Stock Analysis on Net

Gilead Sciences Inc. (NASDAQ:GILD)

Income Statement 

Gilead Sciences Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Product sales 26,934 26,982 27,008 24,355 22,119
Cost of goods sold (6,498) (5,657) (6,601) (4,572) (4,675)
Gross profit on product sales 20,436 21,325 20,407 19,783 17,444
Royalty, contract and other revenues 182 299 297 334 330
Research and development expenses (5,718) (4,977) (5,363) (5,039) (4,055)
Acquired in-process research and development expenses (1,155) (944) (177) (5,856) (5,051)
In-process research and development impairment (50) (2,700)
Selling, general and administrative expenses (6,090) (5,673) (5,246) (5,151) (4,381)
Operating income 7,605 7,330 9,918 4,071 4,287
Interest expense (944) (935) (1,001) (984) (995)
Other income (expense), net 198 (581) (639) (1,418) 1,868
Income before income taxes 6,859 5,814 8,278 1,669 5,160
Income tax (expense) benefit (1,246) (1,248) (2,077) (1,580) 204
Net income 5,613 4,566 6,201 89 5,364
Net loss attributable to noncontrolling interest 52 26 24 34 22
Net income attributable to Gilead 5,665 4,592 6,225 123 5,386

Based on: 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), 10-K (reporting date: 2019-12-31).

Income statement item Description The company
Product sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Gilead Sciences Inc. product sales decreased from 2021 to 2022 and from 2022 to 2023.
Operating income The net result for the period of deducting operating expenses from operating revenues. Gilead Sciences Inc. operating income decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Gilead Sciences Inc. income before income taxes decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Net income attributable to Gilead The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Gilead Sciences Inc. net income attributable to Gilead decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.