Emtricitabine/Rilpivirine Hydrochloride/Tenofovir Alafenamide Fumarate

VOQUEZNA is now approved and available to treat the largest category of Gastroesophageal Reflux Disease (GERD)VOQUEZNA met its primary endpoint in its Phase 3 pivotal trial by demonstrating a significant and rapid reduction of heartburn with daily treatmentVOQUEZNA represents the first major innovation in GERD treatment in over 30 years and the only FDA-approved treatment of its kind available in the U.S. A Media Snippet accompanying this announcement is available by clicking on this link. FLORHAM PARK, N.J., July 18, 2024 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, announced today the U.S. Food and Drug Administration (FDA) has approved VOQUEZNA® (vonoprazan) 10 mg tablets for the relief of heartburn associated with Non-Erosive Gastroesophageal Reflux Disease (Non-Erosive GERD) in adults. Non-Erosive GERD represents a substantial segment of the U.S. GERD population, affecting millions of individuals suffering from frequent heartburn. This is the third FDA approval for VOQUEZNA, which is also approved to treat all severities of Erosive Esophagitis (EE), also referred to as Erosive GERD, and in combination with antibiotics for the eradication of Helicobacter pylori (H. pylori) infection. “Today marks a significant milestone for millions of GERD patients as we proudly announce the approval of VOQUEZNA for the treatment of Non-Erosive GERD,” said Terrie Curran, President, and Chief Executive Officer at Phathom. “For decades GERD sufferers had no new class of treatment to turn to in the U.S. This approval provides patients and healthcare providers with immediate access to the first and only FDA-approved treatment of its kind, from a new class of acid suppression therapy, and the power to help provide complete 24-hour heartburn-free days and nights. We are very excited to introduce VOQUEZNA to the broader GERD community and look forward to its potential to help change the way this disease is treated.” Non-Erosive GERD is the largest category of GERD and is characterized by reflux-related symptoms in the absence of esophageal mucosal erosions. An estimated 45 million U.S. adults living with Non-Erosive GERD, and approximately 15 million are treated with a prescription medicine annually. Despite longstanding treatment options, many patients remain dissatisfied with such therapies and continue to suffer from heartburn symptoms which may impact overall quality of life with episodic heartburn, occurring during the day and at night. “Millions of patients with Non-Erosive GERD continue to suffer from heartburn despite current treatment options,” said Colin W. Howden, M.D., Professor Emeritus, University of Tennessee College of Medicine. “The pivotal study that led to this approval showed that VOQUEZNA significantly reduced heartburn episodes in patients with Non-Erosive GERD along with an established safety profile. Today’s approval of VOQUEZNA provides physicians with a novel, first-in-class treatment that can quickly and significantly reduce heartburn for many adult patients.” This approval is supported by the positive results from the PHALCON-NERD-301 study (NCT05195528), a Phase 3 randomized, placebo-controlled, double-blind, multi-site U.S. study evaluating the efficacy and safety of VOQUEZNA for the daily treatment of adults with Non-Erosive GERD. The trial enrolled 772 adult patients with Non-Erosive GERD who experienced four or more days of heartburn per week, with the majority having six to seven days of heartburn per week, and compared patients treated with VOQUEZNA 10 mg to placebo in the relief of heartburn over four weeks. The trial also included a 20-week extension period where all patients received VOQUEZNA to evaluate long-term treatment. In the pivotal trial, VOQUEZNA quickly and significantly reduced heartburn with daily treatment through week 4. VOQUEZNA demonstrated the power of more complete all-day and all-night heartburn-free days with significantly more 24-hour heartburn-free days through week 4 versus placebo, the primary endpoint. The mean percentage of heartburn-free days for patients taking VOQUEZNA was 45% versus 28% for placebo (p<0.001), and the median percentage of 24-hour heartburn-free days was 48% versus 17%, respectively. Improvements for those taking VOQUEZNA were also seen in the percentage of each of heartburn-free days and nights, in addition to the percentage of days without rescue antacid use. Results from the pivotal study were previously presented at Digestive Disease Week® (DDW) 2024 and also published in Clinical Gastroenterology and Hepatology. The most common adverse reactions (≥2%) reported in patients treated with VOQUEZNA during the four-week placebo-controlled trial include abdominal pain, constipation, diarrhea, nausea, and urinary tract infection. Upper respiratory tract infection and sinusitis were also reported in patients who received VOQUEZNA in the 20-week extension phase of the trial. Phathom offers savings programs for eligible patients who face coverage or affordability issues, including co-pay assistance for patients with commercial insurance. For more information, please visit www.voquezna.com/savings. VOQUEZNA is marketed exclusively by Phathom Pharmaceuticals, Inc. and is currently available via prescription. Please visit www.voquezna.com to learn more about VOQUEZNA. A Media Snippet accompanying this announcement is available by clicking on this link. About PHALCON-NERD-301 StudyPHALCON-NERD-301 was a phase 3, randomized, double-blind, multicenter, 4-week study conducted in U.S. patients with heartburn related to Non-Erosive GERD. The primary endpoint was the percentage of days without daytime or nighttime heartburn (24-hour heartburn-free days) over the 4-week placebo-controlled treatment period. The trial also included a 20-week long-term extension period to further evaluate the treatment of VOQUEZNA. A total of 776 patients with Non-Erosive GERD who experienced four or more