On this page of StockholderLetter.com we present the latest annual shareholder letter from GILEAD SCIENCES, INC. — ticker symbol GILD. Reading current and past GILD letters to shareholders can bring important insights into the investment thesis.

 •  3/28/2024 Letter Continued (Full PDF)
 •  More "Biotechnology" Category Stockholder Letters
 •  GILD Benford's Law Stock Score = 86

GILD Shareholder/Stockholder Letter Transcript:

2024
Notice of Annual Meeting
of Stockholders and
Proxy Statement

OUR VISION
To create a healthier
world for all people
OUR MISSION
To discover, develop and deliver
innovative therapeutics for people
with life-threatening diseases
OUR CORE VALUES
Integrity
Doing What   s Right
Inclusion
Encouraging Diversity
Excellence
Being Your Best
Teamwork
Working Together
Accountability
Taking Personal Responsibility
OUR CORPORATE
STRATEGY
LONG-TERM AMBITIONS
Bring 10+ Transformative Therapies
to Patients by 2030
STRATEGIC PRIORITIES
(Refreshed in 2023)
    Maximize Near-Term Revenue Growth
    Maximize Impact of Long-acting HIV Therapies
    Expand and Deliver on Oncology Programs
Be a Biotech Employer and Partner
of Choice
Deliver Shareholder Value in a
Sustainable, Responsible Manner
    Champion an Environment of Inclusion and
Employee Growth
    Remove Barriers to Speed in Execution

Letter from Our Chairman and
Chief Executive Officer
Dear Stockholders,
Thank you for another year of support as Gilead pursues its vision of creating a healthier world for
all people. Looking back on 2023, we took another big step toward making that vision a reality as
we continued to deliver life-changing therapies for people around the world.
Guided by the priorities we established under our corporate strategy, 2023 saw us increase the
value we provide to patients, society, and our stakeholders. We delivered consistent financial
results while growing our clinical pipeline and diversifying our portfolio. Thanks to the hard
work and dedication of our talented employees, we are entering a new phase of promise and
impact with a strong financial foundation and multiple clinical updates ahead that should enable
sustainable growth. The transformation that we began at the end of 2019 is building on our legacy
and allowing us to reach further than ever before.
Gilead   s HIV portfolio remains unmatched. Biktarvy  , our once-daily oral, is the global leader in
HIV treatment today. We are not stopping there, of course, and the latest innovation is giving
us new long-acting treatment and prevention options to increase our impact even further.
Lenacapavir is the cornerstone of these efforts, and we are preparing five additional new launches
by the end of 2030 through our HIV clinical development program. Between existing therapies
and new launches, we believe our antiviral portfolio is well-positioned to drive continued growth in
2024 and beyond as we work toward ending the HIV epidemic for everyone, everywhere.
Our successful and fast-growing oncology business is driving strong growth for Gilead. Our transformative cancer therapy, Trodelvy  , and our cell
therapies, Yescarta   and Tecartus  , continued to reach more patients and save more lives last year. Trodelvy is now approved for three types of cancer,
with multiple studies underway to explore additional opportunities, and we are proud to remain the global leader in cell therapy.
In 2023, we also made progress on building out our early pipeline and capabilities for treating inflammatory diseases through both internal innovation
programs and collaborations with external partners. We began 2024 by announcing our acquisition of CymaBay to complement and bolster our existing
treatments for liver disease. By investing in strategic opportunities that expand our rich internal portfolio, we will advance our long-standing commitment
to bringing transformational medicines to patients.
Underpinning all our efforts is our commitment to health equity. In 2023, we increased our support for organizations around the world that are removing
societal barriers to care and partnered with multiple organizations to help improve access and equity. We look forward to building on these efforts in
2024 and beyond.
It is clear that we have tremendous opportunities ahead. We have the most talented and committed team in the industry. We have the strongest and
most diverse clinical pipeline in Gilead   s history, and we are well on our way to our goal of developing 10 or more transformative therapies by 2030.
Finally, I would like to close by expressing my gratitude to Kevin Lofton who is preparing to retire from the Gilead Board of Directors. As a Board
member since 2009, and Lead Independent Director since 2020, Kevin has played an instrumental role in Gilead   s success.
As we look forward to continued success in 2024 and beyond, we are grateful to all our stockholders for being part of Gilead   s journey. On behalf of
our entire Board of Directors and our employees, thank you for your support. We look forward to making the most of this new phase of promise and
impact with you.
Sincerely,
Daniel P. O   Day
Chairman and Chief Executive Officer
2024 Proxy Statement
1

