What the 10-K filed 2026-02-24 says off the balance sheet
Risks that are not on the face of the balance sheet. Tickdelta picks sentences with specifics and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-28.
Big customers
Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).
“The following table summarizes the revenues from each of our customers who individually accounted for 10% or more of our total gross product sales:”
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Key suppliers
Parts or manufacturing that depend on one or a few suppliers.
“Some of our products and the materials that we utilize in our operations are manufactured and/or tested by only one supplier or at only one facility, which we may not be able to replace in a timely manner and on commercially reasonable terms, or at all.”
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Lawsuits and legal claims
Pending cases, settlements and what the company has set aside for them.
New “Announced settlement agreements to resolve Biktarvy patent litigation with generic manufacturers Lupin Ltd., Cipla Ltd. and Laurus Labs Ltd.”
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“costs associated with the defense, settlement and adverse results of government investigations and litigation (see Note 12.”
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“For example, in the second quarter of 2023, we recorded an accrual of $525 million in Other current liabilities on our Consolidated Balance Sheets for settlements with certain plaintiffs in the HIV antitrust litigation, which we paid in the second half of 2023.”
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“We recognize accruals for loss contingencies to the extent that we conclude that a loss is both probable and reasonably estimable.”
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“In March 2023, the District Court granted our motion to hold separate trials as to (i) the allegations against us and Teva seeking monetary damages relating to Truvada and Atripla (“Phase I”) and (ii) the allegations against us and, in part, Johnson & Johnson, seeking monetary damages and injunctive relief relating to Complera (“Phase II”).”
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Guarantees and indemnities
Promises to pay someone else's debts or losses if they cannot.
No specific sentence about this in the 10-K.
Debt covenants
Conditions in loan agreements that, if broken, can make debt due early.
“Under our inventory management agreements with our significant U.S. wholesalers, we pay the wholesalers a fee primarily for compliance with certain contractually-determined covenants such as the maintenance of agreed-upon inventory levels.”
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“We are required to comply with certain covenants under our note indentures governing our senior unsecured notes.”
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“The 2024 Revolving Credit Facility contains customary representations, warranties, affirmative and negative covenants and events of default.”
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“As of December 31, 2025, we were in compliance with all covenants.”
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Commitments off the balance sheet
Contracts the company must pay for later: purchase obligations, take-or-pay deals.
No specific sentence about this in the 10-K.
Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