days of heartburn per week, with the majority having six to seven days of heartburn per week, were enrolled and randomized in the multisite U.S. trial. About Non-Erosive Gastroesophageal Reflux DiseaseNon-Erosive GERD is the largest category of GERD and is characterized by reflux-related symptoms in the absence of esophageal mucosal erosions. There are over 65 million U.S. patients living with GERD, and it is estimated that approximately 70% of this population have Non-Erosive GERD. Symptoms of Non-Erosive GERD may impact overall quality of life and can include episodic heartburn, especially at night, regurgitation, problems swallowing, and chest pain. About VOQUEZNA®VOQUEZNA® (vonoprazan) tablets contain vonoprazan, an oral small molecule potassium-competitive acid blocker (PCAB). PCABs are a novel class of medicines that block acid secretion in the stomach. VOQUEZNA is approved in the U.S. for the treatment of adults with Erosive Esophagitis, also known as Erosive GERD, the relief of heartburn associated with Erosive GERD, the relief of heartburn associated with Non-Erosive GERD, and for the treatment of H. pylori infection in combination with either amoxicillin or amoxicillin and clarithromycin. Phathom in-licensed the U.S. rights to vonoprazan from Takeda, which markets the product in Japan and numerous other countries in Asia and Latin America. About Phathom Pharmaceuticals, Inc.Phathom Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases. Phathom has in-licensed the exclusive rights to vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB) that is currently marketed in the United States as VOQUEZNA® (vonoprazan) tablets for the treatment of heartburn associated with Non-Erosive GERD in adults, the healing and maintenance of healing of Erosive GERD in adults and associated heartburn, in addition to VOQUEZNA® TRIPLE PAK® (vonoprazan tablets, amoxicillin capsules, clarithromycin tablets) and VOQUEZNA® DUAL PAK® (vonoprazan tablets, amoxicillin capsules) for the treatment of H. pylori infection in adults. For more information about Phathom, visit the company’s website at www.phathompharma.com and follow on LinkedIn and X. INDICATION AND IMPORTANT SAFETY INFORMATION What is VOQUEZNA? VOQUEZNA® (vonoprazan) is a prescription medicine used in adults: for 8 weeks to heal acid-related damage to the lining of the esophagus (called Erosive Esophagitis) and for relief of heartburn related to Erosive Esophagitis.for up to 6 months to maintain healing of Erosive Esophagitis and for relief of heartburn related to Erosive Esophagitis.for 4 weeks for relief of heartburn related to gastroesophageal reflux disease (GERD).for 14 days with the antibiotics amoxicillin and clarithromycin to treat an infection caused by bacteria called Helicobacter pylori (H. pylori).for 14 days with the antibiotic amoxicillin to treat an infection caused by bacteria called H. pylori. It is not known if VOQUEZNA is safe and effective in children. Do not take VOQUEZNA if you: are allergic to vonoprazan or any of the other ingredients in VOQUEZNA. Allergic reaction symptoms may include trouble breathing, rash, itching, and swelling of your face, lips, tongue or throat.are taking a medicine that contains rilpivirine (EDURANT, COMPLERA, JULUCA, ODEFSEY) used to treat HIV-1 (Human Immunodeficiency Virus). Before taking VOQUEZNA, tell your healthcare provider about all your medical conditions, including if you: have low magnesium, calcium, or potassium in your blood, or you are taking a medicine to increase urine (diuretic).have kidney or liver problems.are pregnant, think you may be pregnant, or plan to become pregnant. It is not known if VOQUEZNA will harm your unborn baby.are breastfeeding or plan to breastfeed. It is not known if VOQUEZNA passes into your breast milk. You and your healthcare provider should decide if you will take VOQUEZNA or breastfeed. You should not do both. Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements. Keep a list of them to show your healthcare provider and pharmacist when you get a new medicine. VOQUEZNA may affect how other medicines work, and other medicines may affect how VOQUEZNA works. Especially tell your healthcare provider if you take medicine that contains rilpivirine (EDURANT, COMPLERA, JULUCA, ODEFSEY). What are the possible side effects of VOQUEZNA? VOQUEZNA may cause serious side effects including: A type of kidney problem (acute tubulointerstitial nephritis): Some people who take VOQUEZNA may develop a kidney problem called acute tubulointerstitial nephritis. Call your healthcare provider right away if you have a decrease in the amount that you urinate or if you notice blood in your urine.Diarrhea caused by an infection (Clostridioides difficile) in your intestines: Call your healthcare provider right away if you have watery stools, stomach pain, and fever that does not go away.Bone fractures (hip, wrist, or spine): Bone fractures in the hip, wrist, or spine may happen in people who take multiple daily doses of another type of medicine that reduces acid in your stomach known as proton pump inhibitors (PPI medicines) for a long period of time (a year or longer). Tell your healthcare provider if you have a bone fracture, especially in the hip, wrist, or spine.Severe skin reactions: VOQUEZNA can cause rare, but severe skin reactions that may affect any part of your body. These serious skin reactions may need to be treated in a hospital and may be life threatening: Skin rash which may have blistering, peeling, or bleeding on any part of your skin.You may also have fever, chills, body aches, shortness of breath, or enlarged lymph nodes. If you experience any of these symptoms, stop taking VOQUEZNA and call your healthcare provider right away. These symptoms may be the first sign of a severe skin reaction. Low vitamin B-12 levels: VOQUEZNA lowers the amount of acid in your stomach. Stomach acid is needed to absorb Vitamin B12 properly. Tell your healthcare provider if you have symptoms of low