Letter from Our Lead
Independent Director
Dear Stockholders,
Gilead   s transformation journey, driven by a vision of a healthier world, has reached a new pivotal
point built on decades of growth and scientific breakthroughs. Throughout our history, one thing
has remained constant: our dedication to invest in world-class science, increase access to our
medicines and address societal barriers to care. This year, I am prouder than ever to be part of an
organization making tangible strides toward a better future for millions worldwide.
As Gilead   s Lead Independent Director, one of my central responsibilities is to represent the
interests of our stockholders. I am appreciative of the opportunity I have had to engage with
you and understand your priorities, as your perspective plays a critical role in guiding Gilead   s
transformation. The Board remains committed to maintaining a productive, ongoing dialogue with
you, and I am confident that your interests will continue to be well represented by Tony Welters,
whom the Board has selected to succeed me as Lead Independent Director.
As we approach our Annual Meeting, I want to highlight several ways the Board and management
have actively championed your interests. Guided by our strategy for robust, sustainable growth,
we have steadily built a stronger, more diverse portfolio. We have invested in internal and external
innovation, with a significant focus on oncology and HIV, while exploring opportunities in liver
disease and inflammation. These efforts have already yielded five new therapies, putting us well
on our way to reaching our ambition of 10+ new transformative therapies by 2030.
Through consistent execution in 2023, the Board and management have solidified Gilead   s base. Our vision is clear: strengthen and diversify our clinical
pipeline, cure more viral diseases and pioneer next-generation cancer treatments. This vision translates directly into increased value for our stockholders.
After four years of focused effort on our transformation, we stand poised for a year ahead rich in clinical readouts across virology and oncology.
In 2023, we were proud to release our ESG Impact Report. In it, we highlighted our work to innovate for unmet need, empower people and
communities, and sustain our planet. We shared our proud commitment to diversity and inclusion, including how we are actively building internal and
external pipelines for diverse talent, making steady progress to expand employee representation and increasing our diverse supplier network.
We also shared how we are making strides in advancing health equity globally, driven by programs such as the COMPASS Initiative  , a 10-year
partnership to combat the epidemic in a part of the U.S. that is disproportionally affected by HIV, and the RADIAN program, a collaboration with the
Elton John AIDS Foundation to work to address HIV in Eastern Europe and Central Asia. We are proud to be recognized as the number one
philanthropic funder of HIV-related programs by Funders Concerned About AIDS for a second consecutive year.
In testament to our commitment to expand health equity, increase access and champion environmental stewardship, we were recognized last year as
one of the most sustainable pharmaceutical companies by the Dow Jones Sustainability World Index. Also, in February 2024, Gilead was named one of
America   s most JUST companies by JUST Capital, a rating that prioritizes business behaviors focused on paying a fair living wage, creating jobs in the
U.S. and supporting workforce retention and training. For a more comprehensive understanding of Gilead   s initiatives, I encourage you to refer to our
upcoming ESG Impact Report, which will be published on Gilead   s website in April 2024.
As Lead Independent Director, ongoing attention to Board composition is a key part of my role. I work closely with our Nominating and Corporate
Governance Committee to ensure a mix of tenure and skill sets that provides a balance of new perspectives and institutional knowledge. Since our
last annual meeting, we appointed Ted Love, MD, to our Board, adding another executive leader with decades of experience in the biopharmaceutical
industry and a strong scientific background to complement our current directors.
On behalf of all of us on the Board, I would like to thank you for investing in Gilead. We have set and achieved bold ambitions in 2023, and I am proud
to continue to advance our goal of making the world a healthier place while delivering value to stockholders. It has also been my great pleasure to
serve as your Lead Independent Director.
Sincerely,
Kevin E. Lofton
Lead Independent Director
2

