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Gilead Sciences (GILD)

Market Price (2/21/2026): $151.49 | Market Cap: $188.3 Bil
Sector: Health Care | Industry: Biotechnology

Gilead Sciences (GILD)

Market Price (2/21/2026): $151.49
Market Cap: $188.3 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, Dividend Yield is 2.1%		 Trading close to highs
Dist 52W High is -2.8%, Dist 3Y High is -2.8%		 Key risks
GILD key risks include [1] looming patent expirations and subsequent generic competition for its highly profitable HIV franchise and [2] pipeline setbacks, Show more.
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38%		  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 9.7 Bil, FCF LTM is 9.2 Bil		  
3 Low stock price volatility
Vol 12M is 29%		  
4 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, Dividend Yield is 2.1%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31%, CFO LTM is 9.7 Bil, FCF LTM is 9.2 Bil
3 Low stock price volatility
Vol 12M is 29%
4 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.
5 Trading close to highs
Dist 52W High is -2.8%, Dist 3Y High is -2.8%
6 Key risks
GILD key risks include [1] looming patent expirations and subsequent generic competition for its highly profitable HIV franchise and [2] pipeline setbacks, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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Gilead Sciences (GILD) stock has gained about 25% since 10/31/2025 because of the following key factors:

1. Gilead Sciences exceeded Wall Street's expectations for both earnings per share and revenue in its fourth-quarter 2025 financial results. The company reported an adjusted earnings per share (EPS) of $1.86, surpassing analyst forecasts which ranged from $1.81 to $1.85. Total revenues reached $7.9 billion, also exceeding estimates that were around $7.6 billion.

2. The company demonstrated robust growth within its HIV franchise. In 2025, Gilead's HIV business saw a 6% year-over-year increase in sales. This growth was primarily driven by strong demand for its flagship HIV treatment, Biktarvy, which saw a 7% increase in sales to $14.3 billion for the full year, and Descovy, whose sales surged by 31% to $2.8 billion. The HIV prevention portfolio also experienced a significant 47% rise.

Show more

Stock Movement Drivers

Fundamental Drivers

The 27.2% change in GILD stock from 10/31/2025 to 2/20/2026 was primarily driven by a 27.5% change in the company's Net Income Margin (%).
(LTM values as of)103120252202026Change
Stock Price ($)119.00151.4027.2%
Change Contribution By: 
Total Revenues ($ Mil)28,86229,0860.8%
Net Income Margin (%)21.9%27.9%27.5%
P/E Multiple23.523.2-1.2%
Shares Outstanding (Mil)1,2451,2430.2%
Cumulative Contribution27.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/20/2026
ReturnCorrelation
GILD27.2% 
Market (SPY)1.1%13.1%
Sector (XLV)8.7%45.2%

Fundamental Drivers

The 36.7% change in GILD stock from 7/31/2025 to 2/20/2026 was primarily driven by a 34.3% change in the company's Net Income Margin (%).
(LTM values as of)73120252202026Change
Stock Price ($)110.78151.4036.7%
Change Contribution By: 
Total Revenues ($ Mil)28,73429,0861.2%
Net Income Margin (%)20.8%27.9%34.3%
P/E Multiple23.123.20.3%
Shares Outstanding (Mil)1,2461,2430.2%
Cumulative Contribution36.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/20/2026
ReturnCorrelation
GILD36.7% 
Market (SPY)9.4%12.1%
Sector (XLV)20.8%39.0%

Fundamental Drivers

The 60.1% change in GILD stock from 1/31/2025 to 2/20/2026 was primarily driven by a 6162.1% change in the company's Net Income Margin (%).
(LTM values as of)13120252202026Change
Stock Price ($)94.56151.4060.1%
Change Contribution By: 
Total Revenues ($ Mil)28,29829,0862.8%
Net Income Margin (%)0.4%27.9%6162.1%
P/E Multiple935.823.2-97.5%
Shares Outstanding (Mil)1,2471,2430.3%
Cumulative Contribution60.1%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/20/2026
ReturnCorrelation
GILD60.1% 
Market (SPY)15.6%24.3%
Sector (XLV)8.2%52.9%

Fundamental Drivers

The 100.4% change in GILD stock from 1/31/2023 to 2/20/2026 was primarily driven by a 126.9% change in the company's Net Income Margin (%).
(LTM values as of)13120232202026Change
Stock Price ($)75.53151.40100.4%
Change Contribution By: 
Total Revenues ($ Mil)27,13629,0867.2%
Net Income Margin (%)12.3%27.9%126.9%
P/E Multiple28.423.2-18.4%
Shares Outstanding (Mil)1,2551,2431.0%
Cumulative Contribution100.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/20/2026
ReturnCorrelation
GILD100.4% 
Market (SPY)75.9%21.3%
Sector (XLV)23.1%46.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GILD Return30%24%-2%19%37%23%214%
Peers Return23%18%-15%4%18%11%69%
S&P 500 Return27%-19%24%23%16%0%83%

