Name: Gilead Sciences Inc. (NASDAQ:GILD) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	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	7,627)	6,946)	7,903)	7,345)	7,054)	6,613)	7,536)	7,515)	6,912)	6,647)	7,070)	6,994)	6,564)	6,306)	7,332)	6,978)	6,138)	6,534)	7,160)	7,356)	6,152)	6,340)
Cost of goods sold	(1,579)	(1,445)	(1,624)	(1,569)	(1,501)	(1,540)	(1,581)	(1,574)	(1,544)	(1,552)	(2,090)	(1,565)	(1,442)	(1,401)	(1,396)	(1,395)	(1,442)	(1,424)	(2,627)	(1,223)	(1,390)	(1,361)
Gross profit on product sales	6,048)	5,501)	6,279)	5,776)	5,553)	5,073)	5,955)	5,941)	5,368)	5,095)	4,980)	5,429)	5,122)	4,905)	5,936)	5,583)	4,696)	5,110)	4,533)	6,133)	4,762)	4,979)
Royalty, contract and other revenues	176)	14)	22)	424)	28)	54)	33)	30)	42)	39)	44)	57)	35)	46)	57)	64)	122)	56)	84)	65)	65)	83)
Research and development expenses	(1,764)	(1,372)	(1,583)	(1,346)	(1,491)	(1,379)	(1,641)	(1,395)	(1,351)	(1,520)	(1,407)	(1,457)	(1,407)	(1,447)	(1,548)	(1,149)	(1,102)	(1,178)	(2,027)	(1,147)	(1,134)	(1,055)
Acquired in-process research and development expenses	(11,183)	(107)	(540)	(170)	(61)	(253)	11)	(505)	(38)	(4,131)	(347)	(91)	(236)	(481)	(158)	(448)	(330)	(8)	—)	(19)	(96)	(62)
In-process research and development impairments	(1,750)	—)	(400)	—)	(190)	—)	—)	(1,750)	—)	(2,430)	(50)	—)	—)	—)	—)	—)	—)	(2,700)	—)	—)	—)	—)
Selling, general and administrative expenses	(1,921)	(1,450)	(1,794)	(1,357)	(1,365)	(1,258)	(1,906)	(1,433)	(1,377)	(1,375)	(1,608)	(1,315)	(1,849)	(1,318)	(2,020)	(1,213)	(1,357)	(1,083)	(1,650)	(1,190)	(1,351)	(1,055)
Operating income (loss)	(10,394)	2,586)	1,984)	3,327)	2,474)	2,237)	2,452)	888)	2,644)	(4,322)	1,612)	2,623)	1,665)	1,705)	2,267)	2,837)	2,029)	197)	940)	3,842)	2,246)	2,890)
Interest expense	(247)	(240)	(254)	(256)	(254)	(260)	(248)	(238)	(237)	(254)	(252)	(232)	(230)	(230)	(226)	(229)	(242)	(238)	(238)	(250)	(256)	(257)
Other income (expense), net	387)	234)	347)	570)	209)	(328)	(37)	306)	(354)	90)	293)	(73)	153)	(175)	(10)	(176)	(284)	(111)	57)	(154)	(173)	(369)
Income (loss) before income taxes	(10,254)	2,580)	2,077)	3,641)	2,429)	1,649)	2,167)	956)	2,053)	(4,486)	1,653)	2,318)	1,588)	1,300)	2,031)	2,432)	1,503)	(152)	759)	3,438)	1,817)	2,264)
Income tax (expense) benefit	(242)	(559)	106)	(589)	(469)	(334)	(384)	297)	(439)	316)	(236)	(146)	(549)	(315)	(398)	(646)	(368)	164)	(383)	(852)	(300)	(542)
Net income (loss)	(10,496)	2,021)	2,183)	3,052)	1,960)	1,315)	1,783)	1,253)	1,614)	(4,170)	1,417)	2,172)	1,039)	985)	1,633)	1,786)	1,135)	12)	376)	2,586)	1,517)	1,722)
Net loss attributable to noncontrolling interest	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	13)	8)	6)	25)	7)	3)	9)	7)	6)	6)	5)	7)
Net income (loss) attributable to Gilead	(10,496)	2,021)	2,183)	3,052)	1,960)	1,315)	1,783)	1,253)	1,614)	(4,170)	1,430)	2,180)	1,045)	1,010)	1,640)	1,789)	1,144)	19)	382)	2,592)	1,522)	1,729)

Revenue trajectories demonstrate a general upward trend over the observed period, with product sales increasing from approximately 6.3 billion US dollars in early 2021 to a peak of 7.9 billion US dollars by the end of 2025. While quarterly fluctuations occur, the top-line growth is characterized by a steady climb in sales volume, particularly evident in the 2024 and 2025 fiscal years.

Gross Profitability and Margin Stability: Gross profit on product sales generally tracks with revenue growth, maintaining a high margin profile. Most quarters see gross profits ranging between 4.5 billion and 6.3 billion US dollars. The cost of goods sold remains relatively stable, typically fluctuating between 1.3 billion and 1.6 billion US dollars, though a notable spike occurred in December 2021, which temporarily compressed gross margins.
Operating Expenditure Patterns: Research and development (R&D) expenses show a consistent commitment to innovation, with spending typically ranging from 1.1 billion to 1.6 billion US dollars per quarter. Selling, general, and administrative (SG&A) expenses exhibit more volatility, frequently spiking toward 2.0 billion US dollars in year-end quarters, suggesting seasonal adjustments or period-end administrative costs.
Non-Recurring Financial Impacts: The most significant volatility in operating income is driven by acquired in-process research and development (IPRD) expenses and IPRD impairments. Substantial one-time charges are observed in March 2024 (4.1 billion US dollars) and June 2026 (11.2 billion US dollars). These events, combined with periodic impairments such as the 2.7 billion US dollar charge in March 2022, create deep periodic deficits in operating income despite strong core product sales.
Net Income and Bottom-Line Performance: Net income is characterized by strong positive returns in standard operational quarters, often exceeding 1.5 billion US dollars. However, the bottom line is heavily distorted by the aforementioned IPRD charges. This results in extreme swings, such as the net loss of 4.17 billion US dollars in March 2024 and a net loss of 10.5 billion US dollars in June 2026, reflecting a strategic investment or write-down cycle rather than a decline in operational efficiency.

In summary, the core operational performance remains robust with growing product sales and stable gross margins. The financial profile is defined by a dichotomy between steady organic growth and significant, irregular losses stemming from strategic acquisitions and asset impairments.

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Gilead Sciences Inc. (NASDAQ:GILD)

Income StatementQuarterly Data

Income Statement
Quarterly Data