Gilead Sciences (GILD)
Market Price (9/27/2026): $151.1 | Market Cap: $187.8 BilInvestor Relations Sector: Health Care | Industry: Biotechnology
Gilead Sciences (GILD)
Market Price (9/27/2026): $151.1Market Cap: $187.8 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%, CFO LTM is 14 Bil, FCF LTM is 13 Bil Attractive yieldDividend Yield is 2.2%, FCF Yield is 6.9% Stock buyback supportStock Buyback 3Y Total is 4.3 Bil Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4% Key risksGILD key risks include [1] looming patent expirations and subsequent generic competition for its highly profitable HIV franchise and [2] pipeline setbacks, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 38% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%, CFO LTM is 14 Bil, FCF LTM is 13 Bil |
| Attractive yieldDividend Yield is 2.2%, FCF Yield is 6.9% |
| Stock buyback supportStock Buyback 3Y Total is 4.3 Bil |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4% |
| Key risksGILD key risks include [1] looming patent expirations and subsequent generic competition for its highly profitable HIV franchise and [2] pipeline setbacks, Show more. |
Qualitative Assessment
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Updated on 9/1/2026
Gilead Sciences (GILD) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Exceeding Expectations. Gilead Sciences reported robust financial results for its fiscal Q2 2026, which ended June 30, 2026, with an earnings announcement on August 3, 2026. The company surpassed analyst estimates, with quarterly revenue increasing by 10.6% year-over-year to $7.80 billion, exceeding the consensus estimate of $7.40 billion. While diluted earnings per share (EPS) was a loss of $(6.75), this still beat analysts' consensus estimates of $(7.25) by $0.50. The underlying "base business sales," excluding Veklury, grew by 10% year-over-year to $7.6 billion, marking the strongest second-quarter growth in three years. This growth was driven by a 12% increase in HIV sales, a 26% rise in Trodelvy sales, and Livdelzi sales more than doubling. Management also raised its full-year fiscal 2026 guidance for base business sales to a range of $29.8 billion to $30.1 billion, an increase of $350 million at the midpoint from previous guidance. The reported net loss was primarily due to $11.2 billion in acquired in-process research and development (IPR&D) expenses related to recent acquisitions.
2. U.S. FDA Approval of Bixlenvo™ for HIV Treatment. On August 27, 2026, Gilead Sciences received U.S. FDA approval for Bixlenvo™ (bictegravir 75 mg/lenacapavir 50 mg), a new once-daily single-tablet regimen (STR) for the treatment of HIV in virologically suppressed adults. This approval is significant as Bixlenvo is the smallest STR and the first and only STR option for many individuals on complex HIV treatment regimens, addressing an unmet need in the patient population.
Show more
Gilead Sciences (GILD) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Exceeding Expectations. Gilead Sciences reported robust financial results for its fiscal Q2 2026, which ended June 30, 2026, with an earnings announcement on August 3, 2026. The company surpassed analyst estimates, with quarterly revenue increasing by 10.6% year-over-year to $7.80 billion, exceeding the consensus estimate of $7.40 billion. While diluted earnings per share (EPS) was a loss of $(6.75), this still beat analysts' consensus estimates of $(7.25) by $0.50. The underlying "base business sales," excluding Veklury, grew by 10% year-over-year to $7.6 billion, marking the strongest second-quarter growth in three years. This growth was driven by a 12% increase in HIV sales, a 26% rise in Trodelvy sales, and Livdelzi sales more than doubling. Management also raised its full-year fiscal 2026 guidance for base business sales to a range of $29.8 billion to $30.1 billion, an increase of $350 million at the midpoint from previous guidance. The reported net loss was primarily due to $11.2 billion in acquired in-process research and development (IPR&D) expenses related to recent acquisitions.
2. U.S. FDA Approval of Bixlenvo™ for HIV Treatment. On August 27, 2026, Gilead Sciences received U.S. FDA approval for Bixlenvo™ (bictegravir 75 mg/lenacapavir 50 mg), a new once-daily single-tablet regimen (STR) for the treatment of HIV in virologically suppressed adults. This approval is significant as Bixlenvo is the smallest STR and the first and only STR option for many individuals on complex HIV treatment regimens, addressing an unmet need in the patient population.
