Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Paying user area
Try for free
Gilead Sciences Inc. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- 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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Gilead Sciences Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data reveals several important trends and fluctuations over the five-year period.
- Product Sales and Gross Profit
- Product sales showed a generally increasing trend, rising from $24,355 million in 2020 to $28,610 million in 2024, with slight fluctuations in 2022 and 2023. Correspondingly, gross profit on product sales followed a similar upward pattern, increasing overall from $19,783 million in 2020 to $22,359 million in 2024, though it dipped in 2023 compared to 2022.
- Cost of Goods Sold
- Costs of goods sold exhibited volatility, with a substantial increase from $4,572 million in 2020 to $6,601 million in 2021, followed by declines and increases in subsequent years. This instability impacted gross profit margins, contributing to fluctuations in profitability.
- Other Revenues
- Royalty, contract, and other revenues consistently declined from $334 million in 2020 to $144 million in 2024, indicating a decreasing contribution from these sources to overall revenue.
- Research and Development (R&D) Expenses
- R&D expenses have generally increased over the period, starting at $5,039 million in 2020 and rising to $5,907 million in 2024, with a slight downturn in 2022. Notably, acquired in-process research and development expenses were highly volatile, with a dramatic drop from $5,856 million in 2020 to $177 million in 2021, then increased again sharply to $4,663 million in 2024. In-process R&D impairment appeared from 2022 onwards, with significant impairments in 2022 and 2024, indicating the write-off of certain projects or assets.
- Selling, General and Administrative Expenses
- SG&A expenses steadily increased from $5,151 million in 2020 reaching $6,091 million in 2024, reflecting consistent growth in operational costs unrelated to production and R&D.
- Operating Income
- Operating income doubled from $4,071 million in 2020 to peak at $9,918 million in 2021, then declined in the following years, dropping substantially to $1,662 million in 2024. This volatility suggests challenges in maintaining profit levels despite increased sales.
- Interest Expense and Income
- Interest expense remained relatively stable around the $900-$1,000 million range. Interest income appeared only from 2022 onwards, reaching $376 million in 2023 before dropping slightly in 2024, potentially providing a modest offset to interest costs.
- Other Income/Expense and Equity Securities
- Losses from equity securities have emerged since 2022, with losses growing from $657 million in 2022 to $274 million in 2024, adversely affecting overall profitability. Other income (expense), net, showed substantial improvement, moving from negative values in early years to near-neutral by 2024.
- Income Before Taxes and Taxes
- Income before income taxes surged from $1,669 million in 2020 to $8,278 million in 2021, then declined steadily to $690 million by 2024. Income tax expense decreased accordingly, from $1,580 million in 2020 to only $210 million in 2024, indicating lower taxable income or effective tax management.
- Net Income
- Net income showed strong growth from $89 million in 2020 to a peak of $6,201 million in 2021, then declined over the subsequent years to $480 million in 2024. This pattern aligns with operating income trends and reflects significant earnings volatility.
- Net Income Attributable to the Company
- The net income attributable to the company mirrored the overall net income trend, increasing until 2021 and then contracting sharply by 2024, highlighting reduced profitability available to shareholders in recent years.
In summary, while sales generally increased, fluctuating costs and rising expenses in R&D and SG&A, combined with impairments and losses on equity securities, have contributed to notable volatility and decline in operating and net income in the later years. This suggests challenges in cost control and profitability sustainability despite growing revenues.