Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Gilead Sciences Inc., profitability ratios (quarterly data)
Based on: 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).
- Gross Profit Margin
- The gross profit margin remained relatively stable over the entire period, fluctuating mostly between approximately 74% and 80%. There was a notable dip to around 75% in late 2021 and early 2022, followed by a recovery to near 79% by the end of 2022. Throughout 2023 and 2024, the margin showed minor variations but generally held within the mid- to high-70% range, indicating consistent production efficiency or pricing strategy over time.
- Operating Profit Margin
- The operating profit margin exhibited considerable volatility. Early 2021 showed moderate levels around 18%, followed by a sharp increase reaching above 42% in late 2021. This peak was succeeded by a gradual decline through 2022, falling as low as approximately 22%, before recovering toward late 2022 and 2023 with fluctuations around the 28% to 33% range. There was a significant downturn in early to mid-2024, where margins dropped to below 6%, but the margin partially rebounded in late 2024 and into 2025, climbing back above 28% and reaching a high of nearly 37%. The fluctuations suggest episodic changes in operating efficiency or varying cost structures affecting profitability.
- Net Profit Margin
- The net profit margin closely mirrored the pattern of the operating margin, indicating that operational changes impacted bottom-line profitability. Starting very low in early 2021 at about 1.2%, the margin rose sharply to over 27% by late 2021. Subsequent quarters saw a downward trend into 2022, with margins dropping near 12% before improving again into the 20% range during 2023. A significant decline occurred again in early 2024, with margins falling below 2%, but these recovered by late 2024 and into 2025, ultimately surpassing 28%. Such substantial swings indicate variable non-operating items, taxes, or interest expenses impacting profitability.
- Return on Equity (ROE)
- ROE followed a pattern consistent with net and operating margins, showing a general rise from a low of about 1.6% in early 2021 to a peak above 34% in late 2021. The metric declined gradually through 2022, reaching about 16%, before rising again steadily through 2023 up to approximately 26%. Early 2024 presented a sharp drop near 0.7%, followed by recovery to around 2.5%, and a strong upward trend through 2025, where ROE reached nearly 38%. This variation implies shifting efficiency in equity utilization or fluctuations in net income relative to shareholder equity over the periods reviewed.
- Return on Assets (ROA)
- ROA displayed a similar trend but at lower absolute levels. Beginning just below 0.5% in early 2021, it increased to slightly above 11% by late 2021. The ratio then declined gradually during 2022 to around 5%, and showed signs of recovery toward the end of 2022 and throughout 2023, stabilizing near 9% to 10%. Early 2024 saw a steep reduction to less than 1%, then a rebound to near 0.8%. From late 2024 to 2025, the ratio improved steadily, reaching close to 14%. The ROA changes suggest variations in asset utilization efficiency and overall profitability against the company's asset base.
Return on Sales
Return on Investment
Gross Profit Margin
Gilead Sciences Inc., gross profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit on product sales | 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) | ||||||
| Product sales | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 78.31% | 78.42% | 78.17% | 78.15% | 75.98% | 75.56% | 75.62% | 75.87% | 78.66% | 79.27% | 78.94% | 79.03% | 74.31% | 75.30% | 75.50% | 75.56% | 80.23% | 79.90% | 80.32% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 69.74% | 70.93% | 70.69% | 69.99% | 67.21% | 62.75% | 62.28% | 62.42% | 65.76% | 68.91% | 69.43% | 70.00% | 69.62% | 70.48% | 69.53% | 68.96% | 67.72% | 65.62% | 64.82% | ||||||
| Amgen Inc. | 64.71% | 62.99% | 61.48% | 59.85% | 58.71% | 61.56% | 64.76% | 68.60% | 72.35% | 72.87% | 73.65% | 74.17% | 73.99% | 74.00% | 73.30% | 73.44% | 74.00% | 73.97% | 74.37% | ||||||
