According to Gilead Sciences, the pharmaceutical giant aims to create a healthier world for all people through pioneering achievements in medical innovation. Gilead should look in the mirror. The Gilead Foundation, the drug maker’s philanthropic arm, made drastic cuts to its charitable giving. In 2021, Gilead donated equity securities to the foundation, totaling $212 million. The following year, the drug maker slashed such donations by 59%, providing only $85 million in funds. The sharp decline came despite no change in revenues. So much for a “healthier world for all people.”
Focus group-tested phrases about noble intentions should not be misconstrued as good acts. As Gilead prepares for its most important day of the year, its annual shareholder meeting, it offers platitudes to cover for disgraceful corporate behavior. The record reveals a for-profit enterprise driven by greed that then sprinkles a few charitable crumbs along the way for the less fortunate.
AIDS Healthcare Foundation understands what Gilead truly values. Slick marketing campaigns disguise what matters to the multinational pharmaceutical company. Every Gilead business decision has one goal – to maximize shareholder value – even when it comes at the expense of medically underserved Americans.