Notice of Annual Meeting of
Stockholders
Proposal
WHEN
WHERE
RECORD DATE
Wednesday, May 8, 2024
10:00 a.m. Pacific Daylight Time
Via Webcast at
www.virtualshareholdermeeting.com/GILD2024
Friday, March 15, 2024
Items of Business
Board Recommendation
1
To elect the nine director nominees named in this Proxy Statement to serve for the next year and until
their successors are elected and qualified.
FOR
each director nominee
2
To ratify the selection of Ernst & Young LLP as our independent registered public accounting firm for the
fiscal year ending December 31, 2024.
FOR
3
To approve, on an advisory basis, the compensation of our Named Executive Officers as presented in the
Proxy Statement.
FOR
4
To approve an amendment to our Restated Certificate of Incorporation to reflect new Delaware law
provisions regarding officer exculpation.
FOR
5
To vote on a stockholder proposal requesting that the Board include one member from the Company   s
non-management employees.
AGAINST
6
To vote on a stockholder proposal requesting that the Board issue a report detailing the risks and
costs to the Company caused by opposing or otherwise altering Company policy in response to state
policies regulating abortion, and detailing any strategies beyond litigation and legal compliance that the
Company may deploy to minimize or mitigate these risks.
AGAINST
7
To vote on a stockholder proposal requesting that the Board adopt a policy requiring the Company   s
named executive officers to retain at least 25% of net-after tax shares of stock acquired through equity
pay programs until reaching normal retirement age (at least age 60).
AGAINST
To transact such other business as may properly come before the meeting or any adjournment or postponement thereof.
Voting
Holders of Gilead common stock at the close of business on the Record Date are entitled to vote. Whether or not you expect to attend the Annual
Meeting, please grant a proxy to vote by one of the following procedures as promptly as possible in order to ensure your representation at the Annual
Meeting. For more specific voting instructions, including how to access a list of registered stockholders entitled to vote at the Annual Meeting, please
refer to    Questions and Answers    in this Proxy Statement.
PRIOR TO THE MEETING:
BY INTERNET*
www.proxyvote.com

DURING THE MEETING:
BY TELEPHONE*
+1-800-690-6903
(for stockholders of record)
BY MAIL
Complete, date, sign and
return the proxy card mailed
to you (if you request one) or
voting instruction card (if sent
by your nominee)
You will need to provide the control number that appears on your Notice of Internet Availability of Proxy
Materials. Voting by telephone and internet closes on May 7, 2024 at 8:59 p.m., Pacific Daylight Time.
BY INTERNET*
www.virtualshareholdermeeting.com/GILD2024

You will need to provide the control number that
appears on your Notice of Internet Availability of
Proxy Materials.
We are providing these proxy materials in connection with the solicitation by the Board of Directors (the    Board   ) of Gilead Sciences, Inc., a Delaware
corporation (   Gilead,       we,       our    or    us   ), of proxies to be voted at our 2024 annual meeting of stockholders (the    Annual Meeting   ) to be held on
Wednesday, May 8, 2024, at 10:00 a.m., Pacific Daylight Time, or at any adjournment or postponement thereof, for the matters set forth above.
On or about March 28, 2024, we made available this Proxy Statement and the accompanying proxy card to all stockholders entitled to vote at the Annual Meeting.
The text of the proposed amendment to our Restated Certificate of Incorporation is set forth on Page 80 of this Proxy Statement and is incorporated into this Notice
by reference.
2024 Proxy Statement
3



 3/28/2024 Letter Continued (Full PDF)