GILEAD SCIENCES INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
GILD$170.87+0.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Operating Activities: | |||
| Net income | $5,613 | $4,566 | $6,201 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation expense | 354 | 323 | 329 |
| Amortization expense | 2,339 | 1,780 | 1,721 |
| Stock-based compensation expense | 766 | 637 | 635 |
| Deferred income taxes | (962) | (1,552) | (116) |
| Net loss from equity securities | 167 | 657 | 610 |
| Acquired in-process research and development expenses | 1,155 | 944 | 939 |
| In-process research and development impairment | 50 | 2,700 | — |
| Other | 826 | 780 | 576 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | 157 | (406) | 313 |
| Inventories | (842) | (310) | 11 |
| Prepaid expenses and other | 39 | (134) | (45) |
| Accounts payable | (347) | 226 | (118) |
| Income tax assets and liabilities, net | (1,768) | (364) | (361) |
| Accrued and other liabilities | 458 | (775) | 689 |
| Net cash provided by operating activities | 8,006 | 9,072 | 11,384 |
| Investing Activities: | |||
| Purchases of marketable debt securities | (1,930) | (1,770) | (3,517) |
| Proceeds from sales of marketable debt securities | 510 | 412 | 730 |
| Proceeds from maturities of marketable debt securities | 1,334 | 1,590 | 2,180 |
| Acquisitions, including in-process research and development, net of cash acquired | (1,152) | (1,797) | (1,584) |
| Purchases of equity securities | (442) | (172) | (380) |
| Capital expenditures | (585) | (728) | (579) |
| Other | (1) | (1) | 19 |
| Net cash used in investing activities | (2,265) | (2,466) | (3,131) |
| Financing Activities: | |||
| Proceeds from debt financing, net of issuance costs | 1,980 | — | — |
| Proceeds from issuances of common stock | 232 | 309 | 169 |
| Repurchases of common stock under repurchase programs | (1,000) | (1,396) | (546) |
| Repayments of debt and other obligations | (2,250) | (1,500) | (4,750) |
| Payments of dividends | (3,809) | (3,709) | (3,605) |
| Other | (279) | (173) | (145) |
| Net cash used in financing activities | (5,125) | (6,469) | (8,877) |
| Effect of exchange rate changes on cash and cash equivalents | 57 | (63) | (35) |
| Net change in cash and cash equivalents | 673 | 74 | (659) |
| Cash and cash equivalents at beginning of period | 5,412 | 5,338 | 5,997 |
| Cash and cash equivalents at end of period | $6,085 | $5,412 | $5,338 |
| Supplemental disclosure of cash flow information: | |||
| Interest paid, net of amounts capitalized | $891 | $907 | $979 |
| Income taxes paid | $3,990 | $3,136 | $2,509 |
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