Gilead Sciences (GILD)
Market Price (4/13/2026): $139.11 | Market Cap: $172.6 BilSector: Health Care | Industry: Biotechnology
Gilead Sciences (GILD)
Market Price (4/13/2026): $139.11Market Cap: $172.6 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%, FCF Yield is 5.5% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 10 Bil, FCF LTM is 9.5 Bil Stock buyback supportStock Buyback 3Y Total is 4.1 Bil Low stock price volatilityVol 12M is 29% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Key risksGILD key risks include [1] looming patent expirations and subsequent generic competition for its highly profitable HIV franchise and [2] pipeline setbacks, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.3%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%, FCF Yield is 5.5% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 10 Bil, FCF LTM is 9.5 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.1 Bil |
| Low stock price volatilityVol 12M is 29% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Key risksGILD key risks include [1] looming patent expirations and subsequent generic competition for its highly profitable HIV franchise and [2] pipeline setbacks, Show more. |
Qualitative Assessment
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1. Gilead Sciences exceeded Q4 2025 earnings and revenue expectations and provided strong 2026 guidance. The company reported Q4 2025 product sales of $7.9 billion, a 5% increase year-over-year, surpassing consensus estimates of $7.57 billion. Adjusted EPS for Q4 was $1.86, beating expectations of $1.83. For the full year 2026, Gilead projected product sales between $29.6 billion and $30 billion, and non-GAAP EPS in the range of $8.45 to $8.85.
2. Robust growth in the HIV portfolio, particularly Biktarvy, and the successful launch of Yeztugo. The company's HIV portfolio achieved full-year 2025 sales of $20.8 billion, representing a 6% increase from 2024, with Biktarvy sales alone reaching $14.3 billion, up 7%. Additionally, the successful U.S. launch of Yeztugo, the first twice-yearly HIV prevention therapy, contributed $96 million in sales during Q4 2025 and secured 85% payer coverage.
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Stock Movement Drivers
Fundamental Drivers
The 13.9% change in GILD stock from 12/31/2025 to 4/12/2026 was primarily driven by a 8.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 122.05 | 138.99 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29,086 | 29,441 | 1.2% |
| Net Income Margin (%) | 27.9% | 28.9% | 3.7% |
| P/E Multiple | 18.7 | 20.3 | 8.4% |
| Shares Outstanding (Mil) | 1,243 | 1,241 | 0.2% |
| Cumulative Contribution | 13.9% |
Market Drivers
12/31/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| GILD | 13.9% | |
| Market (SPY) | -5.4% | 29.0% |
| Sector (XLV) | -4.8% | 55.3% |
Fundamental Drivers
The 26.8% change in GILD stock from 9/30/2025 to 4/12/2026 was primarily driven by a 32.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.65 | 138.99 | 26.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,862 | 29,441 | 2.0% |
| Net Income Margin (%) | 21.9% | 28.9% | 32.2% |
| P/E Multiple | 21.6 | 20.3 | -6.3% |
| Shares Outstanding (Mil) | 1,245 | 1,241 | 0.3% |
| Cumulative Contribution | 26.8% |
Market Drivers
9/30/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| GILD | 26.8% | |
| Market (SPY) | -2.9% | 20.3% |
| Sector (XLV) | 6.3% | 48.8% |
Fundamental Drivers
The 27.3% change in GILD stock from 3/31/2025 to 4/12/2026 was primarily driven by a 1631.5% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.15 | 138.99 | 27.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,753 | 29,441 | 2.4% |
| Net Income Margin (%) | 1.7% | 28.9% | 1631.5% |
| P/E Multiple | 283.6 | 20.3 | -92.9% |
| Shares Outstanding (Mil) | 1,247 | 1,241 | 0.5% |
| Cumulative Contribution | 27.3% |
Market Drivers
3/31/2025 to 4/12/2026| Return | Correlation | |
|---|---|---|
| GILD | 27.3% | |
| Market (SPY) | 16.3% | 29.8% |
| Sector (XLV) | 2.3% | 57.3% |
Fundamental Drivers
The 85.5% change in GILD stock from 3/31/2023 to 4/12/2026 was primarily driven by a 71.7% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4122026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.95 | 138.99 | 85.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,281 | 29,441 | 7.9% |
| Net Income Margin (%) | 16.8% | 28.9% | 71.7% |
| P/E Multiple | 20.5 | 20.3 | -1.0% |
| Shares Outstanding (Mil) | 1,255 | 1,241 | 1.1% |
| Cumulative Contribution | 85.5% |
Market Drivers
3/31/2023 to 4/12/2026| Return | Correlation | |
|---|---|---|