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Updated on 9/1/2026
Gilead Sciences (GILD) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Exceeding Expectations. Gilead Sciences reported robust financial results for its fiscal Q2 2026, which ended June 30, 2026, with an earnings announcement on August 3, 2026. The company surpassed analyst estimates, with quarterly revenue increasing by 10.6% year-over-year to $7.80 billion, exceeding the consensus estimate of $7.40 billion. While diluted earnings per share (EPS) was a loss of $(6.75), this still beat analysts' consensus estimates of $(7.25) by $0.50. The underlying "base business sales," excluding Veklury, grew by 10% year-over-year to $7.6 billion, marking the strongest second-quarter growth in three years. This growth was driven by a 12% increase in HIV sales, a 26% rise in Trodelvy sales, and Livdelzi sales more than doubling. Management also raised its full-year fiscal 2026 guidance for base business sales to a range of $29.8 billion to $30.1 billion, an increase of $350 million at the midpoint from previous guidance. The reported net loss was primarily due to $11.2 billion in acquired in-process research and development (IPR&D) expenses related to recent acquisitions.
2. U.S. FDA Approval of Bixlenvo™ for HIV Treatment. On August 27, 2026, Gilead Sciences received U.S. FDA approval for Bixlenvo™ (bictegravir 75 mg/lenacapavir 50 mg), a new once-daily single-tablet regimen (STR) for the treatment of HIV in virologically suppressed adults. This approval is significant as Bixlenvo is the smallest STR and the first and only STR option for many individuals on complex HIV treatment regimens, addressing an unmet need in the patient population.
3. Expanded European Approval for Trodelvy® in Breast Cancer. The European Commission expanded the role of Gilead's Trodelvy® (sacituzumab govitecan-hziy) on August 24, 2026. This approval allows for its use in combination with Keytruda® for first-line metastatic triple-negative breast cancer (TNBC) across PD-L1 status. This decision positions Trodelvy as a foundational therapy for patients with this aggressive form of breast cancer in Europe.
4. Positive Phase 3 Data for Once-Weekly Oral HIV Treatment. On June 8, 2026, Gilead Sciences, in collaboration with Merck, announced positive topline results from two Phase 3 studies (ISLEND-1 and ISLEND-2) evaluating the investigational oral once-weekly single-tablet HIV treatment regimen of islatravir/lenacapavir. Both trials successfully met their primary efficacy endpoints at Week 48, demonstrating the potential for this regimen to be the first approved long-acting oral HIV treatment taken once-weekly, offering increased flexibility for people living with HIV.
Show less
Gilead Sciences (GILD) stock has gained about 15% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Financial Performance Exceeding Expectations. Gilead Sciences reported robust financial results for its fiscal Q2 2026, which ended June 30, 2026, with an earnings announcement on August 3, 2026. The company surpassed analyst estimates, with quarterly revenue increasing by 10.6% year-over-year to $7.80 billion, exceeding the consensus estimate of $7.40 billion. While diluted earnings per share (EPS) was a loss of $(6.75), this still beat analysts' consensus estimates of $(7.25) by $0.50. The underlying "base business sales," excluding Veklury, grew by 10% year-over-year to $7.6 billion, marking the strongest second-quarter growth in three years. This growth was driven by a 12% increase in HIV sales, a 26% rise in Trodelvy sales, and Livdelzi sales more than doubling. Management also raised its full-year fiscal 2026 guidance for base business sales to a range of $29.8 billion to $30.1 billion, an increase of $350 million at the midpoint from previous guidance. The reported net loss was primarily due to $11.2 billion in acquired in-process research and development (IPR&D) expenses related to recent acquisitions.
2. U.S. FDA Approval of Bixlenvo™ for HIV Treatment. On August 27, 2026, Gilead Sciences received U.S. FDA approval for Bixlenvo™ (bictegravir 75 mg/lenacapavir 50 mg), a new once-daily single-tablet regimen (STR) for the treatment of HIV in virologically suppressed adults. This approval is significant as Bixlenvo is the smallest STR and the first and only STR option for many individuals on complex HIV treatment regimens, addressing an unmet need in the patient population.