vitamin B12 levels, including irregular heartbeat, shortness of breath, lightheadedness, tingling or numbness in the arms or legs, muscle weakness, pale skin, feeling tired, or mood changes. Talk with your healthcare provider about the risk of low vitamin B12 levels if you have been on VOQUEZNA for a long time.Low magnesium levels in the body can happen in people who take VOQUEZNA. Tell your healthcare provider right away if you have symptoms of low magnesium levels, including seizures, dizziness, irregular heartbeat, jitteriness, muscle aches or weakness, or spasms of the hands, feet, or voice.Stomach growths (fundic gland polyps): A certain type of stomach growth called fundic gland polyps may happen in people who take another type of medicine that reduces acid in your stomach known as proton pump inhibitors (PPI medicines) for a long time. Talk with your healthcare provider about the possibility of fundic gland polyps if you have been on VOQUEZNA for a long time. The most common side effects of VOQUEZNA for treatment of Erosive Esophagitis and/or relief of heartburnrelated to gastroesophageal reflux disease include: stomach inflammationdiarrheastomach bloatingstomach painnausea indigestionconstipationhigh blood pressureurinary tract infection The most common side effects of VOQUEZNA when used with antibiotics for treatment of H. pylori infection include: diarrheatemporary changes in sense of tastevaginal yeast infectionstomach pain headachehigh blood pressurecold-like symptoms These are not all the possible side effects of VOQUEZNA. For more information, ask your healthcare provider or pharmacist. Call your healthcare provider for medical advice about side effects. You are encouraged to report suspected adverse reactions by contacting Phathom Pharmaceuticals at 1-888-775-PHAT (7428) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. Please see Patient Information and full Prescribing Information for VOQUEZNA. Forward-Looking StatementsPhathom cautions you that statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company’s current beliefs and expectations. Such forward-looking statements include, but are not limited to patient access and continued expansion in commercial coverage with other payers; and the Company’s estimates of the number of patients with Non-Erosive GERD. The inclusion of forward-looking statements should not be regarded as a representation by Phathom that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in Phathom’s business, including, without limitation: Phathom’s estimates regarding patient population and commercial coverage could prove to be inaccurate; we may not be able to successfully commercialize VOQUEZNA, which will depend on a number of factors including coverage and reimbursement levels from governmental authorities and health insurers as well as market acceptance by healthcare providers; the inherent risks of clinical development of vonoprazan; Phathom’s dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing; regulatory developments in the United States and foreign countries; unexpected adverse side effects or inadequate efficacy of vonoprazan that may limit its development, regulatory approval and/or commercialization, or may result in recalls or product liability claims; Phathom’s ability to access additional capital under its term loan facility and royalty interest finance agreements is subject to certain conditions; Phathom’s ability to obtain and maintain intellectual property protection and non-patent regulatory exclusivity for vonoprazan; Phathom’s ability to comply with its license agreement with Takeda; and other risks described in the Company’s prior press releases and the Company’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Phathom undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. MEDIA CONTACTNick Benedetto1-877-742-8466media@phathompharma.com INVESTOR CONTACTEric Sciorilli1-877-742-8466ir@phathompharma.com © 2024 Phathom Pharmaceuticals. All rights reserved.VOQUEZNA, VOQUEZNA DUAL PAK, VOQUEZNA TRIPLE PAK, Phathom Pharmaceuticals, and their respective logos are registered trademarks of Phathom Pharmaceuticals, Inc. 7/24 US-VPZ-24-0190

Product Sales Excluding Veklury Increased Year-Over-Year by 7% for Full Year 2023 Biktarvy Sales Increased Year-Over-Year by 14% for Full Year 2023 Oncology Sales Increased Year-Over-Year by 37% for Full Year 2023 FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2023. “This was another strong year of revenue growth for Gilead’s base business, driven by both HIV and Oncology,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “The strength of the business provides a solid foundation as we enter a new catalyst-rich phase for the company. We are expecting several milestones in 2024, including updates on long-acting HIV prevention and treatment, Cell Therapy and Trodelvy.” Fourth Quarter 2023 Financial Results Total fourth quarter 2023 revenue decreased 4% to $7.1 billion compared to the same period in 2022, primarily due to lower Veklury® (remdesivir) and HIV sales, partially offset by higher Oncology sales. Diluted Earnings Per Share (“EPS”) decreased to $1.14 in the fourth quarter 2023 compared to $1.30 in the same period in 2022, primarily due to higher total costs and expenses, and lower Veklury revenues, partially offset by unrealized gains on equity investments in 2023 compared to losses in 2022, and lower tax expense. Non-GAAP diluted EPS increased to $1.72 in the fourth quarter 2023 compared to $1.67 in the same period in 2022, primarily due to lower total costs and expenses, partially offset by lower Veklury revenues. As of December 31, 2023, Gilead had $8.4 billion of cash, cash equivalents and marketable debt securities compared to $7.6 billion as of December 31, 2022. During the fourth quarter 2023, Gilead generated $2.2 billion in operating cash flow. During the fourth quarter 2023, Gilead paid cash dividends of $943 million and utilized $150 million to repurchase common stock. Fourth Quarter 