| Bristol-Myers Squibb Co. | 69.50% | 70.29% | 70.47% | 71.08% | 74.91% | 75.38% | 75.71% | 76.24% | 76.54% | 77.01% | 77.68% | 78.04% | 78.82% | 79.13% | 79.62% | 78.57% | 76.92% | 75.88% | 74.42% | ||||||
| Danaher Corp. | 59.53% | 59.66% | 59.74% | 59.50% | 59.37% | 59.27% | 58.39% | 58.74% | 58.77% | 59.17% | 60.22% | 60.21% | 60.65% | 60.77% | 60.77% | 60.95% | 60.44% | 59.24% | 57.60% | ||||||
| Eli Lilly & Co. | 83.03% | 82.64% | 81.70% | 81.31% | 80.91% | 80.75% | 80.16% | 79.25% | 78.67% | 77.77% | 77.67% | 76.77% | 75.61% | 75.98% | 74.40% | 74.18% | 74.85% | 74.27% | 75.88% | ||||||
| Johnson & Johnson | 68.08% | 67.92% | 68.30% | 69.07% | 69.05% | 69.06% | 69.20% | 68.82% | 68.54% | 68.06% | 67.34% | 67.26% | 67.43% | 67.86% | 67.97% | 68.16% | 67.51% | 67.00% | 66.24% | ||||||
| Merck & Co. Inc. | 77.18% | 76.60% | 76.42% | 76.32% | 75.82% | 75.25% | 74.37% | 73.17% | 72.86% | 72.96% | 72.43% | 70.63% | 70.49% | 70.41% | 70.72% | 72.02% | 67.95% | 67.48% | 66.99% | ||||||
| Pfizer Inc. | 73.39% | 72.12% | 72.28% | 71.94% | 67.73% | 58.18% | 58.09% | 58.10% | 60.97% | 69.61% | 68.61% | 65.77% | 65.53% | 62.18% | 60.35% | 62.08% | 65.28% | 70.96% | 76.46% | ||||||
| Regeneron Pharmaceuticals Inc. | 85.39% | 85.57% | 85.79% | 86.13% | 86.12% | 86.16% | 86.32% | 86.16% | 85.96% | 86.42% | 86.96% | 87.18% | 85.39% | 84.97% | 84.65% | 84.83% | 86.65% | 86.85% | 86.84% | ||||||
| Thermo Fisher Scientific Inc. | 41.27% | 41.18% | 41.34% | 41.28% | 40.77% | 40.76% | 40.40% | 39.90% | 39.87% | 39.75% | 40.28% | 42.24% | 44.42% | 46.63% | 48.37% | 50.08% | 51.05% | 51.29% | 51.47% | ||||||
| Vertex Pharmaceuticals Inc. | 86.28% | 86.11% | 86.03% | 86.11% | 86.12% | 86.45% | 86.86% | 87.21% | 87.80% | 87.92% | 88.04% | 87.90% | 88.00% | 88.13% | 87.95% | 88.06% | 87.94% | 87.89% | 88.06% | ||||||
Based on: 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).
1 Q3 2025 Calculation
Gross profit margin = 100
× (Gross profit on product salesQ3 2025
+ Gross profit on product salesQ2 2025
+ Gross profit on product salesQ1 2025
+ Gross profit on product salesQ4 2024)
÷ (Product salesQ3 2025
+ Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024)
= 100 × (5,776 + 5,553 + 5,073 + 5,955)
÷ (7,345 + 7,054 + 6,613 + 7,536)
= 78.31%
2 Click competitor name to see calculations.
The analysis of the quarterly financial performance reveals several notable trends in the company's product sales, gross profit, and gross profit margin over the examined periods.
- Product Sales
- Product sales demonstrate a cyclical pattern with periodic fluctuations. Initially, there was a moderate decline from the first quarter of 2021 followed by a recovery and growth reaching a peak in the fourth quarter of 2021. Subsequently, product sales again show some variability but generally maintain an upward trajectory with peaks noticeable toward the fourth quarters in most years. The latest quarters from 2023 to 2025 indicate steady growth with values consistently higher than the corresponding periods in 2021 and 2022, suggesting strengthening sales performance over time.
- Gross Profit on Product Sales
- Gross profit follows a pattern that loosely mirrors product sales, reflecting the dependence on revenue scale and cost management. While fluctuations are present across quarters, gross profit generally increases over time, with occasional dips in certain quarters such as the first quarter of 2023. Notably, the fourth quarters tend to exhibit strong gross profit figures, aligning with higher product sales in these periods. This pattern indicates effective margin retention despite sales variability across quarters.
- Gross Profit Margin
- Gross profit margin as a percentage shows relative stability with minor variations across the periods. It fluctuates mostly within a band of approximately 74% to 80%, with a notable dip around the end of 2021 but recovering afterward. The margin remains fairly consistent in the subsequent years, demonstrating the company's ability to maintain cost efficiencies relative to sales revenue. The slight upward trend in gross profit margin towards 2024 and 2025 reflects an improvement in the cost structure or pricing power, leading to better profitability per sales dollar despite the sales volume variability.
