Gilead Sciences (GILD) FY2018 results: revenue $22.1 billion, down 15.2% on the year
Gilead Sciences, Inc. (GILD) reported revenue of $22.1 billion for fiscal 2018, the year ended 31 December 2018, down 15.2% on the year before. Net income was $5.5 billion, up 17.9%, and diluted earnings per share $4.17. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2019.
Revenue
$22.1 billion
-15.2% on the year
FY2011FY2018
Operating margin
37.1%
54.1% a year earlier
FY2011FY2018
Net income
$5.5 billion
+17.9% on the year
FY2011FY2018
Diluted EPS
$4.17
+18.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
22,127
26,107
30,390
-15.2%
Cost of revenue
4,853
4,371
4,261
+11.0%
Gross profit
17,274
21,736
26,129
-20.5%
Gross margin
78.1%
83.3%
86.0%
Research and development
5,018
3,734
5,098
+34.4%
Selling, general and administrative
4,056
3,878
3,398
+4.6%
Operating income
8,200
14,124
17,633
-41.9%
Operating margin
37.1%
54.1%
58.0%
Interest expense
1,077
1,118
964
-3.7%
Pre-tax income
7,799
13,529
17,097
-42.4%
Income tax
2,339
8,885
3,609
-73.7%
Effective tax rate
30.0%
65.7%
21.1%
Net income
5,455
4,628
13,501
+17.9%
Net margin
24.7%
17.7%
44.4%
Diluted EPS
$4.17
$3.51
$9.94
+18.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
8,400
11,898
17,047
-29.4%
Capital expenditure
924
590
748
+56.6%
Free cash flow
7,476
11,308
16,299
-33.9%
Free cash flow margin
33.8%
43.3%
53.6%
Cash from investing
14,355
-16,069
-11,985
Cash from financing
-12,318
3,393
-9,725
Share-based compensation
845
638
380
+32.4%
Buybacks
2,900
954
11,001
+204.0%
Dividends paid
2,971
2,731
2,455
+8.8%
Dividend per share
$2.28
$2.08
$1.84
+9.6%
Diluted shares, weighted
1,308m
1,319m
1,358m
-0.8%
Shares outstanding at period end
1,282m
1,308m
1,310m
-2.0%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
21,387
20,442
18,887
+4.6%
Non-controlling interest
147
59.0
476
+149.2%
Redeemable equity
n/a
n/a
0.0
Debt
27,322
33,542
26,346
-18.5%
Other liabilities
14,819
16,240
11,268
-8.8%
Total liabilities and equity
63,675
70,283
56,977
-9.4%
Fixed assets
4,006
3,295
2,865
+21.6%
Goodwill
4,117
4,159
1,172
-1.0%
Intangible assets
15,738
17,100
8,971
-8.0%
Investments
13,572
29,106
24,151
-53.4%
Cash and equivalents
17,940
7,588
8,229
+136.4%
Receivables
3,327
3,851
4,514
-13.6%
Inventory
814
801
1,587
+1.6%
Other assets
4,161
4,383
5,488
-5.1%
Total assets
63,675
70,283
56,977
-9.4%
10-K for the year ended 31 December 2018, filed 26 February 2019: the filing.