Monthly Win Rates [3]
GILD Win Rate58%33%42%67%67%100% 
Peers Win Rate58%62%37%48%60%90% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
GILD Max Drawdown0%-20%-12%-21%-3%-4% 
Peers Max Drawdown-7%-8%-23%-10%-14%-1% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ABBV, MRK, BMY, PFE, JNJ. See GILD Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/20/2026 (YTD)

How Low Can It Go

Unique KeyEventGILDS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-21.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven27.1%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven232 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-32.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven48.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven691 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-31.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven46.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven1,439 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-34.4%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven52.4%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,392 days1,480 days

Compare to ABBV, MRK, BMY, PFE, JNJ

In The Past

Gilead Sciences's stock fell -21.3% during the 2022 Inflation Shock from a high on 12/29/2021. A -21.3% loss requires a 27.1% gain to breakeven.

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About Gilead Sciences (GILD)

Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally. The company provides Biktarvy, Genvoya, Descovy, Odefsey, Truvada, Complera/ Eviplera, Stribild, and Atripla products for the treatment of HIV/AIDS; Veklury, an injection for intravenous use, for the treatment of coronavirus disease 2019; and Epclusa, Harvoni, Vosevi, Vemlidy, and Viread for the treatment of liver diseases. It also offers Yescarta, Tecartus, Trodelvy, and Zydelig products for the treatment of hematology, oncology, and cell therapy patients. In addition, the company provides Letairis, an oral formulation for the treatment of pulmonary arterial hypertension; Ranexa, an oral formulation for the treatment of chronic angina; and AmBisome, a liposomal formulation for the treatment of serious invasive fungal infections. Gilead Sciences, Inc. has collaboration agreements with Arcus Biosciences, Inc.; Pionyr Immunotherapeutics Inc.; Tizona Therapeutics, Inc.; Tango Therapeutics, Inc.; Jounce Therapeutics, Inc.; Galapagos NV; Janssen Sciences Ireland Unlimited Company; Japan Tobacco, Inc.; Gadeta B.V.; Bristol-Myers Squibb Company; and Merck & Co, Inc. The company was incorporated in 1987 and is headquartered in Foster City, California.

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Analogy 1: Amgen for antiviral drugs, with a growing oncology pipeline.

Analogy 2: Like a Pfizer or Merck, but a leader in revolutionary HIV and Hepatitis C treatments, and now expanding into oncology.

AI Analysis | Feedback

  • Biktarvy: A complete regimen for the treatment of HIV-1 infection in certain adult and pediatric patients.
  • Descovy: Used for the treatment of HIV-1 infection and for pre-exposure prophylaxis (PrEP) to reduce the risk of sexually acquired HIV-1.
  • Epclusa: A pan-genotypic, once-daily treatment for adults with chronic hepatitis C virus (HCV) infection.
  • Veklury (remdesivir): An antiviral medication used for the treatment of COVID-19 in hospitalized patients and some non-hospitalized patients.
  • Trodelvy: An antibody-drug conjugate used to treat certain types of metastatic breast cancer and metastatic urothelial cancer.
  • Yescarta: A CAR T-cell therapy approved for the treatment of certain types of large B-cell lymphoma and follicular lymphoma.
  • Vemlidy: A once-daily oral medication for the treatment of chronic hepatitis B virus (HBV) infection in adults.

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Gilead Sciences (GILD) Major Customers

Gilead Sciences primarily sells its pharmaceutical products to other companies, specifically a limited number of wholesale drug distributors. These distributors then supply the products to pharmacies, hospitals, and other healthcare providers.

According to its financial filings, three wholesale customers each accounted for more than 10% of Gilead's total product sales for the years ended December 31, 2023, 2022, and 2021:

  • AmerisourceBergen Corporation (Symbol: ABC)
  • Cardinal Health, Inc. (Symbol: CAH)
  • McKesson Corporation (Symbol: MCK)

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Daniel O'Day, Chairman and Chief Executive Officer

Mr. O'Day joined Gilead Sciences in March 2019. Prior to this, he served as the Chief Executive Officer of Roche Pharmaceuticals for over three decades, holding numerous executive positions across their pharmaceutical and diagnostics divisions in North America, Europe, and Asia. He was a member of Roche's Corporate Executive Committee and served on the boards of public and private companies, including Genentech, Flatiron Health, and Foundation Medicine.

Andrew Dickinson, Chief Financial Officer

Andrew Dickinson serves as the Chief Financial Officer for Gilead Sciences. The provided information does not indicate if he founded or managed other companies, sold companies he was previously involved with, or has a pattern of managing companies backed by private equity firms.

Johanna Mercier, Chief Commercial Officer

Ms. Mercier joined Gilead in 2019, following 25 years at Bristol-Myers Squibb where she held senior leadership roles with broad experience across various geographies and commercial operations. She was previously President of Bristol-Myers Squibb's large markets division, which included the U.S., Germany, Japan, and France. She is recognized for her ability to drive strong commercial execution and has overseen multiple product launches. She currently serves on the boards of Neurocrine Biosciences, Arcus Biosciences, and the University of Southern California's Leonard D. Schaeffer Center for Health Policy and Economics.