In conclusion, the quarterly data reflects a company that experiences some seasonal sales fluctuations but generally exhibits positive growth in product sales and gross profit. The ability to sustain a stable gross profit margin around the mid to high 70 percentiles highlights effective operational management and cost control measures throughout the periods analyzed. Such financial trends suggest a resilient top-line performance complemented by consistent profitability metrics over the observed timeline.
Operating Profit Margin
Gilead Sciences Inc., operating profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating income (loss) | 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) | ||||||
| Product sales | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 36.75% | 28.03% | 28.77% | 5.81% | 2.92% | 9.26% | 5.79% | 28.24% | 30.37% | 31.18% | 33.03% | 27.17% | 22.39% | 25.78% | 26.56% | 36.72% | 42.79% | 37.20% | 18.07% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 15.16% | 18.80% | 17.56% | 16.22% | 24.89% | 22.31% | 23.50% | 23.49% | 27.32% | 31.03% | 28.49% | 31.21% | 30.59% | 30.33% | 32.68% | 31.89% | 30.09% | 28.95% | 23.63% | ||||||
| Amgen Inc. | 25.14% | 24.45% | 22.71% | 22.66% | 19.97% | 20.96% | 24.72% | 29.35% | 34.55% | 37.50% | 36.07% | 38.57% | 39.31% | 38.04% | 32.78% | 31.44% | 30.14% | 30.72% | 37.23% | ||||||
| Bristol-Myers Squibb Co. | 18.86% | 16.70% | 15.24% | -15.50% | -14.05% | -14.39% | -14.30% | 16.18% | 16.96% | 17.29% | 18.13% | 17.96% | 19.04% | 18.19% | 16.79% | 15.91% | -15.73% | -17.02% | -19.19% | ||||||
| Danaher Corp. | 19.01% | 18.39% | 20.26% | 20.37% | 20.11% | 21.22% | 21.05% | 21.77% | 23.83% | 25.06% | 27.02% | 27.61% | 27.35% | 25.44% | 25.23% | 25.35% | 24.63% | 25.04% | 22.30% | ||||||
| Eli Lilly & Co. | 38.84% | 32.37% | 28.74% | 28.64% | 24.81% | 23.28% | 20.80% | 18.92% | 18.42% | 24.17% | 22.45% | 24.97% | 24.65% | 25.50% | 25.94% | 22.45% | 23.17% | 21.81% | 22.06% | ||||||
| Johnson & Johnson | 25.44% | 23.67% | 23.59% | 23.42% | 24.42% | 25.31% | 25.04% | 24.90% | 25.55% | 25.61% | 25.21% | 24.63% | 23.89% | 23.47% | 23.76% | 24.95% | 24.69% | 25.23% | 24.10% | ||||||
| Merck & Co. Inc. | 33.73% | 30.00% | 31.51% | 31.03% | 21.60% | 24.75% | 6.93% | 3.92% | 13.08% | 10.34% | 27.85% | 30.27% | 30.66% | 33.04% | 28.85% | 25.74% | 14.07% | 10.64% | 14.02% | ||||||
| Pfizer Inc. | 21.85% | 23.23% | 19.29% | 19.51% | 9.56% | -4.19% | -2.08% | 2.15% | 14.36% | 28.13% | 34.44% | 34.83% | 33.59% | 30.37% | 26.12% | 23.91% | 24.67% | 24.12% | 21.20% | ||||||
| Regeneron Pharmaceuticals Inc. | 25.89% | 27.02% | 27.20% | 28.10% | 28.69% | 28.95% | 29.40% | 30.85% | 32.23% | 34.20% | 35.79% | 38.93% | 45.45% | 48.19% | 55.08% | 55.67% | 55.19% | 53.94% | 43.37% | ||||||
| Thermo Fisher Scientific Inc. | 17.16% | 17.13% | 17.23% | 17.11% | 16.93% | 17.01% | 16.38% | 16.00% | 15.81% | 15.42% | 16.29% | 18.69% | 20.54% | 22.51% | 23.83% | 25.57% | 27.04% | 28.00% | 27.68% | ||||||
| Vertex Pharmaceuticals Inc. | 34.06% | 34.36% | -6.69% | -2.11% | -2.54% | -3.37% | 41.16% | 38.83% | 40.16% | 41.72% | 43.93% | 48.23% | 47.72% | 48.85% | 36.93% | 36.73% | 37.17% | 33.93% | 47.14% | ||||||
Based on: 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).