| GILD | 85.5% | |
| Market (SPY) | 63.3% | 21.8% |
| Sector (XLV) | 19.1% | 47.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GILD Return | 30% | 24% | -2% | 19% | 37% | 16% | 197% |
| Peers Return | 23% | 18% | -15% | 4% | 18% | 10% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| GILD Win Rate | 58% | 33% | 42% | 67% | 67% | 75% | |
| Peers Win Rate | 58% | 62% | 37% | 48% | 60% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GILD Max Drawdown | 0% | -20% | -12% | -21% | -3% | -4% | |
| Peers Max Drawdown | -7% | -8% | -23% | -10% | -14% | -2% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 4/10/2026 (YTD)
How Low Can It Go
| Event | GILD | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -21.3% | -25.4% |
| % Gain to Breakeven | 27.1% | 34.1% |
| Time to Breakeven | 232 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -32.6% | -33.9% |
| % Gain to Breakeven | 48.3% | 51.3% |
| Time to Breakeven | 691 days | 148 days |
| 2018 Correction | ||
| % Loss | -31.8% | -19.8% |
| % Gain to Breakeven | 46.7% | 24.7% |
| Time to Breakeven | 1,439 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -34.4% | -56.8% |
| % Gain to Breakeven | 52.4% | 131.3% |
| Time to Breakeven | 1,392 days | 1,480 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)
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The Pfizer or Merck of antiviral and oncology treatments.
Like a Bristol Myers Squibb, but historically a leader in breakthrough antiviral and liver disease medicines.
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- Biktarvy, Genvoya, Descovy, Odefsey, Truvada, Complera/Eviplera, Stribild, Atripla: Products for the treatment of HIV/AIDS.
- Veklury: An injection for intravenous use for the treatment of coronavirus disease 2019 (COVID-19).
- Epclusa, Harvoni, Vosevi, Vemlidy, Viread: Products for the treatment of liver diseases.
- Yescarta, Tecartus, Trodelvy, Zydelig: Products for the treatment of hematology, oncology, and cell therapy patients.
- Letairis: An oral formulation for the treatment of pulmonary arterial hypertension.
- Ranexa: An oral formulation for the treatment of chronic angina.
- AmBisome: A liposomal formulation for the treatment of serious invasive fungal infections.
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```htmlGilead Sciences, Inc. (GILD) primarily sells its pharmaceutical products to major wholesale distributors, who then distribute them to pharmacies, hospitals, and other healthcare providers. The company's major customers are:
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```htmlDaniel P. O'Day, Chairman and Chief Executive Officer
Daniel P. O'Day joined Gilead Sciences in March 2019 as Chairman and Chief Executive Officer. Before his tenure at Gilead, he served as the Chief Executive Officer of Roche Pharmaceuticals for over three decades, where he held various executive positions across the company’s pharmaceutical and diagnostics divisions in North America, Europe, and Asia. He was also a member of Roche's Corporate Executive Committee and served on the boards of Genentech, Flatiron Health, and Foundation Medicine. Mr. O'Day holds a bachelor's degree in biology from Georgetown University and an MBA from Columbia University.
Andrew Dickinson, Chief Financial Officer
Andrew Dickinson was appointed Chief Financial Officer of Gilead Sciences, effective November 1, 2019, having joined the company in 2016. In this role, he is responsible for the company's global finance, corporate development, information technology, operations, and strategy organizations. Prior to joining Gilead, Mr. Dickinson was the Global Co-Head of Healthcare Investment Banking at Lazard Frères & Co. for nine years. Earlier in his career, he served as General Counsel and Vice President of Corporate Development at Myogen, Inc., which was acquired by Gilead in 2006. He earned a B.A. in molecular, cellular, and developmental biology from the University of Colorado at Boulder and a J.D. from Loyola University of Chicago.
Johanna Mercier, Chief Commercial & Corporate Affairs Officer
Johanna Mercier joined Gilead in 2019 as Chief Commercial & Corporate Affairs Officer, with responsibility for driving global commercialization and expanding access to Gilead's therapies. Prior to Gilead, she spent 25 years at Bristol-Myers Squibb, where she held various senior leadership roles across the U.S. and international markets, including President and Head of BMS' Large Markets division. Ms. Mercier holds a bachelor's degree in biology from the University of Montreal and an MBA from Concordia University.