Dietmar Berger, MD, PhD, Chief Medical Officer

Dr. Berger joined Gilead Sciences as Chief Medical Officer on January 2, 2025. Before his role at Gilead, he served as Senior Vice President and Global Head of Development at Sanofi. He is a board-certified internist, hematologist, and oncologist with over 25 years of experience in developing and delivering innovative medicines. His career includes leadership positions at Atara, Genentech, Bayer, and Amgen.

Jyoti Mehra, Executive Vice President, Human Resources

Ms. Mehra is Gilead's Executive Vice President of Human Resources, a position she assumed in 2017. Prior to joining Gilead, she held senior leadership positions at Novartis Corp. across the United States, Europe, and China, bringing a broad international perspective to her work. She currently serves on the board of directors of Lam Research and California Conference for Women.

AI Analysis | Feedback

Here are the key risks to Gilead Sciences (GILD):
  1. Patent Expirations and Generic Competition: Gilead Sciences faces significant threats from the expiration of key product patents, particularly within its highly profitable HIV franchise. These patent expirations pave the way for increased competition from generic and biosimilar drugs, which can lead to substantial erosion of market share and a reduction in revenue and profitability. For example, specific HIV treatments are facing patent expirations in 2025 and beyond.
  2. Clinical Trial Failures and Regulatory Setbacks: The success of Gilead's business is heavily dependent on its ability to discover, develop, and obtain regulatory approval for new pharmaceutical products. The company faces inherent risks associated with clinical trials, including the potential for unfavorable results, delays in timelines, or even outright discontinuation of programs, such as the magrolimab program. Additionally, regulatory hurdles, market access issues, and pricing pressures can delay or prevent the approval and successful launch of new products.
  3. Intense Market Competition: Gilead operates within a highly competitive biopharmaceutical landscape, contending with numerous large-cap pharmaceutical companies possessing extensive research and development capabilities and global marketing networks. This intense competition spans across its key therapeutic areas, including HIV and oncology, which can exert pressure on market share, pricing strategies, and overall profitability.

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  • Competition from long-acting injectable therapies in HIV treatment and prevention: ViiV Healthcare (a GSK joint venture) has launched and gained market share with long-acting injectable regimens like Cabenuva (for treatment) and Apretude (for PrEP). These less frequent injection options challenge Gilead's long-standing dominance and significant market share in oral daily HIV medication, potentially shifting patient preferences and eroding future revenue streams.
  • Competitor success in the NASH market where Gilead has historically failed: Madrigal Pharmaceuticals recently received FDA approval for Rezdiffra (resmetirom), the first and only drug specifically for the treatment of non-alcoholic steatohepatitis (NASH). Given Gilead's significant past investments and repeated clinical trial failures in developing a NASH therapy, this approval establishes a strong first-mover competitor in a disease area Gilead had targeted, potentially limiting future market opportunities for Gilead should they eventually develop a successful drug.

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Gilead Sciences (GILD) operates in several key therapeutic areas with significant addressable markets:

  • HIV Drugs: The global HIV drugs market was valued at approximately $32.85 billion in 2024 and is projected to reach $45.07 billion by 2033, growing at a CAGR of 3.40% during 2025-2033. North America dominates this market, holding over 45.7% of the share in 2024. The U.S. HIV drugs market alone was valued at $7.8 billion in 2024 and is estimated to reach $12.3 billion by 2033, with a CAGR of 5.2% from 2025-2033. Gilead's flagship product, Biktarvy, holds a 52% share of the U.S. HIV treatment market.
  • COVID-19 (Remdesivir/Veklury): The global Remdesivir (marketed as Veklury by Gilead Sciences) market size was valued at approximately $6.01 billion in 2023 and is predicted to grow to around $11.12 billion by 2032 with a CAGR of roughly 7.20% between 2024 and 2032. North America was the largest region in the Remdesivir market in 2024.
  • Liver Diseases (Hepatitis B and C):
    • Overall Liver Disease Therapeutics: The global liver disease therapeutics market size was estimated at $20.31 billion in 2024 and is projected to reach $40.29 billion by 2033, growing at a CAGR of 7.9% from 2025 to 2033. North America held the largest share of this market in 2024, accounting for 39.87% of global revenue. Another source indicates the market size is estimated at $23.42 billion in 2025 and is expected to reach $33.84 billion by 2030, at a CAGR of 7.63% during the forecast period (2025-2030).
    • Hepatitis B (HBV) Treatments: The global hepatitis B therapeutics market size was valued at $2.33 billion in 2024 and is projected to grow from $2.48 billion in 2025 to $6.25 billion in 2032. Another report indicates the global hepatitis B market size was valued at $4.78 billion in 2024 and is expected to hit around $6.65 billion by 2034, growing at a CAGR of 3.36%.
    • Hepatitis C (HCV) Drugs: The global hepatitis C market size was valued at $7.95 billion in 2024 and is projected to reach approximately $10.62 billion by 2034 with a CAGR of 3% from 2025 to 2034. Another estimate places the global Hepatitis C drugs market size at $12.5 billion in 2023, poised to grow from $13.02 billion in 2024 to $18.05 billion by 2032, at a CAGR of 4.2% in the forecast period (2025-2032). Gilead Sciences holds a significant share in the United States and European Union HCV market with its Harvoni and Epclusa franchises.
  • Oncology (CAR T-Cell Therapies - Yescarta, Tecartus): Yescarta (axicabtagene ciloleucel), a CAR T-cell therapy from Kite Pharma (a Gilead subsidiary), posted global sales of $1.6 billion in 2024. Yescarta accounted for the largest share of the CAR T-cell therapy market in 2023. Tecartus (brexucabtagene autoleucel), another CAR T-cell therapy from Kite, posted global sales of $403 million in 2024.
  • Oncology (Trodelvy): Global sales for Trodelvy (sacituzumab govitecan) are expected to reach nearly $3 billion by 2029, driven by expansion into new indications such as NSCLC, as well as bladder, breast, and ovarian cancers globally. The global Trodelvy market is expected to surpass $3 billion by 2028.
  • Inflammation (Filgotinib/Jyseleca): The global filgotinib market size was valued at approximately $1.5 billion in 2023 and is projected to reach around $4.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.1% during the forecast period. Gilead Sciences, in collaboration with Galapagos NV, has been involved in developing and commercializing filgotinib. However, Gilead has largely scaled back its plans for U.S. approval of filgotinib in rheumatoid arthritis.

