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Gilead Sciences GILD Acquired in-process research and development

Acquired in-process research and development at other companies

Merck & Co. logo
Merck & Co.MRK
$0-100%

Other financials

Income statement

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Revenue$7.8B+10.2%
Gross profit$6.2B+11.5%
Operating income-$10.4B-520%
Net income-$10.5B-636%
EPS (diluted)-$8.45-642%

Balance sheet

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Cash & equivalents$3.2B-38.2%
Total debt$26.2B+5.2%
Total equity$11.8B-39.9%
Total assets$49.4B-11.4%

Cash flow

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Operating cash flow$3.6B+332%
CapEx$140.0M+30.8%
Free cash flow$3.4B+377%

Valuation

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Market cap$162.47B+18.4%
Enterprise value$185.54B+18.2%
P/S5.3×+0.6×

Profitability

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Gross margin79.6%+1.1pp
Operating margin-8.2%-36.1pp
Net margin-10.6%-32.5pp
FCF margin42.5%+10.0pp

Returns & leverage

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Return on equity-20.6%-53.8pp
Debt / equity2.2×+1.0×
Current ratio1.3×0.0×

Where this comes from

Reported directly by Gilead Sciences in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff.

The source filing: Gilead Sciences’s 10-K, filed February 24, 2026.

Filed
Feb 24, 2026, 4:18 PM EST
Fiscal year
FY2025
Accession
0000882095-26-000006
(in millions, except per share amounts)Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Costs and expenses:
Cost of goods sold6,2346,2516,498
Research and development expenses5,7995,9075,718
Acquired in-process research and development expenses1,0244,6631,155
In-process research and development impairments5904,18050
Selling, general and administrative expenses5,7746,0916,090
Total costs and expenses19,42127,09219,511
Operating income10,0221,6627,605

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Gilead Sciences's acquired in-process research and development?
Gilead Sciences (GILD) reported acquired in-process research and development of $539M in Q4 2025.
What is the long-term trend for Gilead Sciences's acquired in-process research and development?
Over 4 years (2021 to 2025), Gilead Sciences's acquired in-process research and development has grown at a 2.3% compound annual growth rate (CAGR), from $934M to $1.02B.
What does acquired in-process research and development mean?
This represents the cash outflow for the acquisition of in-process research and development projects. In the pharmaceutical industry, this is a key indicator of how a company is replenishing its drug pipeline through external investment. It highlights the company's strategy for long-term growth versus internal R&D development.

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