Tearsheet

Gilead Sciences (GILD)

Market Price (6/29/2026): $127.285 | Market Cap: $158.1 BilInvestor Relations Sector: Health Care | Industry: Biotechnology

Gilead Sciences (GILD)

Market Price (6/29/2026): $127.285
Market Cap: $158.1 Bil
Sector: Health Care
Industry: Biotechnology

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

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.1%, FCF Yield is 6.4%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%, CFO LTM is 11 Bil, FCF LTM is 10 Bil

Stock buyback support
Stock Buyback 3Y Total is 4.1 Bil

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.

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.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.1%, FCF Yield is 6.4%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%, CFO LTM is 11 Bil, FCF LTM is 10 Bil
3	Stock buyback support Stock Buyback 3Y Total is 4.1 Bil
4	Low stock price volatility Vol 12M is 27%
5	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.
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.

GILD in ETFs

Weight = GILD's share of each fund

SPY0.24%

VOO0.26%

IVV0.24%

VTI0.23%

ITOT0.22%

QQQ0.67%

QQQM0.71%

IWB0.23%

+45 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	6/29/26	2025	2024	2023	2022
Share Price			$127.28	$122.74	$92.37	$81.01	$85.85
Mkt Cap ($ Bil)			158.1	152.3	115.2	100.9	107.7
+ Debt ($ Bil)			22.2	24.9	26.7	25.0	25.2
- Cash ($ Bil)			7.6	9.6	11.6	7.3	6.4
TEV ($ Bil)			172.6	177.2	141.9	125.9	132.9
Valuation Ratios
P/S	4.9	5.2	5.3	5.2	4.0	3.7	3.9
P/EBIT	18.8	20.0	13.5	14.1	69.1	12.9	16.0
P/E	12.7	—	17.2	17.9	240.0	17.8	23.5
P/FCF	—	—	15.5	16.1	11.2	13.6	12.9
Sector Ratios (* = sector average)
P/S *			4.0	4.2	3.8	4.2	4.6
P/EBIT *			-1.8	-1.7	-1.5	-1.6	-1.3
P/E *			-1.9	-1.8	-1.7	-1.7	-1.3
P/FCF *			-1.8	-1.8	-1.5	-1.6	-1.6

FYE: 12/31	Forward FYE		Now
	2027	2026	6/29/26
Share Price			$127.28
Mkt Cap ($ Bil)			158.1
+ Debt ($ Bil)			22.2
- Cash ($ Bil)			7.6
TEV ($ Bil)			172.6
Valuation Ratios
P/S	4.9	5.2	5.3
P/EBIT	18.8	20.0	13.5
P/E	12.7	—	17.2
P/FCF	—	—	15.5
Sector Ratios (* = sector average)
P/S *			4.0
P/EBIT *			-1.8
P/E *			-1.9
P/FCF *			-1.8

FYE: 12/31	GILD [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$29.7 Bil	—
FY 2026 Sales	$30.5 Bil	—
FY 2027 Sales	$32.4 Bil	—
FY 2026 Sales Growth	2.4%	—
FY 2027 Sales Growth	6.4%	8.2%
EARNINGS
LTM Net Income (GAAP) [3]	$9.2 Bil	—
FY 2026 Net Income (Non-GAAP)	$-1.1 Bil	—
FY 2027 Net Income (Non-GAAP)	$12.5 Bil	—
FY 2027 Net Income Growth	—	14.7%
FY 2026 EPS (Non-GAAP)	$-0.80	—
FY 2027 EPS (Non-GAAP)	$9.70	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	5.2	3.3
FY 2027 P/S	4.9	—
FY 2026 P/E	—	20.2
FY 2027 P/E	12.7	—

[1] GILD forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	GILD	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	29.7
Rev Chg Q	4.4%	8.8%
Rev Chg LTM	3.5%	7.5%
Rev Chg 3Y Avg	3.2%	5.9%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	11.9
CFO LTM ($ Bil)	10.8
Net Inc LTM ($ Bil)	9.2
Op Mgn LTM	40.0%	18.4%
CFO/Rev LTM	36.3%	21.4%
Net Inc Mgn	31.0%	13.0%
VALUATION	MODERATE
P/S	5.3	3.3
P/CFO	14.6	15.3
P/FCF	15.5	19.8
P/E	17.2	24.6
STABILITY	VERY GOOD
Debt/Equity	0.14	0.20
Cash/Assets	0.14	0.07

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Metric	Value	Date	Source
Number of Clinical Stage Programs	55	10302025	Link
Number of Phase 1 Clinical Programs	24	10302025	Link
Number of Phase 2 Clinical Programs	15	10302025	Link
Number of Phase 3 Clinical Programs	16	10302025	Link
Biktarvy U.S. HIV Treatment Market Share	more than 52%	10312025	Link
Descovy U.S. PrEP Market Share	more than 45%	10312025	Link
Biktarvy Product Sales	3.7 billion USD	10302025	Link
Descovy Product Sales	701 million USD	10302025	Link
Yeztugo Product Sales	39 million USD	10302025	Link
Treatments Made Available Through Voluntary Licensing for HIV and HBV	14.8 million	12312024	Link
COVID-19 Treatments Made Available Through Voluntary Licensing	8.3 million	12312024	Link
Number of Employees	17600	12312024	Link

Price Chart

Upcoming
8/06/2026	Earnings Release	Rev: $7.0 Bil (E) EPS: $-7.20 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 6/10/2026

Gilead Sciences (GILD) stock has lost about 15% since 2/28/2026 because of the following key factors:

1. A significant revision in fiscal year 2026 earnings per share (EPS) guidance to a loss due to substantial acquisition-related charges. Gilead Sciences' fiscal year runs from January 1 to December 31. The company revised its full-year 2026 non-GAAP EPS outlook to an adjusted loss of $1.05 to $0.65 per share, a dramatic shift from its prior profit estimate of $8.45 to $8.85 per share. This change was primarily driven by an $11.5 billion charge for acquired in-process research and development (IPR&D) costs from recent acquisitions, which are expensed immediately.

2. The discontinuation of a Phase 3 oncology trial for a key therapeutic combination. Gilead and Merck discontinued the Phase 3 KEYNOTE-D46/EVOKE-03 trial for Trodelvy plus Keytruda in previously untreated metastatic non-small cell lung cancer on June 9, 2026. This decision was made after the combination failed to achieve statistical significance for progression-free survival and had a low probability of a meaningful overall survival benefit.

3. Weakness in the cell therapy portfolio due to increasing competitive pressures. Cell therapy product sales declined by 12% to $407 million in fiscal Q1 2026, reflecting increased competition. This followed a 6% decrease in cell therapy sales in fiscal Q4 2025 due to ongoing competitive headwinds.

4. Substantial insider selling activity over the past three months. Insiders at Gilead Sciences sold over $10.4 million worth of stock in the last three months leading up to June 10, 2026.

5. Initial investor disappointment regarding guidance for the new HIV prevention drug, Yeztugo. At the time of the fiscal Q4 2025 earnings call on February 10, 2026, Gilead's full-year 2026 sales forecast of approximately $800 million for Yeztugo fell short of investors' "whisper" expectations of $1 billion, contributing to an immediate stock dip.

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Stock Movement Drivers

Fundamental Drivers

The -13.1% change in GILD stock from 2/28/2026 to 6/28/2026 was primarily driven by a -19.7% change in the company's P/E Multiple.

(LTM values as of)	2282026	6282026	Change
Stock Price ($)	147.14	127.88	-13.1%
Change Contribution By:
Total Revenues ($ Mil)	29,441	29,734	1.0%
Net Income Margin (%)	28.9%	31.0%	7.2%
P/E Multiple	21.5	17.2	-19.7%
Shares Outstanding (Mil)	1,241	1,242	-0.1%
Cumulative Contribution			-13.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/28/2026

	Return	Correlation
GILD	-13.1%
Market (SPY)	6.6%	35.9%
Sector (XLV)	0.5%	63.8%

Fundamental Drivers

The 3.5% change in GILD stock from 11/30/2025 to 6/28/2026 was primarily driven by a 11.2% change in the company's Net Income Margin (%).

(LTM values as of)	11302025	6282026	Change
Stock Price ($)	123.50	127.88	3.5%
Change Contribution By:
Total Revenues ($ Mil)	29,086	29,734	2.2%
Net Income Margin (%)	27.9%	31.0%	11.2%
P/E Multiple	18.9	17.2	-9.0%
Shares Outstanding (Mil)	1,243	1,242	0.1%
Cumulative Contribution			3.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/28/2026

	Return	Correlation
GILD	3.5%
Market (SPY)	7.3%	26.7%
Sector (XLV)	2.6%	53.7%

Fundamental Drivers

The 20.0% change in GILD stock from 5/31/2025 to 6/28/2026 was primarily driven by a 49.3% change in the company's Net Income Margin (%).

