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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Gilead Sciences Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Product Sales
- Product sales demonstrated a generally fluctuating pattern from 2020 through early 2025. Initial figures declined from 5,467 million USD in Q1 2020 to 5,067 million USD in Q2 2020, followed by a recovery and peak of 7,356 million USD in Q3 2021. Sales then fluctuated within the 6,000 to 7,500 million USD range, ending with a slight upward trend reaching 7,345 million USD in Q3 2025.
- Cost of Goods Sold (COGS)
- COGS exhibited a volatile trend with occasional sharp increases, notably in Q4 2020 and Q4 2021, where costs spiked to -2,627 million USD and -2,090 million USD respectively. Overall, COGS ranged mostly between -1,000 million USD and -1,600 million USD, with intermittent peaks correlating with some periods of higher sales.
- Gross Profit on Product Sales
- Gross profit followed sales trends but with more volatility, peaking in Q3 2021 at 6,133 million USD and declining in specific quarters such as Q4 2020 and Q4 2021 to below 5,000 million USD. Despite fluctuations, the gross profit maintained a relatively stable range between approximately 4,500 million USD and 6,000 million USD over the period.
- Royalty, Contract, and Other Revenues
- This revenue segment remained relatively minor compared to product sales, fluctuating between 28 million USD and 122 million USD for most quarters. An exception occurred in Q3 2025, where revenues surged to an unusually high 424 million USD, indicating a significant one-off event or contract realization.
- Research and Development Expenses (R&D)
- R&D expenses were consistently substantial and generally increasing over time, with periodic spikes such as in Q4 2020 (-1,578 million USD) and Q4 2022 (-2,020 million USD). The overall trend signals sustained investment in development activities with peaks possibly related to specific project phases or strategic pushes.
- Acquired In-Process Research and Development Expenses
- Amounts in this category were sporadic but notable, particularly in Q2 2020 (-4,524 million USD) and Q2 2024 (-4,131 million USD), reflecting large one-time or periodic acquisitions or write-offs in R&D. Other quarters showed minor to moderate expenditures, with occasional missing or zero values suggesting intermittent activity.
- In-Process Research and Development Impairments
- Impairments appeared irregular, with major charges recorded notably in Q4 2021 (-2,700 million USD), Q2 2024 (-2,430 million USD), and multiple other quarters indicating significant write-downs. These impairments signal periodic reassessment and reduction of asset values tied to R&D projects.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses showed steady increases with fluctuations peaking in Q4 of several years, e.g., Q4 2022 (-2,020 million USD) and Q4 2024 (-1,906 million USD). The general upward pattern suggests increasing overhead or administrative activity in support of business growth.
- Operating Income (Loss)
- Operating income was highly volatile, experiencing large losses in some quarters such as Q2 2020 (-2,983 million USD) and Q2 2024 (-4,322 million USD), likely due to the impact of high impairments and expenses. Positive operating income quarters often followed, but values remained inconsistent, reflecting sensitivity to R&D charges, impairments, and cost spikes.
- Interest Expense
- Interest expense remained relatively consistent, hovering in a narrow range around -230 to -260 million USD each quarter without significant spikes or declines, indicating stable debt servicing costs.
- Other Income (Expense), Net
- Other income and expense displayed significant volatility, swinging between negative and positive values. The presence of large positive spikes such as 250 million USD in Q2 2020 and 293 million USD in Q4 2022, and substantial negative swings at other times, suggests exposure to market or operational factors outside core business that variably affect earnings.
- Income (Loss) Before Income Taxes
- This metric mirrored the swings in operating income, with pronounced losses in Q2 2020 and Q2 2024 and considerable gains in other quarters. The variability emphasizes the influence of operating results combined with other income and expenses on pre-tax profitability.
- Income Tax (Expense) Benefit
- Income taxes fluctuated, with several quarters showing tax expenses and others reporting benefits, sometimes following losses or income swings. Notably, tax benefits were recorded during quarters with operating losses, reflecting the company’s tax strategies or tax loss carryforwards usage.
- Net Income (Loss) Attributable to Gilead
- Net income showed significant volatility, including large losses in Q2 2020 (-3,339 million USD) and Q2 2024 (-4,170 million USD), offset by quarters of strong profitability. The data suggests that income is heavily influenced by periodic impairments and R&D-related expenses but maintains positive returns in several quarters, indicating resilience in core operations.