3. Expanded European Approval for Trodelvy® in Breast Cancer. The European Commission expanded the role of Gilead's Trodelvy® (sacituzumab govitecan-hziy) on August 24, 2026. This approval allows for its use in combination with Keytruda® for first-line metastatic triple-negative breast cancer (TNBC) across PD-L1 status. This decision positions Trodelvy as a foundational therapy for patients with this aggressive form of breast cancer in Europe.
4. Positive Phase 3 Data for Once-Weekly Oral HIV Treatment. On June 8, 2026, Gilead Sciences, in collaboration with Merck, announced positive topline results from two Phase 3 studies (ISLEND-1 and ISLEND-2) evaluating the investigational oral once-weekly single-tablet HIV treatment regimen of islatravir/lenacapavir. Both trials successfully met their primary efficacy endpoints at Week 48, demonstrating the potential for this regimen to be the first approved long-acting oral HIV treatment taken once-weekly, offering increased flexibility for people living with HIV.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 13.6% change in GILD stock from 5/31/2026 to 9/26/2026 was primarily driven by a 11.0% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 132.80 | 150.93 | 13.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29,734 | 30,456 | 2.4% |
| P/S Multiple | 5.5 | 6.2 | 11.0% |
| Shares Outstanding (Mil) | 1,242 | 1,243 | -0.1% |
| Cumulative Contribution | 13.6% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| GILD | 13.6% | |
| Market (SPY) | 2.2% | 7.3% |
| Sector (XLV) | 14.7% | 58.8% |
Fundamental Drivers
The 3.2% change in GILD stock from 2/28/2026 to 9/26/2026 was primarily driven by a 3.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 146.32 | 150.93 | 3.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29,441 | 30,456 | 3.4% |
| P/S Multiple | 6.2 | 6.2 | -0.1% |
| Shares Outstanding (Mil) | 1,241 | 1,243 | -0.2% |
| Cumulative Contribution | 3.2% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| GILD | 3.2% | |
| Market (SPY) | 13.0% | 21.1% |
| Sector (XLV) | 7.5% | 63.4% |
Fundamental Drivers
The 37.9% change in GILD stock from 8/31/2025 to 9/26/2026 was primarily driven by a 30.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 109.49 | 150.93 | 37.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 28,862 | 30,456 | 5.5% |
| P/S Multiple | 4.7 | 6.2 | 30.4% |
| Shares Outstanding (Mil) | 1,245 | 1,243 | 0.2% |
| Cumulative Contribution | 37.9% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| GILD | 37.9% | |
| Market (SPY) | 20.9% | 16.6% |
| Sector (XLV) | 26.4% | 53.9% |
Fundamental Drivers
The 119.0% change in GILD stock from 8/31/2023 to 9/26/2026 was primarily driven by a 96.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.91 | 150.93 | 119.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 27,382 | 30,456 | 11.2% |
| P/S Multiple | 3.1 | 6.2 | 96.0% |
| Shares Outstanding (Mil) | 1,249 | 1,243 | 0.5% |
| Cumulative Contribution | 119.0% |
Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| GILD | 119.0% | |
| Market (SPY) | 77.8% | 20.2% |
| Sector (XLV) | 34.7% | 49.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GILD Return | 30% | 24% | -2% | 19% | 37% | 24% | 217% |
| Peers Return | 23% | 18% | -15% | 4% | 18% | 27% | 92% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| GILD Win Rate | 58% | 33% | 42% | 67% | 67% | 67% | |
| Peers Win Rate | 58% | 62% | 37% | 48% | 60% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
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 9/25/2026 (YTD)
How Low Can It Go
| 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 |
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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| 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 |
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)
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:
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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.
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Share Repurchases
- Gilead's annual share buybacks totaled $1.922 billion in 2025.
- The company repurchased $1.15 billion in shares during 2024.
- Share repurchases amounted to $1 billion in 2023.
Outbound Investments
- Gilead announced the acquisition of Arcellx for approximately $8 billion in early 2026 to enhance its cell therapy portfolio, focusing on anito-cel for multiple myeloma.
- In March 2024, Gilead acquired CymaBay Therapeutics Inc. for $4.3 billion, integrating Seladelpar into its liver disease portfolio.