Flavius Martin, MD, Executive Vice President, Research
Flavius Martin, MD, joined Gilead as Executive Vice President, Research, in April 2021, overseeing the company's innovative research and preclinical programs. Before coming to Gilead, he was Vice President, Research Biology at Amgen, where he led Oncology, Inflammation, and Cardiometabolic Research and was the site head for Amgen South San Francisco. He also worked as a scientist and leader at Genentech prior to Amgen. Dr. Martin received his MD degree from the University of Medicine and Pharmacy Timisoara, Romania, and completed his postdoctoral studies at the University of Alabama at Birmingham.
Dietmar Berger, MD, PhD, Chief Medical Officer
Dietmar Berger, MD, PhD, joined Gilead Sciences as Chief Medical Officer on January 2, 2025. In this role, he is responsible for the company’s virology, oncology, and inflammation pipeline, as well as its global Development and Medical Affairs organizations. Dr. Berger is a board-certified internist, hematologist, and oncologist with over 25 years of experience in developing and delivering innovative medicines. Before joining Gilead, he served as Senior Vice President, Chief Medical Officer, and Global Head of Development at Sanofi. His prior experience also includes executive and development roles at Atara Biotherapeutics Inc., Genentech Inc., Bayer Healthcare Pharmaceuticals Inc., and Amgen Inc. He is a Professor of Medicine at the University of Freiburg Hospital in Germany and holds an MD and PhD from the Albert-Ludwigs University School of Medicine.
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The public company Gilead Sciences (symbol: GILD) faces several key risks to its business operations and future growth.- Intensifying Competition and Market Share Erosion: Gilead operates in highly competitive therapeutic areas, particularly in HIV and oncology, where it faces significant rivalry from other major biopharmaceutical companies such as ViiV Healthcare, Roche, Bristol Myers Squibb (BMS), Novartis, Pfizer, and Amgen. This competition can lead to market share losses, pricing pressures, and the need for continuous innovation to maintain its market position. Furthermore, the expiration of patents on key drugs can lead to the entry of generic and biosimilar versions, causing substantial revenue declines and impacting profitability. While its major HIV drug, Biktarvy, has primary patent protection until 2027 and other patents extending to 2033, the company has experienced revenue losses and workforce reductions due to patent expirations on other products like Ranexa and Letairis. Gilead has also faced antitrust lawsuits alleging anticompetitive practices aimed at delaying the entry of generic competitors for its HIV treatments, which could result in significant legal and financial consequences.
- Pipeline Dependence and Clinical Trial Setbacks: As a biopharmaceutical company, Gilead's future growth is heavily dependent on the successful development and commercialization of new medicines from its pipeline. There are inherent risks associated with clinical trials, including the potential for unfavorable results, delays in timelines, or even outright failures. For example, the FDA has placed clinical holds on some of Gilead's investigational HIV programs. A notable setback was the abandonment of its anti-CD47 drug magrolimab, which was found to be ineffective and potentially harmful in a Phase 3 study, highlighting the significant financial and strategic risks associated with pipeline failures. Additionally, the company faces "pipeline liability" lawsuits alleging that it delayed bringing safer alternative drugs to market, which could create new legal precedents and financial liabilities.
- Regulatory and Legal Scrutiny: Beyond antitrust-related litigation, Gilead is subject to extensive regulatory and legal oversight that can significantly impact its business. This includes the risk of increased government regulation on drug pricing in the United States and Europe, which could pressure operating margins. The company has also faced scrutiny from the SEC regarding oncology revenue reporting and is subject to class-action lawsuits, which introduce financial uncertainties, potential fines, and reputational damage. Regulatory actions, such as FDA clinical holds on development programs, can cause significant delays and impact the trajectory of key pipeline assets.
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Here are the addressable market sizes for Gilead Sciences' main products and services:- HIV Drugs: The global HIV drugs market size was valued at USD 32.85 billion in 2024 and is estimated to reach USD 45.07 billion by 2033. Another source indicates the global HIV drugs market size was USD 38.27 billion in 2025 and is projected to grow to USD 66.09 billion by 2034. The market was valued at USD 32,804.43 million in 2022 and is estimated to reach USD 51,046.10 million by 2032. North America is the leading region in this market.