2023 Product Sales Total fourth quarter 2023 product sales decreased 4% to $7.1 billion compared to the same period in 2022. Total product sales, excluding Veklury, of $6.3 billion were flat compared to the same period in 2022, with higher Oncology sales partially offset by lower HIV sales. HIV product sales decreased 2% to $4.7 billion in the fourth quarter 2023 compared to the same period in 2022, primarily driven by lower average realized price due to channel mix, partially offset by higher demand and channel inventory dynamics. Biktarvy® (bictegravir 50mg/emtricitabine (“FTC”) 200mg/tenofovir alafenamide (“TAF”) 25mg) sales increased 7% to $3.1 billion in the fourth quarter 2023 compared to the same period in 2022, primarily reflecting higher demand, partially offset by lower average realized price due to channel mix. Descovy® (FTC 200mg/TAF 25mg) sales decreased 5% to $509 million in the fourth quarter 2023 compared to the same period in 2022, primarily driven by unfavorable pricing dynamics in the United States, partially offset by higher demand and channel inventory dynamics. The Liver Disease portfolio sales were $691 million in the fourth quarter 2023 and remained flat compared to the same period in 2022. Sales were impacted by unfavorable pricing dynamics, offset by higher demand across chronic hepatitis C virus (“HCV”) and chronic hepatitis delta virus (“HDV”) products. Cell Therapy product sales increased 11% to $466 million in the fourth quarter 2023 compared to the same period in 2022. Yescarta® (axicabtagene ciloleucel) sales increased 9% to $368 million in the fourth quarter 2023 compared to the same period in 2022, primarily driven by strong demand in relapsed or refractory (“R/R”) large B-cell lymphoma (“LBCL”) outside the United States. Tecartus® (brexucabtagene autoleucel) sales increased 19% to $98 million in the fourth quarter 2023 compared to the same period in 2022, driven by increased demand in R/R adult acute lymphoblastic leukemia (“ALL”) and in R/R mantle cell lymphoma (“MCL”). Trodelvy® (sacituzumab govitecan-hziy) sales increased 53% to $299 million in the fourth quarter 2023 compared to the same period in 2022, reflecting higher demand in both the United States and Europe. Veklury sales decreased 28% to $720 million in the fourth quarter 2023 compared to the same period in 2022, 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 2023 Product Gross Margin, Operating Expenses and Tax Product gross margin was 70.4% in the fourth quarter 2023 compared to 81.0% in the same period in 2022, primarily driven by restructuring expenses related to changes in our manufacturing strategy, intangible asset amortization expenses related to Trodelvy following approval for pretreated HR+/HER2- metastatic breast cancer in February 2023, and product mix. Non-GAAP product gross margin was 86.1% in the fourth quarter 2023 compared to 86.8% in the same period in 2022, primarily driven by product mix. Research and development (“R&D”) expenses were $1.4 billion in the fourth quarter 2023 compared to $1.5 billion in the same period in 2022, driven by the timing of clinical activities and valuation adjustments to the MYR-related contingent consideration, partially offset by increased investments in Oncology. Non-GAAP R&D expenses were $1.5 billion in the fourth quarter 2023 and in the same period in 2022. Decreases due to the timing of clinical activities were offset by increased investments in Oncology. Acquired in-process research and development (“IPR&D”) expenses were $347 million in the fourth quarter 2023, primarily driven by payments related to collaborations with Arcellx, Inc. (“Arcellx”), Assembly Biosciences, Inc. (“Assembly”), and Compugen Ltd. (“Compugen”), as well as a milestone payment related to the acquisition of XinThera, Inc. (“XinThera”). Selling, general and administrative (“SG&A”) and non-GAAP SG&A expenses were $1.6 billion in the fourth quarter 2023 compared to $2.0 billion in the same period in 2022. The decrease was primarily driven by a 2022 charge related to the termination of the Trodelvy collaboration agreement with Everest Medicines (“Everest”) that did not repeat. The effective tax rate (“ETR”) was 14.3% in the fourth quarter 2023 compared to 19.6% in the same period in 2022, primarily due to remeasurement of certain deferred tax liabilities and non-taxable unrealized gains on equity investments. Non-GAAP ETR was 17.1% in the fourth quarter 2023 compared to 16.8% in the same period in 2022. Full Year 2023 Financial Results Total full year 2023 revenue decreased 1% to $27.1 billion compared to 2022, driven by a reduction of $1.7 billion in Veklury sales, largely offset by higher HIV and Oncology sales. Diluted EPS increased to $4.50 in the full year 2023 compared to $3.64 in 2022, primarily due to lower IPR&D impairment expenses, lower unrealized losses on equity investments, and higher interest income, partially offset by higher cost of goods sold and operating expenses, and lower Veklury sales. Non-GAAP diluted EPS decreased to $6.72 in the full year 2023 compared to $7.26 in 2022. This was primarily driven by higher total costs and expenses, as well as lower Veklury sales, partially offset by a decrease in tax reserves as a result of reaching an agreement with a tax authority, and higher interest income. Full Year 2023 Product Sales Total full year 2023 product sales of $26.9 billion were relatively flat compared to the same period in 2022, with lower Veklury sales largely offset by higher HIV and Oncology sales. Total product sales, excluding Veklury, increased 7% to $24.7 billion in the full year 2023 compared to 2022, primarily driven by higher HIV and Oncology sales. HIV product sales increased 6% to $18.2 billion in the full year 2023 compared to 2022, primarily reflecting higher demand across treatment and prevention, in addition to higher average realized price and favorable channel inventory dynamics. Biktarvy sales increased 14% to $11.8 billion in the full year 