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.

Gilead Sciences Inc., consolidated income statement (quarterly data)

US$ in millions

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	6,946)	7,903)	7,345)	7,054)	6,613)	7,536)	7,515)	6,912)	6,647)	7,070)	6,994)	6,564)	6,306)	7,332)	6,978)	6,138)	6,534)	7,160)	7,356)	6,152)	6,340)
Cost of goods sold	(1,445)	(1,624)	(1,569)	(1,501)	(1,540)	(1,581)	(1,574)	(1,544)	(1,552)	(2,090)	(1,565)	(1,442)	(1,401)	(1,396)	(1,395)	(1,442)	(1,424)	(2,627)	(1,223)	(1,390)	(1,361)
Gross profit on product sales	5,501)	6,279)	5,776)	5,553)	5,073)	5,955)	5,941)	5,368)	5,095)	4,980)	5,429)	5,122)	4,905)	5,936)	5,583)	4,696)	5,110)	4,533)	6,133)	4,762)	4,979)
Royalty, contract and other revenues	14)	22)	424)	28)	54)	33)	30)	42)	39)	44)	57)	35)	46)	57)	64)	122)	56)	84)	65)	65)	83)
Research and development expenses	(1,372)	(1,583)	(1,346)	(1,491)	(1,379)	(1,641)	(1,395)	(1,351)	(1,520)	(1,407)	(1,457)	(1,407)	(1,447)	(1,548)	(1,149)	(1,102)	(1,178)	(2,027)	(1,147)	(1,134)	(1,055)
Acquired in-process research and development expenses	(107)	(540)	(170)	(61)	(253)	11)	(505)	(38)	(4,131)	(347)	(91)	(236)	(481)	(158)	(448)	(330)	(8)	—)	(19)	(96)	(62)
In-process research and development impairments	—)	(400)	—)	(190)	—)	—)	(1,750)	—)	(2,430)	(50)	—)	—)	—)	—)	—)	—)	(2,700)	—)	—)	—)	—)
Selling, general and administrative expenses	(1,450)	(1,794)	(1,357)	(1,365)	(1,258)	(1,906)	(1,433)	(1,377)	(1,375)	(1,608)	(1,315)	(1,849)	(1,318)	(2,020)	(1,213)	(1,357)	(1,083)	(1,650)	(1,190)	(1,351)	(1,055)
Operating income (loss)	2,586)	1,984)	3,327)	2,474)	2,237)	2,452)	888)	2,644)	(4,322)	1,612)	2,623)	1,665)	1,705)	2,267)	2,837)	2,029)	197)	940)	3,842)	2,246)	2,890)
Interest expense	(240)	(254)	(256)	(254)	(260)	(248)	(238)	(237)	(254)	(252)	(232)	(230)	(230)	(226)	(229)	(242)	(238)	(238)	(250)	(256)	(257)
Other income (expense), net	234)	347)	570)	209)	(328)	(37)	306)	(354)	90)	293)	(73)	153)	(175)	(10)	(176)	(284)	(111)	57)	(154)	(173)	(369)
Income (loss) before income taxes	2,580)	2,077)	3,641)	2,429)	1,649)	2,167)	956)	2,053)	(4,486)	1,653)	2,318)	1,588)	1,300)	2,031)	2,432)	1,503)	(152)	759)	3,438)	1,817)	2,264)
Income tax (expense) benefit	(559)	106)	(589)	(469)	(334)	(384)	297)	(439)	316)	(236)	(146)	(549)	(315)	(398)	(646)	(368)	164)	(383)	(852)	(300)	(542)
Net income (loss)	2,021)	2,183)	3,052)	1,960)	1,315)	1,783)	1,253)	1,614)	(4,170)	1,417)	2,172)	1,039)	985)	1,633)	1,786)	1,135)	12)	376)	2,586)	1,517)	1,722)
Net loss attributable to noncontrolling interest	—)	—)	—)	—)	—)	—)	—)	—)	—)	13)	8)	6)	25)	7)	3)	9)	7)	6)	6)	5)	7)
Net income (loss) attributable to Gilead	2,021)	2,183)	3,052)	1,960)	1,315)	1,783)	1,253)	1,614)	(4,170)	1,430)	2,180)	1,045)	1,010)	1,640)	1,789)	1,144)	19)	382)	2,592)	1,522)	1,729)

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.

AI Ask an analyst for more

Download chart

Gilead Sciences Inc. (NASDAQ:GILD)

Income Statement Quarterly Data

Income Statement
Quarterly Data