Selected Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Selected Quarterly Financial Information [Abstract]


(in millions, except per share amounts)	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2020
Total revenues	$	5,548	$	5,143	$	6,577	$	7,421
Gross profit on product sales	$	4,498	$	4,003	$	5,352	$	5,930
Net income (loss)(1)(2)(3)	$	1,538	$	(3,346)	$	353	$	1,544
Net income (loss) attributable to Gilead(1)(2)(3)	$	1,551	$	(3,339)	$	360	$	1,551
Net income (loss) per share attributable to Gilead common stockholders - basic(1)(2)(3)	$	1.23	$	(2.66)	$	0.29	$	1.24
Net income (loss) per share attributable to Gilead common stockholders - diluted(1)(2)(3)	$	1.22	$	(2.66)	$	0.29	$	1.23
2019
Total revenues	$	5,281	$	5,685	$	5,604	$	5,879
Gross profit on product sales	$	4,243	$	4,607	$	4,481	$	4,113
Net income (loss)(4)(5)	$	1,968	$	1,875	$	(1,168)	$	2,689
Net income (loss) attributable to Gilead(4)(5)	$	1,975	$	1,880	$	(1,165)	$	2,696
Net income (loss) per share attributable to Gilead common stockholders - basic(4)(5)	$	1.55	$	1.48	$	(0.92)	$	2.13
Net income (loss) per share attributable to Gilead common stockholders - diluted(4)(5)	$	1.54	$	1.47	$	(0.92)	$	2.12

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(1) Amounts for the second quarter of 2020 included an acquired IPR&D expenses of $4.5 billion, or $3.58 per basic and diluted share, primarily related to our acquisition of Forty Seven. See Note 6. Acquisitions for additional information.

(2) Amounts for the third quarter of 2020 included acquired IPR&D expenses of $1.0 billion, or $0.82 per basic and diluted share, related to collaborations and other investments we entered into separately with Arcus, Pionyr, Tango and Tizona and $983 million or $0.78 per basic and diluted share, of unrealized losses from changes in the fair value of our equity investments largely with Galapagos. See Note 3. Fair Value Measurements and Note 11. Collaborations and Other Arrangements for additional information.

(3) Amounts for the fourth quarter of 2020 included $628 million, or $0.50 per basic and diluted share, of unrealized losses from changes in the fair value of our equity investments largely with Galapagos and $615 million, or $0.49 per basic and diluted share of acquisition-related expenses primarily from amortization of intangible assets, inventory step-up charges and accelerated stock-based compensation expenses related to our acquisition of Immunomedics. See Note 3. Fair Value Measurements, Note 6. Acquisitions and Note 11. Collaborations and Other Arrangements for additional information.

(4) Amounts for the third quarter of 2019 included upfront collaboration and licensing expenses of $3.92 billion, or $2.40 per basic and diluted share related to the collaboration with Galapagos. See Note 11. Collaborations and Other Arrangements for additional information.

(5) Amounts for the fourth quarter of 2019 included a $1.2 billion favorable tax effect related to intra-entity intangible asset transfers and $929 million of pre-tax net gains from equity securities primarily our equity investment in Galapagos, partially offset by an $800 million pre-tax impairment charge related to IPR&D intangible assets acquired in connection with the acquisition of Kite and pre-tax write-down charges of $500 million for slow moving and excess raw material and work in process inventory. The impact of these factors resulted in a net favorable impact of $0.83 per basic share and $0.81 per diluted share. See Note 3. Fair Value Measurements, Note 7. Inventories, Note 9. Goodwill and Intangible Assets and Note 18. Income Taxes for additional information