GILEAD SCIENCES INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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) | 2024 | 2023 | 2022 |
| Operating Activities: | |||
| Net income | $480 | $5,613 | $4,566 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation expense | 381 | 354 | 323 |
| Amortization expense | 2,386 | 2,339 | 1,780 |
| Stock-based compensation expense | 835 | 766 | 637 |
| Deferred income taxes | (1,844) | (962) | (1,552) |
| Net loss from equity securities | 274 | 167 | 657 |
| Acquired in-process research and development expenses | 4,663 | 1,155 | 944 |
| In-process research and development impairments | 4,180 | 50 | 2,700 |
| Other | 353 | 826 | 780 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | 139 | 157 | (406) |
| Inventories | (426) | (842) | (310) |
| Prepaid expenses and other | (259) | 39 | (134) |
| Accounts payable | 290 | (347) | 226 |
| Income tax assets and liabilities, net | (732) | (1,768) | (364) |
| Accrued and other liabilities | 108 | 458 | (775) |
| Net cash provided by operating activities | 10,828 | 8,006 | 9,072 |
| Investing Activities: | |||
| Purchases of marketable debt securities | (244) | (1,930) | (1,770) |
| Proceeds from sales of marketable debt securities | 2,265 | 510 | 412 |
| Proceeds from maturities of marketable debt securities | 327 | 1,334 | 1,590 |
| Acquisitions, including in-process research and development, net of cash acquired | (4,840) | (1,152) | (1,797) |
| Purchases of equity securities | (492) | (442) | (172) |
| Capital expenditures | (523) | (585) | (728) |
| Other | 58 | (1) | (1) |
| Net cash used in investing activities | (3,449) | (2,265) | (2,466) |
| Financing Activities: | |||
| Proceeds from debt financing, net of issuance costs | 3,464 | 1,980 | — |
| Proceeds from issuances of common stock | 422 | 232 | 309 |
| Repurchases of common stock under repurchase programs | (1,150) | (1,000) | (1,396) |
| Repayments of debt and other obligations | (1,970) | (2,250) | (1,500) |
| Payments of dividends | (3,918) | (3,809) | (3,709) |
| Other | (281) | (279) | (173) |
| Net cash used in financing activities | (3,433) | (5,125) | (6,469) |
| Effect of exchange rate changes on cash and cash equivalents | (40) | 57 | (63) |
| Net change in cash and cash equivalents | 3,906 | 673 | 74 |
| Cash and cash equivalents at beginning of period | 6,085 | 5,412 | 5,338 |
| Cash and cash equivalents at end of period | $9,991 | $6,085 | $5,412 |
| Supplemental disclosure of cash flow information: | |||
| Interest paid, net of amounts capitalized | $951 | $891 | $907 |
| Income taxes paid | $2,779 | $3,990 | $3,136 |
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