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Gilead Sciences (GILD) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:

  1. Continued Strength of the HIV Franchise: Gilead's leading HIV treatments, Biktarvy and Descovy, are expected to continue their strong performance and market share gains. Biktarvy notably holds approximately 52% of the U.S. HIV treatment market share, while Descovy accounts for over 45% of the U.S. pre-exposure prophylaxis (PrEP) market. Gilead raised its full-year HIV revenue growth expectations to approximately 5% for 2025, despite Medicare Part D redesign impacts.
  2. Successful Uptake of Yeztugo: The recently launched HIV prevention injectable, Yeztugo (lenacapavir), is a significant growth driver. It generated $39 million in sales in Q3 2025 and achieved 75% U.S. payer coverage ahead of schedule, with expectations for further uptake and an estimated $150 million in first-year sales.
  3. Growth in the Liver Disease Portfolio with Livdelzi: Livdelzi (seladelpar) for primary biliary cholangitis (PBC) has shown strong growth, with sales topping $100 million in Q3 2025 for the first time, reflecting a 35% sequential increase. This product is becoming a top therapy for second-line PBC treatment.
  4. Advancements and New Launches in the Oncology Pipeline: Gilead is focused on expanding its oncology footprint. Trodelvy continues to gain market share, and the company anticipates multiple potential product launches in oncology for 2026, including Trodelvy in breast cancer and anito-cel in multiple myeloma. Gilead has a long-term goal of deriving a significant portion of its revenue from oncology by 2030.
  5. Development of Next-Generation HIV Therapies: Gilead is advancing its pipeline with next-generation HIV treatments. Updates on studies evaluating a single-tablet regimen of bictegravir and lenacapavir are expected, with a target product launch in early 2027, further solidifying its HIV franchise.

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Share Repurchases

  • Gilead Sciences announced a new $6 billion share repurchase program, which will commence upon the completion of the previously approved program.
  • The company's share buybacks totaled $1.15 billion in 2024, $1 billion in 2023, and $1.396 billion in 2022.
  • As of September 30, 2025, Gilead had completed the repurchase of $3,918.52 million under its share buyback program announced on February 25, 2020.

Share Issuance

  • Gilead's share repurchases are intended, at a minimum, to offset equity dilution, indicating ongoing issuance related to employee stock plans or similar mechanisms.

Outbound Investments

  • In February 2024, Gilead acquired CymaBay Therapeutics for $4.3 billion, focusing on liver disease therapies.
  • Gilead acquired Immunomedics in September 2020, significantly expanding its oncology treatment portfolio.
  • Other notable acquisitions include Forty Seven, Inc. in March 2020 for $4.9 billion to enhance its oncology pipeline, and MiroBio for $405 million in August 2022.

Capital Expenditures

  • Gilead's capital expenditures averaged $613 million annually from fiscal years ending December 2020 to 2024.
  • The company plans a strategic investment of $32 billion in U.S.-based manufacturing and R&D through 2030.
  • This investment includes $4 billion for capital projects (labs and equipment), $5 billion for technology, operations, and R&D site activities, and $2 billion for digital and advanced engineering initiatives, aimed at expanding U.S. manufacturing and R&D capabilities.