2023 compared to 2022, primarily reflecting higher demand as well as higher average realized price. Descovy sales increased 6% to $2.0 billion in the full year 2023 compared to 2022, primarily driven by favorable channel inventory dynamics and higher demand. The Liver Disease portfolio sales decreased 1% to $2.8 billion in the full year 2023 compared to 2022. The decrease was primarily driven by unfavorable HCV pricing dynamics and foreign exchange rates, partially offset by higher demand across HCV, HDV and chronic hepatitis B virus (“HBV”) products. Cell Therapy product sales increased 28% to $1.9 billion in the full year 2023 compared to 2022. Yescarta sales increased 29% to $1.5 billion in the full year 2023 compared to 2022, primarily driven by increased demand in R/R LBCL. Tecartus sales increased 24% to $370 million in the full year 2023 compared to 2022, primarily driven by increased demand in in R/R ALL and R/R MCL. Trodelvy sales increased 56% to $1.1 billion in the full year 2023 compared to 2022, reflecting strong demand in new and existing geographies. Veklury sales decreased 44% to $2.2 billion in the full year 2023 compared to 2022, primarily driven by lower rates of COVID-19 related hospitalizations in all regions. Full Year 2023 Product Gross Margin, Operating Expenses and Tax Product gross margin was 75.9% in the full year 2023 compared to 79.0% in 2022, primarily driven by restructuring expenses related to the aforementioned changes in our manufacturing strategy, increased amortization expenses, and product mix. Non-GAAP product gross margin was 86.3% in the full year 2023 compared to 86.6% in 2022, primarily driven by product mix. R&D and non-GAAP R&D expenses were $5.7 billion in the full year 2023 compared to $5.0 billion in 2022. This primarily reflects increased clinical activities across our Oncology and Virology programs. Acquired IPR&D expenses were $1.2 billion in the full year 2023, primarily driven by payments related to the collaboration with Arcellx, as well as the acquisition of XinThera and Tmunity Therapeutics Inc. (“Tmunity”). SG&A expenses were $6.1 billion in the full year 2023 compared to $5.7 billion in 2022. Non-GAAP SG&A expenses were $6.1 billion in the full year 2023 compared to $5.6 billion in 2022. The increases in SG&A and non-GAAP SG&A expenses are primarily due to a $525 million litigation settlement with certain plaintiffs in the HIV antitrust litigation and increased commercial activities in Oncology and HIV, partially offset by the 2022 charge related to the termination of the Trodelvy collaboration agreement with Everest. The ETR and non-GAAP ETR were 18.2% and 15.2%, respectively, in the full year 2023 compared to 21.5% and 19.3%, respectively, in 2022. Lower ETR is primarily due to a decrease in tax reserves as a result of reaching agreement with a tax authority on certain tax positions. Guidance and Outlook Gilead is providing full-year 2024 guidance below: Total product sales between $27.1 billion and $27.5 billion. Total product sales, excluding Veklury, between $25.8 billion and $26.2 billion. Total Veklury sales of approximately $1.3 billion. Diluted EPS between $5.15 and $5.55. Non-GAAP diluted EPS between $6.85 and $7.25. Additional information and a reconciliation between GAAP and non-GAAP financial information for the 2024 guidance is provided in the accompanying tables. The financial guidance is subject to a number of risks and uncertainties. See the Forward-Looking Statements section below. Key Updates Since Our Last Quarterly Release Virology Announced that the Phase 3 OAKTREE trial of obeldesivir in non-hospitalized participants without risk factors for developing severe COVID-19 did not meet its primary endpoint of improvement in time to symptom alleviation. Obeldesivir was well-tolerated in this large study population. Oncology Announced that the Phase 3 EVOKE-01 study of Trodelvy versus docetaxel in previously treated metastatic non-small cell lung cancer did not meet its primary endpoint of overall survival. While not statistically powered, we observed an encouraging trend in a subgroup of patients non-responsive to prior anti-PD-(L)1 immunotherapy, that we may potentially explore further. Presented new data at the San Antonio Breast Cancer Symposium 2023, including a post-hoc, subgroup analysis of clinical outcomes by age from the Phase 3 TROPiCS-02 study of Trodelvy in HR+/HER2- metastatic breast cancer. Presented new data at the American Society of Hematology 2023 Annual Meeting (“ASH”) including long-term follow-up across Yescarta trials in R/R LBCL, first-line high-risk LBCL, and R/R follicular lymphoma, as well as real-world data for Tecartus in R/R MCL and B-cell ALL. Received U.S. Food and Drug Administration (“FDA”) approval of Yescarta’s label update to include overall survival (“OS”) data from the Phase 3 ZUMA-7 study, which showed a statistically significant OS improvement for Yescarta in second-line R/R LBCL versus standard of care. Received FDA approval of a manufacturing process change resulting in reduced median turnaround time for Yescarta in the U.S. to an anticipated 14 days (from 16 days previously). Our partner Arcellx presented updated data at ASH from the Phase 1 trial evaluating anitocabtagene autoleucel (“anito-cel”) in R/R multiple myeloma. With 26.5 months of median follow-up, the data demonstrated continued deep and durable responses, including in patients with extramedullary disease, with median progression-free survival not reached. In addition, no cases of delayed neurotoxicity events or parkinsonian symptoms were observed. Announced expansion of the Arcellx collaboration to include exercising an option for the ARC-SparX ACLX-001 program in multiple myeloma, expanding the scope of the existing anito-cel collaboration to include lymphomas, and a further equity investment of $200 million. Announced an amended collaboration agreement with Arcus Biosciences, Inc. (“Arcus”), including an update to the domvanalimab