Gilead Sciences (GILD) FY2019 results: revenue $22.4 billion, up 1.5% on the year
Gilead Sciences, Inc. (GILD) reported revenue of $22.4 billion for fiscal 2019, the year ended 31 December 2019, up 1.5% on the year before. Net income was $5.4 billion, down 1.3%, and diluted earnings per share $4.22. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$22.4 billion
+1.5% on the year
FY2012FY2019
Operating margin
19.1%
37.1% a year earlier
FY2012FY2019
Net income
$5.4 billion
-1.3% on the year
FY2012FY2019
Diluted EPS
$4.22
+1.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
22,449
22,127
26,107
+1.5%
Cost of revenue
4,675
4,853
4,371
-3.7%
Gross profit
17,774
17,274
21,736
+2.9%
Gross margin
79.2%
78.1%
83.3%
Research and development
9,106
5,018
3,734
+81.5%
Selling, general and administrative
4,381
4,056
3,878
+8.0%
Operating income
4,287
8,200
14,124
-47.7%
Operating margin
19.1%
37.1%
54.1%
Interest expense
995
1,077
1,118
-7.6%
Pre-tax income
5,160
7,799
13,529
-33.8%
Income tax
-204
2,339
8,885
Effective tax rate
-4.0%
30.0%
65.7%
Net income
5,386
5,455
4,628
-1.3%
Net margin
24.0%
24.7%
17.7%
Diluted EPS
$4.22
$4.17
$3.51
+1.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
9,144
8,400
11,898
+8.9%
Capital expenditure
825
924
590
-10.7%
Free cash flow
8,319
7,476
11,308
+11.3%
Free cash flow margin
37.1%
33.8%
43.3%
Cash from investing
-7,817
14,355
-16,069
Cash from financing
-7,634
-12,318
3,393
Share-based compensation
636
845
638
-24.7%
Buybacks
1,749
2,900
954
-39.7%
Dividends paid
3,222
2,971
2,731
+8.4%
Dividend per share
$2.52
$2.28
$2.08
+10.5%
Diluted shares, weighted
1,277m
1,308m
1,319m
-2.4%
Shares outstanding at period end
1,266m
1,282m
1,308m
-1.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
22,525
21,387
20,442
+5.3%
Non-controlling interest
125
147
59.0
-15.0%
Debt
24,593
27,322
33,542
-10.0%
Operating lease liabilities
626
n/a
n/a
Other liabilities
13,758
14,819
16,240
-7.2%
Total liabilities and equity
61,627
63,675
70,283
-3.2%
Fixed assets
4,502
4,006
3,295
+12.4%
Goodwill
4,117
4,117
4,159
0.0%
Intangible assets
13,786
15,738
17,100
-12.4%
Investments
14,209
13,572
29,106
+4.7%
Cash and equivalents
11,631
17,940
7,588
-35.2%
Receivables
3,582
3,327
3,851
+7.7%
Inventory
922
814
801
+13.3%
Other assets
8,878
4,161
4,383
+113.4%
Total assets
61,627
63,675
70,283
-3.2%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.