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 Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Gilead Sciences Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 notable fluctuations over the periods. Initial sales show growth from 5,467 million USD in March 2020 to a peak of 7,328 million USD by December 2020. This is followed by a decline and stabilizing pattern around 6,300 to 7,070 million USD through 2023, with a resurgence towards the end of 2024, reaching 7,515 million USD in September 2024 before a slight decline in March 2025 to 6,613 million USD.
- Cost of Goods Sold (COGS)
- COGS generally trends upward in absolute terms, with spikes at December 2021 and December 2023, reaching -2,627 million USD and -2,090 million USD respectively, indicating periods of increased production or cost pressures. The range remains between approximately -969 million USD and -2,627 million USD, showing variability that may impact gross margins in certain quarters.
- Gross Profit on Product Sales
- Gross profit correlates with product sales trends but shows some volatility tied to COGS changes. It peaks at 6,133 million USD in September 2021 before dipping to a low of 4,533 million USD in December 2021. Stable recovery thereafter is observed with fluctuating values mostly between approximately 4,900 million USD and 5,950 million USD.
- Royalty, Contract and Other Revenues
- This revenue category remains relatively minor compared to product sales and shows no consistent trend. Values oscillate with peaks such as 122 million USD in June 2022 and troughs like 30 million USD in March 2024, indicating variability in these income sources.
- Research and Development (R&D) Expenses
- R&D expenses show considerable fluctuations with some quarters experiencing sharp increases, e.g., reaching -2,027 million USD in December 2020 and -2,020 million USD in December 2022. Other quarters remain near or below -1,400 million USD, indicating variability in investment or project activity levels over time.
- Acquired In-Process Research and Development Expenses
- Significant irregularities are present here with high outlays in certain quarters, notably -4,524 million USD in June 2020 and -4,131 million USD in March 2024, indicating major one-time acquisition-related expenses. Some quarters record expenses close to zero or positive figures, suggesting either write-backs or minimal acquisition activity.
- In-Process Research and Development Impairments
- This category only appears sporadically, with substantial impairments reported such as -2,700 million USD in December 2021 and -2,430 million USD in March 2024. These represent significant non-recurring charges affecting operational profitability in those quarters.
- Selling, General and Administrative (SG&A) Expenses
- SG&A expenses fluctuate between approximately -1,050 million USD and -1,900 million USD, with some spikes in December quarters (e.g., -1,906 million USD in December 2024), suggesting seasonal or project-related cost increases. A moderate upward trend in expense levels is discernible over the examined period.
- Operating Income (Loss)
- Operating income shows high variability, including a negative substantial loss of -2,983 million USD in June 2020 and a deep loss of -4,322 million USD in March 2024, likely linked to large acquisition or impairment charges. Positive peaks occur, such as 3,842 million USD in September 2021, reflecting profitable quarters amidst volatility.
- Interest Expense
- Interest expenses remain relatively stable around the -230 to -260 million USD range, showing little variation through the periods, indicating consistent financing costs.
- Other Income (Expense), Net
- This item fluctuates considerably without a clear trend, displaying significant positive and negative swings, for example, -940 million USD in September 2020 and 293 million USD in December 2023, highlighting volatile miscellaneous income or expense components.
- Income Before Income Taxes
- Income before income taxes mirrors the volatility seen in operating income, with losses such as -2,973 million USD in June 2020 and -4,486 million USD in March 2024, contrasted by strong positive results up to 3,438 million USD in September 2021. This indicates sensitivity to non-operational expenses and impairments.
- Income Tax (Expense) Benefit
- Income tax figures fluctuate widely, with tax expenses generally recorded but with some quarters showing positive benefits (e.g., 316 million USD in March 2023). The variability in tax expense reflects the inconsistent profitability and possibly tax adjustments related to one-time items.
- Net Income (Loss)
- Net income is highly variable, reflecting the trends in operating and other incomes with substantial losses such as -3,346 million USD in June 2020 and -4,170 million USD in March 2024. Positive net income quarters often follow these losses, indicating recovery phases. Overall, the net income pattern underscores episodic impacts from major expenses or charges, modulated by returns to profitability.
- Net Income Attributable to Gilead
- Net income attributable to the company aligns closely with overall net income figures, confirming that most gains and losses impact the parent company directly without major minority interests influencing results.