Gilead Sciences (GILD) FY2014 results: revenue $24.9 billion, up 122.2% on the year
Gilead Sciences, Inc. (GILD) reported revenue of $24.9 billion for fiscal 2014, the year ended 31 December 2014, up 122.2% on the year before. Net income was $12.1 billion, up 293.6%, and diluted earnings per share $7.35. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$24.9 billion
+122.2% on the year
FY2007FY2014
Operating margin
61.3%
40.4% a year earlier
FY2007FY2014
Net income
$12.1 billion
+293.6% on the year
FY2007FY2014
Diluted EPS
$7.35
+306.1% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
24,890
11,202
9,703
+122.2%
Cost of revenue
3,788
2,859
2,471
+32.5%
Gross profit
21,102
8,343
7,231
+152.9%
Gross margin
84.8%
74.5%
74.5%
Research and development
2,854
2,120
1,760
+34.6%
Selling, general and administrative
2,983
1,699
1,461
+75.5%
Operating income
15,265
4,524
4,010
+237.4%
Operating margin
61.3%
40.4%
41.3%
Interest expense
412
307
361
+34.2%
Pre-tax income
14,856
4,208
3,612
+253.0%
Income tax
2,797
1,151
1,038
+143.0%
Effective tax rate
18.8%
27.3%
28.7%
Net income
12,101
3,075
2,592
+293.6%
Net margin
48.6%
27.4%
26.7%
Diluted EPS
$7.35
$1.81
$1.64
+306.1%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
12,818
3,105
3,195
+312.8%
Capital expenditure
557
134
397
+315.7%
Free cash flow
12,261
2,971
2,798
+312.7%
Free cash flow margin
49.3%
26.5%
28.8%
Cash from investing
-1,823
-254
-11,846
Cash from financing
-3,025
-2,544
563
Depreciation and amortisation
n/a
n/a
146
Share-based compensation
360
252
209
+42.9%
Buybacks
5,349
582
667
+818.5%
Dividends paid
0.0
0.0
n/a
Dividend per share
$0.00
$0.00
n/a
Diluted shares, weighted
1,647m
1,695m
1,583m
-2.8%
Shares outstanding at period end
1,499m
1,534m
1,519m
-2.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
15,426
11,369
9,310
+35.7%
Non-controlling interest
393
375
241
+4.7%
Redeemable equity
15.0
64.0
7.1
-76.6%
Debt
12,404
6,636
8,224
+86.9%
Other liabilities
6,426
4,135
3,458
+55.4%
Total liabilities and equity
34,664
22,579
21,240
+53.5%
Fixed assets
1,674
1,166
1,100
+43.5%
Goodwill
1,172
1,169
1,061
+0.3%
Intangible assets
11,073
11,900
11,736
-7.0%
Investments
1,699
458
778
+270.9%
Cash and equivalents
10,027
2,113
1,804
+374.6%
Receivables
4,635
2,182
1,751
+112.4%
Inventory
1,386
1,697
1,745
-18.3%
Other assets
2,998
1,894
1,264
+58.3%
Total assets
34,664
22,579
21,240
+53.5%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.