(LTM values as of)	5312025	6282026	Change
Stock Price ($)	106.53	127.88	20.0%
Change Contribution By:
Total Revenues ($ Mil)	28,734	29,734	3.5%
Net Income Margin (%)	20.8%	31.0%	49.3%
P/E Multiple	22.3	17.2	-22.6%
Shares Outstanding (Mil)	1,246	1,242	0.3%
Cumulative Contribution			20.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/28/2026

	Return	Correlation
GILD	20.0%
Market (SPY)	25.1%	22.2%
Sector (XLV)	23.0%	49.5%

Fundamental Drivers

The 85.2% change in GILD stock from 5/31/2023 to 6/28/2026 was primarily driven by a 50.1% change in the company's Net Income Margin (%).

(LTM values as of)	5312023	6282026	Change
Stock Price ($)	69.05	127.88	85.2%
Change Contribution By:
Total Revenues ($ Mil)	27,043	29,734	10.0%
Net Income Margin (%)	20.6%	31.0%	50.1%
P/E Multiple	15.4	17.2	11.7%
Shares Outstanding (Mil)	1,248	1,242	0.5%
Cumulative Contribution			85.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/28/2026

	Return	Correlation
GILD	85.2%
Market (SPY)	81.3%	22.2%
Sector (XLV)	31.9%	48.0%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
GILD Return	30%	24%	-2%	19%	37%	2%	161%
Peers Return	23%	18%	-15%	4%	18%	10%	67%
S&P 500 Return	27%	-19%	24%	23%	16%	7%	96%
Monthly Win Rates [3]
GILD Win Rate	58%	33%	42%	67%	67%	50%
Peers Win Rate	58%	62%	37%	48%	60%	50%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
GILD Max Drawdown	-10%	-20%	-14%	-27%	-17%	-22%
Peers Max Drawdown	-17%	-18%	-26%	-21%	-22%	-13%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[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 6/26/2026 (YTD)

Event	GILD	S&P 500
2023 SVB Regional Banking Crisis
% Loss	-13.3%	-6.7%
% Gain to Breakeven	15.3%	7.1%
Time to Breakeven	181 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-20.2%	-24.5%
% Gain to Breakeven	25.3%	32.4%
Time to Breakeven	230 days	427 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.7%	-19.2%
% Gain to Breakeven	29.4%	23.8%
Time to Breakeven	436 days	105 days
2016-2017 Trump Reflation Bond Selloff
% Loss	-17.7%	-3.7%
% Gain to Breakeven	21.4%	3.9%
Time to Breakeven	83 days	6 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-28.4%	-12.2%
% Gain to Breakeven	39.6%	13.9%
Time to Breakeven	2908 days	62 days
2014-2016 Oil Price Collapse
% Loss	-22.2%	-6.8%
% Gain to Breakeven	28.5%	7.3%
Time to Breakeven	2484 days	15 days

Compare to ABBV, MRK, BMY, PFE, JNJ

In The Past

Gilead Sciences's stock fell -9.3% during the 2025 US Tariff Shock. Such a loss loss requires a 10.3% gain to breakeven.

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Asset Allocation

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Event	GILD	S&P 500
2022 Inflation Shock & Fed Tightening
% Loss	-20.2%	-24.5%
% Gain to Breakeven	25.3%	32.4%
Time to Breakeven	230 days	427 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.7%	-19.2%
% Gain to Breakeven	29.4%	23.8%
Time to Breakeven	436 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-28.4%	-12.2%
% Gain to Breakeven	39.6%	13.9%
Time to Breakeven	2908 days	62 days
2014-2016 Oil Price Collapse
% Loss	-22.2%	-6.8%
% Gain to Breakeven	28.5%	7.3%
Time to Breakeven	2484 days	15 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-21.3%	-15.4%
% Gain to Breakeven	27.0%	18.2%
Time to Breakeven	231 days	125 days
2008-2009 Global Financial Crisis
% Loss	-20.5%	-53.4%
% Gain to Breakeven	25.8%	114.4%
Time to Breakeven	24 days	1085 days

Compare to ABBV, MRK, BMY, PFE, JNJ

In The Past

Gilead Sciences's stock fell -9.3% during the 2025 US Tariff Shock. Such a loss loss requires a 10.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Gilead Sciences (GILD)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Gilead Sciences, Inc. (GILD) is a global biopharmaceutical company focused on discovering, developing, and commercializing innovative medicines for areas of unmet medical need across the United States, Europe, and other international markets. The company's core mission involves creating life-saving and life-improving treatments for a range of serious illnesses, working at the forefront of medical science to address complex health challenges.

Gilead's extensive product portfolio targets several critical disease areas. It is a recognized leader in HIV/AIDS treatment, with key products including Biktarvy and Genvoya, and also developed Veklury for COVID-19. Additionally, the company offers significant therapies for liver diseases such as Epclusa and Harvoni. Expanding its reach, Gilead has a growing presence in hematology, oncology, and cell therapy with products like Yescarta and Trodelvy for various cancers. Its primary customers are patients and healthcare providers globally, who rely on these specialized medicines to manage and treat complex and life-threatening conditions.

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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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Gilead 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:

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

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Daniel 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Interactive Breakdown

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Better Bets vs. Gilead Sciences (GILD)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for GILD: 3.2% | 5.3x)

AMGN (12.5% | 5.2x)

Amgen

REGN (6.4% | 4.4x)

Regeneron Pharmaceuticals

INCY (15.7% | 4.2x)

Incyte

BMRN (14.3% | 3.5x)

BioMarin Pharmaceutical

RARE (20.7% | 4.6x)

Ultragenyx Pharmaceutical

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GILD: 3.2% | 13.3x)

HALO (29.1% | 10.5x)

Halozyme Therapeutics

ADMA (43.0% | 10.0x)

ADMA Biologics

HRMY (24.1% | 10.8x)

Harmony Biosciences

ABUS (926.1% | 5.7x)

Arbutus Biopharma

RIGL (36.4% | 5.7x)

Rigel Pharmaceuticals

Higher Rev Chg LTM (Value for GILD: 3.5%)

ALNY (82.6%)

Alnylam Pharmaceuticals

VRTX (10.1%)

Vertex Pharmaceuticals

ABBV (9.5%)

AbbVie

AMGN (9.1%)

Amgen

REGN (5.9%)

Regeneron Pharmaceuticals

Higher Rev Chg 3Y Avg (Value for GILD: 3.2%)

ALNY (58.3%)

Alnylam Pharmaceuticals

AMGN (12.5%)

Amgen

VRTX (9.9%)

Vertex Pharmaceuticals

REGN (6.4%)

Regeneron Pharmaceuticals

ABBV (3.6%)

AbbVie

Higher Op Mgn LTM (Value for GILD: 40.0%)

RPRX (67.9%)

Royalty Pharma

HALO (56.1%)

Halozyme Therapeutics

UTHR (46.0%)

United Therapeutics

KRYS (42.8%)

Krystal Biotech

EXEL (40.3%)

Exelixis

Higher CFO/Rev LTM (Value for GILD: 36.3%)

RPRX (107.0%)

Royalty Pharma

KRYS (60.0%)

Krystal Biotech

UTHR (49.3%)

United Therapeutics

HALO (44.9%)

Halozyme Therapeutics

EXEL (38.9%)

Exelixis

Higher FCF/Rev LTM (Value for GILD: 34.4%)

RPRX (107.0%)

Royalty Pharma

KRYS (56.9%)

Krystal Biotech

LGND (41.5%)

Ligand Pharmaceuticals

EXEL (38.1%)

Exelixis

CPRX (34.9%)

Catalyst Pharmaceuticals

Higher Total Yield (Value for GILD: 8.3%)

RIGL (51.1%)

Rigel Pharmaceuticals

ABUS (18.1%)

Arbutus Biopharma

ZVRA (15.7%)

Zevra Therapeutics

AUPH (13.1%)

Aurinia Pharmaceuticals

TBPH (12.7%)

Theravance Biopharma

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for GILD: 3.2% | 5.3x)

UNH (10.2% | 0.9x)

UnitedHealth

MRK (4.4% | 4.8x)

Merck

AMGN (12.5% | 5.2x)

Amgen

CVS (7.2% | 0.3x)

CVS Health

SYK (10.1% | 5.0x)

Stryker

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GILD: 3.2% | 13.3x)

CVS (7.2% | 11.4x)

CVS Health

HCA (7.9% | 7.3x)

HCA Healthcare

COR (9.9% | 12.9x)

Cencora

ZTS (5.5% | 9.0x)

Zoetis

GEHC (3.9% | 11.3x)