- The company anticipated the acquisition of Interius BioTherapeutics for $350 million in cash, with the transaction expected in the fourth quarter of 2025.
Capital Expenditures
- Gilead announced an additional $11 billion investment in its U.S. operations through 2030, bringing its total U.S. manufacturing and R&D investments to over $32 billion.
- The $11 billion investment includes $4 billion allocated to capital projects such as labs and equipment, $5 billion for technology, operations, and R&D site activities, and $2 billion for digital and advanced engineering initiatives.
- Annual capital expenditures were estimated at $563 million in 2025, $523 million in 2024, and $585 million in 2023.
Peer Outperformance in Biotechnology
GILD has outperformed 92% of its 373 Biotechnology peers over 5Y. Among the peers that beat it is PTGX. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that GILD has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
71%
of 466 industry peers · 38.0% return
3Y
80%
of 414 industry peers · 119.6% return
5Y
92%
of 373 industry peers · 156.1% return
Biotechnology peers with revenue growth within 4pp of GILD's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| GILD | Gilead Sciences | 3.6% | -57.9x | 38.0% | 119.6% | 156.1% | — |
| PTGX | Protagonist Therapeutics | 0.2% | 112.8x | 110.4% | 707.4% | 640.4% | +484pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is GILD's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 7.6% | 43.9% | 86.8% | CAH 377% · MCK 334% · COR 164% |
| Managed Health Care | 8 | 33.6% | -8.9% | 3.0% | OSCR 66% · HQY 30% · ELV 10% |
| Health Care Services | 20 | 20.0% | 38.9% | 2.4% | HIMS 252% · RDNT 141% · DGX 74% |
| Health Care Facilities | 24 | 2.9% | 12.1% | -1.4% | THC 273% · NHC 268% · ENSG 130% |
| Health Care Equipment | 50 | -1.8% | -1.1% | -18.6% | POCI 11475% · UFPT 375% · GKOS 205% |
| Health Care Supplies | 12 | 28.3% | -7.5% | -37.9% | LNTH 263% · HAE 52% · MMSI 20% |
| Pharmaceuticals | 63 | -9.3% | 7.3% | -43.3% | LQDA 2220% · INDV 1090% · ETON 1049% |
| Life Sciences Tools & Services | 113 | 1.4% | -8.6% | -66.0% | SNWV 1957% · NTRA 258% · MEDP 224% |
| Health Care Technology | 21 | -33.1% | -52.6% | -78.1% | SPOK 72% · HSTM 3% · VEEV -5% |
| Biotechnology ← | 374 | -11.5% | -25.5% | -79.9% | CELZ 1371% · DNTH 1067% · ELVN 971% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 149.86 |
| Mkt Cap | 277.5 |
| Rev LTM | 64,040 |
| Op Inc LTM | 15,430 |
| FCF LTM | 14,503 |
| FCF 3Y Avg | 13,816 |
| CFO LTM | 16,530 |
| CFO 3Y Avg | 16,340 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 14.5% |
| Op Inc Chg 3Y Avg | 16.7% |
| Op Mgn LTM | 27.5% |
| Op Mgn 3Y Avg | 24.0% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 29.1% |
| CFO/Rev 3Y Avg | 29.3% |
| FCF/Rev LTM | 23.7% |
| FCF/Rev 3Y Avg | 25.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 277.5 |
| P/S | 5.8 |
| P/Op Inc | 18.7 |
| P/EBIT | 24.3 |
| P/E | 34.4 |
| P/CFO | 16.1 |
| Total Yield | 4.5% |
| Dividend Yield | 2.4% |
| FCF Yield 3Y Avg | 6.1% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.0% |
| 3M Rtn | 13.4% |
| 6M Rtn | 13.9% |
| 12M Rtn | 43.6% |
| 3Y Rtn | 72.4% |
