Cash flow Gilead Sciences, Inc.

Equities

GILD

US3755581036

Pharmaceuticals

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04:50pm	Transcript : Gilead Sciences, Inc. Presents at Baird's 2024 Global Healthcare Conference, Sep-10-2024 10:50 AM
03:10pm	Gilead Sciences, Genesis Therapeutics Sign Deal to Discover, Develop Novel Therapies	MT

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Published financial data: GILEAD SCIENCES, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	22.45B	24.69B	27.3B	27.28B	27.12B
Total Revenues	22.45B	24.69B	27.3B	27.28B	27.12B
Cost of Goods Sold, Total	4.68B	3.69B	5.53B	5.66B	6.02B
Gross Profit	17.77B	21B	21.78B	21.62B	21.1B
Selling General & Admin Expenses, Total	4.38B	4.91B	5.25B	5.67B	5.54B
R&D Expenses	8.31B	4.87B	5.36B	4.98B	5.76B
Other Operating Expenses, Total	12.69B	9.78B	10.61B	10.65B	11.3B
Operating Income	5.09B	11.22B	11.17B	10.97B	9.8B
Interest Expense, Total	-995M	-984M	-1B	-935M	-944M
Interest And Investment Income	-	-	-	-	376M
Net Interest Expenses	-995M	-984M	-1B	-935M	-568M
Currency Exchange Gains (Loss)	22M	-51M	21M	-21M	-21M
Other Non Operating Income (Expenses)	605M	295M	-50M	97M	11M
EBT, Excl. Unusual Items	4.72B	10.48B	10.14B	10.12B	9.22B
Restructuring Charges	-	-	-	-	-527M
Merger & Related Restructuring Charges	-	-1.29B	-	-	-
Gain (Loss) On Sale Of Investments	1.24B	-1.66B	-610M	-657M	-167M
Asset Writedown	-800M	-	-	-	-
In Process R&D Expenses	-	-5.86B	-177M	-3.64B	-1.2B
Legal Settlements	-	-	-1.08B	-	-525M
Other Unusual Items	-	-	-	-	60M
EBT, Incl. Unusual Items	5.16B	1.67B	8.28B	5.81B	6.86B
Income Tax Expense	-204M	1.58B	2.08B	1.25B	1.25B
Earnings From Continuing Operations	5.36B	89M	6.2B	4.57B	5.61B
Net Income to Company	5.36B	89M	6.2B	4.57B	5.61B
Minority Interest	22M	34M	24M	26M	52M
Net Income - (IS)	5.39B	123M	6.22B	4.59B	5.66B
Net Income to Common Incl Extra Items	5.39B	123M	6.22B	4.59B	5.66B
Net Income to Common Excl. Extra Items	5.39B	123M	6.22B	4.59B	5.66B
Per Share Items
Net EPS - Basic	4.24	0.1	4.96	3.66	4.54
Basic EPS - Continuing Operations	4.24	0.1	4.96	3.66	4.54
Basic Weighted Average Shares Outstanding	1.27B	1.26B	1.26B	1.26B	1.25B
Net EPS - Diluted	4.22	0.1	4.93	3.64	4.5
Diluted EPS - Continuing Operations	4.22	0.1	4.93	3.64	4.5
Diluted Weighted Average Shares Outstanding	1.28B	1.26B	1.26B	1.26B	1.26B
Normalized Basic EPS	2.34	5.24	5.06	5.06	4.66
Normalized Diluted EPS	2.33	5.21	5.04	5.03	4.62
Dividend Per Share	2.52	2.72	2.84	2.92	3
Payout Ratio	59.82	2.8K	57.91	80.77	67.24
Supplemental Items
EBITDA	6.49B	12.7B	13.22B	13.08B	12.5B
EBITA	6.24B	12.41B	12.89B	12.75B	12.14B
EBIT	5.09B	11.22B	11.17B	10.97B	9.8B
EBITDAR	6.65B	12.87B	13.38B	13.24B	12.66B
Total Revenues (As Reported)	22.45B	24.69B	27.3B	27.28B	27.12B
Effective Tax Rate - (Ratio)	-3.95	94.67	25.09	21.47	18.18
Current Domestic Taxes	1.78B	1.65B	2B	2.57B	1.86B
Current Foreign Taxes	124M	155M	185M	232M	381M
Total Current Taxes	1.9B	1.8B	2.19B	2.8B	2.24B
Deferred Domestic Taxes	-885M	-261M	-65M	-1.66B	-956M
Deferred Foreign Taxes	-1.22B	38M	-47M	101M	-39M
Total Deferred Taxes	-2.11B	-223M	-112M	-1.56B	-995M
Normalized Net Income	2.97B	6.58B	6.36B	6.35B	5.82B
Interest on Long-Term Debt	1B	994M	1B	940M	-
Supplemental Operating Expense Items
Advertising Expense	784M	795M	735M	778M	826M
Selling and Marketing Expenses	784M	795M	735M	778M	826M