Better Bets vs. Gilead Sciences (GILD)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Between United Therapeutics and Gilead Sciences, Which Stock Looks Set to Break Out?02/10/2026
2Gilead Sciences Stock Surged 50%, Here's Why02/04/2026
3Does Gilead Sciences Stock Lead the Pack?01/28/2026
4GILD Stock Surges 14% With A 5-day Winning Spree On Citi PT Hike To $15601/28/2026
5Gilead Sciences Stock Shares Rally 10% In A Week, Time To Buy The Stock?01/27/2026
6Gilead Sciences Earnings Notes12/28/2026
7How Low Can Gilead Sciences Stock Really Go?10/17/2025
8ARTICLES 
9How Gilead Sciences Stock Gained 50%02/04/2026
10Gilead Sciences Stock To $180?01/27/2026
11United Therapeutics or Gilead Sciences: Which Stock Has More Upside?01/24/2026
12Between Gilead Sciences and Regeneron Pharmaceuticals, Which Stock Looks Set to Break Out?01/10/2026
13Regeneron Pharmaceuticals vs Gilead Sciences: Which Stock Could Rally?12/02/2025

Trade Ideas

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Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-14.6%-14.6%-15.7%
BIIB_1162026_Dip_Buyer_FCFYield01162026BIIBBiogenDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		19.5%19.5%0.0%
BMRN_1162026_Dip_Buyer_FCFYield01162026BMRNBioMarin PharmaceuticalDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
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DOCS_1162026_Dip_Buyer_High_CFO_Margins_ExInd_DE01162026DOCSDoximityDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		-39.4%-39.4%-40.1%
CORT_1022026_Dip_Buyer_High_CFO_Margins_ExInd_DE01022026CORTCorcept TherapeuticsDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
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Peer Comparisons

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Financials

GILDABBVMRKBMYPFEJNJMedian
NameGilead S.AbbVie Merck Bristol-.Pfizer Johnson . 
Mkt Price151.40224.81122.2660.6626.65242.49136.83
Mkt Cap188.2397.7305.0123.4151.5583.8246.6
Rev LTM29,08659,64464,23548,19562,78694,19361,215
Op Inc LTM11,15114,36622,39113,72315,41725,59614,892
FCF LTM9,16219,68413,04912,84510,37619,31312,947
FCF 3Y Avg8,81520,01213,68513,1468,92718,38313,416
CFO LTM9,66720,86017,06514,15613,07724,53015,610
CFO 3Y Avg9,36420,96217,50614,40212,12723,86215,954

Growth & Margins

GILDABBVMRKBMYPFEJNJMedian
NameGilead S.AbbVie Merck Bristol-.Pfizer Johnson . 
Rev Chg LTM2.8%7.4%1.7%-0.2%3.9%6.0%3.3%
Rev Chg 3Y Avg2.3%1.2%2.9%1.5%-13.2%2.6%1.9%
Rev Chg Q3.0%9.1%3.7%1.3%-5.9%9.1%3.3%
QoQ Delta Rev Chg LTM0.8%2.3%1.0%0.3%-1.6%2.2%0.9%
Op Mgn LTM38.3%24.1%34.9%28.5%24.6%27.2%27.8%
Op Mgn 3Y Avg39.2%27.0%23.7%19.6%19.4%25.6%24.7%
QoQ Delta Op Mgn LTM0.9%0.6%3.7%4.7%-1.4%1.5%1.2%
CFO/Rev LTM33.2%35.0%26.6%29.4%20.8%26.0%28.0%
CFO/Rev 3Y Avg33.1%37.0%28.2%30.5%18.9%26.7%29.3%
FCF/Rev LTM31.5%33.0%20.3%26.7%16.5%20.5%23.6%
FCF/Rev 3Y Avg31.2%35.3%22.0%27.9%13.9%20.6%24.9%

Valuation

GILDABBVMRKBMYPFEJNJMedian
NameGilead S.AbbVie Merck Bristol-.Pfizer Johnson . 
Mkt Cap188.2397.7305.0123.4151.5583.8246.6
P/S6.56.74.72.62.46.25.5
P/EBIT17.387.613.211.012.817.415.2
P/E23.2166.516.017.515.421.819.6
P/CFO19.519.117.98.711.623.818.5
Total Yield6.4%3.5%8.9%9.8%12.9%6.7%7.8%
Dividend Yield2.1%2.9%2.7%4.1%6.4%2.1%2.8%
FCF Yield 3Y Avg7.3%6.3%5.2%12.0%5.9%4.6%6.1%
D/E0.10.20.10.40.40.10.2
Net D/E0.10.20.10.30.30.00.1

Returns

GILDABBVMRKBMYPFEJNJMedian
NameGilead S.AbbVie Merck Bristol-.Pfizer Johnson . 
1M Rtn17.3%4.0%10.0%11.3%4.7%11.2%10.6%
3M Rtn20.3%-4.1%26.1%32.7%8.2%18.9%19.6%
6M Rtn33.7%8.4%42.5%29.8%6.5%37.1%31.8%
12M Rtn41.4%15.7%44.7%14.2%10.4%55.3%28.6%
3Y Rtn98.8%64.8%22.8%-2.3%-25.2%66.9%43.8%
1M Excs Rtn16.8%3.5%9.5%10.8%4.2%10.7%10.1%
3M Excs Rtn15.4%-7.5%23.5%26.0%2.1%16.8%16.1%
6M Excs Rtn21.2%1.1%39.1%20.9%0.6%29.4%21.1%
12M Excs Rtn32.1%5.3%35.7%3.4%-2.0%44.6%18.7%
3Y Excs Rtn29.3%-2.9%-43.9%-70.8%-94.0%-3.1%-23.5%