- COVID-19 Antiviral Treatments (Veklury): The specific antiviral drugs for COVID-19 market size was USD 15.23 billion in 2025 and is projected to reach USD 33.17 billion in 2030. The global COVID-19 therapeutics market size was USD 32542.5 million in 2025. The global COVID-19 infection market size was valued at USD 26.82 billion in 2024 and is expected to reach USD 70.31 billion by 2032.
- Hepatitis C (Epclusa, Harvoni, Vosevi): The global hepatitis C testing market size was valued at $1.5 billion in 2023 and is projected to reach $2.6 billion by 2035. The hepatitis C market size reached a value of USD 18.0 billion in 2023 and is expected to reach USD 47.1 billion by 2034. Another report states the global hepatitis C market size was USD 7.95 billion in 2024 and is anticipated to reach around USD 10.62 billion by 2034. The hepatitis C market size was USD 75.72 billion in 2025 and is expected to grow to USD 153.67 billion in 2030.
- Hepatitis B (Vemlidy, Viread): The global hepatitis B vaccine market was valued at USD 6.7 billion in 2024 and is expected to grow to USD 12 billion by 2034. The hepatitis B therapeutics market size is forecast to increase by USD 469.5 million between 2023 and 2028. The global hepatitis B market is accounted at USD 4.94 billion in 2025 and is predicted to increase to approximately USD 6.86 billion by 2035. Another source indicates the global hepatitis B therapeutics market size was USD 2.48 billion in 2025 and is projected to grow to USD 6.66 billion in 2034.
- CAR T-cell Therapy (Yescarta, Tecartus): The global CAR T-cell therapy market size was estimated at USD 5.82 billion in 2025 and is projected to reach USD 22.36 billion by 2033. Other estimates include USD 8.95 billion in 2025, projected to USD 19.25 billion by 2034, and USD 20.54 billion in 2025, projected to surpass USD 268.0 billion by 2035. North America dominated the global CAR T-cell therapy market.
- Trodelvy (Oncology): Global sales for Trodelvy are expected to reach nearly $3 billion by 2029.
- Pulmonary Arterial Hypertension (Letairis): The global pulmonary arterial hypertension market size was estimated at USD 8.02 billion in 2024 and is projected to reach USD 13.34 billion by 2033. Other estimates include USD 8.11 billion in 2025, estimated to reach USD 11.27 billion by 2031, and USD 8.48 billion in 2025, predicted to increase to approximately USD 13.50 billion by 2034. North America maintains the largest share of this market.
- Chronic Angina (Ranexa): The angina market size was $10.71 billion in 2024 and is expected to grow to $14.44 billion in 2029. Another source indicates the global angina market is expected to reach $14.84 billion by 2030. The global angina pectoris drugs market size was estimated at USD 11.37 billion in 2023 and is projected to reach USD 15.71 billion by 2030. North America was the largest region in the angina market in 2024.
- Invasive Fungal Infections (AmBisome): The Invasive Fungal Infection Market was valued at USD 7.55 billion in 2024, and is expected to reach USD 9.44 billion by 2030. Another source states the global invasive fungal infection market was valued at USD 6.61 billion in 2022 and is expected to reach USD 9.06 billion in 2030. The invasive fungal infections market size is expected to grow to $10.1 billion in 2030. North America holds the largest market share in the global invasive fungal infection market.
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Gilead Sciences (NASDAQ: GILD) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and product advancements:
- Continued Growth in the HIV Franchise: Gilead expects sustained growth from its leading HIV treatments, such as Biktarvy and Descovy. Additionally, the company is seeing significant momentum and growth in its HIV prevention business, particularly with new long-acting therapies like Yeztugo, a twice-yearly injectable, which has exceeded coverage goals and is gaining market share. This HIV prevention market is expected to continue developing and growing for many years.
- Expansion of the Oncology Portfolio: Diversification into oncology is a key driver, with products like Trodelvy showing positive sales momentum and contributing to revenue growth. The acquisition of Arcellx and the potential of anito-cel in the multiple myeloma market are also expected to bolster Gilead's oncology footprint and future revenues. Gilead reported approximately $3 billion in oncology revenues in 2025, accounting for about 12% of total revenues, with a sales target of $800 million for Yeztugo in 2026.
- Growth in the Liver Disease Segment: The company's liver disease business, driven by therapies such as Livdelzi for primary biliary cholangitis, has shown strong performance. Livdelzi, in particular, has seen a positive start to its launch and is projected to exceed $1 billion in peak revenue.
