Stock Analysis on Net
Stock Analysis on Net

Gilead Sciences Inc. (NASDAQ:GILD)

Common-Size Balance Sheet: Assets 

Gilead Sciences Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 12.82 16.94 9.79 8.57 7.86
Short-term marketable debt securities 0.12 0.00 1.90 1.54 1.74
Accounts receivable, net 8.32 7.49 7.50 7.56 6.61
Inventories 3.01 2.90 2.88 2.39 2.38
Prepaid taxes 1.52 0.81 0.90 0.00 0.00
Equity securities 3.36 2.67 1.75 0.00 0.00
Other 1.94 1.69 1.17 2.81 3.15
Prepaid and other current assets 6.82% 5.17% 3.82% 2.81% 3.15%
Current assets 31.08% 32.50% 25.89% 22.86% 21.74%
Property, plant and equipment, net 9.50 9.18 8.56 8.67 7.54
Long-term marketable debt securities 5.04 0.00 1.87 1.97 1.93
Intangible assets, net 28.77 33.81 42.58 45.74 49.23
Goodwill 14.09 14.09 13.38 13.16 12.26
Deferred tax assets 3.33 4.03 1.93 1.96 1.97
Other long-term assets 8.21 6.39 5.79 5.63 5.33
Long-term assets 68.92% 67.50% 74.11% 77.14% 78.26%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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.

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