Stock Analysis on Net
Stock Analysis on Net

Gilead Sciences Inc. (NASDAQ:GILD)

$24.99

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.

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Gilead Sciences Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Product sales
Cost of goods sold
Gross profit on product sales
Royalty, contract and other revenues
Research and development expenses
Acquired in-process research and development expenses
In-process research and development impairment
Selling, general and administrative expenses
Operating income
Interest expense
Loss from equity securities, net
Interest income
Other, net
Other income (expense), net
Income before income taxes
Income tax expense
Net income
Net loss attributable to noncontrolling interest
Net income attributable to Gilead

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.