sufficient to reimburse some hospitals for their cost of care for patients receiving Yescarta and Tecartus.Risk factors (Item 1A)
Technology
Kite Konnect platform
depends onnamed as a riskFor example, our Kite Konnect platform is critical to maintain chain of identity and chain of custody for our cell therapies.Risk factors (Item 1A)