GE HealthCare Technologies

Higher Rev Chg LTM (Value for GILD: 3.5%)

LLY (47.4%)

Eli Lilly

UNH (9.7%)

UnitedHealth

ABBV (9.5%)

AbbVie

AMGN (9.1%)

Amgen

JNJ (7.9%)

Johnson & Johnson

Higher Rev Chg 3Y Avg (Value for GILD: 3.2%)

LLY (37.9%)

Eli Lilly

UNH (10.2%)

UnitedHealth

JNJ (4.4%)

Johnson & Johnson

MRK (4.4%)

Merck

ABBV (3.6%)

AbbVie

Higher Op Mgn LTM (Value for GILD: 40.0%)

RPRX (67.9%)

Royalty Pharma

LLY (47.3%)

Eli Lilly

UTHR (46.0%)

United Therapeutics

KRYS (42.8%)

Krystal Biotech

EXEL (40.3%)

Exelixis

Higher CFO/Rev LTM (Value for GILD: 36.3%)

RPRX (107.0%)

Royalty Pharma

VEEV (50.2%)

Veeva Systems

UTHR (49.3%)

United Therapeutics

EXEL (38.9%)

Exelixis

DXCM (37.0%)

DexCom

Higher FCF/Rev LTM (Value for GILD: 34.4%)

RPRX (107.0%)

Royalty Pharma

KRYS (56.9%)

Krystal Biotech

VEEV (50.2%)

Veeva Systems

LGND (41.5%)

Ligand Pharmaceuticals

EXEL (38.1%)

Exelixis

Higher Total Yield (Value for GILD: 8.3%)

PFE (12.5%)

Pfizer

ZTS (11.0%)

Zoetis

CI (10.6%)

Cigna

BMY (10.5%)

Bristol-Myers Squibb

HCA (8.5%)

HCA Healthcare

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for GILD: 3.2% | 5.3x)

AMZN (12.3% | 3.4x)

Amazon.com

BRK-B (15.3% | 2.6x)

Berkshire Hathaway

WMT (5.3% | 1.3x)

Walmart

JPM (11.4% | 4.8x)

JPMorgan Chase

COST (7.6% | 1.4x)

Costco Wholesale

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GILD: 3.2% | 13.3x)

TMUS (4.7% | 11.0x)

T-Mobile US

DIS (3.8% | 12.5x)

Walt Disney

ENB (13.7% | 11.1x)

Enbridge

NEM (30.0% | 7.7x)

Newmont

DUK (4.6% | 11.6x)

Duke Energy

Higher Rev Chg LTM (Value for GILD: 3.5%)

NVDA (70.7%)

NVIDIA

MSFT (17.9%)

Microsoft

GOOGL (17.5%)

Alphabet

AMZN (14.2%)

Amazon.com

AAPL (12.8%)

Apple

Higher Rev Chg 3Y Avg (Value for GILD: 3.2%)

NVDA (121.7%)

NVIDIA

MSFT (15.3%)

Microsoft

GOOGL (14.1%)

Alphabet

AMZN (12.3%)

Amazon.com

AAPL (5.6%)

Apple

Higher Op Mgn LTM (Value for GILD: 40.0%)

NVDA (64.0%)

NVIDIA

MU (48.4%)

Micron Technology

MSFT (46.8%)

Microsoft

AVGO (44.1%)

Broadcom

META (41.2%)

Meta Platforms

Higher CFO/Rev LTM (Value for GILD: 36.3%)

META (57.7%)

Meta Platforms

MSFT (53.5%)

Microsoft

NVDA (49.6%)

NVIDIA

AVGO (44.6%)

Broadcom

GOOGL (41.3%)

Alphabet

Higher FCF/Rev LTM (Value for GILD: 34.4%)

MA (50.3%)

Mastercard

V (49.2%)

Visa

BAC (48.8%)

Bank of America

NVDA (47.0%)

NVIDIA

AVGO (43.4%)

Broadcom

Higher Total Yield (Value for GILD: 8.3%)

VZ (14.8%)

Verizon Communications

T (13.6%)

AT&T

WFC (10.5%)

Wells Fargo

CB (9.6%)

Chubb

PEP (8.5%)

PepsiCo

Best Bets in Health Care

What You Pay

P/EBIT (Value for GILD: 13.5x)

RPRX (14.5x)

Royalty Pharma

VEEV (29.3x)

Veeva Systems

DOCS (18.0x)

Doximity

HALO (16.9x)

Halozyme Therapeutics

CPRX (14.4x)

Catalyst Pharmaceuticals

GILD (13.5x)

Gilead Sciences

RMD (15.2x)

ResMed

EXEL (14.8x)

Exelixis

BMY (10.3x)

Bristol-Myers Squibb

AMGN (16.4x)

Amgen

P/E (Value for GILD: 17.2x)

RPRX (29.7x)

Royalty Pharma

VEEV (29.7x)

Veeva Systems

DOCS (19.7x)

Doximity

HALO (25.4x)

Halozyme Therapeutics

CPRX (17.4x)

Catalyst Pharmaceuticals

GILD (17.2x)

Gilead Sciences

RMD (19.2x)

ResMed

EXEL (17.0x)

Exelixis

BMY (16.1x)

Bristol-Myers Squibb

AMGN (24.8x)

Amgen

What You Get

Rev Chg 3Y Avg (Value for GILD: 3.2%)

RPRX (1.3%)

Royalty Pharma

VEEV (15.1%)

Veeva Systems

DOCS (15.5%)

Doximity

HALO (29.1%)

Halozyme Therapeutics

CPRX (34.0%)

Catalyst Pharmaceuticals

GILD (3.2%)

Gilead Sciences

RMD (11.3%)

ResMed

EXEL (12.9%)

Exelixis

BMY (1.9%)

Bristol-Myers Squibb

AMGN (12.5%)

Amgen

Rev Chg LTM (Value for GILD: 3.5%)

RPRX (7.8%)

Royalty Pharma

VEEV (16.2%)

Veeva Systems

DOCS (13.1%)

Doximity

HALO (39.1%)

Halozyme Therapeutics

CPRX (11.7%)

Catalyst Pharmaceuticals

GILD (3.5%)

Gilead Sciences

RMD (10.3%)

ResMed

EXEL (3.3%)

Exelixis

BMY (1.8%)

Bristol-Myers Squibb

AMGN (9.1%)

Amgen

Rev Chg Q (Value for GILD: 4.4%)

RPRX (11.0%)

Royalty Pharma

VEEV (16.3%)

Veeva Systems

DOCS (5.1%)

Doximity

HALO (42.2%)

Halozyme Therapeutics

CPRX (5.6%)

Catalyst Pharmaceuticals

GILD (4.4%)

Gilead Sciences

RMD (10.8%)

ResMed

EXEL (10.0%)

Exelixis

BMY (2.6%)

Bristol-Myers Squibb

AMGN (5.8%)

Amgen

FCF/Rev 3Y Avg (Value for GILD: 32.5%)

RPRX (114.4%)

Royalty Pharma

VEEV (46.4%)

Veeva Systems

DOCS (44.5%)

Doximity

HALO (39.9%)

Halozyme Therapeutics

CPRX (34.9%)

Catalyst Pharmaceuticals

GILD (32.5%)

Gilead Sciences

RMD (28.6%)

ResMed

EXEL (27.2%)

Exelixis

BMY (26.5%)

Bristol-Myers Squibb

AMGN (26.4%)

Amgen

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Gilead Sciences Earnings Notes	05/06/2026
2	How Low Can Gilead Sciences Stock Really Go?	03/09/2026
3	Time To Buy Gilead Sciences Stock?	03/04/2026
4	How Does Gilead Sciences Stock Stack Up Against Its Peers?	03/03/2026
5	Between United Therapeutics and Gilead Sciences, Which Stock Looks Set to Break Out?	02/10/2026
6	Gilead Sciences Stock Surged 50%, Here's Why	02/04/2026
7	GILD Stock Surges 14% With A 5-day Winning Spree On Citi PT Hike To $156	01/28/2026
8	ARTICLES
9	How Will Gilead Sciences Stock React To Its Upcoming Earnings?	05/06/2026
10	Gilead Sciences Stock To $192?	03/04/2026
11	How Gilead Sciences Stock Gained 50%	02/04/2026
12	Does Gilead Sciences Stock Lead the Pack?	01/28/2026
13	Gilead Sciences Stock To $180?	01/27/2026

	Title
0	DASHBOARDS
1	Gilead Sciences Earnings Notes
2	How Low Can Gilead Sciences Stock Really Go?
3	Time To Buy Gilead Sciences Stock?
4	How Does Gilead Sciences Stock Stack Up Against Its Peers?
5	Between United Therapeutics and Gilead Sciences, Which Stock Looks Set to Break Out?
6	Gilead Sciences Stock Surged 50%, Here's Why
7	GILD Stock Surges 14% With A 5-day Winning Spree On Citi PT Hike To $156
8	ARTICLES
9	How Will Gilead Sciences Stock React To Its Upcoming Earnings?
10	Gilead Sciences Stock To $192?
11	How Gilead Sciences Stock Gained 50%
12	Does Gilead Sciences Stock Lead the Pack?
13	Gilead Sciences Stock To $180?