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #		Brand
Name		Generic
Name		Dosage
Form		FDA
Approval		3M
Rtn		6M
Rtn		1Y
Rtn		2Y
Rtn		Total
Rtn
NDA220018  YEZTUGOlenacapavirsolution61820254.7%13.9%42.1%42.1%42.1%
NDA220020  YEZTUGOlenacapavir sodiumtablet61820254.7%13.9%42.1%42.1%42.1%
NDA217899  LIVDELZIseladelpar lysinecapsule814202426.1%41.8%65.7%113.7%113.7%
NDA215973  SUNLENCAlenacapavir sodiumsolution12222022-6.8%-6.6%-3.0%17.3%97.3%
NDA215974  SUNLENCAlenacapavir sodiumtablet12222022-6.8%-6.6%-3.0%17.3%97.3%
NDA214187  EPCLUSAsofosbuvirpellets61020213.0%3.5%-8.5%22.7%161.8%
NDA214787  VEKLURYremdesivirsolution1022202011.7%10.7%15.7%22.2%205.8%
NDA212480  SOVALDIsofosbuvirpellets82820196.5%19.6%6.9%21.4%205.6%
NDA212477  HARVONIledipasvirpellets82820196.5%19.6%6.9%21.4%205.6%
NDA210251  BIKTARVYbictegravir sodiumtablet2072018-20.1%-5.7%-16.1%-10.8%147.1%
...         

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Discovery, development and commercialization of innovative medicines in areas of unmet medical need27,116    
AmBisome 497540436407
Biktarvy 10,3908,6247,2594,738
Complera/Eviplera 200258269406
Descovy 1,8721,7001,8611,500
Genvoya 2,4042,8793,3383,931
Ledipasvir/Sofosbuvir 115212272643
Letairis 196206314618
Odefsey 1,4691,5681,6721,655
Other 253281195285
Other Hepatitis C virus (HCV) 166207193 
Other Human immunodeficiency virus (HIV) 571955847
Other hepatitis B virus (HBV) / hepatitis Delta virus (HDV) 554418 
Royalty, contract and other revenues 299297334330
Sofosbuvir/Velpatasvir 1,5301,4621,5991,965
Stribild 127189196369
Symtuza - Revenue share 530531488379
Tecartus 29917644 
Trodelvy 68038049 
Truvada 1473711,4482,813
Veklury 3,9055,5652,811 
Vemlidy 842814657488
Viread 91111185243
Yescarta 1,160695563456
Atripla   349600
Ranexa   9216
Zydelig   72103
Vosevi    257
Total27,11627,28427,30524,68922,449


Price Behavior

Price Behavior
Market Price$151.40 
Market Cap ($ Bil)188.2 
First Trading Date01/22/1992 
Distance from 52W High-2.8% 
   50 Days200 Days
DMA Price$132.58$117.92
DMA Trendupup
Distance from DMA14.2%28.4%
 3M1YR
Volatility29.1%28.7%
Downside Capture-8.8239.15
Upside Capture98.8269.06
Correlation (SPY)18.6%25.5%
GILD Betas & Captures as of 1/31/2026

 1M2M3M6M1Y3Y
Beta0.550.650.280.300.370.35
Up Beta1.362.040.260.430.270.33
Down Beta0.16-0.15-0.19-0.130.310.35
Up Capture218%161%105%70%62%17%
Bmk +ve Days11223471142430
Stock +ve Days12223364132395
Down Capture-103%14%2%17%46%52%
Bmk -ve Days9192754109321
Stock -ve Days8192860117352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with GILD
GILD44.8%28.6%1.28-
Sector ETF (XLV)8.6%17.3%0.3254.1%
Equity (SPY)13.5%19.4%0.5325.4%
Gold (GLD)74.5%25.6%2.15-3.8%
Commodities (DBC)7.2%16.9%0.250.3%
Real Estate (VNQ)7.1%16.7%0.2428.7%
Bitcoin (BTCUSD)-30.6%44.9%-0.681.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with GILD
GILD22.4%23.9%0.82-
Sector ETF (XLV)7.6%14.5%0.3450.0%
Equity (SPY)13.4%17.0%0.6229.6%
Gold (GLD)22.6%17.1%1.083.6%
Commodities (DBC)10.9%19.0%0.461.6%
Real Estate (VNQ)5.0%18.8%0.1730.1%
Bitcoin (BTCUSD)7.2%57.1%0.356.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with GILD
GILD9.4%25.7%0.37-
Sector ETF (XLV)11.3%16.5%0.5753.6%
Equity (SPY)16.1%17.9%0.7737.9%
Gold (GLD)14.8%15.6%0.791.7%
Commodities (DBC)8.6%17.6%0.408.5%
Real Estate (VNQ)7.0%20.7%0.3027.6%
Bitcoin (BTCUSD)67.8%66.7%1.075.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date1302026
Short Interest: Shares Quantity23.7 Mil
Short Interest: % Change Since 11520263.1%
Average Daily Volume9.2 Mil
Days-to-Cover Short Interest2.6 days
Basic Shares Quantity1,243.0 Mil
Short % of Basic Shares1.9%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/10/20265.8%3.7% 
10/30/20251.1%4.2%4.6%
8/7/20258.3%7.9%5.1%
4/24/2025-2.8%-2.7%1.1%
2/11/20257.5%12.0%17.9%
11/6/20246.8%1.0%0.5%
8/8/2024-2.6%-1.7%4.7%
4/25/20240.2%0.1%0.6%
...
SUMMARY STATS   
# Positive101417
# Negative15117
Median Positive5.2%4.2%4.7%
Median Negative-2.8%-4.9%-7.7%
Max Positive12.9%13.2%21.4%
Max Negative-4.8%-7.6%-10.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202511/07/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202402/28/202510-K
09/30/202411/12/202410-Q
06/30/202408/08/202410-Q
03/31/202405/08/202410-Q
12/31/202302/23/202410-K
09/30/202311/07/202310-Q
06/30/202308/04/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/02/202210-Q
06/30/202208/08/202210-Q
03/31/202205/04/202210-Q
12/31/202102/23/202210-K