Research And Development Expense From Footnotes	9.11B	10.9B	5.54B	8.62B	6.92B
Net Rental Expense, Total	162M	171M	156M	162M	165M
Imputed Operating Lease Interest Expense	48.99M	46.87M	42.06M	45.65M	48.42M
Imputed Operating Lease Depreciation	113M	124M	114M	116M	117M
Stock-Based Comp., COGS (Total)	48M	109M	40M	46M	57M
Stock-Based Comp., R&D Exp. (Total)	289M	462M	287M	285M	377M
Stock-Based Comp., SG&A Exp. (Total)	299M	505M	308M	313M	361M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	636M	1.08B	635M	644M	795M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	11.63B	6B	5.34B	5.41B	6.08B
Short Term Investments	13.04B	2.62B	2.63B	1.45B	2.26B
Total Cash And Short Term Investments	24.67B	8.61B	7.96B	6.86B	8.35B
Accounts Receivable, Total	3.58B	4.89B	4.49B	4.78B	4.66B
Other Receivables	-	9M	-	-	-
Total Receivables	3.58B	4.9B	4.49B	4.78B	4.66B
Inventory	922M	1.68B	1.62B	1.51B	1.79B
Prepaid Expenses	1.08B	788M	622M	1.24B	1.28B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	37M	12M	75M	60M	7M
Total Current Assets	30.3B	16B	14.77B	14.44B	16.08B
Gross Property Plant And Equipment	6.59B	7.28B	7.56B	8.17B	8.35B
Accumulated Depreciation	-1.42B	-1.67B	-1.89B	-2.19B	-2.45B
Net Property Plant And Equipment	5.17B	5.61B	5.66B	5.98B	5.9B
Long-term Investments	5.14B	2.26B	2.84B	2.61B	2.16B
Goodwill	4.12B	8.11B	8.33B	8.31B	8.31B
Other Intangibles, Total	13.79B	33.13B	33.46B	28.89B	26.45B
Deferred Tax Assets Long-Term	-	-	-	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	3.12B	3.31B	2.89B	2.93B	3.22B
Total Assets	61.63B	68.41B	67.95B	63.17B	62.12B
Liabilities
Accounts Payable, Total	713M	844M	705M	905M	550M
Accrued Expenses, Total	6.16B	6.39B	7B	6.53B	5B
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	2.5B	2.76B	1.52B	2.27B	1.8B
Current Portion of Leases	99M	107M	101M	111M	125M
Current Income Taxes Payable	287M	598M	539M	959M	1.21B
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	6M	701M	1.75B	455M	2.6B
Total Current Liabilities	9.76B	11.4B	11.61B	11.24B	11.28B
Long-Term Debt	22.09B	28.64B	25.18B	22.96B	23.19B
Long-Term Leases	626M	608M	489M	467M	546M
Deferred Tax Liability Non Current	-	-	4.36B	2.67B	1.59B
Other Non Current Liabilities	6.5B	9.54B	5.25B	4.63B	2.77B
Total Liabilities	38.98B	50.19B	46.89B	41.96B	39.38B
Common Stock, Total	1M	1M	1M	1M	1M
Additional Paid In Capital	3.05B	3.88B	4.66B	5.55B	6.5B
Retained Earnings	19.39B	14.38B	16.32B	15.69B	16.3B
Comprehensive Income and Other	85M	-60M	83M	2M	28M
Total Common Equity	22.52B	18.2B	21.07B	21.24B	22.83B
Minority Interest	125M	19M	-5M	-31M	-84M
Total Equity	22.65B	18.22B	21.06B	21.21B	22.75B
Total Liabilities And Equity	61.63B	68.41B	67.95B	63.17B	62.12B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.26B	1.26B	1.25B	1.25B	1.25B
ECS Total Common Shares Outstanding	1.27B	1.25B	1.25B	1.25B	1.25B
Book Value / Share	17.79	14.52	16.8	17.03	18.33
Tangible Book Value	4.62B	-23.03B	-20.72B	-15.97B	-11.94B
Tangible Book Value Per Share	3.65	-18.37	-16.52	-12.81	-9.58
Total Debt	25.32B	32.12B	27.28B	25.81B	25.66B
Net Debt	-841M	23B	18.01B	17.7B	16.14B
Debt Equivalent Oper. Leases	1.3B	1.37B	1.25B	1.3B	1.32B
Minority Interest, Total (Incl. Fin. Div)	125M	19M	-5M	-31M	-84M
Equity Method Investments, Total	-	-	338M	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Land - (BS)	404M	404M	404M	562M	561M
Buildings, Total	3.36B	3.68B	3.79B	4.39B	4.33B
