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

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

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

Gilead Sciences (GILD) Major Customers

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

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

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

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Daniel O'Day, Chairman and Chief Executive Officer

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

Andrew Dickinson, Chief Financial Officer

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

Johanna Mercier, Chief Commercial Officer

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

Dietmar Berger, MD, PhD, Chief Medical Officer

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

Jyoti Mehra, Executive Vice President, Human Resources

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

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

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

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

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

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

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

Share Repurchases

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

Share Issuance

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

Outbound Investments

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

Capital Expenditures

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