Gilead Sciences (GILD) FY2011 results: revenue $8.4 billion, up 5.5% on the year
Gilead Sciences, Inc. (GILD) reported revenue of $8.4 billion for fiscal 2011, the year ended 31 December 2011, up 5.5% on the year before. Net income was $2.8 billion, down 3.4%, and diluted earnings per share $1.77. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2012.
Revenue
$8.4 billion
+5.5% on the year
FY2007FY2011
Operating margin
45.2%
49.8% a year earlier
FY2007FY2011
Net income
$2.8 billion
-3.4% on the year
FY2007FY2011
Diluted EPS
$1.77
+6.9% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
8,385
7,949
7,011
+5.5%
Cost of revenue
2,124
1,870
1,596
+13.6%
Gross profit
6,261
6,080
5,416
+3.0%
Gross margin
74.7%
76.5%
77.2%
Research and development
1,229
1,073
940
+14.6%
Selling, general and administrative
1,242
1,044
947
+18.9%
Operating income
3,790
3,962
3,529
-4.4%
Operating margin
45.2%
49.8%
50.3%
Interest expense
205
109
69.7
+88.5%
Pre-tax income
3,651
3,914
3,502
-6.7%
Income tax
862
1,024
876
-15.8%
Effective tax rate
23.6%
26.2%
25.0%
Net income
2,804
2,901
2,636
-3.4%
Net margin
33.4%
36.5%
37.6%
Diluted EPS
$1.77
$1.66
$1.41
+6.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
3,639
2,834
3,080
+28.4%
Capital expenditure
132
61.9
230
+113.1%
Free cash flow
3,507
2,772
2,850
+26.5%
Free cash flow margin
41.8%
34.9%
40.6%
Cash from investing
3,590
-1,938
-2,216
Cash from financing
1,764
-1,339
-1,051
Depreciation and amortisation
142
127
n/a
+11.5%
Share-based compensation
192
200
181
-3.8%
Buybacks
2,383
4,023
998
-40.8%
Diluted shares, weighted
1,580m
1,747m
1,868m
-9.5%
Shares outstanding at period end
1,506m
1,604m
1,800m
-6.1%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,739
5,864
6,367
+14.9%
Non-controlling interest
128
258
138
-50.2%
Debt
7,606
2,839
1,155
+167.9%
Other liabilities
2,830
2,632
2,038
+7.5%
Total liabilities and equity
17,303
11,593
9,699
+49.3%
Fixed assets
774
701
700
+10.4%
Goodwill
1,004
533
463
+88.5%
Intangible assets
1,063
863
923
+23.1%
Investments
80.2
4,410
2,632
-98.2%
Cash and equivalents
9,884
908
1,273
+988.7%
Receivables
1,951
1,622
1,390
+20.3%
Inventory
1,390
1,204
1,052
+15.5%
Other assets
1,157
1,351
1,267
-14.4%
Total assets
17,303
11,593
9,699
+49.3%
10-K for the year ended 31 December 2011, filed 23 February 2012: the filing.