Trade Ideas

Select ideas related to GILD.

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FCEL	FuelCell Energy	1.2	22.1%	228.3%
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LCID	Lucid	1.9	15.6%	-44.0%
ATAI	AtaiBeckley	1.9	15.5%	29.3%
TRON	Tron	0.4	15.4%	26.6%
APOG	Apogee Enterprises	1.0	15.2%	36.4%
EFOR	Everforth	0.8	14.9%	3.4%
MNTN	MNTN	0.7	14.5%	-19.4%
LMRI	Lumexa Imaging	1.2	14.4%	-34.6%

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ON	ON Semiconductor	35.7	-23.7%	67.4%
OMER	Omeros	0.6	-19.1%	-49.5%
BE	Bloom Energy	71.0	-18.5%	190.0%
WDC	Western Digital	200.6	-13.2%	240.7%
CAPR	Capricor Therapeutics	1.5	-13.0%	-8.4%
STX	Seagate Technology	198.9	-12.2%	227.6%
FORM	FormFactor	10.2	-12.1%	134.4%
TMDX	TransMedics	2.4	-12.0%	-43.7%
GTN-A	Gray Media	0.7	-11.4%	-41.4%
CRDO	Credo Technology	43.4	-11.2%	65.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
DFTX	Definium Therapeutics, Inc.	4.9	83.6%	232.7%
SLS	SELLAS Life Sciences	2.1	53.9%	228.6%
LILA	Liberty Latin America	1.4	48.5%	-3.5%
LILAK	Liberty Latin America	1.4	47.6%	-5.2%
ABSI	Absci	1.7	47.0%	212.0%
APGE	Apogee Therapeutics	9.2	46.7%	75.6%
GRPN	Groupon	0.9	39.6%	28.3%
BB	BlackBerry	6.7	36.0%	200.8%
MANE	Veradermics	4.5	35.2%	236.1%
CCXI	Churchill Capital XI	0.8	34.5%	35.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HTZ	Hertz Global	0.8	-47.7%	-48.6%
HYLN	Hyliion	0.8	-45.4%	140.2%
VELO	Velo3D	0.4	-44.3%	21.1%
NNE	Nano Nuclear Energy	1.0	-29.6%	-17.2%
NVTS	Navitas Semiconductor	4.0	-28.0%	142.3%
SOC	Sable Offshore	1.1	-27.3%	-18.4%
MSTR	Strategy	27.5	-26.9%	-45.8%
MRLN	Merlin	0.4	-25.9%	-78.9%
ON	ON Semiconductor	35.7	-25.5%	67.4%
RDW	Redwire	2.1	-23.8%	43.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NVRI	Enviri	1.8	296.7%	344.0%
REPL	Replimune	1.1	147.4%	19.7%
ABSI	Absci	1.7	111.0%	212.0%
DFTX	Definium Therapeutics, Inc.	4.9	91.1%	232.7%
BFLY	Butterfly Network	2.3	90.0%	133.9%
QURE	uniQure	3.0	88.8%	98.5%
CDNL	Cardinal Infrastructure	1.4	85.3%	280.5%
APGE	Apogee Therapeutics	9.2	70.5%	75.6%
APPS	Digital Turbine	1.3	65.7%	121.4%
MBX	MBX Biosciences	2.4	64.1%	65.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADCT	ADC Therapeutics	0.2	-70.3%	-71.1%
FLY	Firefly Aerospace	4.1	-55.4%	14.2%
RDW	Redwire	2.1	-54.5%	43.8%
SATL	Satellogic	0.7	-52.7%	147.1%
BKSY	BlackSky Technology	0.9	-51.5%	32.1%
LUNR	Intuitive Machines	2.4	-50.9%	21.9%
HTZ	Hertz Global	0.8	-49.8%	-48.6%
TMCR	Metals Royalty	0.4	-49.5%	-52.1%
MSTR	Strategy	27.5	-46.6%	-45.8%
PL	Planet Labs PBC	8.6	-46.4%	37.3%

Peer Comparisons

Peers to compare with:

Financials

	GILD	ABBV	MRK	BMY	PFE	JNJ	Median
Name	Gilead S.	AbbVie	Merck	Bristol-.	Pfizer	Johnson .
Mkt Price	127.88	253.35	128.66	57.52	24.29	254.66	128.27
Mkt Cap	158.8	448.4	318.0	117.2	138.2	613.4	238.4
Rev LTM	29,734	62,819	65,768	48,483	63,314	96,362	63,066
Op Inc LTM	11,901	20,844	12,970	13,591	15,508	25,792	14,550
FCF LTM	10,230	19,980	14,115	11,908	9,483	17,413	13,012
FCF 3Y Avg	9,325	19,085	14,065	12,501	8,603	18,074	13,283
CFO LTM	10,806	21,224	17,890	13,306	11,984	22,870	15,598
CFO 3Y Avg	9,884	20,104	17,842	13,780	11,517	23,615	15,811

Growth & Margins

	GILD	ABBV	MRK	BMY	PFE	JNJ	Median
Name	Gilead S.	AbbVie	Merck	Bristol-.	Pfizer	Johnson .
Rev Chg LTM	3.5%	9.5%	2.9%	1.8%	1.4%	7.9%	3.2%
Rev Chg 3Y Avg	3.2%	3.6%	4.4%	1.9%	-9.2%	4.4%	3.4%
Rev Chg Q	4.4%	12.4%	4.9%	2.6%	5.4%	9.9%	5.1%
QoQ Delta Rev Chg LTM	1.0%	2.7%	1.2%	0.6%	1.2%	2.3%	1.2%
Op Inc Chg LTM	9.7%	61.4%	-36.4%	72.7%	3.1%	20.7%	15.2%
Op Inc Chg 3Y Avg	0.1%	12.1%	69.7%	21.0%	203.9%	5.7%	16.5%
Op Mgn LTM	40.0%	33.2%	19.7%	28.0%	24.5%	26.8%	27.4%
Op Mgn 3Y Avg	36.7%	26.9%	19.9%	20.2%	17.3%	25.6%	22.9%
QoQ Delta Op Mgn LTM	0.3%	0.3%	-14.3%	-0.4%	-0.7%	-0.4%	-0.4%
CFO/Rev LTM	36.3%	33.8%	27.2%	27.4%	18.9%	23.7%	27.3%
CFO/Rev 3Y Avg	34.4%	34.7%	28.0%	29.2%	18.9%	26.2%	28.6%
FCF/Rev LTM	34.4%	31.8%	21.5%	24.6%	15.0%	18.1%	23.0%
FCF/Rev 3Y Avg	32.5%	33.0%	22.0%	26.5%	14.0%	20.1%	24.3%

Valuation

	GILD	ABBV	MRK	BMY	PFE	JNJ	Median
Name	Gilead S.	AbbVie	Merck	Bristol-.	Pfizer	Johnson .
Mkt Cap	158.8	448.4	318.0	117.2	138.2	613.4	238.4
P/S	5.3	7.1	4.8	2.4	2.2	6.4	5.1
P/Op Inc	13.3	21.5	24.5	8.6	8.9	23.8	17.4
P/EBIT	13.5	50.5	24.2	10.3	13.1	23.6	18.6
P/E	17.2	123.4	35.6	16.1	18.5	29.2	23.8
P/CFO	14.7	21.1	17.8	8.8	11.5	26.8	16.2
Total Yield	8.3%	3.4%	5.4%	10.5%	12.5%	5.5%	6.9%
Dividend Yield	2.5%	2.6%	2.6%	4.3%	7.1%	2.0%	2.6%
FCF Yield 3Y Avg	7.2%	5.4%	5.2%	10.5%	5.7%	4.1%	5.5%
D/E	0.1	0.2	0.2	0.4	0.5	0.1	0.2
Net D/E	0.1	0.1	0.1	0.3	0.4	0.1	0.1

