Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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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., consolidated balance sheet: assets
US$ in millions
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 demonstrates notable shifts over the five-year period. Current assets experienced initial decline followed by substantial growth, while long-term assets generally decreased, with a slight recovery in the final year. A significant portion of the entity’s assets are comprised of intangible assets, which have been decreasing over time.
- Liquidity and Current Assets
- Current assets decreased from US$14,772 million in 2021 to US$14,443 million in 2022, before increasing significantly to US$19,173 million in 2024. This increase is primarily driven by a substantial rise in cash and cash equivalents, growing from US$5,338 million in 2021 to US$9,991 million in 2024. However, current assets decreased to US$18,342 million in 2025. Accounts receivable remained relatively stable, fluctuating between US$4,493 million and US$4,913 million. Inventories exhibited modest increases over the period. Prepaid taxes and prepaid/other current assets show a marked increase in the later years of the period.
- Long-Term Assets
- Long-term assets generally trended downward from US$53,180 million in 2021 to US$39,822 million in 2024. This decline is largely attributable to a decrease in intangible assets, which fell from US$33,455 million to US$19,948 million over the same period. Goodwill remained constant throughout the period at US$8,314 million. Property, plant, and equipment remained relatively stable, with a slight increase in 2025. Long-term marketable debt securities increased significantly in 2025 to US$2,974 million. Deferred tax assets also increased in 2024 before decreasing in 2025. Other long-term assets showed a moderate increase over the period.
- Asset Composition
- In 2021, intangible assets constituted approximately 49.2% of total assets. By 2025, this proportion decreased to approximately 28.7%. This suggests a shift in the entity’s asset base away from intangible assets. Conversely, the proportion of current assets to total assets increased from approximately 21.7% in 2021 to approximately 31.1% in 2024, before decreasing to 31.0% in 2025. The overall trend in total assets is a decrease from US$67,952 million in 2021 to US$58,995 million in 2024, followed by a slight increase to US$59,023 million in 2025.
The significant increase in cash and cash equivalents, coupled with the decrease in intangible assets, suggests a potential strategic shift in asset allocation. The fluctuations in current assets warrant further investigation to understand the underlying drivers of these changes.