Common-Size Income Statement
Quarterly Data
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Gilead Sciences Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The financial performance over the analyzed period is characterized by strong core operational profitability punctuated by significant volatility resulting from non-recurring research and development charges and asset impairments. While the underlying gross margins remain robust, the net income is subject to extreme fluctuations driven primarily by strategic acquisitions and the subsequent write-down of in-process research and development (IPRD) assets.
- Gross Profitability and Cost Management
- Gross profit on product sales maintains a high and relatively stable baseline, typically ranging between 76% and 80%. Notable deviations occurred in December 2021, where gross profit dipped to 63.31%, and December 2023, where it fell to 70.44%. These fluctuations correlate with periodic increases in the cost of goods sold, which generally averages around 21% of product sales but peaked at 36.69% in late 2021.
- Operating Expenditure Trends
- Research and development (R&D) expenses exhibit consistent investment, generally fluctuating between 15% and 23% of product sales, with a peak of 28.31% in December 2021. Selling, general and administrative (SG&A) expenses show similar stability, typically oscillating between 16% and 28%, suggesting a disciplined approach to overhead costs relative to revenue growth.
- Impact of Non-Recurring Charges
- The most significant volatility in the income statement is attributed to acquired IPRD expenses and IPRD impairments. Extraordinary spikes are observed in March 2024, with acquired IPRD expenses reaching 62.15% of product sales, and June 2026, where they reached 146.62%. These are often accompanied by substantial impairments, such as the 41.32% hit in March 2022 and 22.94% in June 2026, which directly correlate with sharp declines in operating income.
- Operating and Net Income Volatility
- Operating income varies widely, reflecting the tension between strong core margins and heavy acquisition-related charges. In periods without major IPRD expenses, operating margins are healthy, frequently exceeding 30%. However, the impact of strategic write-offs led to severe operating losses in March 2024 (-65.02%) and June 2026 (-136.28%). Net income follows this pattern, showing strong profitability in most quarters but plummeting during periods of high impairment activity.
- Financial and Other Items
- Interest expenses remain remarkably consistent, hovering between 3% and 4% of product sales throughout the entire period, indicating a stable debt service burden. Other income and expenses are variable, contributing both positively and negatively to the pre-tax income, with a notable peak of 7.76% in September 2024.