Returns

	GILD	ABBV	MRK	BMY	PFE	JNJ	Median
Name	Gilead S.	AbbVie	Merck	Bristol-.	Pfizer	Johnson .
1M Rtn	-4.2%	16.4%	9.2%	0.6%	-7.2%	13.0%	4.9%
3M Rtn	-4.1%	22.0%	8.3%	-1.7%	-8.7%	6.5%	2.4%
6M Rtn	3.8%	12.0%	22.3%	7.6%	0.1%	24.0%	9.8%
12M Rtn	18.6%	43.5%	68.1%	30.3%	7.4%	71.3%	36.9%
3Y Rtn	85.7%	111.7%	24.3%	3.3%	-19.0%	69.4%	46.8%
1M Excs Rtn	-1.5%	19.8%	10.0%	2.2%	-5.1%	12.3%	6.1%
3M Excs Rtn	-19.5%	7.5%	-4.6%	-16.8%	-24.0%	-6.5%	-11.6%
6M Excs Rtn	-3.0%	6.1%	17.9%	1.9%	-5.5%	18.7%	4.0%
12M Excs Rtn	3.2%	20.4%	46.2%	8.7%	-13.6%	50.7%	14.5%
3Y Excs Rtn	13.4%	37.7%	-41.5%	-67.6%	-93.2%	1.2%	-20.2%

Comparison Analyses

	Title
0	BMY Looks Stronger Than GILD With 7.0% Return Potential
1	Gilead Sciences vs. Regeneron Pharmaceuticals: With Return Forecast Of 4.6%, Gilead Sciences Is A Better Bet
2	Why VRTX With 28% Upside May Beat GILD?
3	Gilead Sciences vs Moderna: Similar Market Cap; Which Stock Is A Better Bet?
4	Gilead Sciences vs Uber Technologies: Similar Market Cap; Which Stock Is A Better Bet?
5	Gilead Sciences vs Biogen: Industry Peers; Which Stock Is A Better Bet?
6	Gilead Sciences vs Zoetis: Similar Market Cap; Which Stock Is A Better Bet?
7	Gilead Sciences vs ConocoPhillips: Similar Market Cap; Which Stock Is A Better Bet?
8	Gilead Sciences vs Enbridge: Similar Market Cap; Which Stock Is A Better Bet?
9	Gilead Sciences vs PayPal Holdings: Similar Revenue; Which Stock Is A Better Bet?

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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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
BLA761468	HEPCLUDEX	bulevirtide-gmod	injection	5222026	-4.2%	-4.2%	-4.2%	-4.2%	-4.2%
NDA220018	YEZTUGO	lenacapavir	solution	6182025	4.7%	13.9%	17.6%	21.5%	21.5%
NDA220020	YEZTUGO	lenacapavir sodium	tablet	6182025	4.7%	13.9%	17.6%	21.5%	21.5%
NDA217899	LIVDELZI	seladelpar lysine	capsule	8142024	26.1%	41.8%	65.7%	82.7%	82.7%
NDA215973	SUNLENCA	lenacapavir sodium	solution	12222022	-6.8%	-6.6%	-3.0%	17.3%	68.7%
NDA215974	SUNLENCA	lenacapavir sodium	tablet	12222022	-6.8%	-6.6%	-3.0%	17.3%	68.7%
NDA214187	EPCLUSA	sofosbuvir	pellets	6102021	3.0%	3.5%	-8.5%	22.7%	123.8%
NDA214787	VEKLURY	remdesivir	solution	10222020	11.7%	10.7%	15.7%	22.2%	161.5%
NDA212480	SOVALDI	sofosbuvir	pellets	8282019	6.5%	19.6%	6.9%	21.4%	161.3%
NDA212477	HARVONI	ledipasvir	pellets	8282019	6.5%	19.6%	6.9%	21.4%	161.3%
...

Collapse to Preview

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
BLA761468	HEPCLUDEX	bulevirtide-gmod	injection	5222026	-4.2%	-4.2%	-4.2%	-4.2%	-4.2%
NDA220018	YEZTUGO	lenacapavir	solution	6182025	4.7%	13.9%	17.6%	21.5%	21.5%
NDA220020	YEZTUGO	lenacapavir sodium	tablet	6182025	4.7%	13.9%	17.6%	21.5%	21.5%
NDA217899	LIVDELZI	seladelpar lysine	capsule	8142024	26.1%	41.8%	65.7%	82.7%	82.7%
NDA215973	SUNLENCA	lenacapavir sodium	solution	12222022	-6.8%	-6.6%	-3.0%	17.3%	68.7%
NDA215974	SUNLENCA	lenacapavir sodium	tablet	12222022	-6.8%	-6.6%	-3.0%	17.3%	68.7%
NDA214187	EPCLUSA	sofosbuvir	pellets	6102021	3.0%	3.5%	-8.5%	22.7%	123.8%
NDA214787	VEKLURY	remdesivir	solution	10222020	11.7%	10.7%	15.7%	22.2%	161.5%
NDA212480	SOVALDI	sofosbuvir	pellets	8282019	6.5%	19.6%	6.9%	21.4%	161.3%
NDA212477	HARVONI	ledipasvir	pellets	8282019	6.5%	19.6%	6.9%	21.4%	161.3%
NDA210251	BIKTARVY	bictegravir sodium	tablet	2072018	-20.1%	-5.7%	-16.1%	-10.8%	111.3%
NDA209195	VOSEVI	sofosbuvir	tablet	7182017	12.6%	13.4%	10.6%	-0.1%	147.1%
NDA208464	VEMLIDY	tenofovir alafenamide fumarate	tablet	11102016	-15.2%	-13.1%	-2.5%	-3.1%	132.7%
NDA208341	EPCLUSA	sofosbuvir	tablet	6282016	-3.1%	-9.3%	-10.1%	-9.6%	121.4%
NDA208215	DESCOVY	emtricitabine	tablet	4042016	-9.4%	-16.2%	-27.1%	-15.6%	94.4%
NDA208351	ODEFSEY	emtricitabine	tablet	3012016	-2.5%	-12.2%	-19.9%	-9.0%	105.3%
NDA207561	GENVOYA	cobicistat	tablet	11052015	-19.3%	-19.6%	-31.4%	-28.4%	71.5%
NDA205834	HARVONI	ledipasvir	tablet	10102014	-1.5%	-1.9%	-2.2%	-25.4%	79.6%
NDA203094	TYBOST	cobicistat	tablet	9242014	-16.0%	-8.1%	-5.0%	-23.0%	71.4%
NDA203093	VITEKTA	elvitegravir	tablet	9242014	-16.0%	-8.1%	-5.0%	-23.0%	71.4%
NDA205858	ZYDELIG	idelalisib	tablet	7232014	17.4%	14.7%	30.7%	-2.0%	106.3%
NDA206545	ZYDELIG	idelalisib	tablet	7232014	17.4%	14.7%	30.7%	-2.0%	106.3%
NDA204671	SOVALDI	sofosbuvir	tablet	12062013	7.6%	11.4%	41.4%	41.7%	151.8%
NDA203100	STRIBILD	cobicistat	tablet	8272012	32.0%	47.2%	105.4%	275.6%	551.6%
NDA022577	VIREAD	tenofovir disoproxil fumarate	powder	1182012	-1.9%	11.9%	63.2%	230.0%	684.4%
NDA202123	COMPLERA	emtricitabine	tablet	8102011	12.8%	53.6%	61.0%	235.1%	954.5%
NDA050814	CAYSTON	aztreonam	for solution	2222010	-24.1%	-31.4%	-19.6%	-7.0%	678.3%
NDA022081	LETAIRIS	ambrisentan	tablet	6152007	-5.9%	13.4%	34.0%	11.2%	822.1%
NDA021937	ATRIPLA	efavirenz	tablet	7122006	5.7%	4.7%	29.3%	73.8%	1,106.2%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	3/31/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	5/7/2026	2/24/2026	2/28/2025	2/23/2024	2/22/2023	2/23/2022	2/25/2021
Key Financials
Total Revenue	29,734	29,442	28,754	27,116	27,281	27,305	24,689
Gross Profit	23,595	23,208	22,503	20,618	21,624	20,704	20,117
EBITDA	14,486	13,580	4,434	10,496	8,852	11,329	4,133
Operating Income	11,901	11,701	10,596	8,838	10,974	10,857	9,927
Net Income	9,216	8,510	480	5,665	4,592	6,225	123
EPS	7.42	6.84	0.38	4.54	3.66	4.96	0.10
Growth Rates
Total Revenue Growth	3.5%	2.4%	6.0%	-0.6%	-0.1%	10.6%	10.0%
EBITDA Growth	36.9%	206.3%	-57.8%	18.6%	-21.9%	174.1%	-45.3%
Operating Income Growth	9.7%	10.4%	19.9%	-19.5%	1.1%	9.4%	6.3%
Net Income Growth	54.5%	1672.9%	-91.5%	23.4%	-26.2%	4961.0%	-97.7%
Margins
Gross Margin	79.4%	78.8%	78.3%	76.0%	79.3%	75.8%	81.5%
EBITDA Margin	48.7%	46.1%	15.4%	38.7%	32.4%	41.5%	16.7%
Operating Income Margin	40.0%	39.7%	36.9%	32.6%	40.2%	39.8%	40.2%
Net Income Margin	31.0%	28.9%	1.7%	20.9%	16.8%	22.8%	0.5%
Cash & Debt
Total Cash	7,643	9,613	11,568	7,264	6,385	6,520	7,408
Total Debt	22,174	24,936	26,711	24,987	25,230	26,695	31,402
Net Debt / (Cash)	14,531	15,323	15,143	17,723	18,845	20,175	23,994
Cash Flows & CapEx
Net Cash from Operations	10,806	10,019	10,828	8,006	9,072	11,384	8,168
Total CapEx	-576	-563	-523	-585	-728	-579	-650
Free Cash from Operations	10,230	9,456	10,305	7,421	8,344	10,805	7,518
Returns to Shareholders
Dividends	4,033	4,003	3,918	3,809	3,709	3,605	3,449
Share Repurchases	1,611	1,922	1,150	1,000	1,396	546	1,583

