Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Gilead Sciences, Inc. |
Entity Central Index Key | 0000882095 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure pure in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay versus Performance As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive “compensation actually paid” and certain financial performance of the company. For further information regarding our pay for performance philosophy and how we align executive compensation with corporate performance, refer to the “Compensation Discussion and Analysis” on page 47. Value of Initial Fixed $100 Year Summary (1) Compensation (2) Average (3) Average (4) Total (5) Peer Group (6) Net Income (7) Net Product (8) 2022 $ 21,621,253 $ 54,965,255 $ 7,874,828 $ 18,182,586 $ 150 $ 114 $ 4,566 $ 26,982 2021 $ 19,229,466 $ 31,485,348 $ 6,279,776 $ 9,693,178 $ 121 $ 126 $ 6,201 $ 27,008 2020 $ 18,998,095 $ 16,117,322 $ 6,616,768 $ 6,126,435 $ 93 $ 126 $ 89 $ 24,355 (1) The dollar amounts reported are the amounts reported in the “Total” column of the Summary Compensation Table for our Chairman and Chief Executive Officer, Mr. O’Day. (2) The dollar amounts reported represent the amount of “compensation actually paid”, as computed in accordance with SEC rules, for Mr. O’Day. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with SEC rules, the following adjustments were made to total compensation to determine the compensation actually paid: Year Summary Less: Summary (a) Plus: Equity Award (b) Equals: Compensation 2022 $ 21,621,253 $ 14,353,915 $ 47,697,917 $ 54,965,255 2021 $ 19,229,466 $ 13,139,064 $ 25,394,946 $ 31,485,348 2020 $ 18,998,095 $ 11,513,097 $ 8,632,324 $ 16,117,322 (a) Represents the aggregate grant-date fair value of equity awards as reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. (b) The equity award adjustments for each applicable year were as set forth in the table below. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: Year Year End Year over Year Year over Year Change Value of Dividend Total Equity 2022 $ 34,153,918 $ 14,183,571 $ (1,966,582) $ 1,327,010 $ 47,697,917 2021 $ 17,162,219 $ 6,011,125 $ 707,262 $ 1,514,340 $ 25,394,946 2020 $ 8,885,442 $ (1,693,496) $ 409,911 $ 1,030,467 $ 8,632,324 (3) The dollar amounts reported represent the average of the amounts reported for our NEOs as a group (excluding our CEO) in the “Total” column of the Summary Compensation Table in each applicable year. The NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Andrew D. Dickinson, Johanna Mercier, Merdad V. Parsey and Deborah H. Telman; and (ii) for 2021 and 2020, Andrew D. Dickinson, Johanna Mercier, Merdad V. Parsey and Brett A. Pletcher. (4) The dollar amounts reported represent the average amount of “compensation actually paid” to the NEOs identified in footnote 3, as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the any NEO during the applicable year. In accordance with the SEC rules, the following adjustments were made to average total compensation for the NEOs for each year to determine the compensation actually paid: Year Average Less: Summary Plus: Average (a) Equals: Average 2022 $ 7,874,828 $ 4,961,052 $ 15,268,810 $ 18,182,586 2021 $ 6,279,776 $ 3,625,534 $ 7,038,936 $ 9,693,178 2020 $ 6,616,768 $ 3,087,064 $ 2,596,731 $ 6,126,435 (a) The amounts deducted or added in calculating the total average equity award adjustments are as follows: Year Average Year End Year over Year Average Year over Year Average Value of Total Average 2022 $ 11,751,514 $ 3,365,229 $ (289,102) $ 441,169 $ 15,268,810 2021 $ 4,989,853 $ 1,461,574 $ 271,571 $ 315,938 $ 7,038,936 2020 $ 2,488,166 $ (365,446) $ 269,145 $ 204,866 $ 2,596,731 (5) Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between our share price at the end of each year shown and the beginning of the measurement period by our share price at the beginning of the measurement period. The beginning of the measurement period for each year in the table is December 31, 2019. (6) The peer group used for this purpose is Nasdaq Biotechnology Index. (7) The dollar amounts reported represent the amount of net income reflected in our Consolidated Statements of Income included in our Annual Report on Form 10-K for the applicable year. Included in our net income for 2020 was a $4.5 billion charge to acquired in-process research and development (“IPR&D”) expense recorded in connection with our acquisition of Forty Seven, Inc. Our 2022 net income included a $2.7 billion partial impairment charge related to certain IPR&D assets acquired from Immunomedics, Inc. (8) The dollar amounts reported represent the amount of net product sales revenue reflected in our Consolidated Statements of Income included in our Annual Report on Form 10-K for the applicable year. Our product revenue excluding Veklury (remdesivir) increased by $1.6 billion from 2021 to 2022 primarily due to increased sales in HIV and Oncology, whereas Veklury revenue decreased by $1.7 billion over the same period, as expected, primarily driven by lower rates of COVID-19 related hospitalizations. | ||
Company Selected Measure Name | Net Product Revenue | ||
Named Executive Officers, Footnote [Text Block] | The dollar amounts reported represent the average of the amounts reported for our NEOs as a group (excluding our CEO) in the “Total” column of the Summary Compensation Table in each applicable year. The NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2022, Andrew D. Dickinson, Johanna Mercier, Merdad V. Parsey and Deborah H. Telman; and (ii) for 2021 and 2020, Andrew D. Dickinson, Johanna Mercier, Merdad V. Parsey and Brett A. Pletcher. | ||
Peer Group Issuers, Footnote [Text Block] | The peer group used for this purpose is Nasdaq Biotechnology Index. | ||