development collaboration program, and an additional $320 million equity investment. Announced an exclusive license agreement with Compugen for later-stage development and commercialization of novel pre-clinical anti-IL18 binding protein antibodies, including COM503, that have the potential to treat various tumor types. Corporate Announced that Ted Love has joined Gilead’s Board of Directors. Named to Dow Jones Sustainability World Index for third consecutive year and added to the North America Index for the first year, reflecting Gilead’s ongoing commitment to corporate responsibility and sustainability. The company’s Board of Directors declared a quarterly dividend of $0.77 per share of common stock for the first quarter of 2024. The dividend is payable on March 28, 2024, to stockholders of record at the close of business on March 15, 2024. Future dividends will be subject to Board approval. Certain amounts and percentages in this press release may not sum or recalculate due to rounding. Conference Call At 2:00 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on and will be archived on 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. 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, COVID-19 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: Gilead’s ability to achieve its anticipated full year 2024 financial results, including as a result of the uncertainty of the amount and timing of Veklury revenues; 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 the arrangements with Arcellx, Arcus, Assembly, Compugen, Galapagos NV, MYR, Tmunity, and XinThera; 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 Tecartus, Trodelvy (including EVOKE-01), Yescarta, anito-cel and domvanalimab, 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, 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; 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 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, 2023 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®, SOVALDI®, STRIBILD®, SUNLENCA® , TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA® and ZYDELIG®. KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, United States. Other trademarks are the property of their respective owners. For more information on Gilead Sciences, Inc., please visit 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) 2023 2022 2023 2022 Revenues: Product sales $ 7,070 $ 7,333 $ 26,934 $ 26,982 Royalty, contract and other revenues 45 56 182 299 Total revenues 7,115 7,389 27,116 27,281 Costs and expenses: Cost of goods sold 2,090 1,396 6,498 5,657 Research and development expenses 1,408 1,548 5,718 4,977 Acquired in-process research and development expenses 347 158 1,155 944 In-process research and development impairment 50 — 50 2,700 Selling, general and administrative expenses 1,608 2,020 6,090 5,673 Total costs and expenses 5,503 5,122 19,511 19,951 Operating income 1,612 2,267 7,605 7,330 Interest expense (252 ) (227 ) (944 ) (935 ) Other income (expense), net 293 (9 ) 198 (581 ) Income before income taxes 1,653 2,031 6,859 5,814 Income tax expense (236 ) (398 ) (1,247 ) (1,248 ) Net income 1,417 1,633 5,613 4,566 Net loss attributable to noncontrolling interest 12 7 52 26 Net income attributable to Gilead $ 1,429 $ 1,640 $ 5,665 $ 4,592 Basic earnings per share attributable to Gilead $ 1.15 $ 1.31 $ 4.54 $ 3.66 Shares used in basic earnings per share attributable to Gilead calculation 1,248 1,252 1,248 1,255 Diluted earnings per share attributable to Gilead $ 1.14 $ 1.30 $ 4.50 $ 3.64 Shares used in diluted earnings per share attributable to Gilead calculation 1,256 1,264 1,258 1,262 Cash dividends declared per share $ 0.75 $ 0.73 $ 3.00 $ 2.92 Research and development expenses as a % of revenues 19.8 % 20.9 % 21.1 % 18.2 % Selling, general and administrative expenses as a % of revenues 22.6 % 27.3 % 22.5 % 20.8 % GILEAD SCIENCES, INC. TOTAL REVENUE SUMMARY (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages) 2023 2022 Change 2023 2022 Change Product sales: HIV $ 4,693 $ 4,772 (2 )% $ 18,175 $ 17,194 6 % Oncology 765 614 24 % 2,932 2,139 37 % Liver Disease 691 694 — % 2,784 2,798 (1 )% Other 201 252 (20 )% 859 946 (9 )% Total product sales excluding Veklury 6,350 6,333 — % 24,750 23,077 7 % Veklury 720 1,000 (28 )% 2,184 3,905 (44 )% Total product sales 7,070 7,333 (4 )% 26,934 26,982 — % Royalty, contract and other revenues 45 56 (21 )% 182 299 (39 )% Total revenues $ 7,115 $ 7,389 (4 )% $ 27,116 $ 27,281 (1 )% GILEAD SCIENCES, INC. NON-GAAP FINANCIAL INFORMATION(1) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages) 2023 2022 Change 2023 2022 Change Non-GAAP: Cost of goods sold $ 980 $ 968 1 % $ 3,697 $ 3,602 3 % Research and development expenses $ 1,452 $ 1,544 (6 )% $ 5,720 $ 4,968 15 % Acquired IPR&D expenses(2) $ 347 $ 158 NM $ 1,155 $ 944 22 % Selling, general and administrative expenses $ 1,597 $ 2,020 (21 )% $ 6,060 $ 5,587 8 % Other income (expense), net $ 104 $ 52 NM $ 365 $ 77 NM Diluted EPS $ 1.72 $ 1.67 3 % $ 6.72 $ 7.26 (7 )% Product gross margin 86.1 % 86.8 % -66 bps 86.3 % 86.6 % -38 bps Research and development expenses as a % of revenues 20.4 % 20.9 % -49 bps 21.1 % 18.2 % 288 bps Selling, general and administrative expenses as a % of revenues 22.4 % 27.3 % -490 bps 22.3 % 20.5 % 187 bps Operating margin 38.5 % 36.5 % 197 bps 38.7 % 44.6 % -598 bps Effective tax rate 17.1 % 16.8 % 22 bps 15.2 % 19.3 % -416 bps ________________________________ NM - Not Meaningful (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 below. (2) Equal to GAAP financial information. 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) 2023 2022 2023 2022 Cost of goods sold reconciliation: GAAP cost of goods sold $ 2,090 $ 1,396 $ 6,498 $ 5,657 Acquisition-related – amortization(1) (580 ) (428 ) (2,271 ) (2,013 ) Restructuring . (479 ) — (479 ) (42 ) Other(2) (51 ) — (51 ) — Non-GAAP cost of goods sold $ 980 $ 968 $ 3,697 $ 3,602 Product gross margin reconciliation: GAAP product gross margin 70.4 % 81.0 % 75.9 % 79.0 % Acquisition-related – amortization(1) 8.2 % 5.8 % 8.4 % 7.5 % Restructuring . 