| 1M Excs Rtn | -0.4% |
| 3M Excs Rtn | 8.1% |
| 6M Excs Rtn | -6.5% |
| 12M Excs Rtn | 26.0% |
| 3Y Excs Rtn | -9.3% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA221104 | BIXLENVO | bictegravir sodium | tablet | 8272026 | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| NDA221443 | BIXLENVO SUNLENCA STARTER PACK (COPACKAGED) | bictegravir sodium, lenacapavir sodium | tablet | 8272026 | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| BLA761468 | HEPCLUDEX | bulevirtide-gmod | injection | 5222026 | 9.5% | 13.7% | 13.7% | 13.7% | 13.7% |
| NDA220020 | YEZTUGO | lenacapavir sodium | tablet | 6182025 | 4.7% | 13.9% | 17.6% | 44.2% | 44.2% |
| NDA220018 | YEZTUGO | lenacapavir | solution | 6182025 | 4.7% | 13.9% | 17.6% | 44.2% | 44.2% |
| NDA217899 | LIVDELZI | seladelpar lysine | capsule | 8142024 | 26.1% | 41.8% | 65.7% | 97.7% | 116.8% |
| NDA215973 | SUNLENCA | lenacapavir sodium | solution | 12222022 | -6.8% | -6.6% | -3.0% | 17.3% | 100.2% |
| NDA215974 | SUNLENCA | lenacapavir sodium | tablet | 12222022 | -6.8% | -6.6% | -3.0% | 17.3% | 100.2% |
| NDA214187 | EPCLUSA | sofosbuvir | pellets | 6102021 | 3.0% | 3.5% | -8.5% | 22.7% | 165.6% |
| NDA214787 | VEKLURY | remdesivir | solution | 10222020 | 11.7% | 10.7% | 15.7% | 22.2% | 210.3% |
| ... | |||||||||
FDA-Licensed Biologics (CBER · Purple Book)
| Post-Approval Fwd Returns | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FDA BLA # | Brand Name | Generic Name | License Type | First Approval | Latest Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| 125703 | Tecartus | brexucabtagene autoleucel | 351(a) | 7/24/2020 | 7/24/2020 | -16.6% | -7.1% | -2.1% | -9.8% | 158.3% |
| 125643 | Yescarta | axicabtagene ciloleucel | 351(a) | 10/18/2017 | 10/18/2017 | 2.9% | -4.1% | -4.5% | -13.3% | 161.2% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA221104 | BIXLENVO | bictegravir sodium | tablet | 8272026 | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| NDA221443 | BIXLENVO SUNLENCA STARTER PACK (COPACKAGED) | bictegravir sodium, lenacapavir sodium | tablet | 8272026 | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| BLA761468 | HEPCLUDEX | bulevirtide-gmod | injection | 5222026 | 9.5% | 13.7% | 13.7% | 13.7% | 13.7% |
| NDA220020 | YEZTUGO | lenacapavir sodium | tablet | 6182025 | 4.7% | 13.9% | 17.6% | 44.2% | 44.2% |
| NDA220018 | YEZTUGO | lenacapavir | solution | 6182025 | 4.7% | 13.9% | 17.6% | 44.2% | 44.2% |
| NDA217899 | LIVDELZI | seladelpar lysine | capsule | 8142024 | 26.1% | 41.8% | 65.7% | 97.7% | 116.8% |
| NDA215973 | SUNLENCA | lenacapavir sodium | solution | 12222022 | -6.8% | -6.6% | -3.0% | 17.3% | 100.2% |
| NDA215974 | SUNLENCA | lenacapavir sodium | tablet | 12222022 | -6.8% | -6.6% | -3.0% | 17.3% | 100.2% |
| NDA214187 | EPCLUSA | sofosbuvir | pellets | 6102021 | 3.0% | 3.5% | -8.5% | 22.7% | 165.6% |
| NDA214787 | VEKLURY | remdesivir | solution | 10222020 | 11.7% | 10.7% | 15.7% | 22.2% | 210.3% |
| NDA212480 | SOVALDI | sofosbuvir | pellets | 8282019 | 6.5% | 19.6% | 6.9% | 21.4% | 210.1% |
| NDA212477 | HARVONI | ledipasvir | pellets | 8282019 | 6.5% | 19.6% | 6.9% | 21.4% | 210.1% |