- Robust Pipeline and New Product Launches: Gilead boasts a strong pipeline with plans for up to 10 ongoing and potential new launches through 2027, including four commercial launches planned for 2026. A significant portion of these new products (6 out of 8 planned launches) are outside of its core HIV business, signaling a strategic diversification that is expected to broaden the company's revenue base and drive growth across varied therapeutic areas.
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Share Repurchases
- Gilead's annual share buybacks totaled $1.922 billion in 2025.
- The company repurchased $1.15 billion in shares during 2024.
- Share repurchases amounted to $1 billion in 2023.
Outbound Investments
- Gilead announced the acquisition of Arcellx for approximately $8 billion in early 2026 to enhance its cell therapy portfolio, focusing on anito-cel for multiple myeloma.
- In March 2024, Gilead acquired CymaBay Therapeutics Inc. for $4.3 billion, integrating Seladelpar into its liver disease portfolio.
- The company anticipated the acquisition of Interius BioTherapeutics for $350 million in cash, with the transaction expected in the fourth quarter of 2025.
Capital Expenditures
- Gilead announced an additional $11 billion investment in its U.S. operations through 2030, bringing its total U.S. manufacturing and R&D investments to over $32 billion.
- The $11 billion investment includes $4 billion allocated to capital projects such as labs and equipment, $5 billion for technology, operations, and R&D site activities, and $2 billion for digital and advanced engineering initiatives.
- Annual capital expenditures were estimated at $563 million in 2025, $523 million in 2024, and $585 million in 2023.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Gilead Sciences Stock Really Go? | 03/09/2026 | |
| Time To Buy Gilead Sciences Stock? | 03/04/2026 | |
| How Does Gilead Sciences Stock Stack Up Against Its Peers? | 03/03/2026 | |
| Between United Therapeutics and Gilead Sciences, Which Stock Looks Set to Break Out? | 02/10/2026 | |
| Gilead Sciences Stock Surged 50%, Here's Why | 02/04/2026 | |
| GILD Stock Surges 14% With A 5-day Winning Spree On Citi PT Hike To $156 | 01/28/2026 | |
| Gilead Sciences Earnings Notes | 12/28/2026 | |
| ARTICLES | ||
| Gilead Sciences Stock To $192? | 03/04/2026 | |
| How Gilead Sciences Stock Gained 50% | 02/04/2026 | |
| Does Gilead Sciences Stock Lead the Pack? | 01/28/2026 | |
| Gilead Sciences Stock To $180? | 01/27/2026 | |
| United Therapeutics or Gilead Sciences: Which Stock Has More Upside? | 01/24/2026 |
Trade Ideas
Select ideas related to GILD.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 130.21 |
| Mkt Cap | 236.9 |
| Rev LTM | 61,870 |
| Op Inc LTM | 18,748 |
| FCF LTM | 12,602 |
| FCF 3Y Avg | 13,173 |
| CFO LTM | 15,314 |
| CFO 3Y Avg | 15,692 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.9% |
| Rev Chg 3Y Avg | 2.3% |
| Rev Chg Q | 4.8% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Mgn LTM | 30.7% |
| Op Mgn 3Y Avg | 24.6% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 27.7% |
| CFO/Rev 3Y Avg | 28.7% |
| FCF/Rev LTM | 23.6% |
| FCF/Rev 3Y Avg | 24.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 236.9 |
| P/S | 5.2 |
| P/EBIT | 15.5 |
| P/E | 20.0 |
| P/CFO | 17.8 |
| Total Yield | 8.0% |
| Dividend Yield | 2.9% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.5% |
| 3M Rtn | 9.0% |
| 6M Rtn | 23.3% |
| 12M Rtn | 34.7% |
| 3Y Rtn | 28.2% |
| 1M Excs Rtn | -2.2% |
| 3M Excs Rtn | 10.7% |
| 6M Excs Rtn | 22.1% |