6.8 % — % 1.8 % 0.2 % Other(2) 0.7 % — % 0.2 % — % Non-GAAP product gross margin 86.1 % 86.8 % 86.3 % 86.6 % Research and development expenses reconciliation: GAAP research and development expenses $ 1,408 $ 1,548 $ 5,718 $ 4,977 Acquisition-related – other costs(4) 59 (1 ) 22 13 Restructuring . (15 ) . (4 ) (20 ) (22 ) Non-GAAP research and development expenses $ 1,452 $ 1,544 $ 5,720 $ 4,968 IPR&D impairment reconciliation: GAAP IPR&D impairment $ 50 $ — $ 50 $ 2,700 IPR&D impairment (50 ) — (50 ) (2,700 ) Non-GAAP IPR&D impairment $ — $ — $ — $ — Selling, general and administrative expenses reconciliation: GAAP selling, general and administrative expenses $ 1,608 $ 2,020 $ 6,090 $ 5,673 Acquisition-related – other costs(4) — (1 ) (2 ) (3 ) Restructuring (11 ) . 1 (28 ) 2 Other(3) — — — (85 ) Non-GAAP selling, general and administrative expenses $ 1,597 $ 2,020 $ 6,060 $ 5,587 Operating income reconciliation: GAAP operating income $ 1,612 $ 2,267 $ 7,605 $ 7,330 Acquisition-related – amortization(1) 580 428 2,271 2,013 Acquisition-related – other costs(4) (59 ) . 2 (20 ) (10 ) Restructuring 505 . 2 527 62 IPR&D impairment 50 . — 50 2,700 Other(2)(3) 51 — 51 85 Non-GAAP operating income $ 2,739 $ 2,699 $ 10,484 $ 12,180 Operating margin reconciliation: GAAP operating margin 22.7 % 30.7 % 28.0 % 26.9 % Acquisition-related – amortization(1) 8.1 % 5.8 % 8.4 % 7.4 % Acquisition-related – other costs(4) (0.8 ) % — % (0.1 ) % — % Restructuring . 7.1 % — % 1.9 % 0.2 % IPR&D impairment 0.7 % — % 0.2 % 9.9 % Other(2)(3) 0.7 % — % 0.2 % 0.3 % Non-GAAP operating margin 38.5 % 36.5 % 38.7 % 44.6 % Other income (expense), net reconciliation: GAAP other income (expense), net $ 293 $ (9 ) $ 198 $ (581 ) (Gain) loss from equity securities, net (189 ) 61 167 657 Non-GAAP other income (expense), net $ 104 $ 52 $ 365 $ 77 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) 2023 2022 2023 2022 Effective tax rate reconciliation: GAAP effective tax rate 14.3 % 19.6 % 18.2 % 21.5 % Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments(5) 2.8 % (2.8 ) % (3.0 ) % (2.1 ) % Non-GAAP effective tax rate 17.1 % 16.8 % 15.2 % 19.3 % Net income attributable to Gilead reconciliation: GAAP net income attributable to Gilead $ 1,429 $ 1,640 $ 5,665 $ 4,592 Acquisition-related – amortization(1) 460 346 1,805 1,610 Acquisition-related – other costs(4) (59 ) 1 (29 ) (12 ) Restructuring 414 . 2 431 47 IPR&D impairment 35 — 35 2,057 (Gain) loss from equity securities, net (171 ) 60 180 630 Discrete and related tax charges(5) 12 57 326 175 Other(2)(3) 40 — 40 59 Non-GAAP net income attributable to Gilead $ 2,161 $ 2,106 $ 8,454 $ 9,158 Diluted earnings per share reconciliation: GAAP diluted earnings per share $ 1.14 $ 1.30 $ 4.50 $ 3.64 Acquisition-related – amortization(1) 0.37 0.27 1.43 1.28 Acquisition-related – other costs(4) (0.05 ) — (0.02 ) (0.01 ) Restructuring . 0.33 — 0.34 0.04 IPR&D impairment 0.03 — 0.03 1.63 (Gain) loss from equity securities, net (0.14 ) 0.05 0.14 0.50 Discrete and related tax charges(5) 0.01 0.05 0.26 0.14 Other(2)(3) 0.03 — 0.03 0.05 Non-GAAP diluted earnings per share $ 1.72 $ 1.67 $ 6.72 $ 7.26 Non-GAAP adjustment summary: Cost of goods sold adjustments $ 1,110 $ 428 $ 2,801 $ 2,055 Research and development expenses adjustments (44 ) 4 (2 ) 9 IPR&D impairment adjustments 50 — 50 2,700 Selling, general and administrative expenses adjustments 11 — 30 86 Total non-GAAP adjustments to costs and expenses 1,127 432 2,879 4,850 Other income (expense), net, adjustments (189 ) 61 167 657 Total non-GAAP adjustments before income taxes 938 493 3,046 5,507 Income tax effect of non-GAAP adjustments above (218 ) (84 ) (583 ) (1,116 ) Discrete and related tax charges(5) 12 57 326 175 Total non-GAAP adjustments to net income attributable to Gilead $ 732 $ 466 $ 2,789 $ 4,566 ______________________________ (1) Relates to amortization of acquired intangibles and inventory step-up charges. (2) Relates to a write-off of an intangible asset related to the restructuring of our collaboration with Galapagos NV during the fourth quarter of 2023. (3) Relates to donations to the Gilead Foundation, a California nonprofit organization, during the second quarter of 2022. (4) Adjustments include integration expenses, contingent consideration fair value adjustments and other expenses associated with Gilead’s acquisitions of MYR GmbH, MiroBio, Ltd., Tmunity Therapeutics, Inc. and XinThera, Inc. (5) 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 2024 FULL YEAR GUIDANCE(1) (unaudited) (in millions, except percentages and per share amounts) Provided February 6, 2024 Projected product gross margin GAAP to non-GAAP reconciliation: GAAP projected product gross margin 76.0% - 77.0% Acquisition-related expenses and other ~ 9.0% Non-GAAP projected product gross margin 85.0% - 86.0% Projected operating income GAAP to non-GAAP reconciliation: GAAP projected operating income $8,700 - $9,200 Acquisition-related expenses and other ~ 2,500 Non-GAAP projected operating income $11,200 - $11,700 Projected effective tax rate GAAP to non-GAAP reconciliation: GAAP projected effective tax rate ~ 21% Income tax effect of above non-GAAP adjustments, and discrete and related tax adjustments (~ 2%) Non-GAAP projected effective tax rate ~ 19% Projected diluted EPS GAAP to non-GAAP reconciliation: GAAP projected diluted EPS $5.15 - $5.55 Acquisition-related expenses and other, and discrete and related tax adjustments ~ 1.70 Non-GAAP projected diluted EPS $6.85 - $7.25 ________________________________ (1) 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. The non-GAAP 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. GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) December 31, (in millions) 2023 2022 Assets Cash, cash equivalents and marketable debt securities $ 8,428 $ 7,630 Accounts receivable, net 4,660 4,777 Inventories 3,366 2,820 