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1O'Day, Daniel PatrickChairman & CEODirectSell12302025124.8310,0001,248,27270,739,325Form
2Dickinson, Andrew DChief Financial OfficerDirectSell12162025122.003,000366,00018,727,366Form
3Mercier, JohannaChief Commercial OfficerDirectSell12162025122.003,000366,00012,958,962Form
4Bluestone, Jeffrey DirectSell12012025125.085,000625,4001,115,714Form
5Kramer, Kelly A DirectSell12012025127.112,806356,671170,200Form

GILD Trade Sentinel

Core Investment Debate

HIV Cash Cow Durability vs. Oncology Growth Engine Failure

BULL VIEW

The market is undervaluing the immense, durable cash flow from the Biktarvy patent extension to 2036, which provides a significant margin of safety.

CORE TENSION

Can the stable, high-margin HIV franchise offset the failing Oncology diversification strategy, which is actively losing market share and facing significant pipeline risk?

PREVAILING SENTIMENT
BEARISH

Cell Therapy sales fell 7% in FY 2025 and are guided to decline another 10% in 2026, confirming the bear thesis of competitive erosion in a key growth area.

BEAR VIEW

The strategic pivot to Oncology is failing due to competitive erosion in Cell Therapy and an inferior pipeline, risking a 'melting ice cube' scenario.

Next 6 months: Risks and Catalysts
Timeline Event & Metric To Watch
May 29 - June 2, 2026
Trodelvy (Oncology) Data at ASCO 2026
Watch: Overall Response Rate (ORR) or Progression-Free Survival (PFS) from the EVOKE-02 study. Must show meaningful improvement.
February 22-25, 2026
HIV Long-Acting Oral Combo Data at CROI 2026
Watch: Pivotal Phase III data demonstrating non-inferiority to Biktarvy with a clean safety profile for the lenacapavir/islatravir combo.
Anytime (Court Ruling)
Patent Litigation Ruling for Descovy
Watch: Court ruling on claim construction or a press release announcing a settlement with generic manufacturers.
Anytime (Legislative Calendar)
Intensifying Scrutiny of Drug Pricing under IRA
Watch: Introduction of new bills in U.S. Congress to expand or accelerate IRA drug price negotiations.
Key Events in Last 6 Months
Date Event Stock Impact
Sep 9, 2025
Morgan Stanley Global Healthcare Conference
Details: Gilead presented its strategic vision, focusing on diversification of its HIV portfolio with lenacapavir and growth in oncology. The stock reaction was minimal.
Changed Little (-0.1%)
$114.32 -> $114.20
Oct 6, 2025
Biktarvy Patent Litigation Settlement
Details: Gilead announced settlement agreements with generic manufacturers, pushing the expected generic entry for Biktarvy to April 2036, reinforcing the bull thesis.
Muted (0.8%)
$111.95 -> $112.83
Oct 30, 2025
Q3 2025 Earnings Release
Details: Gilead reported a strong beat for Q3 2025, with Non-GAAP EPS of $2.47 exceeding estimates. The positive results led to a modest stock increase.
Modest 1.1% gain
$117.66 -> $119.00
Jan 12, 2026
J.P. Morgan Healthcare Conference Presentation
Details: Gilead presented its strategic outlook at a major investor conference. The stock saw a modest gain during the conference week.
Modest 1.2% gain
$121.10 -> $122.60
Jan 21, 2026
Positive Trodelvy Phase 3 Data Published
Details: The New England Journal of Medicine published positive results for Trodelvy, supporting its use as a potential new standard of care, leading to a modest gain.
Modest 1.6% gain
$129.11 -> $131.14
Feb 10, 2026
Q4 2025 Earnings & Descovy Patent Lawsuit
Details: Gilead beat Q4 2025 EPS and revenue estimates and announced a lawsuit against Cipla to block a generic Descovy, fueling a positive market reaction.
Surged +5.8%
$147.23 -> $155.80
Risk Management
Position Sizing

1% - 3%

CONSERVATIVE

Stock is in a Moderate Volatility regime. However, the Bearish sentiment, eroding moat in the critical oncology growth engine, and 'value trap' valuation warrant a Conservative sizing.

