Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Capital Asset Pricing Model (CAPM)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
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Gilead Sciences Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Gross Profit on Product Sales
- The gross profit margin generally fluctuated between approximately 63% and 83% of product sales throughout the periods. Notably, a pronounced dip to 63.31% occurred in December 2021, followed by recoveries in subsequent quarters. The trend indicates some volatility but maintains a strong gross profit level exceeding 75% in most quarters.
- Cost of Goods Sold (COGS)
- COGS as a percentage of product sales displayed variability, ranging from about -16.63% to a substantial increase to -36.69% in December 2021. This quarter stands out as an outlier with increased production costs, which corresponded with the sharp decline in gross profit margin for the same period. Generally, COGS remained between -17% and -23%.
- Royalty, Contract and Other Revenues
- This component remained a small fraction of product sales, mostly under 1%, but showed occasional spikes, including a sharp increase to 5.77% in March 2025. The increased revenue share in this particular quarter suggests a one-time or contractual gain potentially affecting overall profitability positively for that period.
- Research and Development Expenses
- R&D expenses consistently represented a significant portion of product sales, mostly ranging from -15.59% to -28.31%. There are periods with heightened spending, particularly in June 2020 and December 2020, coinciding with increased in-process research and development impairments and acquired in-process R&D expenses. Overall, a fairly steady commitment to R&D investment is evident, albeit with some fluctuations.
- Acquired In-Process Research and Development Expenses
- These expenses showed erratic patterns with sporadic spikes such as -89.28% in June 2020 and notable negative values in other quarters, indicating large one-time charges related to acquisitions or project costs. The variability here points to occasional investments or write-offs impacting periodic financial results.
- In-Process Research and Development Impairments
- There were pronounced impairments especially in certain quarters (e.g., -41.32% in September 2021, and -36.56% in June 2024). These impairments contributed to increased R&D expense volatility and negatively affected operating results in those periods.
- Selling, General and Administrative Expenses
- SG&A expenses stayed fairly consistent as a percentage of product sales, usually ranging between -16.18% and -28.17%. Peaks in SG&A expenses coincided with quarters that experienced R&D impairments or higher acquired in-process R&D expenses, reflecting periods of elevated operational costs.
- Operating Income (Loss)
- Operating income exhibited significant volatility, with strong positive results in many quarters but also large negative swings. There was a steep negative swing in June 2020 (-58.87%) and December 2024 (-65.02%). Despite these dips, several quarters delivered operating income above 30%, suggesting strong underlying operational profitability that was occasionally offset by extraordinary items.
- Interest Expense
- Interest expenses were relatively stable, fluctuating narrowly between approximately -3.08% and -4.74% of product sales, implying consistent financing costs across the periods.
- Other Income (Expense), Net
- This category showed substantial variability including both positive and negative swings. Some quarters posted positive contributions (e.g., June 2020 at 4.93% and December 2023 at 4.14%) while others showed negative impacts, indicating volatility likely tied to non-operational or investment-related items.
- Income Before Income Taxes
- Income before taxes mirrored the fluctuations in operating income, with some quarters showing substantial losses (e.g., June 2020 at -58.67%, and December 2024 at -67.49%). Positive quarters often exceeded 30%, reflecting strong earnings before tax in many periods. The variability aligns with operational and other income/loss fluctuations.
- Income Tax (Expense) Benefit
- Income tax as a percentage of product sales varied considerably, with some quarters reporting tax benefits (e.g., March 2022 and June 2024) while others reflected significant tax expenses. The tax line appears to be influenced heavily by pre-tax income swings and possibly changes in tax regulations or deferred tax accounting.
- Net Income (Loss)
- Net income displayed volatility paralleling operating income and pre-tax income, with strong positive performances interspersed with steep declines. Notably, steep losses were recorded in June 2020 (-66.04%) and December 2024 (-62.74%). Despite that, the majority of quarters produced positive net returns, many exceeding 20% of product sales, indicating overall profitability but with episodic challenges.
- Net Income Attributable to Gilead
- The net income attributable to the controlling interest closely follows the net income trend, reaffirming the impact of the same volatility factors on shareholders’ earnings. The patterns highlight strong profit generation capability punctuated by occasional significant impairments and other extraordinary charges.