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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- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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Gilead Sciences Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 exhibit fluctuations over the periods with notable quarterly variations. An initial decline occurred in mid-2020, followed by recovery and growth towards late 2020. Sales generally remained within a range of approximately 6,000 to 7,500 million USD in subsequent quarters, with some spikes in late 2024 and early 2025. Overall, the trend indicates resilience but with volatility possibly influenced by external market conditions or company-specific factors.
- Cost of Goods Sold
- The cost of goods sold (COGS) showed a generally increasing trend in absolute terms, reflecting higher sales volumes or increased production costs. A significant spike appears in Q4 2020, with a large jump in COGS relative to prior quarters. Post-2020, COGS remains relatively elevated but with less extreme volatility, indicating efforts to manage production costs amid changing sales volumes.
- Gross Profit on Product Sales
- Gross profit mirrors the sales and COGS movements, experiencing declines in mid-2020 but recovering by late 2020. The gross profit fluctuates significantly quarter-on-quarter, especially impacted by the spike in COGS in Q4 2020. Through 2021 to 2025, gross profit stabilizes around 5,000 to 6,000 million USD, though occasional declines align with sales dips or COGS increases.
- Royalty, Contract, and Other Revenues
- These revenues display inconsistent patterns with periods of both increases and decreases. There are occasional spikes, such as in Q2 2022, but no clear sustained upward or downward trend. The variability suggests these revenues are less predictable and may be impacted by contract timing or licensing activity.
- Research and Development Expenses
- Research and development (R&D) expenses fluctuate moderately throughout the periods, with peaks in Q4 of multiple years, especially pronounced in 2020 and again toward the end of 2022 and 2024. The overall R&D spending remains substantial, reflecting ongoing investment commitment, with occasional surges potentially related to specific projects or development phases.
- Acquired In-Process Research and Development Expenses
- There are highly variable and irregular values in acquired in-process R&D expenses. Notably, an extreme expense occurred in Q2 2020, with several other large outlays scattered in 2022 and 2024. Some quarters show negative or missing data, indicating possible write-backs or adjustments in these categories. These fluctuations reflect occasional acquisition activities or impairments.
- In-Process Research and Development Impairments
- Impairments in in-process R&D appear sporadically with significant charges in Q4 2020 and again in late 2023 and 2024. These large impairments contribute materially to expense volatility and suggest write-offs of certain development projects, impacting overall R&D cost structures.
- Selling, General and Administrative Expenses
- SG&A expenses show a generally increasing trend with seasonal peaks in Q4 of several years. The highest spikes coincide with the end of calendar years and occasionally align with the heightened R&D expenses. The ongoing increase points to growing operational costs, potentially linked to expanded sales efforts and administrative activities.
- Operating Income (Loss)
- Operating income demonstrates considerable volatility, with a severe loss recorded in Q2 2020 and Q1 2024. Most other periods reflect positive operating income, albeit with wide fluctuations. Peaks in operating income occur in late 2021 and late 2023, indicating periods of strong profitability amidst an otherwise unstable operating margin environment.
- Interest Expense
- Interest expense remains relatively stable across periods, fluctuating marginally around 230 to 260 million USD. This steady pattern suggests consistent debt service obligations without major changes in financing costs.
- Other Income (Expense), Net
- The net other income and expense line is highly variable, alternating between positive and negative values. Significant positive spikes occur in Q2 2020, Q4 2023, and Q3 2024, while large negative values appear in Q3 2020 and Q2 2022. This variability suggests a material impact from non-operating activities, investments, or one-time items affecting overall profitability.
- Income Before Income Taxes
- Income before income taxes closely follows operating income trends but shows added volatility due to other income (expense) effects. Severe losses in mid-2020 and early 2024 stand out against generally positive or moderately volatile taxable income figures across other quarters.
- Income Tax Expense (Benefit)
- Income tax expense fluctuates in response to pre-tax income variations, with instances of tax benefits corresponding to losses (notably Q1 2022 and Q1 2024). The magnitude of tax effects suggests regular income tax obligations impacted by underlying profitability and occasional tax adjustments.
- Net Income (Loss)
- Net income mirrors the pre-tax income volatility, showing large losses in Q2 2020 and Q1 2024, with recoveries and positive earnings in many other periods. The net income profile reveals an uneven profitability landscape, driven by significant swings in operating results and non-operating income/expenses.
- Net Loss Attributable to Noncontrolling Interest
- Net loss attributable to noncontrolling interests is minor and mostly stable, signifying limited impact on the company’s consolidated earnings from minority interests.
- Net Income Attributable to Gilead
- The net income specifically attributable to the company closely tracks overall net income, confirming that the majority of profit or loss outcomes are consolidated within the parent company. The same pattern of volatility, with sharp losses in mid-2020 and early 2024, is evident here, highlighting key periods of financial challenge.