Gilead Sciences Inc., current enterprise value calculation

Current share price (P)	$110.03
No. shares of common stock outstanding	1,246,265,857
US$ in millions
Common equity (market value)¹	137,127)
Add: Preferred stock, par value $0.001 per share; none outstanding (per books)	—)
Add: Noncontrolling interest (per books)	(84)
Total equity	137,043)
Add: Current portion of long-term debt and other obligations, net (per books)	1,798)
Add: Long-term debt, net, excluding current portion (per books)	23,189)
Total equity and debt	162,030)
Less: Cash and cash equivalents	6,085)
Less: Short-term marketable debt securities	1,179)
Enterprise value (EV)	154,766)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 110.03 × 1,246,265,857

Gilead Sciences Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$73.55	$83.50	$61.35	$62.79	$70.10
No. shares of common stock outstanding¹	1,245,774,616	1,247,105,154	1,253,886,724	1,256,593,156	1,263,636,656
US$ in millions
Common equity (market value)³	91,627)	104,133)	76,926)	78,901)	88,581)
Add: Preferred stock, par value $0.001 per share; none outstanding (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	(84)	(31)	(5)	19)	125)
Total equity	91,543)	104,102)	76,921)	78,920)	88,706)
Add: Current portion of long-term debt and other obligations, net (book value)	1,798)	2,273)	1,516)	2,757)	2,499)
Add: Long-term debt, net, excluding current portion (book value)	23,189)	22,957)	25,179)	28,645)	22,094)
Total equity and debt	116,530)	129,332)	103,616)	110,322)	113,299)
Less: Cash and cash equivalents	6,085)	5,412)	5,338)	5,997)	11,631)
Less: Short-term marketable debt securities	1,179)	973)	1,182)	1,411)	12,721)
Enterprise value (EV)	109,266)	122,947)	97,096)	102,914)	88,947)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Gilead Sciences Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 73.55 × 1,245,774,616

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Gilead Sciences Inc. EV increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Gilead Sciences Inc. (NASDAQ:GILD)

Enterprise Value (EV)