$ Mil \| FY: 12/31	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023
Filing Date	5/7/2026	2/24/2026	11/7/2025	8/7/2025	5/7/2025	2/28/2025	11/12/2024	8/8/2024	5/8/2024	2/23/2024	11/7/2023	8/4/2023
Key Financials Quarterly
Total Revenue	6,960	7,924	7,769	7,081	6,667	7,569	7,545	6,953	6,686	7,114	7,050	6,599
Ebitda	3,509	3,020	4,583	3,374	2,605	3,109	1,884	2,984	-3,542	2,593	3,234	2,499
Operating Income	2,692	2,988	3,497	2,724	2,490	2,531	3,143	2,681	2,239	2,036	2,713	1,901
Net Income	2,021	2,183	3,052	1,960	1,315	1,783	1,253	1,614	-4,170	1,429	2,180	1,045
EPS	1.63	1.76	2.46	1.57	1.06	1.43	1.00	1.29	-3.34	1.15	1.75	0.84
Key Financials TTM
Total Revenue TTM	29,734	29,441	29,086	28,862	28,734	28,753	28,298	27,803	27,449	27,115	27,390	27,382
Ebitda TTM	14,486	13,582	13,671	10,972	10,582	4,435	3,919	5,269	4,784	10,496	10,688	10,640
Operating Income TTM	11,901	11,699	11,242	10,888	10,845	10,594	10,099	9,669	8,889	8,835	11,924	12,496
Net Income TTM	9,216	8,510	8,110	6,311	5,965	480	126	1,053	484	5,664	5,875	5,484
Growth Rates Quarterly
Total Revenue Growth	4.4%	4.7%	3.0%	1.8%	-0.3%	6.4%	7.0%	5.4%	5.3%	-3.7%	0.1%	5.4%
EBITDA Growth	34.7%	-2.9%	143.3%	13.1%	173.5%	19.9%	-41.7%	19.4%	-263.2%	-6.9%	1.5%	10.1%
Operating Income Growth	8.1%	18.1%	11.3%	1.6%	11.2%	24.3%	15.8%	41.0%	2.5%	-60.3%	-17.4%	-19.4%
Net Income Growth	53.7%	22.4%	143.6%	21.4%	131.5%	24.8%	-42.5%	54.4%	-512.9%	-12.9%	21.9%	-8.7%
Margins Quarterly
EBITDA Margin	50.4%	38.1%	59.0%	47.6%	39.1%	41.1%	25.0%	42.9%	-53.0%	36.4%	45.9%	37.9%
Operating Income Margin	38.7%	37.7%	45.0%	38.5%	37.3%	33.4%	41.7%	38.6%	33.5%	28.6%	38.5%	28.8%
Net Income Margin	29.0%	27.5%	39.3%	27.7%	19.7%	23.6%	16.6%	23.2%	-62.4%	20.1%	30.9%	15.8%
Cash & Debt
Total Cash	7,643	9,613	7,349	5,213	7,926	11,568	5,037	2,772	4,718	7,264	6,864	6,667
Total Debt	22,174	24,936	24,941	24,946	24,952	26,711	23,249	23,350	25,194	24,987	24,982	25,246
Net Debt / (Cash)	14,531	15,323	17,592	19,733	17,026	15,143	18,212	20,578	20,476	17,723	18,118	18,579
Cash Flows Quarterly
FCF from Operations	2,544	3,327	4,108	827	1,757	2,975	4,309	1,325	2,219	2,169	1,755	2,338
Cash Flows TTM
FCF from Operations TTM	10,806	10,019	9,667	9,868	10,366	10,828	10,022	7,468	8,481	8,006	8,404	9,512
Returns to Shareholders Quarterly
Dividends	1,040	994	1,005	994	1,010	973	983	972	990	943	953	944
Share Repurchases	419	230	435	527	730	350	300	100	400	150	300	150
Return on Invested Capital (ROIC) Quarterly
ROIC	35.3%	49.2%	44.6%	31.3%	31.4%	36.2%	49.1%	30.5%	30.4%	28.8%	41.6%	20.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	42.8%	41.8%	35.1%	34.0%	37.5%	32.0%	25.3%	23.4%	13.8%	29.8%	39.3%	37.6%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Biktarvy	14,334	13,423		10,390	8,624
Descovy	2,758	2,113		1,872	1,700
Genvoya	1,498	1,762		2,404	2,879
Yescarta	1,495	1,570		1,160	695
Trodelvy	1,397	1,315		680	380
Sofosbuvir/Velpatasvir	1,272	1,596		1,530	1,462
Odefsey	1,167	1,288		1,469	1,568
Vemlidy	1,070	959		842	814
Veklury	911	1,799		3,905	5,565
Other Liver Disease	874	467
Royalty, contract and other revenues	527	144		299	297
AmBisome	509	533		497	540
Other Human immunodeficiency virus (HIV)	500	434		57	195
Symtuza - Revenue share	495	592		530	531
Tecartus	344	403		299	176
Other	290	356		253	281
Discovery, development and commercialization of innovative medicines in areas of unmet medical need			27,116
Complera/Eviplera				200	258
Ledipasvir/Sofosbuvir				115	212
Letairis				196	206
Other Hepatitis C virus (HCV)				166	207
Other hepatitis B virus (HBV) / hepatitis Delta virus (HDV)				55	44
Stribild				127	189
Truvada				147	371
Viread				91	111
Total	29,441	28,754	27,116	27,284	27,305

Price Behavior

Price Behavior

Market Price	$127.88
Market Cap ($ Bil)	158.8
First Trading Date	01/22/1992
Distance from 52W High	-16.9%
	50 Days	200 Days
DMA Price	$129.61	$128.14
DMA Trend	up	down
Distance from DMA	-1.3%	-0.2%
	3M	1YR
Volatility	24.2%	26.6%
Downside Capture	16.93	39.58
Upside Capture	-6.11	51.47
Correlation (SPY)	33.0%	22.8%

GILD Betas & Captures as of 5/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.52	0.61	0.71	0.61	0.50	0.38
Up Beta	0.15	0.85	0.85	0.75	0.52	0.38
Down Beta	1.43	0.72	1.05	0.81	0.32	0.38
Up Capture	46%	7%	21%	47%	52%	17%
Bmk +ve Days	13	28	36	67	141	432
Stock +ve Days	11	20	30	62	129	397
Down Capture	37%	109%	94%	49%	58%	52%
Bmk -ve Days	7	13	27	57	109	318
Stock -ve Days	9	21	33	62	119	349

[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	24.0%	26.6%	0.78	-
Sector ETF (XLV)	21.4%	15.4%	1.06	50.1%
Equity (SPY)	21.2%	12.4%	1.26	21.9%
Gold (GLD)	21.8%	27.7%	0.70	11.2%
Commodities (DBC)	21.8%	18.6%	0.92	-11.0%
Real Estate (VNQ)	16.1%	13.6%	0.85	25.2%
Bitcoin (BTCUSD)	-44.2%	42.5%	-1.25	6.2%

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
GILD	18.2%	24.2%	0.66	-
Sector ETF (XLV)	7.0%	14.8%	0.29	50.7%
Equity (SPY)	13.4%	17.1%	0.61	29.7%
Gold (GLD)	17.8%	18.3%	0.79	6.1%
Commodities (DBC)	7.4%	19.5%	0.28	-0.5%
Real Estate (VNQ)	3.4%	18.9%	0.08	31.1%
Bitcoin (BTCUSD)	10.9%	54.0%	0.39	7.1%