1 Q3 2025 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024)
÷ (Product salesQ3 2025
+ Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024)
= 100 × (3,327 + 2,474 + 2,237 + 2,452)
÷ (7,345 + 7,054 + 6,613 + 7,536)
= 36.75%
2 Click competitor name to see calculations.
- Operating Income (Loss) Trends
- The operating income displays significant volatility over the periods analyzed. Initial figures show a peak at 3,842 million USD in September 2021, followed by a sharp decline to 940 million USD by December 2021. There is a recovery phase throughout 2022, reaching 2,837 million USD in September, but this is followed by fluctuating performance with another decline in December 2023 to a loss of 4,322 million USD. From the first quarter of 2024, the company again shows recovery and upward trends, finishing at 3,327 million USD by the third quarter of 2025. The pattern suggests episodic operational challenges with intermittent periods of recovery.
- Product Sales Patterns
- Product sales remain relatively stable, with some seasonal fluctuations. The sales values oscillate between approximately 6,300 million and 7,500 million USD throughout the entire period. Notably, sales tend to peak towards the end of each year or during the third quarter, indicating possible seasonal demand. Despite the fluctuations in operating income, product sales do not show a commensurate level of volatility, maintaining a consistent revenue base.
- Operating Profit Margin Analysis
- The operating profit margin mirrors the variability observed in operating income. Initially, margins increase from 18.07% in March 2021 to a high of 42.79% in September 2021 but then decrease to a low of 22.39% by September 2022. Margins further soften significantly in the first quarter of 2024, dropping as low as 2.92%, which corresponds with the reported operating loss during that time. The margin recovers by mid-to-late 2025, reaching 36.75%, indicating an improvement in operational efficiency or cost management relative to sales.
- Overall Insights
- The data indicates that while product sales have remained fairly consistent over the analyzed quarters, the company's profitability and operating performance have been subject to considerable fluctuation. The recurring peaks and troughs in operating income and margin suggest variable cost structures or changes in expense management that impact profitability independently of sales volume. The significant operating loss in early 2024 is notable and represents an outlier in the otherwise recovering trend. The rebound in margins and operating income towards the end of the series indicates potential strategic or operational improvements.
Net Profit Margin
Gilead Sciences Inc., net profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Gilead | 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) | ||||||
| Product sales | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 28.41% | 21.98% | 20.87% | 1.68% | 0.45% | 3.82% | 1.78% | 21.03% | 21.60% | 20.18% | 20.87% | 17.02% | 12.44% | 15.22% | 16.60% | 23.05% | 27.21% | 19.62% | 1.19% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 4.00% | 6.45% | 7.31% | 7.59% | 9.22% | 9.71% | 11.02% | 8.95% | 11.81% | 15.50% | 13.37% | 20.39% | 23.19% | 22.04% | 22.00% | 20.54% | 13.66% | 12.40% | 10.28% | ||||||
| Amgen Inc. | 20.31% | 19.75% | 18.10% | 12.77% | 13.58% | 10.60% | 13.35% | 24.96% | 29.52% | 31.52% | 31.77% | 26.42% | 27.88% | 26.73% | 23.42% | 24.25% | 23.03% | 23.80% | 29.60% | ||||||
| Bristol-Myers Squibb Co. | 12.57% | 10.58% | 11.38% | -18.53% | -15.30% | -14.06% | -13.50% | 17.83% | 18.44% | 17.62% | 15.95% | 13.71% | 14.29% | 14.04% | 13.31% | 15.08% | -11.89% | -11.44% | -14.53% | ||||||
| Danaher Corp. | 14.43% | 14.21% | 15.81% | 16.33% | 16.39% | 17.83% | 18.54% | 19.94% | 22.89% | 22.80% | 23.32% | 22.91% | 21.65% | 20.61% | 21.32% | 21.84% | 20.97% | 21.00% | 19.17% | ||||||
| Eli Lilly & Co. | 30.99% | 25.91% | 22.66% | 23.51% | 20.48% | 18.86% | 17.08% | 15.36% | 15.55% | 22.01% | 20.54% | 21.88% | 20.63% | 19.58% | 20.90% | 19.71% | 21.52% | 22.71% | 23.91% | ||||||
