Gilead Sciences (GILD) FY2020 results: revenue $24.7 billion, up 10.0% on the year
Gilead Sciences, Inc. (GILD) reported revenue of $24.7 billion for fiscal 2020, the year ended 31 December 2020, up 10.0% on the year before. Net income was $123 million, down 97.7%, and diluted earnings per share $0.10. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$24.7 billion
+10.0% on the year
FY2013FY2020
Operating margin
16.5%
19.1% a year earlier
FY2013FY2020
Net income
$123 million
-97.7% on the year
FY2013FY2020
Diluted EPS
$0.10
-97.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
24,689
22,449
22,127
+10.0%
Cost of revenue
4,572
4,675
4,853
-2.2%
Gross profit
20,117
17,774
17,274
+13.2%
Gross margin
81.5%
79.2%
78.1%
Research and development
4,927
9,106
5,018
-45.9%
Selling, general and administrative
5,151
4,381
4,056
+17.6%
Operating income
4,071
4,287
8,200
-5.0%
Operating margin
16.5%
19.1%
37.1%
Interest expense
984
995
1,077
-1.1%
Pre-tax income
1,669
5,160
7,799
-67.7%
Income tax
1,580
-204
2,339
Effective tax rate
94.7%
-4.0%
30.0%
Net income
123
5,386
5,455
-97.7%
Net margin
0.5%
24.0%
24.7%
Diluted EPS
$0.10
$4.22
$4.17
-97.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
8,168
9,144
8,400
-10.7%
Capital expenditure
650
825
924
-21.2%
Free cash flow
7,518
8,319
7,476
-9.6%
Free cash flow margin
30.5%
37.1%
33.8%
Cash from investing
-14,615
-7,817
14,355
Cash from financing
770
-7,634
-12,318
Depreciation and amortisation
1,488
n/a
n/a
Share-based compensation
643
636
845
+1.1%
Buybacks
1,583
1,749
2,900
-9.5%
Dividends paid
3,449
3,222
2,971
+7.0%
Dividend per share
$2.72
$2.52
$2.28
+7.9%
Diluted shares, weighted
1,263m
1,277m
1,308m
-1.1%
Shares outstanding at period end
1,254m
1,266m
1,282m
-0.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
18,202
22,525
21,387
-19.2%
Non-controlling interest
19.0
125
147
-84.8%
Debt
31,402
24,593
27,322
+27.7%
Operating lease liabilities
608
626
n/a
-2.9%
Other liabilities
18,176
13,758
14,819
+32.1%
Total liabilities and equity
68,407
61,627
63,675
+11.0%
Fixed assets
4,967
4,502
4,006
+10.3%
Goodwill
8,108
4,117
4,117
+96.9%
Intangible assets
33,126
13,786
15,738
+140.3%
Investments
1,913
14,209
13,572
-86.5%
Cash and equivalents
5,997
11,631
17,940
-48.4%
Receivables
4,892
3,582
3,327
+36.6%
Inventory
1,683
922
814
+82.5%
Other assets
7,721
8,878
4,161
-13.0%
Total assets
68,407
61,627
63,675
+11.0%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.