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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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Gilead Sciences Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
The income statement reveals a period of fluctuating performance over the analyzed timeframe, spanning from March 2021 to December 2025. Product sales, the primary revenue driver, demonstrate variability, generally ranging between US$6.1 billion and US$7.9 billion, with a noticeable increase towards the end of the period. Royalty, contract, and other revenues contribute a smaller, but occasionally significant, portion of total revenue, particularly exhibiting a substantial increase in September 2025.
Cost of goods sold generally tracks product sales, but with notable exceptions. A significant increase in cost of goods sold is observed in December 2021, and again in December 2023, impacting gross profit. Gross profit on product sales mirrors the sales trends, fluctuating between approximately US$4.5 billion and US$6.3 billion. Operating income exhibits substantial volatility, experiencing both periods of strong profitability and significant losses, most notably in March 2024.
- Research and Development (R&D) Expenses
- R&D expenses remain consistently high throughout the period, generally ranging from US$1.1 billion to US$2.0 billion per quarter. Additionally, significant acquired in-process R&D expenses and impairments are recorded in several quarters, particularly in March 2022, March 2024, and September 2025, contributing to substantial fluctuations in operating income. The presence of these large, infrequent charges suggests a dynamic approach to portfolio management and potential write-downs of acquired assets.
- Selling, General, and Administrative (SG&A) Expenses
- SG&A expenses are also consistently substantial, typically between US$1.2 billion and US$2.0 billion per quarter. These expenses appear relatively stable, though a notable increase is observed in December 2022. The consistent level of SG&A suggests ongoing investment in commercial infrastructure and administrative functions.
- Net Income
- Net income demonstrates significant swings. The company experienced periods of strong profitability, such as in the earlier quarters of 2021 and 2022, but also a substantial net loss in March 2024. The net income attributable to Gilead, after accounting for noncontrolling interests, generally follows the same pattern. A strong recovery in net income is observed in the later quarters of 2024 and throughout 2025, culminating in a high net income in December 2025.
Interest expense remains relatively consistent, while other income (expense), net, exhibits considerable fluctuation, with both income and expense recorded across different quarters. Income tax expense varies significantly, often offsetting portions of pre-tax income. Overall, the financial performance demonstrates a complex pattern influenced by product sales, R&D investments, and infrequent, large charges related to acquired in-process research and development.