| Johnson & Johnson | 27.26% | 25.00% | 24.41% | 15.84% | 16.74% | 43.91% | 44.92% | 41.28% | 39.58% | 14.52% | 13.77% | 18.90% | 19.95% | 19.21% | 20.90% | 22.26% | 19.55% | 19.92% | 17.95% | ||||||
| Merck & Co. Inc. | 29.63% | 25.79% | 27.27% | 26.68% | 19.23% | 21.98% | 3.76% | 0.61% | 7.77% | 5.34% | 22.52% | 24.49% | 25.88% | 29.00% | 26.27% | 26.79% | 15.09% | 11.83% | 15.09% | ||||||
| Pfizer Inc. | 15.65% | 16.84% | 12.62% | 12.62% | 7.04% | -4.62% | -0.55% | 3.56% | 15.13% | 27.38% | 31.19% | 31.27% | 29.81% | 28.94% | 27.01% | 27.04% | 28.77% | 23.86% | 24.03% | ||||||
| Regeneron Pharmaceuticals Inc. | 32.13% | 31.37% | 31.94% | 31.07% | 33.61% | 32.04% | 29.45% | 30.14% | 30.47% | 33.93% | 33.81% | 35.64% | 39.17% | 39.97% | 48.06% | 50.25% | 51.65% | 50.11% | 43.53% | ||||||
| Thermo Fisher Scientific Inc. | 15.02% | 15.23% | 15.18% | 14.77% | 14.48% | 14.69% | 14.20% | 13.99% | 13.68% | 13.14% | 13.75% | 15.47% | 15.92% | 17.37% | 18.49% | 19.70% | 21.93% | 22.47% | 22.08% | ||||||
| Vertex Pharmaceuticals Inc. | 31.35% | 31.86% | -8.91% | -4.86% | -4.52% | -4.74% | 39.46% | 36.68% | 35.94% | 35.40% | 35.40% | 37.20% | 37.62% | 38.26% | 30.84% | 30.92% | 30.52% | 29.80% | 43.06% | ||||||
Based on: 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).
1 Q3 2025 Calculation
Net profit margin = 100
× (Net income (loss) attributable to GileadQ3 2025
+ Net income (loss) attributable to GileadQ2 2025
+ Net income (loss) attributable to GileadQ1 2025
+ Net income (loss) attributable to GileadQ4 2024)
÷ (Product salesQ3 2025
+ Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024)
= 100 × (3,052 + 1,960 + 1,315 + 1,783)
÷ (7,345 + 7,054 + 6,613 + 7,536)
= 28.41%
2 Click competitor name to see calculations.
The financial performance exhibits notable volatility across the quarters under review, with fluctuations in net income, product sales, and net profit margin.
- Net Income (Loss) Attributable to Gilead (US$ in millions)
- The net income shows significant variation over the periods. Initially, it declined sharply from 1729 million to 382 million between March and December 2021. A recovery phase followed in 2022, with net income rising to 1640 million by year-end after some fluctuations. In 2023, the values fluctuated again, with a peak of 2180 million in the third quarter and a drop to -4170 million by the first quarter of 2024, indicating a substantial loss. Subsequently, net income recovered steadily through 2024 and into 2025, reaching a high of 3052 million by September 2025.
- Product Sales (US$ in millions)
- Product sales demonstrated a moderately cyclical pattern but remained relatively stable overall. The sales dipped from 6340 million in March 2021 to 6138 million in June 2022, experiencing intermittent increases and decreases. From mid-2023 onwards, the sales gradually increased, peaking at 7536 million in December 2024, followed by a slight fluctuation before stabilizing around 7000+ million in 2025. This indicates consistent demand with some seasonality.
- Net Profit Margin (%)
- The net profit margin revealed considerable variability. Starting low at 1.19% in March 2021, it climbed significantly to above 20% by late 2021 and early 2023, reflecting periods of improved profitability. However, the margin sharply declined in early 2024, reaching as low as 0.45%, coinciding with the period of large net losses. The margin then recovered through 2024 and into 2025, reaching a high of 28.41% by September 2025, indicative of restored efficiency or improved cost management.
Overall, the data reflects an underlying business environment of fluctuations influenced either by operational factors or external conditions impacting profitability. The product sales maintain a relatively stable revenue base, while the net income and profit margin exhibit cyclical trends with periods of both strong performance and significant downturns. The most critical observation is the sharp loss in early 2024, followed by a marked recovery, suggesting corrective measures were implemented or market conditions improved substantially.