Property, plant and equipment, net 5,317 5,475 Intangible assets, net 26,454 28,894 Goodwill 8,314 8,314 Other assets 5,586 5,262 Total assets $ 62,125 $ 63,171 Liabilities and Stockholders’ Equity Current liabilities $ 11,280 $ 11,237 Long-term liabilities 28,096 30,725 Stockholders’ equity(1) 22,749 21,209 Total liabilities and stockholders’ equity $ 62,125 $ 63,171 ________________________________ (1) As of December 31, 2023 and 2022, there were 1,246 and 1,247 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) 2023 2022 2023 2022 Net cash provided by operating activities $ 2,168 $ 2,566 $ 8,006 $ 9,072 Net cash used in investing activities (726 ) (374 ) (2,265 ) (2,466 ) Net cash used in financing activities (1,100 ) (1,554 ) (5,125 ) (6,469 ) Effect of exchange rate changes on cash and cash equivalents 37 75 57 (63 ) Net change in cash and cash equivalents 380 713 673 74 Cash and cash equivalents at beginning of period 5,705 4,699 5,412 5,338 Cash and cash equivalents at end of period $ 6,085 $ 5,412 $ 6,085 $ 5,412 Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2023 2022 2023 2022 Net cash provided by operating activities $ 2,168 $ 2,566 $ 8,006 $ 9,072 Capital expenditures (214 ) (181 ) (585 ) (728 ) Free cash flow(1) $ 1,954 $ 2,386 $ 7,421 $ 8,344 ________________________________ (1) Free cash flow is a non-GAAP liquidity measure. Please refer to our disclosures in the Non-GAAP Financial Information section above. GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2023 2022 2023 2022 HIV Biktarvy – U.S. $ 2,588 $ 2,423 $ 9,692 $ 8,510 Biktarvy – Europe 333 295 1,253 1,103 Biktarvy – Other International 188 200 905 777 3,109 2,918 11,850 10,390 Complera / Eviplera – U.S. 6 17 47 74 Complera / Eviplera – Europe 15 37 70 113 Complera / Eviplera – Other International 3 3 12 13 24 58 129 200 Descovy – U.S. 457 479 1,771 1,631 Descovy – Europe 25 26 100 118 Descovy – Other International 28 31 114 123 509 537 1,985 1,872 Genvoya – U.S. 447 543 1,752 1,983 Genvoya – Europe 48 64 205 284 Genvoya – Other International 22 33 103 136 517 640 2,060 2,404 Odefsey – U.S. 258 295 1,012 1,058 Odefsey – Europe 71 85 294 364 Odefsey – Other International 11 11 44 47 340 392 1,350 1,469 Stribild – U.S. 15 20 72 88 Stribild – Europe 5 7 21 29 Stribild – Other International 2 3 8 10 22 29 101 127 Truvada – U.S. 12 37 82 113 Truvada – Europe 3 3 13 15 Truvada – Other International 3 5 19 18 18 45 114 147 Revenue share – Symtuza(1) – U.S. 104 97 382 348 Revenue share – Symtuza(1) – Europe 32 42 133 168 Revenue share – Symtuza(1) – Other International 3 3 13 14 139 142 529 530 Other HIV(2) – U.S. 13 4 37 15 Other HIV(2) – Europe 1 5 12 24 Other HIV(2) – Other International 1 3 7 17 15 12 56 57 Total HIV – U.S. 3,899 3,914 14,848 13,820 Total HIV – Europe 533 566 2,102 2,219 Total HIV – Other International 261 293 1,226 1,155 $ 4,693 $ 4,772 $ 18,175 $ 17,194 GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY - (Continued) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2023 2022 2023 2022 Oncology Cell Therapy Tecartus – U.S. $ 66 $ 61 $ 245 $ 221 Tecartus – Europe 27 19 110 75 Tecartus – Other International 5 1 15 3 98 82 370 299 Yescarta – U.S. 187 219 811 747 Yescarta – Europe 140 103 547 355 Yescarta – Other International 42 15 140 57 368 337 1,498 1,160 Total Cell Therapy – U.S. 253 281 1,055 968 Total Cell Therapy – Europe 167 122 658 430 Total Cell Therapy – Other International 46 17 156 60 466 419 1,869 1,459 Trodelvy Trodelvy – U.S. 226 146 777 525 Trodelvy– Europe 48 44 217 143 Trodelvy – Other International 24 4 68 12 299 195 1,063 680 Total Oncology – U.S. 479 427 1,833 1,494 Total Oncology – Europe 216 166 875 573 Total Oncology – Other International 70 21 224 73 765 614 2,932 2,139 Liver Disease HCV Ledipasvir / Sofosbuvir(3) – U.S. 11 19 39 46 Ledipasvir / Sofosbuvir(3) – Europe 1 4 12 17 Ledipasvir / Sofosbuvir(3) – Other International 5 8 19 51 17 31 70 115 Sofosbuvir / Velpatasvir(4) – U.S. 216 214 859 844 Sofosbuvir / Velpatasvir(4) – Europe 74 67 323 355 Sofosbuvir / Velpatasvir(4) – Other International 89 87 355 331 378 369 1,537 1,530 Other HCV(5) – U.S. 25 27 104 115 Other HCV(5) – Europe 10 9 43 40 Other HCV(5) – Other International 3 3 12 10 37 39 160 166 Total HCV – U.S. 251 260 1,002 1,005 Total HCV – Europe 84 80 378 413 Total HCV – Other International 97 98 386 392 $ 432 $ 439 $ 1,767 $ 1,810 GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY - (Continued) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2023 2022 2023 2022 HBV/HDV Vemlidy – U.S. $ 115 $ 123 $ 410 $ 429 Vemlidy – Europe 10 8 38 35 Vemlidy – Other International 92 89 414 379 217 220 862 842 Viread – U.S. 4 2 8 6 Viread – Europe 6 6 22 23 Viread – Other International 12 14 52 62 21 22 83 91 Other HBV/HDV(6) – U.S. — (1 ) — — Other HBV/HDV(6) – Europe 22 14 72 55 22 13 72 55 Total HBV/HDV – U.S. 119 124 418 435 Total HBV/HDV – Europe 37 28 133 112 Total HBV/HDV – Other International 103 103 466 441 259 255 1,017 988 Total Liver Disease – U.S. 370 384 1,421 1,440 Total Liver Disease – Europe 121 108 511 525 Total Liver Disease – Other International 200 202 852 833 691 694 2,784 2,798 Veklury Veklury – U.S. 364 395 972 1,575 Veklury – Europe 181 142 408 702 Veklury – Other International 175 462 805 1,628 720 1,000 2,184 3,905 Other AmBisome – U.S. 4 9 43 57 AmBisome – Europe 68 66 260 258 AmBisome – Other International 39 42 189 182 111 117 492 497 Letairis – U.S. 36 60 142 196 Other(7) – U.S. 28 44 118 135 Other(7) – Europe 9 13 40 65 Other(7) – Other International 17 18 66 53 54 75 225 253 Total Other – U.S. 68 113 304 388 Total Other – Europe 77 79 301 323 Total Other – Other International 56 61 255 235 201 252 859 946 Total product sales – U.S. 5,180 5,234 19,377 18,716 Total product sales – Europe 1,128 1,061 4,197 4,342 Total product sales – Other International 762 1,037 3,361 3,924 $ 7,070 $ 7,333 $ 26,934 $ 26,982 _______________________________ (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.