PEO Total Compensation Amount | $ 21,621,253 | $ 19,229,466 | $ 18,998,095 |
PEO Actually Paid Compensation Amount | $ 54,965,255 | 31,485,348 | 16,117,322 |
Adjustment To PEO Compensation, Footnote [Text Block] | The dollar amounts reported represent the amount of “compensation actually paid”, as computed in accordance with SEC rules, for Mr. O’Day. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with SEC rules, the following adjustments were made to total compensation to determine the compensation actually paid: Year Summary Less: Summary (a) Plus: Equity Award (b) Equals: Compensation 2022 $ 21,621,253 $ 14,353,915 $ 47,697,917 $ 54,965,255 2021 $ 19,229,466 $ 13,139,064 $ 25,394,946 $ 31,485,348 2020 $ 18,998,095 $ 11,513,097 $ 8,632,324 $ 16,117,322 (a) Represents the aggregate grant-date fair value of equity awards as reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year. (b) The equity award adjustments for each applicable year were as set forth in the table below. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows: Year Year End Year over Year Year over Year Change Value of Dividend Total Equity 2022 $ 34,153,918 $ 14,183,571 $ (1,966,582) $ 1,327,010 $ 47,697,917 2021 $ 17,162,219 $ 6,011,125 $ 707,262 $ 1,514,340 $ 25,394,946 2020 $ 8,885,442 $ (1,693,496) $ 409,911 $ 1,030,467 $ 8,632,324 | ||
Non-PEO NEO Average Total Compensation Amount | $ 7,874,828 | 6,279,776 | 6,616,768 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 18,182,586 | 9,693,178 | 6,126,435 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | The dollar amounts reported represent the average amount of “compensation actually paid” to the NEOs identified in footnote 3, as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the any NEO during the applicable year. In accordance with the SEC rules, the following adjustments were made to average total compensation for the NEOs for each year to determine the compensation actually paid: Year Average Less: Summary Plus: Average (a) Equals: Average 2022 $ 7,874,828 $ 4,961,052 $ 15,268,810 $ 18,182,586 2021 $ 6,279,776 $ 3,625,534 $ 7,038,936 $ 9,693,178 2020 $ 6,616,768 $ 3,087,064 $ 2,596,731 $ 6,126,435 (a) The amounts deducted or added in calculating the total average equity award adjustments are as follows: Year Average Year End Year over Year Average Year over Year Average Value of Total Average 2022 $ 11,751,514 $ 3,365,229 $ (289,102) $ 441,169 $ 15,268,810 2021 $ 4,989,853 $ 1,461,574 $ 271,571 $ 315,938 $ 7,038,936 2020 $ 2,488,166 $ (365,446) $ 269,145 $ 204,866 $ 2,596,731 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Compensation Actually Paid Versus TSR 2020 – 2022 | ||
Compensation Actually Paid vs. Net Income [Text Block] | Compensation Actually Paid Versus Net Income 2020 – 2022 | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Compensation Actually Paid Versus Net Revenue 2020 – 2022 | ||
Tabular List [Table Text Block] | Financial Performance Measures As described in greater detail in the “Compensation Discussion and Analysis” on page 47, our executive compensation program reflects a pay-for-performance philosophy, with a focus not only on the successful progression of research programs, clinical trials and the launch of new products but also on performance across a range of shorter-term metrics that advance our long-term strategy and longer-term value creation for our stockholders. The metrics that we use for both our long-term and short-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our company for our stockholders. As required by Item 402(v), the most important financial performance measures used by our company to link executive compensation actually paid to the NEOs, for the most recently completed fiscal year, to the company’s performance are as follows: a. Net Product Revenue b. Relative TSR c. Non-GAAP Operating Income | ||
Total Shareholder Return Amount | $ 150 | 121 | 93 |
Peer Group Total Shareholder Return Amount | 114 | 126 | 126 |
Net Income (Loss) | $ 4,566,000,000 | $ 6,201,000,000 | $ 89,000,000 |
Company Selected Measure Amount | 26,982 | 27,008 | 24,355 |
PEO Name | Mr. O’Day | ||
Additional 402(v) Disclosure [Text Block] | 2022 | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Net Product Revenue | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Relative TSR | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Non-GAAP Operating Income | ||
PEO [Member] | Equity Awards Value In Summary Compensation Table (Grant Date Value) | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 14,353,915 | $ 13,139,064 | $ 11,513,097 |
PEO [Member] | Total Equity Awards Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 47,697,917 | 25,394,946 | 8,632,324 |
PEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 34,153,918 | 17,162,219 | 8,885,442 |
PEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 14,183,571 | 6,011,125 | (1,693,496) |
PEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,966,582) | 707,262 | 409,911 |
PEO [Member] | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,327,010 | 1,514,340 | 1,030,467 |
Non-PEO NEO [Member] | Equity Awards Value In Summary Compensation Table (Grant Date Value) | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,961,052 | 3,625,534 | 3,087,064 |
Non-PEO NEO [Member] | Total Equity Awards Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 15,268,810 | 7,038,936 | 2,596,731 |
Non-PEO NEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 11,751,514 | 4,989,853 | 2,488,166 |
Non-PEO NEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,365,229 | 1,461,574 | (365,446) |
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (289,102) | 271,571 | 269,145 |
Non-PEO NEO [Member] | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 441,169 | $ 315,938 | $ 204,866 |