Return on Equity (ROE)
Gilead Sciences Inc., ROE calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Gilead | 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) | ||||||
| Total Gilead stockholders’ equity | 21,540) | 19,674) | 19,162) | 19,330) | 18,475) | 18,281) | 17,539) | 22,833) | 22,314) | 21,158) | 20,997) | 21,240) | 21,081) | 20,236) | 19,927) | 21,069) | 21,470) | 19,703) | 18,952) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 37.65% | 32.08% | 31.13% | 2.48% | 0.69% | 5.77% | 2.77% | 24.81% | 26.33% | 25.92% | 26.59% | 21.62% | 15.82% | 20.44% | 22.66% | 29.55% | 34.44% | 26.20% | 1.59% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | — | — | 295.42% | 128.66% | 84.91% | 78.77% | 74.85% | 46.94% | 53.86% | 67.50% | 57.14% | 68.60% | 83.83% | 86.24% | 76.64% | 74.91% | 55.60% | 53.01% | 37.63% | ||||||
| Amgen Inc. | 72.82% | 89.11% | 95.59% | 69.59% | 56.20% | 52.83% | 74.93% | 107.78% | 98.82% | 117.67% | 148.04% | 178.97% | 187.11% | 271.85% | 624.78% | 87.96% | 68.26% | 69.67% | 75.91% | ||||||
| Bristol-Myers Squibb Co. | 32.55% | 28.96% | 31.16% | -54.78% | -42.34% | -38.44% | -37.28% | 27.27% | 28.57% | 24.91% | 22.97% | 20.37% | 20.44% | 20.30% | 19.79% | 19.46% | -14.52% | -13.80% | -16.54% | ||||||
| Danaher Corp. | 6.86% | 6.52% | 7.40% | 7.87% | 7.59% | 8.42% | 8.24% | 8.91% | 11.29% | 12.30% | 13.47% | 14.39% | 14.40% | 13.63% | 13.93% | 14.24% | 13.54% | 13.12% | 11.76% | ||||||
| Eli Lilly & Co. | 77.38% | 75.52% | 70.45% | 74.62% | 58.78% | 54.14% | 47.91% | 48.65% | 44.46% | 58.73% | 50.82% | 58.64% | 59.91% | 66.61% | 65.69% | 62.16% | 76.99% | 94.20% | 88.31% | ||||||
| Johnson & Johnson | 31.69% | 28.88% | 27.92% | 19.68% | 20.93% | 53.14% | 54.95% | 51.11% | 48.61% | 17.37% | 17.95% | 23.36% | 25.68% | 24.05% | 26.54% | 28.20% | 25.44% | 25.53% | 22.96% | ||||||
| Merck & Co. Inc. | 36.71% | 33.49% | 36.07% | 36.96% | 27.30% | 31.52% | 5.71% | 0.97% | 11.17% | 8.04% | 27.82% | 31.57% | 34.32% | 38.34% | 34.68% | 34.17% | 20.10% | 16.73% | 26.08% | ||||||
| Pfizer Inc. | 10.59% | 12.12% | 8.73% | 9.11% | 4.61% | -2.96% | -0.33% | 2.38% | 10.81% | 21.68% | 28.77% | 32.79% | 32.14% | 33.61% | 30.29% | 28.47% | 26.28% | 18.86% | 16.23% | ||||||
| Regeneron Pharmaceuticals Inc. | 14.79% | 14.89% | 15.31% | 15.03% | 15.87% | 15.32% | 14.29% | 15.22% | 16.03% | 17.90% | 17.80% | 19.14% | 25.05% | 27.49% | 39.84% | 43.03% | 40.53% | 41.02% | 33.43% | ||||||
| Thermo Fisher Scientific Inc. | 12.88% | 13.03% | 13.19% | 12.78% | 12.52% | 13.12% | 13.26% | 12.83% | 13.11% | 13.08% | 14.26% | 15.80% | 16.15% | 17.59% | 18.56% | 18.94% | 22.13% | 23.32% | 22.60% | ||||||
| Vertex Pharmaceuticals Inc. | 21.22% | 21.18% | -5.99% | -3.26% | -3.07% | -3.32% | 21.67% | 20.59% | 21.01% | 21.75% | 22.59% | 23.88% | 25.12% | 26.77% | 22.47% | 23.19% | 22.83% | 21.66% | 30.76% | ||||||
Based on: 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).
1 Q3 2025 Calculation
ROE = 100
× (Net income (loss) attributable to GileadQ3 2025
+ Net income (loss) attributable to GileadQ2 2025
+ Net income (loss) attributable to GileadQ1 2025
+ Net income (loss) attributable to GileadQ4 2024)
÷ Total Gilead stockholders’ equity
= 100 × (3,052 + 1,960 + 1,315 + 1,783)
÷ 21,540 = 37.65%
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to Gilead
- The net income exhibits significant volatility over the observed periods. It starts at a high level with 1,729 million US dollars in March 2021, peaks notably at 2,592 million in September 2021, then sharply declines to 382 million by December 2021. This is followed by a modest recovery in 2022, with increasing values reaching 1,789 million by September 2022, before stabilizing around mid-thousands through 2023. However, a sharp downturn is observed in March 2024, with a net loss of -4,170 million, representing an unusual dip. After this loss, income returns to positive figures and shows an upward trend, ultimately reaching the highest value in the final period of 3,052 million by September 2025. Overall, this pattern indicates periods of strong profitability interrupted by considerable fluctuations, including a significant loss phase in early 2024.
