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Gilead Sciences Inc. (NASDAQ:GILD)

Common-Size Income Statement
Quarterly Data

Gilead Sciences Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Product sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -18.95 -20.70 -20.80 -20.55 -21.36 -21.28 -23.29 -20.98 -20.94 -22.34 -23.35 -29.56 -22.38 -21.97 -22.22 -19.04 -19.99 -23.49 -21.79 -36.69 -16.63 -22.59 -21.47
Gross profit on product sales 81.05% 79.30% 79.20% 79.45% 78.64% 78.72% 76.71% 79.02% 79.06% 77.66% 76.65% 70.44% 77.62% 78.03% 77.78% 80.96% 80.01% 76.51% 78.21% 63.31% 83.37% 77.41% 78.53%
Royalty, contract and other revenues 0.13 2.31 0.20 0.28 5.77 0.40 0.82 0.44 0.40 0.61 0.59 0.62 0.81 0.53 0.73 0.78 0.92 1.99 0.86 1.17 0.88 1.06 1.31
Research and development expenses -19.40 -23.13 -19.75 -20.03 -18.33 -21.14 -20.85 -21.78 -18.56 -19.55 -22.87 -19.90 -20.83 -21.44 -22.95 -21.11 -16.47 -17.95 -18.03 -28.31 -15.59 -18.43 -16.64
Acquired in-process research and development expenses -0.22 -146.62 -1.54 -6.83 -2.31 -0.86 -3.83 0.15 -6.72 -0.55 -62.15 -4.91 -1.30 -3.60 -7.63 -2.15 -6.42 -5.38 -0.12 0.00 -0.26 -1.56 -0.98
In-process research and development impairments 0.00 -22.94 0.00 -5.06 0.00 -2.69 0.00 0.00 -23.29 0.00 -36.56 -0.71 0.00 0.00 0.00 0.00 0.00 0.00 -41.32 0.00 0.00 0.00 0.00
Selling, general and administrative expenses -19.80 -25.19 -20.88 -22.70 -18.48 -19.35 -19.02 -25.29 -19.07 -19.92 -20.69 -22.74 -18.80 -28.17 -20.90 -27.55 -17.38 -22.11 -16.57 -23.04 -16.18 -21.96 -16.64
Operating income (loss) 41.77% -136.28% 37.23% 25.10% 45.30% 35.07% 33.83% 32.54% 11.82% 38.25% -65.02% 22.80% 37.50% 25.37% 27.04% 30.92% 40.66% 33.06% 3.01% 13.13% 52.23% 36.51% 45.58%
Interest expense -3.25 -3.24 -3.46 -3.21 -3.49 -3.60 -3.93 -3.29 -3.17 -3.43 -3.82 -3.56 -3.32 -3.50 -3.65 -3.08 -3.28 -3.94 -3.64 -3.32 -3.40 -4.16 -4.05
Other income (expense), net -1.57 5.07 3.37 4.39 7.76 2.96 -4.96 -0.49 4.07 -5.12 1.35 4.14 -1.04 2.33 -2.78 -0.14 -2.52 -4.63 -1.70 0.80 -2.09 -2.81 -5.82
Income (loss) before income taxes 36.95% -134.44% 37.14% 26.28% 49.57% 34.43% 24.94% 28.76% 12.72% 29.70% -67.49% 23.38% 33.14% 24.19% 20.62% 27.70% 34.85% 24.49% -2.33% 10.60% 46.74% 29.54% 35.71%
Income tax (expense) benefit -7.65 -3.17 -8.05 1.34 -8.02 -6.65 -5.05 -5.10 3.95 -6.35 4.75 -3.34 -2.09 -8.36 -5.00 -5.43 -9.26 -6.00 2.51 -5.35 -11.58 -4.88 -8.55
Net income (loss) 29.30% -137.62% 29.10% 27.62% 41.55% 27.79% 19.89% 23.66% 16.67% 23.35% -62.74% 20.04% 31.06% 15.83% 15.62% 22.27% 25.59% 18.49% 0.18% 5.25% 35.15% 24.66% 27.16%
Net loss attributable to noncontrolling interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.18 0.11 0.09 0.40 0.10 0.04 0.15 0.11 0.08 0.08 0.08 0.11
Net income (loss) attributable to Gilead 29.30% -137.62% 29.10% 27.62% 41.55% 27.79% 19.89% 23.66% 16.67% 23.35% -62.74% 20.23% 31.17% 15.92% 16.02% 22.37% 25.64% 18.64% 0.29% 5.34% 35.24% 24.74% 27.27%

Based on: 10-Q (reporting date: 2026-09-30), 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 consistently high gross margins interrupted by significant, non-recurring volatility in operating income and net profit. This volatility is primarily driven by substantial expenditures related to acquired in-process research and development (IPR&D) and associated impairments.

Gross Margin Stability
Gross profit on product sales remains robust, typically ranging between 75% and 83% of product sales. However, periodic fluctuations occur, with notable contractions in December 2021 (63.31%) and December 2023 (70.44%), corresponding to spikes in the cost of goods sold. Outside of these anomalies, the cost of goods sold maintains a stable baseline of approximately 20% to 23%.
Operating Expenditure Trends
Research and development (R&D) expenses exhibit a sustained commitment, 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 patterns of stability, typically oscillating between 16% and 28%, reflecting a consistent operational overhead relative to revenue.
Impact of Non-Recurring Charges
The most significant disruptions to profitability stem from acquired IPR&D expenses and impairments. Extreme outliers are observed in March 2024, where acquired IPR&D reached 62.15% of product sales, and June 2026, where it spiked to 146.62%. Additionally, substantial impairment charges occurred in March 2022 (41.32%) and March 2024 (36.56%). These events result in severe, short-term operating losses, as seen in the operating income of -65.02% in March 2024 and -136.28% in June 2026.
Operating and Net Income Analysis
Excluding the periods of heavy acquisition and impairment, the underlying operating income is strong, often ranging from 25% to 52% of product sales. Net income mirrors this pattern; in "core" operational quarters, net income attributable to the parent company frequently exceeds 20%, peaking at 41.55% in September 2025. The volatility in net income is almost exclusively tied to the aforementioned non-recurring IPR&D charges rather than a decay in core product profitability.
Financial Obligations and Other Income
Interest expenses remain remarkably stable, consistently accounting for 3% to 4% of product sales across the entire period. Other income and expenses exhibit moderate volatility, contributing positively to the bottom line in several quarters, such as September 2025 (7.76%), but remaining a secondary driver of overall profitability compared to operating margins.

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