Common-Size Balance Sheet: Assets
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Gilead Sciences Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Gilead Sciences Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The asset composition of the entity has undergone notable shifts between 2021 and 2025. A significant trend is the increasing proportion of current assets relative to total assets, particularly between 2021 and 2024, before a slight decrease in 2025. Conversely, the proportion of long-term assets has generally decreased over the period, although it stabilizes somewhat in the final year.
- Liquidity and Current Assets
- Current assets as a percentage of total assets increased from 21.74% in 2021 to a peak of 32.50% in 2024, before declining to 31.08% in 2025. This rise was primarily driven by substantial growth in cash and cash equivalents, increasing from 7.86% to 16.94% in 2024, followed by a decrease to 12.82% in 2025. Prepaid and other current assets also exhibited a consistent increase, rising from 3.15% in 2021 to 6.82% in 2025. Accounts receivable remained relatively stable, fluctuating between 6.61% and 8.32% over the period. Short-term marketable debt securities experienced a slight decrease initially, followed by a significant drop in 2025.
- Long-Term Asset Composition
- The most substantial change within long-term assets is the decrease in the proportion of intangible assets, net, declining from 49.23% in 2021 to 28.77% in 2025. Goodwill remained relatively constant, hovering around 13-14% of total assets. Property, plant, and equipment, net, showed a modest increase over the period, from 7.54% to 9.50%. Deferred tax assets increased significantly in 2024 (4.03%) before decreasing to 3.33% in 2025. Other long-term assets also increased consistently, rising from 5.33% to 8.21%. Long-term marketable debt securities saw a substantial increase in 2025, reaching 5.04% after being relatively low in prior years.
- Overall Trends
- The entity appears to be shifting its asset allocation towards more liquid assets, as evidenced by the increase in current assets. Simultaneously, there is a reduction in the relative importance of intangible assets. This could indicate a change in strategy, potentially involving a move away from reliance on internally developed intellectual property or acquisitions, and a greater emphasis on operational cash flow. The increase in other long-term assets and deferred tax assets warrants further investigation to understand the underlying drivers.