| 12M Excs Rtn | -1.6% |
| 3Y Excs Rtn | -32.6% |
Comparison Analyses
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 | YEZTUGO | lenacapavir | solution | 6182025 | 4.7% | 13.9% | 31.2% | 31.2% | 31.2% |
| NDA220020 | YEZTUGO | lenacapavir sodium | tablet | 6182025 | 4.7% | 13.9% | 31.2% | 31.2% | 31.2% |
| NDA217899 | LIVDELZI | seladelpar lysine | capsule | 8142024 | 26.1% | 41.8% | 65.7% | 97.3% | 97.3% |
| NDA215973 | SUNLENCA | lenacapavir sodium | solution | 12222022 | -6.8% | -6.6% | -3.0% | 17.3% | 82.1% |
| NDA215974 | SUNLENCA | lenacapavir sodium | tablet | 12222022 | -6.8% | -6.6% | -3.0% | 17.3% | 82.1% |
| NDA214187 | EPCLUSA | sofosbuvir | pellets | 6102021 | 3.0% | 3.5% | -8.5% | 22.7% | 141.7% |
| NDA214787 | VEKLURY | remdesivir | solution | 10222020 | 11.7% | 10.7% | 15.7% | 22.2% | 182.3% |
| NDA212480 | SOVALDI | sofosbuvir | pellets | 8282019 | 6.5% | 19.6% | 6.9% | 21.4% | 182.1% |
| NDA212477 | HARVONI | ledipasvir | pellets | 8282019 | 6.5% | 19.6% | 6.9% | 21.4% | 182.1% |
| NDA210251 | BIKTARVY | bictegravir sodium | tablet | 2072018 | -20.1% | -5.7% | -16.1% | -10.8% | 128.2% |
| ... | |||||||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Biktarvy | 13,423 | 10,390 | 8,624 | 7,259 | |
| Descovy | 2,113 | 1,872 | 1,700 | 1,861 | |
| Veklury | 1,799 | 3,905 | 5,565 | 2,811 | |
| Genvoya | 1,762 | 2,404 | 2,879 | 3,338 | |
| Sofosbuvir/Velpatasvir | 1,596 | 1,530 | 1,462 | 1,599 | |
| Yescarta | 1,570 | 1,160 | 695 | 563 | |
| Trodelvy | 1,315 | 680 | 380 | 49 | |
| Odefsey | 1,288 | 1,469 | 1,568 | 1,672 | |
| Vemlidy | 959 | 842 | 814 | 657 | |
| Symtuza - Revenue share | 592 | 530 | 531 | 488 | |
| AmBisome | 533 | 497 | 540 | 436 | |
| Other Liver Disease | 467 | ||||
| Other Human immunodeficiency virus (HIV) | 434 | 57 | 195 | 58 | |
| Tecartus | 403 | 299 | 176 | 44 | |
| Other | 356 | 253 | 281 | 195 | |
| Royalty, contract and other revenues | 144 | 299 | 297 | 334 | |
| Discovery, development and commercialization of innovative medicines in areas of unmet medical need | 27,116 | ||||
| Complera/Eviplera | 200 | 258 | 269 | ||
| Ledipasvir/Sofosbuvir | 115 | 212 | 272 | ||
| Letairis | 196 | 206 | 314 | ||
| Other Hepatitis C virus (HCV) | 166 | 207 | 193 | ||
| Other hepatitis B virus (HBV) / hepatitis Delta virus (HDV) | 55 | 44 | 18 | ||
| Stribild | 127 | 189 | 196 | ||
| Truvada | 147 | 371 | 1,448 | ||
| Viread | 91 | 111 | 185 | ||
| Atripla | 349 | ||||
| Ranexa | 9 | ||||
| Zydelig | 72 | ||||
| Total | 28,754 | 27,116 | 27,284 | 27,305 | 24,689 |
Price Behavior
| Market Price | $138.99 | |
| Market Cap ($ Bil) | 172.5 | |
| First Trading Date | 01/22/1992 | |
| Distance from 52W High | -10.3% | |
| 50 Days | 200 Days | |
| DMA Price | $144.41 | $123.77 |
| DMA Trend | up | up |
| Distance from DMA | -3.8% | 12.3% |
| 3M | 1YR | |
| Volatility | 29.3% | 28.4% |
| Downside Capture | 0.03 | 0.27 |
| Upside Capture | 115.06 | 77.02 |
| Correlation (SPY) | 31.9% | 26.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.89 | 0.66 | 0.70 | 0.42 | 0.46 | 0.36 |
| Up Beta | 0.37 | 0.54 | 0.48 | 0.40 | 0.31 | 0.35 |
| Down Beta | 1.05 | 1.62 | 1.07 | 0.51 | 0.44 | 0.39 |
| Up Capture | 58% | 35% | 94% | 67% | 60% | 18% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 21 | 32 | 67 | 129 | 394 |
| Down Capture | 99% | 31% | 25% | 15% | 65% | 51% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 21 | 31 | 59 | 121 | 352 |
[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 | |
|---|---|---|---|---|
| GILD | 38.5% | 28.7% | 1.13 | - |