Machinery, Total	1.44B	1.7B	1.76B	1.99B	2.22B
Full Time Employees	11.8K	13.6K	14.4K	17K	18K
Accumulated Allowance for Doubtful Accounts (Supple)	758M	44M	47M	55M	56M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	5.39B	123M	6.22B	4.59B	5.66B
Depreciation & Amortization - CF	255M	288M	329M	323M	354M
Amortization of Goodwill and Intangible Assets - (CF)	1.15B	1.19B	1.72B	1.78B	2.34B
Depreciation & Amortization, Total	1.4B	1.48B	2.05B	2.1B	2.69B
(Gain) Loss on Sale of Investments - (CF)	-1.24B	1.66B	610M	657M	167M
Asset Writedown & Restructuring Costs	800M	5.86B	177M	3.64B	1.2B
Stock-Based Compensation (CF)	636M	643M	635M	637M	766M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	2.96B	42M	1.2B	-798M	-187M
Change In Accounts Receivable	-218M	-1.17B	313M	-406M	157M
Change In Inventories	-95M	-195M	11M	-310M	-842M
Change In Accounts Payable	-61M	80M	-118M	226M	-347M
Change in Unearned Revenues	-	-	-	-	-
Change In Income Taxes	272M	-778M	-364M	-568M	-1.77B
Change in Other Net Operating Assets	-696M	426M	647M	-705M	497M
Cash from Operations	9.14B	8.17B	11.38B	9.07B	8.01B
Capital Expenditure	-825M	-650M	-579M	-728M	-585M
Cash Acquisitions	-	-25.74B	-1.4B	-1.8B	-1.15B
Investment in Marketable and Equity Securities, Total	-2.31B	11.95B	-987M	60M	-528M
Other Investing Activities, Total	-4.68B	-171M	-163M	-1M	0
Cash from Investing	-7.82B	-14.62B	-3.13B	-2.47B	-2.26B
Long-Term Debt Issued, Total	-	8.18B	-	-	1.98B
Total Debt Issued	-	8.18B	-	-	1.98B
Long-Term Debt Repaid, Total	-2.75B	-2.5B	-4.75B	-1.5B	-2.25B
Total Debt Repaid	-2.75B	-2.5B	-4.75B	-1.5B	-2.25B
Issuance of Common Stock	209M	256M	169M	309M	232M
Repurchase of Common Stock	-1.75B	-1.58B	-546M	-1.4B	-1B
Common Dividends Paid	-3.22B	-3.45B	-3.6B	-3.71B	-3.81B
Common & Preferred Stock Dividends Paid	-3.22B	-3.45B	-3.6B	-3.71B	-3.81B
Other Financing Activities, Total	-122M	-138M	-145M	-173M	-278M
Cash from Financing	-7.63B	770M	-8.88B	-6.47B	-5.12B
Foreign Exchange Rate Adjustments	-2M	43M	-35M	-63M	57M
Net Change in Cash	-6.31B	-5.63B	-659M	74M	673M
Supplemental Items
Cash Interest Paid	982M	951M	979M	907M	891M
Cash Income Tax Paid (Refund)	1.79B	2.64B	2.51B	3.14B	3.99B
Levered Free Cash Flow	2.34B	7.91B	10.29B	6.94B	8.79B
Unlevered Free Cash Flow	2.96B	8.53B	10.91B	7.52B	9.38B
Change In Net Working Capital	1.44B	387M	-1.82B	1.36B	-354M
Net Debt Issued / Repaid	-2.75B	5.68B	-4.75B	-1.5B	-270M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.07	10.78	10.24	10.46	9.78
Return on Total Capital	6.57	14.26	14.15	14.38	12.84
Return On Equity %	24.28	0.44	31.57	21.6	25.54
Return on Common Equity	24.53	0.6	31.7	21.71	25.71
Margin Analysis
Gross Profit Margin %	79.18	85.05	79.76	79.26	77.8
SG&A Margin	19.52	19.88	19.21	20.79	20.42
EBITDA Margin %	28.91	51.43	48.42	47.93	46.08
EBITA Margin %	27.78	50.26	47.21	46.75	44.77
EBIT Margin %	22.66	45.43	40.91	40.23	36.15
Income From Continuing Operations Margin %	23.89	0.36	22.71	16.74	20.7
Net Income Margin %	23.99	0.5	22.8	16.83	20.89
Net Avail. For Common Margin %	23.99	0.5	22.8	16.83	20.89
Normalized Net Income Margin	13.24	26.66	23.3	23.27	21.45
Levered Free Cash Flow Margin	10.4	32.06	37.67	25.42	32.43
Unlevered Free Cash Flow Margin	13.17	34.55	39.96	27.56	34.6
Asset Turnover
Asset Turnover	0.36	0.38	0.4	0.42	0.43
Fixed Assets Turnover	4.89	4.58	4.84	4.69	4.57
Receivables Turnover (Average Receivables)