- Total Gilead Stockholders’ Equity
- The stockholders' equity remains relatively stable with a gradual upward trend across most periods. Starting at 18,952 million US dollars in March 2021, it increases steadily to a peak near 22,833 million by December 2023. There is a notable decline in March 2024 to 17,539 million, likely reflecting the impact of the net loss reported in the same quarter. Following this decline, equity gradually recovers, rising steadily to 21,540 million by September 2025. The overall trend suggests resilience in equity value despite disruptions, maintaining a generally increasing trajectory over the span.
- Return on Equity (ROE)
- ROE shows considerable variability that aligns broadly with fluctuations in net income. The metric begins at a moderate level of 1.59% in March 2021, jumps sharply to above 20% by mid-2021, and maintains elevated levels above 20% through much of 2022 and 2023. This suggests strong profitability relative to equity during these periods. ROE significantly declines in early 2024, falling to around 2.77% in March 2024 and hovering near or below 5.77% and 0.69% in subsequent quarters, coinciding with the substantial net loss and decrease in equity. Towards the end of the series, ROE recovers strongly and reaches a peak of 37.65% by September 2025, indicative of renewed robust profitability. This pattern reflects the sensitivity of profitability metrics to the underlying net income and equity changes, with periods of both weakness and strength clearly demarcated.
- Summary Insight
- The financial data reveals a pattern of cyclical earnings with intermittent periods of strong profit interspersed with significant downturns, particularly a pronounced loss in early 2024. Despite net income volatility, the equity base remains generally stable with temporary reductions corresponding to profit downturns. Return on equity trends parallel net income movements, confirming the impact of income fluctuations on shareholder returns. The concluding periods demonstrate recovery and growth in both net income and ROE, signaling potential strengthening of financial performance towards the end of the observed timeframe.
Return on Assets (ROA)
Gilead Sciences Inc., ROA calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Gilead | 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) | ||||||
| Total assets | 58,533) | 55,721) | 56,434) | 58,995) | 54,525) | 53,579) | 56,292) | 62,125) | 62,373) | 62,337) | 61,876) | 63,171) | 62,557) | 62,870) | 63,080) | 67,952) | 67,098) | 67,984) | 67,492) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 13.86% | 11.33% | 10.57% | 0.81% | 0.23% | 1.97% | 0.86% | 9.12% | 9.42% | 8.80% | 9.02% | 7.27% | 5.33% | 6.58% | 7.16% | 9.16% | 11.02% | 7.59% | 0.45% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 1.78% | 2.74% | 3.08% | 3.17% | 3.57% | 3.76% | 4.03% | 3.61% | 4.78% | 6.42% | 5.64% | 8.53% | 9.49% | 8.83% | 8.71% | 7.88% | 5.06% | 4.50% | 3.43% | ||||||
| Amgen Inc. | 7.77% | 7.53% | 6.64% | 4.45% | 4.65% | 3.44% | 4.05% | 6.91% | 8.36% | 8.84% | 8.92% | 10.06% | 10.73% | 11.09% | 9.67% | 9.63% | 8.63% | 9.61% | 11.33% | ||||||
| Bristol-Myers Squibb Co. | 6.23% | 5.33% | 5.86% | -9.66% | -7.75% | -6.91% | -6.21% | 8.43% | 9.08% | 8.52% | 7.75% | 6.53% | 6.80% | 6.59% | 6.07% | 6.40% | -4.87% | -4.58% | -5.53% | ||||||
| Danaher Corp. | 4.38% | 4.18% | 4.76% | 5.03% | 4.83% | 5.35% | 5.28% | 5.64% | 6.74% | 7.49% | 8.15% | 8.55% | 8.35% | 7.76% | 7.74% | 7.73% | 7.13% | 7.19% | 6.30% | ||||||
| Eli Lilly & Co. | 16.02% | 13.67% | 12.42% | 13.45% | 11.07% | 10.22% | 9.60% | 8.19% | 8.61% | 11.85% | 10.70% | 12.62% | 12.71% | 12.09% | 13.06% | 11.44% | 12.39% | 12.70% | 13.01% | ||||||
| Johnson & Johnson | 13.03% | 11.72% | 11.26% | 7.81% | 8.24% | 20.99% | 22.37% | 20.98% | 20.85% | 6.81% | 6.49% | 9.57% | 10.94% | 10.33% | 11.12% | 11.47% | 9.98% | 10.07% | 8.76% | ||||||
