GILEAD SCIENCES, INC.GILD
GILEAD SCIENCES, INC. Debt Disclosure
DEBT AND CREDIT FACILITIES
The following table summarizes the carrying amount of our borrowings under various financing arrangements:
| (in millions) | Carrying Amount | |||||||||||||||||||||||||||||||
| Type of Borrowing | Issue Date | Maturity Date | Interest Rate | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||
| Senior Unsecured | November 2014 | February 2025 | 3.50% | $ | — | $ | 1,750 | |||||||||||||||||||||||||
| Senior Unsecured | September 2015 | March 2026 | 3.65% | 2,750 | 2,747 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2016 | March 2027 | 2.95% | 1,249 | 1,249 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2020 | October 2027 | 1.20% | 749 | 748 | |||||||||||||||||||||||||||
| Senior Unsecured | November 2024 | November 2029 | 4.80% | 747 | 746 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2020 | October 2030 | 1.65% | 996 | 995 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2023 | October 2033 | 5.25% | 994 | 993 | |||||||||||||||||||||||||||
| Senior Unsecured | November 2024 | June 2035 | 5.10% | 992 | 991 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2015 | September 2035 | 4.60% | 994 | 994 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2016 | September 2036 | 4.00% | 744 | 744 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2020 | October 2040 | 2.60% | 990 | 989 | |||||||||||||||||||||||||||
| Senior Unsecured | December 2011 | December 2041 | 5.65% | 997 | 997 | |||||||||||||||||||||||||||
| Senior Unsecured | March 2014 | April 2044 | 4.80% | 1,738 | 1,738 | |||||||||||||||||||||||||||
| Senior Unsecured | November 2014 | February 2045 | 4.50% | 1,736 | 1,735 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2015 | March 2046 | 4.75% | 2,225 | 2,224 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2016 | March 2047 | 4.15% | 1,731 | 1,730 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2020 | October 2050 | 2.80% | 1,480 | 1,479 | |||||||||||||||||||||||||||
| Senior Unsecured | September 2023 | October 2053 | 5.55% | 989 | 988 | |||||||||||||||||||||||||||
| Senior Unsecured | November 2024 | November 2054 | 5.50% | 989 | 989 | |||||||||||||||||||||||||||
| Senior Unsecured | November 2024 | November 2064 | 5.60% | 739 | 738 | |||||||||||||||||||||||||||
| Total senior unsecured notes | 23,827 | 25,562 | ||||||||||||||||||||||||||||||
| Liability related to future royalties | 1,110 | 1,148 | ||||||||||||||||||||||||||||||
| Total debt, net | 24,937 | 26,710 | ||||||||||||||||||||||||||||||
| Less: Current portion of long-term debt, net | 2,807 | 1,815 | ||||||||||||||||||||||||||||||
| Total Long-term debt, net | $ | 22,129 | $ | 24,896 | ||||||||||||||||||||||||||||
Senior Unsecured Notes
In February 2025, we repaid $1.75 billion of principal balance related to our senior unsecured notes due February 2025.
Our senior unsecured notes may be redeemed at our option at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum, as determined by an independent investment banker, of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis at the Treasury Rate, plus a make-whole premium, which are defined in the terms of the notes. The senior unsecured notes also have a par call feature, exercisable at our option, to redeem the notes at par in whole, or in part, on dates ranging from to six months prior to maturity. In each case, accrued and unpaid interest is also required to be redeemed to the date of redemption.
In the event of a change in control and a downgrade in the rating of our senior unsecured notes below investment grade by Moody’s Investors Service, Inc. and S&P Global Ratings, the holders may require us to purchase all or a portion of their notes at a price equal to 101% of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest to the date of repurchase. We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of December 31, 2025 and 2024, we were not in violation of any covenants.
Liability Related to Future Royalties
In connection with our acquisition of Immunomedics, we assumed a liability related to a funding arrangement, which was originally entered into by Immunomedics and RPI Finance Trust (“RPI”), prior to our acquisition of Immunomedics. Under the funding agreement, RPI has the right to receive certain royalty amounts, subject to certain reductions, based on the net sales of Trodelvy for each calendar quarter during the term of the agreement through approximately 2036. The liability is amortized using the effective interest rate method, resulting in recognition of interest expense over 16 years. The estimated timing and amount of future expected royalty payments over the estimated term are re-assessed each reporting period. The impact from changes in estimates is recognized in the liability and the related interest expense prospectively.
Revolving Credit Facility
In June 2024, we terminated our $2.5 billion revolving credit facility maturing in June 2025 (the “2020 Revolving Credit Facility”) and entered into a new $2.5 billion revolving credit facility maturing in June 2029 (the “2024 Revolving Credit Facility”), which has terms substantially similar to the 2020 Revolving Credit Facility. The 2024 Revolving Credit Facility can be used for working capital requirements and for general corporate purposes, including, without limitation, acquisitions. As of December 31, 2025 and 2024, there were no amounts outstanding under our revolving credit facility.
The 2024 Revolving Credit Facility contains customary representations, warranties, affirmative and negative covenants and events of default. As of December 31, 2025, we were in compliance with all covenants. Loans under the 2024 Revolving Credit Facility bear interest at either (i) Term SOFR plus the Applicable Percentage, (ii) the Alternative Currency Term Rate plus the Applicable Percentage, or (iii) the Base Rate plus the Applicable Percentage, each as defined in the 2024 Revolving Credit Facility agreement. We may terminate or reduce the commitments and may prepay any loans under the 2024 Revolving Credit Facility in whole or in part at any time without premium or penalty.
Interest Paid
The following table summarizes interest paid, net of amounts capitalized:
| Year Ended December 31, | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Interest paid, net of amounts capitalized | $ | 1,036 | $ | 951 | $ | 891 | ||||||||||||||
Contractual Maturities of Financing Obligations
The following table summarizes the aggregate future principal maturities of our senior unsecured notes as of December 31, 2025:
| (in millions) | Amount | |||||||
| 2026 | $ | 2,750 | ||||||
| 2027 | 2,000 | |||||||
| 2028 | — | |||||||
| 2029 | 750 | |||||||
| 2030 | 1,000 | |||||||
| Thereafter | 17,500 | |||||||
| Total | $ | 24,000 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 24, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.