| Sector ETF (XLV) | 12.3% | 16.8% | 0.52 | 55.6% |
| Equity (SPY) | 31.2% | 17.3% | 1.47 | 27.1% |
| Gold (GLD) | 60.1% | 27.8% | 1.69 | 0.9% |
| Commodities (DBC) | 29.8% | 16.6% | 1.58 | -3.2% |
| Real Estate (VNQ) | 21.3% | 15.2% | 1.07 | 28.4% |
| Bitcoin (BTCUSD) | -4.3% | 43.7% | 0.02 | 3.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GILD | |
|---|---|---|---|---|
| GILD | 20.4% | 23.9% | 0.75 | - |
| Sector ETF (XLV) | 6.3% | 14.6% | 0.25 | 50.6% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 29.7% |
| Gold (GLD) | 22.1% | 17.8% | 1.02 | 4.6% |
| Commodities (DBC) | 11.8% | 18.8% | 0.52 | 1.0% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 30.4% |
| Bitcoin (BTCUSD) | 4.3% | 56.5% | 0.30 | 6.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GILD | |
|---|---|---|---|---|
| GILD | 7.7% | 25.6% | 0.31 | - |
| Sector ETF (XLV) | 9.8% | 16.5% | 0.48 | 53.7% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 37.9% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | 2.9% |
| Commodities (DBC) | 8.6% | 17.6% | 0.41 | 8.5% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.22 | 27.8% |
| Bitcoin (BTCUSD) | 67.6% | 66.9% | 1.07 | 5.1% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/10/2026 | 5.8% | 3.7% | -0.8% |
| 10/30/2025 | 1.1% | 4.2% | 4.6% |
| 8/7/2025 | 8.3% | 7.9% | 5.1% |
| 4/24/2025 | -2.8% | -2.7% | 1.1% |
| 2/11/2025 | 7.5% | 12.0% | 17.9% |
| 11/6/2024 | 6.8% | 1.0% | 0.5% |
| 8/8/2024 | -2.6% | -1.7% | 4.7% |
| 4/25/2024 | 0.2% | 0.1% | 0.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 16 |
| # Negative | 14 | 11 | 8 |
| Median Positive | 5.2% | 4.2% | 4.7% |
| Median Negative | -3.1% | -4.9% | -6.5% |
| Max Positive | 12.9% | 13.2% | 21.4% |
| Max Negative | -4.8% | -7.6% | -10.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Product sales | 29.60 Bil | 29.80 Bil | 30.00 Bil | 4.4% | Higher New | Actual: 28.55 Bil for 2025 | |
| 2026 Product sales excluding Veklury | 29.00 Bil | 29.20 Bil | 29.40 Bil | 6.0% | Higher New | Actual: 27.55 Bil for 2025 | |
| 2026 Veklury | 600.00 Mil | -40.0% | Lower New | Actual: 1.00 Bil for 2025 | |||
| 2026 Diluted EPS | 6.75 | 6.95 | 7.15 | 3.0% | Higher New | Actual: 6.75 for 2025 | |
| 2026 Non-GAAP diluted EPS | 8.45 | 8.65 | 8.85 | 6.1% | Higher New | Actual: 8.15 for 2025 | |
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Product sales | 28.40 Bil | 28.55 Bil | 28.70 Bil | 0.2% | Raised | Guidance: 28.50 Bil for 2025 | |
| 2025 Product sales excluding Veklury | 27.40 Bil | 27.55 Bil | 27.70 Bil | 0.2% | Raised | Guidance: 27.50 Bil for 2025 | |
| 2025 Veklury | 1.00 Bil | 0 | Affirmed | Guidance: 1.00 Bil for 2025 | |||
| 2025 Diluted EPS | 6.65 | 6.75 | 6.85 | 12.5% | Raised | Guidance: 6 for 2025 | |
| 2025 Non-GAAP diluted EPS | 8.05 | 8.15 | 8.25 | 0.6% | Raised | Guidance: 8.1 for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 12302025 | 124.83 | 10,000 | 1,248,272 | 70,739,325 | Form |
| 2 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 12162025 | 122.00 | 3,000 | 366,000 | 18,727,366 | Form |
| 3 | Mercier, Johanna | Chief Commercial Officer | Direct | Sell | 12162025 | 122.00 | 3,000 | 366,000 | 12,958,962 | Form |
| 4 | Bluestone, Jeffrey | Direct | Sell | 12012025 | 125.08 | 5,000 | 625,400 | 1,115,714 | Form | |
| 5 | Kramer, Kelly A | Direct | Sell | 12012025 | 127.11 | 2,806 | 356,671 | 170,200 | Form |
GILD Trade Sentinel
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 PivotGilead'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
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.