| NDA210251 | BIKTARVY | bictegravir sodium | tablet | 2072018 | -20.1% | -5.7% | -16.1% | -10.8% | 150.8% |
| NDA209195 | VOSEVI | sofosbuvir | tablet | 7182017 | 12.6% | 13.4% | 10.6% | -0.1% | 193.3% |
| NDA208464 | VEMLIDY | tenofovir alafenamide fumarate | tablet | 11102016 | -15.2% | -13.1% | -2.5% | -3.1% | 176.2% |
| NDA208341 | EPCLUSA | sofosbuvir | tablet | 6282016 | -3.1% | -9.3% | -10.1% | -9.6% | 162.8% |
| NDA208215 | DESCOVY | emtricitabine | tablet | 4042016 | -9.4% | -16.2% | -27.1% | -15.6% | 130.8% |
| NDA208351 | ODEFSEY | emtricitabine | tablet | 3012016 | -2.5% | -12.2% | -19.9% | -9.0% | 143.7% |
| NDA207561 | GENVOYA | cobicistat | tablet | 11052015 | -19.3% | -19.6% | -31.4% | -28.4% | 103.6% |
| NDA205834 | HARVONI | ledipasvir | tablet | 10102014 | -1.5% | -1.9% | -2.2% | -25.4% | 113.2% |
| NDA203094 | TYBOST | cobicistat | tablet | 9242014 | -16.0% | -8.1% | -5.0% | -23.0% | 103.4% |
| NDA203093 | VITEKTA | elvitegravir | tablet | 9242014 | -16.0% | -8.1% | -5.0% | -23.0% | 103.4% |
| NDA205858 | ZYDELIG | idelalisib | tablet | 7232014 | 17.4% | 14.7% | 30.7% | -2.0% | 144.8% |
| NDA206545 | ZYDELIG | idelalisib | tablet | 7232014 | 17.4% | 14.7% | 30.7% | -2.0% | 144.8% |
| NDA204671 | SOVALDI | sofosbuvir | tablet | 12062013 | 7.6% | 11.4% | 41.4% | 41.7% | 198.9% |
| NDA203100 | STRIBILD | cobicistat | tablet | 8272012 | 32.0% | 47.2% | 105.4% | 275.6% | 673.4% |
| NDA022577 | VIREAD | tenofovir disoproxil fumarate | powder | 1182012 | -1.9% | 11.9% | 63.2% | 230.0% | 831.0% |
| NDA202123 | COMPLERA | emtricitabine | tablet | 8102011 | 12.8% | 53.6% | 61.0% | 235.1% | 1,151.6% |
| NDA050814 | CAYSTON | aztreonam | for solution | 2222010 | -24.1% | -31.4% | -19.6% | -7.0% | 823.8% |
| NDA022081 | LETAIRIS | ambrisentan | tablet | 6152007 | -5.9% | 13.4% | 34.0% | 11.2% | 994.4% |
| NDA021937 | ATRIPLA | efavirenz | tablet | 7122006 | 5.7% | 4.7% | 29.3% | 73.8% | 1,331.6% |
FDA-Licensed Biologics (CBER · Purple Book)
| Post-Approval Fwd Returns | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FDA BLA # | Brand Name | Generic Name | License Type | First Approval | Latest Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| 125703 | Tecartus | brexucabtagene autoleucel | 351(a) | 7/24/2020 | 7/24/2020 | -16.6% | -7.1% | -2.1% | -9.8% | 158.3% |
| 125643 | Yescarta | axicabtagene ciloleucel | 351(a) | 10/18/2017 | 10/18/2017 | 2.9% | -4.1% | -4.5% | -13.3% | 161.2% |
Clinical Pipeline
| Drug Candidate | Indication | Phase 3 Trials | Est. Primary Completion |
|---|---|---|---|
| Sacituzumab Govitecan (IMMU-132) | Breast, lung, and endometrial cancers | 8 | Dec 2026 |
| Lenacapavir (GS-6207) | HIV-1 treatment and prevention | 13 | Jan 2028 |
| Domvanalimab / Zimberelimab | Non-small cell lung cancer | 1 | Jun 2028 |
| Seladelpar | Primary biliary cholangitis | 2 | Nov 2028 |
| Tenofovir Disoproxil Fumarate (TDF) | Chronic hepatitis B | 1 | Aug 2017 |
| Bictegravir / Emtricitabine / Tenofovir Alafenamide (B/F/TAF) | HIV-1 infection | 1 | Mar 2025 |
| Emtricitabine / Tenofovir Alafenamide (F/TAF) | HIV infection treatment and prevention | 2 | Jun 2025 |
Active Phase 3 studies led by the company. Source: ClinicalTrials.gov · Updated 8/28/2026
