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Gilead Sciences, Inc. Q4 FY2023 results: revenue $7.1 billion, down 3.7% on the year

Gilead Sciences, Inc. (GILD) reported revenue of $7.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 3.7% on the same quarter a year earlier. Net income was $1.4 billion, down 12.8% on the year, and diluted earnings per share $1.14. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$7.1 billiondown 3.7%
Net income$1.4 billiondown 12.8%
Diluted EPS$1.14
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue7,1147,051n/an/a
Cost of revenue2,0901,565n/an/a
Gross profit5,0245,486n/an/a
Gross margin70.6%77.8%n/a
Research and development1,4071,457n/an/a
Selling, general and administrative1,6071,315n/an/a
Operating income1,6122,623n/an/a
Operating margin22.7%37.2%n/a
Interest expense252232n/an/a
Pre-tax income1,6532,318n/an/a
Income tax236146n/an/a
Effective tax rate14.3%6.3%n/a
Net income1,4302,180n/an/a
Net margin20.1%30.9%n/a
Diluted EPS$1.14$1.73n/an/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow2,1691,755n/an/a
Capital expenditure215122n/an/a
Free cash flow1,9541,633n/an/a
Free cash flow margin27.5%23.2%n/a
Depreciation and amortisation691686n/an/a
Share-based compensation201202n/an/a
Buybacks150300n/an/a
Dividends paid943953n/an/a
Dividend per sharen/a$0.75n/an/a
Diluted shares, weighted1,258m1,257mn/an/a
Shares outstanding at period end1,246m1,247mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Total assets62,12562,373n/an/a
Cash and equivalents6,0855,705n/an/a
Receivables4,6604,790n/an/a
Inventory1,7871,663n/an/a
Goodwill8,3148,314n/an/a
Long-term debt24,98724,982n/an/a
Operating lease liabilities546n/an/an/a
Shareholders' equity22,83322,314n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue7,0517,1146,6866,9547,5457,5696,6677,0827,7697,9256,9607,803
Cost of revenue1,5652,0901,5521,5441,5741,5811,5401,5011,5691,6241,4451,579
Gross profit5,4865,0245,1345,4105,9715,9885,1275,5816,2006,3015,5156,224
Gross margin78%71%77%78%79%79%77%79%80%80%79%80%
R&D1,4571,4071,5201,3511,3951,6411,3791,4911,3461,5831,3721,764
SG&A1,3151,6071,3751,3771,4331,9061,2581,3651,3571,7941,4511,921
Operating income2,6231,612-4,3222,6448882,4522,2372,4743,3271,9842,586-10,394
Operating margin37%23%-65%38%12%32%34%35%43%25%37%-133%
Interest expense232252254237238248260254256254240247
Pre-tax income2,3181,653-4,4862,0539562,1671,6492,4293,6412,0772,580-10,254
Tax rate6%14%n/a21%-31%18%20%19%16%-5%22%n/a
Net income2,1801,430-4,1701,6141,2531,7831,3151,9603,0522,1832,021-10,496
Net margin31%20%-62%23%17%24%20%28%39%28%29%-135%
Diluted EPS$1.73$1.14-$3.34$1.29$1.00$1.43$1.04$1.56$2.43$1.75$1.61-$8.45
Operating cash flow1,7552,1692,2191,3254,3092,9751,7578274,1083,3272,5443,573
Capital expenditure122215105130141147104107147205117140
Free cash flow1,6331,9542,1141,1954,1682,8281,6537203,9613,1222,4273,433
Buybacks300150400100300350730527435230419355
Dividends paid9539439909729839731,0109941,0059941,0401,029
Shares outstanding1,247m1,246m1,246m1,246m1,246m1,246m1,245m1,242m1,242m1,241m1,242m1,241m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0000882095-24-000007: the filing on EDGAR. All of Gilead Sciences, Inc.'s filings: EDGAR company page.

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