filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
GILEAD SCIENCES, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
| Year Ended December 31, | ||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME DATA**(1)****:** | ||||||||||||||||||||||||||||||||
| Total revenues | $ | 24,689 | $ | 22,449 | $ | 22,127 | $ | 26,107 | $ | 30,390 | ||||||||||||||||||||||
| Total costs and expenses(2) | $ | 20,618 | $ | 18,162 | $ | 13,927 | $ | 11,983 | $ | 12,757 | ||||||||||||||||||||||
| Income from operations | $ | 4,071 | $ | 4,287 | $ | 8,200 | $ | 14,124 | $ | 17,633 | ||||||||||||||||||||||
| Income tax expense (benefit)(3) | $ | 1,580 | $ | (204) | $ | 2,339 | $ | 8,885 | $ | 3,609 | ||||||||||||||||||||||
| Net income(2)(3) | $ | 89 | $ | 5,364 | $ | 5,460 | $ | 4,644 | $ | 13,488 | ||||||||||||||||||||||
| Net income attributable to Gilead(2)(3) | $ | 123 | $ | 5,386 | $ | 5,455 | $ | 4,628 | $ | 13,501 | ||||||||||||||||||||||
| Net income per share attributable to Gilead common stockholders - basic(2)(3) | $ | 0.10 | $ | 4.24 | $ | 4.20 | $ | 3.54 | $ | 10.08 | ||||||||||||||||||||||
| Shares used in per share calculation - basic | 1,257 | 1,270 | 1,298 | 1,307 | 1,339 | |||||||||||||||||||||||||||
| Net income per share attributable to Gilead common stockholders - diluted(2)(3) | $ | 0.10 | $ | 4.22 | $ | 4.17 | $ | 3.51 | $ | 9.94 | ||||||||||||||||||||||
| Shares used in per share calculation - diluted | 1,263 | 1,277 | 1,308 | 1,319 | 1,358 | |||||||||||||||||||||||||||
| Cash dividends declared per share | $ | 2.72 | $ | 2.52 | $ | 2.28 | $ | 2.08 | $ | 1.84 |
| December 31, | ||||||||||||||||||||||||||||||||
| (in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
| CONSOLIDATED BALANCE SHEET DATA**(1)****:** | ||||||||||||||||||||||||||||||||
| Cash, cash equivalents and marketable debt securities(4)(5) | $ | 7,910 | $ | 25,840 | $ | 31,512 | $ | 36,694 | $ | 32,380 | ||||||||||||||||||||||
| Working capital(3)(4)(5) | $ | 4,599 | $ | 20,537 | $ | 25,231 | $ | 20,188 | $ | 10,370 | ||||||||||||||||||||||
| Total assets(4)(5) | $ | 68,407 | $ | 61,627 | $ | 63,675 | $ | 70,283 | $ | 56,977 | ||||||||||||||||||||||
| Other long-term obligations | $ | 5,128 | $ | 1,009 | $ | 1,040 | $ | 558 | $ | 297 | ||||||||||||||||||||||
| Long-term debt, including current portion(4) | $ | 31,402 | $ | 24,593 | $ | 27,322 | $ | 33,542 | $ | 26,346 | ||||||||||||||||||||||
| Retained earnings(3) | $ | 14,381 | $ | 19,388 | $ | 19,024 | $ | 19,012 | $ | 18,154 | ||||||||||||||||||||||
| Total stockholders’ equity(3) | $ | 18,221 | $ | 22,650 | $ | 21,534 | $ | 20,501 | $ | 19,363 |
(1) See Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 7 of this Annual Report on Form 10-K for a description of our results of operations for 2020.
(2) In 2020, we recorded acquired in-process research and development (“IPR&D”) expenses of $5.9 billion primarily related to our acquisition of Forty Seven, Inc. (“Forty Seven”) as well as other collaborations and investments we entered into during the year. In 2019, we recorded acquired IPR&D expenses of $5.1 billion primarily due to $3.92 billion of upfront collaboration and licensing expenses related to our global research and development collaboration with Galapagos NV, and a pre-tax impairment charge of $800 million from assets obtained in our acquisition of Kite Pharma, Inc. (“Kite”).
(3) In 2020, we recorded discrete tax benefits of $167 million related to settlements with taxing authorities. In 2019, we recorded a deferred tax benefit of $1.2 billion related to intangible asset transfers from a foreign subsidiary to Ireland and the United States. In 2018, we recorded a deferred tax charge of $588 million related to a transfer of acquired intangible assets from a foreign subsidiary to the United States. In December 2017, we recorded an estimated $5.5 billion net charge related to the enactment of the Tax Cuts and Jobs Act (“Tax Reform”). Tax Reform also lowered the corporate tax rate in the United States from 35% to 21% effective for tax years beginning after December 31, 2017.
(4) In 2020, in connection with the acquisition of Immunomedics, we issued $7.25 billion principal amount of senior unsecured notes and borrowed an aggregate principal amount of $1.0 billion under a three-year term loan facility. Also in 2020, we repaid $2.5 billion principal amount of our senior unsecured notes at maturity. In 2019, we repaid $2.8 billion principal amount of our senior unsecured notes at maturity. In 2018, we repaid $1.8 billion principal amount of our senior unsecured notes at maturity and repaid $4.5 billion of term loans borrowed in connection with our acquisition of Kite. In 2017, in connection with the acquisition of Kite, we issued $3.0 billion aggregate principal amount of senior unsecured notes and borrowed $6.0 billion aggregate principal amount term loan facility credit agreement, of which $1.5 billion was repaid in 2017. In 2016, we issued $5.0 billion principal amount of senior unsecured notes and repaid $285 million of principal balance of convertible senior notes and $700 million of principal balance of senior unsecured notes at maturity. See Note 12. Debt and Credit Facilities of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information.
(5) In 2020, we made cash payments of $25.7 billion primarily related to our acquisitions of Immunomedics in October 2020 and Forty Seven in April 2020. See Note 6. Acquisitions of the Notes to Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information.
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