- 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
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.
- 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.
| KPI | Threshold | Rationale |
|---|---|---|
| Cell Therapy Franchise Sales YoY Growth | Breaching -10% decline | Management 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 Growth | Deceleration 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 Growth | Sustained 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. |
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
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.
| 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. |
| 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 |
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
INDUSTRYOffers biopharma exposure through a diversified royalty model, avoiding the binary R&D pipeline risk that is the central problem for Gilead.
UTHR
INDUSTRYUTHR has a focused strategy and a strong pipeline in its core PAH market, contrasting with Gilead's struggling and unfocused diversification efforts in Oncology.
Gilead is transitioning from a company defined by its dominant, but maturing, HIV franchise to a more diversified biopharmaceutical firm with key growth drivers in oncology and long-acting HIV prevention, alongside a high-risk, high-reward R&D pipeline.
Filter all news through the lens of diversifying revenue beyond the core HIV treatment portfolio and mitigating future patent cliffs.
Strong uptake of new products like Yeztugo (long-acting HIV prevention) exceeding $800M in 2026 sales; positive clinical trial data from the oncology pipeline (e.g., Trodelvy in new indications); acquisitions that add late-stage pipeline assets in oncology or inflammation.
Faster-than-expected market share erosion for Biktarvy due to competition from ViiV Healthcare; significant clinical trial failures in the late-stage oncology pipeline; continued revenue decline in the Cell Therapy (Yescarta, Tecartus) franchise despite management efforts.
Quarterly fluctuations in Veklury (remdesivir) sales, as they are unpredictable and tied to COVID-19 hospitalization rates; minor patent disputes on legacy products; early-stage pipeline announcements without clear timelines to commercialization.
Repricing Catalyst
The primary catalyst is the successful commercialization of Yeztugo, the first twice-yearly HIV prevention therapy, with a 2026 sales target of $800 million. This represents a significant new market opportunity and a shift towards long-acting injectables, potentially offsetting future pricing pressure and competition in the daily oral treatment market. Success here validates the R&D strategy and ability to innovate beyond the existing portfolio.
HIV Treatments & Prevention
$20.8B TTM (71% of Total) · 86% MarginWhat It Is
Biktarvy (single-tablet HIV treatment), Descovy (oral HIV treatment and prevention), Yeztugo (twice-yearly injectable for HIV prevention).
Who Pays & How
Government and private health insurers pay for the drugs, which are distributed through major wholesalers. Patients rely on these drugs for life-long viral suppression (treatment) or prevention, creating high switching costs due to established efficacy and tolerability.
Competition
Oncology (Cell Therapy & Trodelvy)
$3.2B TTM (11% of Total) · 86% MarginWhat It Is
Yescarta & Tecartus (CAR-T cell therapies for blood cancers); Trodelvy (antibody-drug conjugate for breast and bladder cancer).
Who Pays & How
Insurers and national health systems pay for these high-cost cancer therapies for patients with limited other options. The treatments are highly specialized and often administered in certified medical centers.
Competition
Liver Disease & Other
$3.2B TTM (11% of Total) · 86% MarginWhat It Is
Livdelzi (for liver disease), products for Hepatitis B (HBV) and Hepatitis C (HCV).
Who Pays & How
Insurers and national health systems pay for treatments for chronic liver conditions. While the HCV market has declined due to curative therapies, a long tail of patients remains, and HBV requires long-term treatment.
Competition
Veklury (COVID-19)
$0.9B TTM (3% of Total) · 86% MarginWhat It Is
Veklury (remdesivir), an intravenous antiviral treatment for COVID-19.
Who Pays & How
Governments and hospitals pay for Veklury for the treatment of hospitalized COVID-19 patients.
Competition
Industry Resources
External Quote Links
| Y Finance | Barrons |
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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