Stock Analysis on Net
Stock Analysis on Net

Gilead Sciences Inc. (NASDAQ:GILD)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Gilead Sciences Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.43 0.43 0.40 0.36 0.36
Adjusted 0.44 0.44 0.41 0.36 0.37
Liquidity Ratio
Current Ratio
Reported 1.43 1.29 1.27 1.40 3.10
Adjusted 1.43 1.29 1.28 1.41 3.11
Solvency Ratios
Debt to Equity
Reported 1.09 1.19 1.27 1.73 1.09
Adjusted 1.11 1.14 1.13 1.54 1.20
Debt to Capital
Reported 0.52 0.54 0.56 0.63 0.52
Adjusted 0.53 0.53 0.53 0.61 0.55
Financial Leverage
Reported 2.72 2.97 3.23 3.76 2.74
Adjusted 2.63 2.73 2.76 3.22 2.84
Profitability Ratios
Net Profit Margin
Reported 21.03% 17.02% 23.05% 0.51% 24.35%
Adjusted 17.25% 10.89% 23.09% -1.13% 14.74%
Return on Equity (ROE)
Reported 24.81% 21.62% 29.55% 0.68% 23.91%
Adjusted 20.02% 12.95% 25.84% -1.32% 15.43%
Return on Assets (ROA)
Reported 9.12% 7.27% 9.16% 0.18% 8.74%
Adjusted 7.62% 4.74% 9.35% -0.41% 5.42%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Gilead Sciences Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Gilead Sciences Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Gilead Sciences Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Gilead Sciences Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Gilead Sciences Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Gilead Sciences Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Gilead Sciences Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Gilead Sciences Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Gilead Sciences Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Product sales 26,934 26,982 27,008 24,355 22,119
Total assets 62,125 63,171 67,952 68,407 61,627
Activity Ratio
Total asset turnover1 0.43 0.43 0.40 0.36 0.36
Adjusted
Selected Financial Data (US$ in millions)
Product sales 26,934 26,982 27,008 24,355 22,119
Adjusted total assets2 60,985 61,985 66,660 67,149 60,111
Activity Ratio
Adjusted total asset turnover3 0.44 0.44 0.41 0.36 0.37

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Product sales ÷ Total assets
= 26,934 ÷ 62,125 = 0.43

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Product sales ÷ Adjusted total assets
= 26,934 ÷ 60,985 = 0.44

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Gilead Sciences Inc. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 16,085 14,443 14,772 15,996 30,296
Current liabilities 11,280 11,237 11,610 11,397 9,759
Liquidity Ratio
Current ratio1 1.43 1.29 1.27 1.40 3.10
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 16,141 14,498 14,819 16,040 30,336
Current liabilities 11,280 11,237 11,610 11,397 9,759
Liquidity Ratio
Adjusted current ratio3 1.43 1.29 1.28 1.41 3.11

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 16,085 ÷ 11,280 = 1.43

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 16,141 ÷ 11,280 = 1.43

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Gilead Sciences Inc. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 24,987 25,230 26,695 31,402 24,593
Total Gilead stockholders’ equity 22,833 21,240 21,069 18,202 22,525
Solvency Ratio
Debt to equity1 1.09 1.19 1.27 1.73 1.09
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 25,658 25,808 27,285 32,117 25,318
Adjusted total stockholders’ equity3 23,197 22,696 24,128 20,877 21,134
Solvency Ratio
Adjusted debt to equity4 1.11 1.14 1.13 1.54 1.20

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Gilead stockholders’ equity
= 24,987 ÷ 22,833 = 1.09

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= 25,658 ÷ 23,197 = 1.11

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Gilead Sciences Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 24,987 25,230 26,695 31,402 24,593
Total capital 47,820 46,470 47,764 49,604 47,118
Solvency Ratio
Debt to capital1 0.52 0.54 0.56 0.63 0.52
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 25,658 25,808 27,285 32,117 25,318
Adjusted total capital3 48,855 48,504 51,413 52,994 46,452
Solvency Ratio
Adjusted debt to capital4 0.53 0.53 0.53 0.61 0.55

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 24,987 ÷ 47,820 = 0.52

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 25,658 ÷ 48,855 = 0.53

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Gilead Sciences Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 62,125 63,171 67,952 68,407 61,627
Total Gilead stockholders’ equity 22,833 21,240 21,069 18,202 22,525
Solvency Ratio
Financial leverage1 2.72 2.97 3.23 3.76 2.74
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 60,985 61,985 66,660 67,149 60,111
Adjusted total stockholders’ equity3 23,197 22,696 24,128 20,877 21,134
Solvency Ratio
Adjusted financial leverage4 2.63 2.73 2.76 3.22 2.84

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Gilead stockholders’ equity
= 62,125 ÷ 22,833 = 2.72

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= 60,985 ÷ 23,197 = 2.63

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Gilead Sciences Inc. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Gilead 5,665 4,592 6,225 123 5,386
Product sales 26,934 26,982 27,008 24,355 22,119
Profitability Ratio
Net profit margin1 21.03% 17.02% 23.05% 0.51% 24.35%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,645 2,938 6,235 (275) 3,260
Product sales 26,934 26,982 27,008 24,355 22,119
Profitability Ratio
Adjusted net profit margin3 17.25% 10.89% 23.09% -1.13% 14.74%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income attributable to Gilead ÷ Product sales
= 100 × 5,665 ÷ 26,934 = 21.03%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Product sales
= 100 × 4,645 ÷ 26,934 = 17.25%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Gilead Sciences Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Gilead 5,665 4,592 6,225 123 5,386
Total Gilead stockholders’ equity 22,833 21,240 21,069 18,202 22,525
Profitability Ratio
ROE1 24.81% 21.62% 29.55% 0.68% 23.91%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,645 2,938 6,235 (275) 3,260
Adjusted total stockholders’ equity3 23,197 22,696 24,128 20,877 21,134
Profitability Ratio
Adjusted ROE4 20.02% 12.95% 25.84% -1.32% 15.43%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income attributable to Gilead ÷ Total Gilead stockholders’ equity
= 100 × 5,665 ÷ 22,833 = 24.81%

2 Adjusted net income. See details »

3 Adjusted total stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total stockholders’ equity
= 100 × 4,645 ÷ 23,197 = 20.02%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Gilead Sciences Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income attributable to Gilead 5,665 4,592 6,225 123 5,386
Total assets 62,125 63,171 67,952 68,407 61,627
Profitability Ratio
ROA1 9.12% 7.27% 9.16% 0.18% 8.74%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,645 2,938 6,235 (275) 3,260
Adjusted total assets3 60,985 61,985 66,660 67,149 60,111
Profitability Ratio
Adjusted ROA4 7.62% 4.74% 9.35% -0.41% 5.42%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income attributable to Gilead ÷ Total assets
= 100 × 5,665 ÷ 62,125 = 9.12%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,645 ÷ 60,985 = 7.62%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Gilead Sciences Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.