Stock Analysis on Net
Stock Analysis on Net

Gilead Sciences Inc. (NASDAQ:GILD)

$24.99

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

Microsoft Excel
3 months ended: 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
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 impairments
Selling, general and administrative expenses
Operating income (loss)
Interest expense
Other income (expense), net
Income (loss) before income taxes
Income tax (expense) benefit
Net income (loss)
Net loss attributable to noncontrolling interest
Net income (loss) attributable to Gilead

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).

An analysis of the quarterly financial performance reveals a pattern of steady core revenue growth punctuated by significant volatility in net income due to non-recurring strategic expenses and asset impairments. While product sales demonstrate resilience and an overall upward trajectory, the bottom line is heavily influenced by aggressive investment in acquired in-process research and development (IPR&D) and periodic impairment charges.

Revenue and Gross Profitability
Product sales exhibit a general increase over the analyzed period, rising from a range of $6.1 billion to $7.3 billion in 2021 to a peak of $7.9 billion by September 30, 2025. A recurring seasonal pattern is observed, with sales typically peaking in the fourth quarter of each year. Gross profit margins remain consistently high, although the cost of goods sold shows periodic spikes, most notably in December 2021 and December 2023, which momentarily compressed gross margins during those quarters.
Operational Expenditure Trends
Research and development (R&D) expenses remain a primary operational focus, generally fluctuating between $1.1 billion and $1.6 billion per quarter. Selling, general, and administrative (SG&A) expenses show similar stability, although occasional increases are noted in December quarters, suggesting year-end administrative surges. These core operating expenses are relatively predictable compared to the volatility found in non-recurring line items.
Strategic Investments and Impairments
The most significant volatility in the operating results stems from acquired IPR&D and in-process R&D impairments. A substantial expenditure of $4.13 billion in acquired IPR&D occurred in March 31, 2023, contributing to a significant operating loss. Furthermore, large impairment charges were recorded in March 2022 ($2.7 billion), March 2024 ($2.43 billion), and September 2024 ($1.75 billion). These events indicate a strategy of aggressive acquisition followed by periodic revaluation of intangible assets.
Earnings Volatility and Net Income
Net income is highly sensitive to the aforementioned non-recurring charges. The period is marked by extreme swings, including a net loss of $4.17 billion in March 2024, contrasted with a peak net income of $3.05 billion in September 2025. Despite these fluctuations, the underlying trend suggests that when excluding one-time impairments and acquisition costs, the company maintains a strong capacity for profitability.
Tax and Other Income Influence
Income tax provisions fluctuate in alignment with pre-tax income, with tax benefits appearing during quarters of significant net loss, such as March 2024. Other income and expenses show high variance, including a notable positive contribution of $570 million in September 2025, which bolstered the net income for that period.