| Merck & Co. Inc. | 14.69% | 13.96% | 15.14% | 14.62% | 10.34% | 12.20% | 2.18% | 0.34% | 4.32% | 2.98% | 12.09% | 13.30% | 14.25% | 15.48% | 13.29% | 12.35% | 7.70% | 6.14% | 7.73% | ||||||
| Pfizer Inc. | 4.71% | 5.22% | 3.79% | 3.76% | 1.94% | -1.20% | -0.14% | 0.94% | 4.87% | 9.75% | 14.85% | 15.91% | 15.32% | 15.01% | 13.58% | 12.11% | 11.10% | 7.78% | 7.01% | ||||||
| Regeneron Pharmaceuticals Inc. | 11.40% | 11.67% | 11.98% | 11.69% | 12.43% | 11.98% | 11.22% | 11.95% | 12.41% | 14.02% | 13.91% | 14.85% | 19.40% | 20.90% | 30.11% | 31.75% | 29.55% | 28.88% | 22.53% | ||||||
| Thermo Fisher Scientific Inc. | 6.38% | 6.50% | 6.58% | 6.51% | 6.11% | 6.32% | 6.21% | 6.07% | 6.12% | 6.08% | 6.36% | 7.15% | 7.77% | 8.21% | 8.20% | 8.12% | 11.64% | 12.70% | 12.02% | ||||||
| Vertex Pharmaceuticals Inc. | 14.78% | 15.13% | -4.32% | -2.38% | -2.16% | -2.43% | 16.81% | 15.92% | 15.97% | 16.54% | 17.18% | 18.30% | 19.59% | 20.50% | 17.19% | 17.44% | 17.25% | 16.30% | 22.80% | ||||||
Based on: 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).
1 Q3 2025 Calculation
ROA = 100
× (Net income (loss) attributable to GileadQ3 2025
+ Net income (loss) attributable to GileadQ2 2025
+ Net income (loss) attributable to GileadQ1 2025
+ Net income (loss) attributable to GileadQ4 2024)
÷ Total assets
= 100 × (3,052 + 1,960 + 1,315 + 1,783)
÷ 58,533 = 13.86%
2 Click competitor name to see calculations.
- Net Income (Loss) Trends
- The net income attributable to the company exhibits considerable volatility across the observed quarters. Initially, it demonstrated strong positive figures, peaking at 2592 million USD in September 2021 and displaying a notable dip later in December 2021 to 382 million USD. After fluctuating through 2022 and early 2023 with values mostly above 1000 million USD, the figure sharply turned negative in March 2024, recording a loss of 4170 million USD. Following this significant loss, net income recovered and remained positive in subsequent quarters, reaching values above 3000 million USD by September 2025.
- Total Assets Evolution
- Total assets showed a declining trend from approximately 67,492 million USD in March 2021 to around 54,525 million USD by September 2024. This downward trend was interrupted by some slight increases towards the end of 2024 and the beginning of 2025, with assets reaching about 58,533 million USD by September 2025. Despite these fluctuations, the overall movement suggests a modest contraction in the asset base over the period considered.
- Return on Assets (ROA) Behavior
- The return on assets experienced oscillations throughout the period, starting at a low of 0.45% in March 2021, then rising dramatically to above 11% in late 2021. Through 2022 and early 2023, ROA values consistently maintained levels around 5% to 9%, indicating moderate profitability relative to asset size. A sharp decline occurred in early 2024, with ROA dropping close to zero, reflecting the negative net income in that quarter. Subsequently, ROA recovered strongly, surpassing 13% by September 2025, corresponding with increased net income and stabilized total assets.
- Overall Insights
- The financial data reveals a period marked by volatility in profitability metrics, as evidenced by fluctuating net income and ROA. The significant loss in early 2024 represents an outlier event within the timeline, followed by a substantial recovery. Total assets decreased gradually over the analyzed timeframe, possibly indicative of asset disposals or depreciation exceeding acquisitions. The tandem observation of improving ROA and rebounding net income alongside relatively steady asset levels towards the end of the period suggests enhanced operational efficiency or improved earnings quality in the most recent quarters.