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
GILD	8.1%	25.5%	0.32	-
Sector ETF (XLV)	10.4%	16.6%	0.51	53.7%
Equity (SPY)	15.2%	18.0%	0.72	37.6%
Gold (GLD)	11.8%	16.1%	0.60	5.1%
Commodities (DBC)	5.9%	18.0%	0.26	7.6%
Real Estate (VNQ)	5.6%	20.7%	0.23	28.1%
Bitcoin (BTCUSD)	54.7%	66.4%	0.95	5.4%

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Short Interest

Short Interest: As Of Date	6152026
Short Interest: Shares Quantity	23.9 Mil
Short Interest: % Change Since 5312026	-7.2%
Average Daily Volume	8.9 Mil
Days-to-Cover Short Interest	2.7 days
Basic Shares Quantity	1,242.0 Mil
Short % of Basic Shares	1.9%

Returns Analyses

	Title
0	How Low Can Gilead Sciences Stock Really Go?
1	GILD YTD Stock Return Of 13% Outperforms BIIB by 32% and Outperforms VRTX by 4.1%
2	Gilead Sciences During 2008 Recession vs. 2022 Inflation Shock: GILD Stock Is Now 96% Higher Than Its Pre-Shock High
3	Gilead Sciences Stock Return Comparison
4	Gilead Sciences Total Shareholder Return (TSR): 22.3% in 2022 and 14.2% 3-yr returns (above peer average)

Earnings Returns History

Updated 6/10/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/7/2026	-2.0%	-1.5%	-4.4%
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%
...
SUMMARY STATS
# Positive	11	13	15
# Negative	13	11	9
Median Positive	4.6%	4.2%	4.6%
Median Negative	-2.8%	-2.7%	-4.4%
Max Positive	12.9%	13.2%	21.4%
Max Negative	-4.2%	-7.3%	-9.9%

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/7/2026	-2.0%	-1.5%	-4.4%
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%
2/6/2024	-4.2%	-5.4%	-5.2%
11/7/2023	-3.4%	-7.3%	-3.2%
8/3/2023	4.2%	5.9%	1.5%
4/27/2023	-1.6%	-6.0%	-7.7%
2/2/2023	3.8%	5.1%	-0.3%
10/27/2022	12.9%	13.2%	21.4%
8/2/2022	4.6%	4.1%	6.6%
4/28/2022	-3.6%	-0.3%	5.3%
2/1/2022	-3.9%	-7.0%	-9.9%
10/28/2021	-3.7%	-1.3%	4.9%
7/29/2021	-2.2%	-0.8%	2.1%
4/29/2021	-0.6%	4.2%	3.6%
2/4/2021	4.0%	1.7%	-1.6%
10/28/2020	-0.3%	2.0%	2.2%
7/30/2020	-3.9%	-4.9%	-9.8%
SUMMARY STATS
# Positive	11	13	15
# Negative	13	11	9
Median Positive	4.6%	4.2%	4.6%
Median Negative	-2.8%	-2.7%	-4.4%
Max Positive	12.9%	13.2%	21.4%
Max Negative	-4.2%	-7.3%	-9.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
03/31/2026	05/07/2026	10-Q
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

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Report Date	Filing Date	Filing
03/31/2026	05/07/2026	10-Q
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
12/31/2021	02/23/2022	10-K
09/30/2021	11/03/2021	10-Q
06/30/2021	08/05/2021	10-Q
03/31/2021	05/06/2021	10-Q
12/31/2020	02/25/2021	10-K
09/30/2020	11/04/2020	10-Q
06/30/2020	08/06/2020	10-Q
03/31/2020	05/06/2020	10-Q
12/31/2019	02/25/2020	10-K
09/30/2019	11/05/2019	10-Q
06/30/2019	08/06/2019	10-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Product sales	30.00 Bil	30.20 Bil	30.40 Bil	1.3%		Raised	Guidance: 29.80 Bil for 2026
2026 Product sales excluding Veklury	29.40 Bil	29.60 Bil	29.80 Bil	1.4%		Raised	Guidance: 29.20 Bil for 2026
2026 Veklury		600.00 Mil		0		Affirmed	Guidance: 600.00 Mil for 2026
2026 Diluted (loss) earnings per share	-3.25	-3.05	-2.85	-143.9%		Lowered	Guidance: 6.95 for 2026
2026 Non-GAAP diluted (loss) earnings per share	-1.05	-0.85	-0.65	-109.8%		Lowered	Guidance: 8.65 for 2026

Prior: 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

Insider Activity

Updated 6/16/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Mercier, Johanna	Chief Comm & Corp Aff Officer	Direct	Sell	6162026	123.92	3,000	371,762	15,395,163	Form
2	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	6162026	125.40	3,000	376,200	21,524,408	Form
3	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	6022026	131.46	15,000	1,971,847	81,183,162	Form
4	Mercier, Johanna	Chief Comm & Corp Aff Officer	Direct	Sell	5182026	131.29	28,000	3,676,199	16,513,878	Form
5	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	5182026	132.27	3,000	396,810	22,907,974	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Mercier, Johanna	Chief Comm & Corp Aff Officer	Direct	Sell	6162026	123.92	3,000	371,762	15,395,163	Form
2	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	6162026	125.40	3,000	376,200	21,524,408	Form
3	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	6022026	131.46	15,000	1,971,847	81,183,162	Form
4	Mercier, Johanna	Chief Comm & Corp Aff Officer	Direct	Sell	5182026	131.29	28,000	3,676,199	16,513,878	Form
5	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	5182026	132.27	3,000	396,810	22,907,974	Form
6	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	4292026	129.16	10,000	1,291,608	81,702,883	Form
7	Mercier, Johanna	Chief Comm & Corp Aff Officer	Direct	Sell	4162026	140.96	3,000	422,880	18,152,688	Form
8	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	4162026	140.96	3,000	422,880	24,835,883	Form
9	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	3302026	136.82	10,000	1,368,162	87,913,575	Form
10	Mercier, Johanna	Chief Comm & Corp Aff Officer	Direct	Sell	3172026	144.23	3,000	432,690	19,006,485	Form
11	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	3172026	144.23	3,000	432,690	25,844,718	Form
12	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	3022026	144.79	10,000	1,447,859	92,997,117	Form
13	Mercier, Johanna	Chief Comm & Corp Aff Officer	Direct	Sell	2182026	154.44	28,000	4,324,228	18,576,883	Form
14	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	2182026	154.43	3,000	463,290	25,910,111	Form
15	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	2062026	150.00	115,640	17,346,000	92,086,800	Form
16	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	1292026	139.89	10,000	1,398,911	77,877,104	Form
17	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	1262026	135.00	115,640	15,611,400	76,504,230	Form
18	Bluestone, Jeffrey		Direct	Sell	1212026	123.50	5,000	617,500	1,101,620	Form
19	Mercier, Johanna	Chief Commercial Officer	Direct	Sell	1162026	124.31	3,000	372,930	12,831,403	Form
20	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	1162026	124.31	3,000	372,930	18,709,028	Form
21	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	12302025	124.83	10,000	1,248,272	70,739,325	Form
22	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	12162025	122.00	3,000	366,000	18,727,366	Form
23	Mercier, Johanna	Chief Commercial Officer	Direct	Sell	12162025	122.00	3,000	366,000	12,958,962	Form
24	Bluestone, Jeffrey		Direct	Sell	12012025	125.08	5,000	625,400	1,115,714	Form
25	Kramer, Kelly A		Direct	Sell	12012025	127.10	2,805	356,516	170,187	Form
26	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	12012025	126.54	10,000	1,265,444	72,282,528	Form
27	Kramer, Kelly A		Direct	Sell	12012025	127.11	2,806	356,671	170,200	Form
28	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	11182025	125.23	2,500	313,075	19,354,923	Form
29	Mercier, Johanna	Chief Commercial Officer	Direct	Sell	11182025	125.86	28,000	3,524,173	13,491,669	Form
30	Telman, Deborah H	EVP, Corporate Affairs & GC	Direct	Sell	11132025	122.85	53,646	6,590,487	5,365,659	Form
31	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	10292025	119.39	10,000	1,193,926	69,391,318	Form
32	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	10162025	118.08	2,500	295,200	18,545,054	Form
33	Mercier, Johanna	Chief Commercial Officer	Direct	Sell	10162025	118.08	3,000	354,240	13,011,589	Form
34	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	9302025	111.66	10,000	1,116,564	66,011,598	Form
35	Mercier, Johanna	Chief Commercial Officer	Direct	Sell	9162025	113.57	3,000	340,710	12,855,329	Form
36	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	9162025	113.57	2,500	283,925	18,120,661	Form
37	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	8292025	113.63	10,000	1,136,300	67,692,232	Form
38	Mercier, Johanna	Chief Commercial Officer	Direct	Sell	8182025	118.53	28,000	3,318,927	13,532,687	Form
39	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	8182025	118.53	2,500	296,325	18,977,838	Form
40	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	7292025	113.94	10,000	1,139,370	69,014,464	Form
41	Mercier, Johanna	Chief Commercial Officer	Direct	Sell	7162025	111.03	3,000	333,090	13,009,163	Form
42	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	7162025	111.03	2,500	277,575	18,054,588	Form
43	Bluestone, Jeffrey		Direct	Sell	7152025	109.74	5,000	548,700	978,881	Form
44	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	7012025	110.45	10,000	1,104,484	68,005,825	Form
45	Dickinson, Andrew D	Chief Financial Officer	Direct	Sell	6172025	110.17	2,500	275,425	18,190,169	Form
46	Mercier, Johanna	Chief Commercial Officer	Direct	Sell	6172025	110.17	3,000	330,510	13,238,909	Form
47	O'Day, Daniel Patrick	Chairman & CEO	Direct	Sell	6022025	110.42	10,000	1,104,193	68,489,534	Form

GILD Trade Sentinel

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.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

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 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.