Diversification Alternatives
RPRX
INDUSTRY

Offers biopharma exposure through a diversified royalty model, avoiding the binary R&D pipeline risk that is the central problem for Gilead.

Core Thesis: The thesis is based on a diversified portfolio of royalty streams from approved drugs, providing predictable, high-margin cash flows without direct clinical development risk.
UTHR
INDUSTRY

UTHR has a focused strategy and a strong pipeline in its core PAH market, contrasting with Gilead's struggling and unfocused diversification efforts in Oncology.

Core Thesis: The core thesis rests on successfully managing its product lifecycle, transitioning patients from older drugs to new, patent-protected therapies within its focused PAH franchise.
Stock Conviction

AVOID (Score 1-2)

CONVICTION RATIONALE

The stock receives an AVOID rating due to a combination of poor risk/reward asymmetry and structural business model concerns. The downside potential from a failing Oncology strategy outweighs the modest upside from its stable HIV business. The competitive moat for its future growth drivers is contested and weakening, and its low valuation is a justified reflection of this structural problem, making it a value trap.

STOCK ARCHETYPE
Primary: Quality Compounder / Stalwart, Secondary: Transition / Profit Pivot

Gilead's primary characteristic is its highly profitable, wide-moat, but mature HIV franchise, which aligns with the 'Stalwart' archetype. However, the company is in a clear transition, attempting to use its core cash flow to build a second growth pillar in Oncology, which is facing significant challenges. This strategic pivot under duress introduces elements of the 'Transition' archetype, as the market is judging the success of this diversification.

INVESTMENT THESIS
HIV Franchise Durability via Biktarvy Patent Extension to 2036

The market is overly focused on competitive struggles in the Oncology expansion and is undervaluing the immense durability and cash flow generation of the core HIV franchise. The successful extension of the Biktarvy patent to 2036 provides a decade-plus runway of multi-billion dollar, high-margin revenue, which acts as a powerful funding engine for R&D, dividends, and buybacks, providing a significant margin of safety.

Mechanism: Gilead captures value through patent-protected monopoly pricing on its single-tablet HIV regimens. High switching costs for stable patients and a 'standard of care' network effect create a durable moat that locks in patients and prescribers, generating predictable, recurring revenue.
Supporting Evidence:
  • Biktarvy, the core asset, has U.S. patent protection extended to April 2036.
  • The HIV franchise maintains a dominant U.S. market share of over 52%.
  • Despite its maturity, the HIV franchise grew 6% YoY in Q4 2025, demonstrating resilience.
  • Strong pipeline with next-generation long-acting HIV treatments like Lenacapavir aims to extend franchise leadership.
PRIMARY RISK
Competitive Erosion in Cell Therapy & Oncology Pipeline Underperformance

The primary risk is that Gilead's strategic diversification into Oncology, intended to be the next growth engine, is failing. The Cell Therapy division is in active decline due to superior rival products, and the flagship ADC, Trodelvy, is not a best-in-class asset. This failure leaves Gilead fully exposed to its mature HIV franchise, risking a 'melting ice cube' scenario where the stock de-rates due to a lack of a viable long-term growth story.

Mechanism: The thesis breaks as direct share loss to competitors in Oncology (Cell Therapy) and inferior clinical data for pipeline assets (Trodelvy) lead to decelerating growth and impair the company's ability to offset the eventual maturation of the HIV market.
Supporting Evidence:
  • Cell Therapy sales fell 7% in FY 2025 and are projected by management to decline another 10% in 2026 due to 'ongoing competitive headwinds'.
  • In the key Oncology expansion market, Trodelvy is considered to have worse product performance than competitors like AstraZeneca's Enhertu.
  • The negative stock reaction to an earnings beat was driven by a weak outlook, indicating market concern is focused on the deteriorating growth in expansion areas.
  • Underwhelming sales guidance for the new HIV prevention drug Yeztugo ($800M vs. ~$907M consensus) adds to concern about the next growth cycle.
Key KPI Watchlist
KPI Threshold Rationale
Cell Therapy Franchise Sales YoY GrowthBreaching -10% declineManagement has guided for a 10% decline in 2026. Any acceleration below this level would signal that competitive erosion is worse than expected and management has lost control of the narrative.
Trodelvy Sales YoY GrowthDeceleration below +5%As Cell Therapy is already in decline, Trodelvy is the sole remaining growth driver in the Oncology franchise. If its growth stagnates, the entire diversification thesis is broken.
HIV Franchise Sales YoY GrowthSustained growth below +4%The bull thesis rests on the stability of this core business. While management guided to ~6% growth, any sign of premature decay in the core franchise would remove the last pillar of support for the stock.

Industry Resources

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