Gilead Sciences Inc., adjustment to net income attributable to Gilead

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Gilead (as reported)	5,665)	4,592)	6,225)	123)	5,386)
Add: Available-for-sale debt securities, net change	28)	(29)	(6)	1)	53)
Net income attributable to Gilead (adjusted)	5,693)	4,563)	6,219)	124)	5,439)

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Gilead Sciences Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	21.03%	17.02%	23.05%	0.51%	24.35%
Adjusted net profit margin	21.14%	16.91%	23.03%	0.51%	24.59%
Return on Equity (ROE)
Reported ROE	24.81%	21.62%	29.55%	0.68%	23.91%
Adjusted ROE	24.93%	21.48%	29.52%	0.68%	24.15%
Return on Assets (ROA)
Reported ROA	9.12%	7.27%	9.16%	0.18%	8.74%
Adjusted ROA	9.16%	7.22%	9.15%	0.18%	8.83%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Gilead Sciences Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Gilead Sciences Inc. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Gilead Sciences Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Gilead	5,665)	4,592)	6,225)	123)	5,386)
Product sales	26,934)	26,982)	27,008)	24,355)	22,119)
Profitability Ratio
Net profit margin¹	21.03%	17.02%	23.05%	0.51%	24.35%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Gilead	5,693)	4,563)	6,219)	124)	5,439)
Product sales	26,934)	26,982)	27,008)	24,355)	22,119)
Profitability Ratio
Adjusted net profit margin²	21.14%	16.91%	23.03%	0.51%	24.59%

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to Gilead ÷ Product sales
= 100 × 5,665 ÷ 26,934 = 21.03%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Gilead ÷ Product sales
= 100 × 5,693 ÷ 26,934 = 21.14%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Gilead Sciences Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Gilead	5,665)	4,592)	6,225)	123)	5,386)
Total Gilead stockholders’ equity	22,833)	21,240)	21,069)	18,202)	22,525)
Profitability Ratio
ROE¹	24.81%	21.62%	29.55%	0.68%	23.91%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Gilead	5,693)	4,563)	6,219)	124)	5,439)
Total Gilead stockholders’ equity	22,833)	21,240)	21,069)	18,202)	22,525)
Profitability Ratio
Adjusted ROE²	24.93%	21.48%	29.52%	0.68%	24.15%

2023 Calculations

¹ ROE = 100 × Net income attributable to Gilead ÷ Total Gilead stockholders’ equity
= 100 × 5,665 ÷ 22,833 = 24.81%

² Adjusted ROE = 100 × Adjusted net income attributable to Gilead ÷ Total Gilead stockholders’ equity
= 100 × 5,693 ÷ 22,833 = 24.93%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Gilead Sciences Inc. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Gilead	5,665)	4,592)	6,225)	123)	5,386)
Total assets	62,125)	63,171)	67,952)	68,407)	61,627)
Profitability Ratio
ROA¹	9.12%	7.27%	9.16%	0.18%	8.74%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Gilead	5,693)	4,563)	6,219)	124)	5,439)
Total assets	62,125)	63,171)	67,952)	68,407)	61,627)
Profitability Ratio
Adjusted ROA²	9.16%	7.22%	9.15%	0.18%	8.83%

2023 Calculations

¹ ROA = 100 × Net income attributable to Gilead ÷ Total assets
= 100 × 5,665 ÷ 62,125 = 9.12%

² Adjusted ROA = 100 × Adjusted net income attributable to Gilead ÷ Total assets
= 100 × 5,693 ÷ 62,125 = 9.16%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Gilead Sciences Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Gilead Sciences Inc. (NASDAQ:GILD)

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