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.

How Is The Market Pricing GILD?

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.

What will confirm the thesis

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.

What will damage the thesis

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.

Noise: Real but irrelevant to thesis

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.

What GILD Makes & Who Pays

TTM figures based on Gilead Sciences Announces Fourth Quarter and Full Year 2025 Financial Results, Feb 10 2026

HIV Treatments & Prevention

$20.8B TTM (71% of Total) · 86% Margin

What 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.

Per-unit sale of branded pharmaceuticals.

Competition

ViiV Healthcare (GSK/Pfizer/Shionogi) — Products: Juluca, Dovato, Cabenuva.

ViiV has a global market share of ~32% and is a leader in developing long-acting injectable HIV treatments, directly competing with Gilead's new focus area.

Gilead's Biktarvy is the most prescribed HIV treatment in the U.S. with over 52% market share, demonstrating deep physician and patient entrenchment. The company has extensive patent protection on key products into the 2030s.

Oncology (Cell Therapy & Trodelvy)

$3.2B TTM (11% of Total) · 86% Margin

What 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.

Per-treatment (Cell Therapy) or per-unit sale (Trodelvy).

Competition

Bristol Myers Squibb (BMS) - Abecma and Breyanzi (CAR-T therapies); Johnson & Johnson (JNJ) - Carvykti (CAR-T therapy).

Competitors are gaining traction in the CAR-T space, with newer products and potentially better safety or efficacy profiles in certain indications, leading to 'in- and out-of-class competition' cited by Gilead.

Gilead was an early mover in CAR-T with the Kite Pharma acquisition, establishing a manufacturing and logistics footprint. Trodelvy has a first-mover advantage in certain breast cancer indications.

Liver Disease & Other

$3.2B TTM (11% of Total) · 86% Margin

What 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.

Per-unit sale of branded pharmaceuticals.

Competition

AbbVie (HCV), various companies with HBV treatments.

AbbVie has been a strong competitor in the HCV space with its own curative regimens.

Gilead pioneered the cure for HCV, building a strong legacy and market understanding. Livdelzi has achieved over 50% market share in its initial indication.

Veklury (COVID-19)

$0.9B TTM (3% of Total) · 86% Margin

What 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.

Per-unit sale.

Competition

Pfizer - Paxlovid (oral antiviral).

Paxlovid is an oral treatment that can be taken at home, a significant advantage over intravenous Veklury for non-hospitalized patients.

Veklury has established itself as a standard of care for certain hospitalized COVID-19 patients.

GILD Evolution: Price Return by Era

1987–2000 · Founding & Antiviral Focus

Pioneering Antiviral R&D

Founded in 1987, the company focused on developing novel antiviral therapies. This era was defined by early R&D efforts and culminated in the first FDA approval for Vistide in 1996, establishing its core competency in treating life-threatening viruses.

2001–2012 · The HIV Revolution

Dominance in HIV Treatment +1000% (approx.)

This era cemented Gilead's market leadership. The approval of Viread in 2001 and the launch of Atripla in 2006, the first single-tablet regimen for HIV, transformed patient care and made Gilead the dominant force in HIV treatment. This period was characterized by massive revenue growth driven by a string of successful, market-defining HIV products.

2013–2018 · The HCV Peak and Trough

Curing Hepatitis C -40% (peak-to-trough)

Gilead launched Sovaldi and Harvoni, revolutionary cures for Hepatitis C, leading to a massive, multi-billion dollar surge in revenue. However, the success was short-lived as the curative nature of the drugs shrank the patient pool, leading to a steep decline in sales and a significant fall in the stock price from its peak as the market questioned future growth.

2019–Present · The Oncology Pivot

Diversification and the Search for New Growth Relatively flat

With the HCV franchise declining and HIV maturing, Gilead embarked on a major strategic pivot towards oncology through acquisitions like Kite Pharma (2017) for CAR-T cell therapy and Immunomedics (2020) for Trodelvy. This era is defined by the challenge of integrating these acquisitions, competing in the crowded oncology market, and launching new long-acting HIV prevention drugs to extend the life of its core franchise.

Market Appears To Be Skeptical Of Core Thesis

Price structure is in a downtrend. Multiple SMA levels broken and declining. Thesis requires reclaiming 200D before any bull case is credible. Relative to SPY: Lagging the market on the 63D window, but 'relative strength' is beginning to stabilize; watch for inflection. Volume and momentum show mild distribution. The selling pressure is present but not overwhelming. Earnings history is clearly negative. The market punished the print and the drift confirms distribution. Thesis is under pressure.

① Structure

-3

Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.

② Volume / Momentum

-1

Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.

③ Catalyst

-2

Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.

Combined Score

-6 / 12

1 Price Structure & Trend Broken In Short Term · - ▾

2 Momentum Mixed ▾

3 Relative Strength vs. SPY Mild Underperformance ▾

4 Institutional Footprint & Volume Mild Distribution ▾

5 Volatility Normal ▾

6 Key Price Levels Range · Vol Rising ▾

7 Earnings Reaction History Inconsistent ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	-3
② Vol / Mom	-1
③ Catalyst	-2

ℹ Bull Pillars: 0 · Bear Pillars: 3 · Combined Score: -6 → Market Appears To Be Skeptical Of Core Thesis

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

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5	MarketWatch	Unusual Whales
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7	FinViz

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Core Cache Last Updated: 6/28/2026

Gilead Sciences (GILD)

Market Price (6/29/2026): $127.285 | Market Cap: $158.1 BilInvestor Relations ↗Sector: Health Care | Industry: Biotechnology

Gilead Sciences (GILD)

Market Price (6/29/2026): $127.285Market Cap: $158.1 BilSector: Health CareIndustry: Biotechnology

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

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About Gilead Sciences (GILD)

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INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for GILD: 3.2% | 5.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GILD: 3.2% | 13.3x)

Higher Rev Chg LTM (Value for GILD: 3.5%)

Higher Rev Chg 3Y Avg (Value for GILD: 3.2%)

Higher Op Mgn LTM (Value for GILD: 40.0%)

Higher CFO/Rev LTM (Value for GILD: 36.3%)

Higher FCF/Rev LTM (Value for GILD: 34.4%)

Higher Total Yield (Value for GILD: 8.3%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for GILD: 3.2% | 5.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GILD: 3.2% | 13.3x)

Higher Rev Chg LTM (Value for GILD: 3.5%)

Higher Rev Chg 3Y Avg (Value for GILD: 3.2%)

Higher Op Mgn LTM (Value for GILD: 40.0%)

Higher CFO/Rev LTM (Value for GILD: 36.3%)

Higher FCF/Rev LTM (Value for GILD: 34.4%)

Higher Total Yield (Value for GILD: 8.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for GILD: 3.2% | 5.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GILD: 3.2% | 13.3x)

Higher Rev Chg LTM (Value for GILD: 3.5%)

Higher Rev Chg 3Y Avg (Value for GILD: 3.2%)

Higher Op Mgn LTM (Value for GILD: 40.0%)

Higher CFO/Rev LTM (Value for GILD: 36.3%)

Higher FCF/Rev LTM (Value for GILD: 34.4%)

Higher Total Yield (Value for GILD: 8.3%)

Best Bets in Health Care

P/EBIT (Value for GILD: 13.5x)

P/E (Value for GILD: 17.2x)

Rev Chg 3Y Avg (Value for GILD: 3.2%)

Rev Chg LTM (Value for GILD: 3.5%)

Rev Chg Q (Value for GILD: 4.4%)

FCF/Rev 3Y Avg (Value for GILD: 32.5%)

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Market Price (6/29/2026): $127.285 | Market Cap: $158.1 BilInvestor Relations Sector: Health Care | Industry: Biotechnology

Market Price (6/29/2026): $127.285
Market Cap: $158.1 Bil
Sector: Health Care
Industry: Biotechnology