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Biktarvy | 14,334 | 13,423 | 11,850 | 8,624 | |
| Descovy | 2,758 | 2,113 | 1,985 | 1,700 | |
| Genvoya | 1,498 | 1,762 | 2,060 | 2,879 | |
| Yescarta | 1,495 | 1,570 | 1,498 | 695 | |
| Trodelvy | 1,397 | 1,315 | 1,063 | 380 | |
| Sofosbuvir/Velpatasvir | 1,272 | 1,596 | 1,537 | 1,462 | |
| Odefsey | 1,167 | 1,288 | 1,350 | 1,568 | |
| Vemlidy | 1,070 | 959 | 862 | 814 | |
| Veklury | 911 | 1,799 | 2,184 | 5,565 | |
| Other Liver Disease | 874 | 467 | 385 | ||
| Royalty, contract and other revenues | 527 | 144 | 182 | 297 | |
| AmBisome | 509 | 533 | 492 | 540 | |
| Other Human immunodeficiency virus (HIV) | 500 | 434 | 401 | 195 | |
| Symtuza - Revenue share | 495 | 592 | 529 | 531 | |
| Tecartus | 344 | 403 | 370 | 176 | |
| Other | 290 | 356 | 367 | 281 | |
| Discovery, development and commercialization of innovative medicines in areas of unmet medical need | 27,281 | ||||
| Complera/Eviplera | 258 | ||||
| Ledipasvir/Sofosbuvir | 212 | ||||
| Letairis | 206 | ||||
| Other Hepatitis C virus (HCV) | 207 | ||||
| Other hepatitis B virus (HBV) / hepatitis Delta virus (HDV) | 44 | ||||
| Stribild | 189 | ||||
| Truvada | 371 | ||||
| Viread | 111 | ||||
| Total | 29,441 | 28,754 | 27,115 | 27,281 | 27,305 |
Price Behavior
Price Behavior
| Market Price | $150.93 | |
| Market Cap ($ Bil) | 187.6 | |
| First Trading Date | 01/22/1992 | |
| Distance from 52W High | -1.4% | |
| 50 Days | 200 Days | |
| DMA Price | $140.84 | $134.45 |
| DMA Trend | up | up |
| Distance from DMA | 7.2% | 12.3% |
| 3M | 1YR | |
| Volatility | 28.0% | 26.5% |
| Downside Capture | -57.00 | 1.05 |
| Upside Capture | 40.99 | 38.12 |
| Correlation (SPY) | -0.6% | 16.9% |
GILD Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.15 | 0.02 | 0.10 | 0.40 | 0.34 | 0.34 |
| Up Beta | 0.84 | 0.03 | 0.54 | 0.73 | 0.57 | 0.36 |
| Down Beta | -0.69 | 0.52 | 0.58 | 0.78 | 0.47 | 0.40 |
| Up Capture | 219% | 48% | -1% | 10% | 28% | 15% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 15 | 24 | 33 | 64 | 131 | 402 |
| Down Capture | 48% | -94% | -55% | 21% | 7% | 38% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 6 | 18 | 31 | 63 | 120 | 346 |
[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 | 36.2% | 26.5% | 1.13 | - |
| Sector ETF (XLV) | 26.9% | 16.2% | 1.28 | 53.4% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 17.1% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 11.0% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | -11.2% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 27.0% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 5.6% |
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 | 20.3% | 24.7% | 0.72 | - |
| Sector ETF (XLV) | 6.8% | 15.2% | 0.26 | 51.5% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 28.4% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 5.0% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | -2.5% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 31.1% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GILD | |
|---|---|---|---|---|
| GILD | 10.6% | 25.6% | 0.41 | - |
| Sector ETF (XLV) | 10.9% | 16.7% | 0.53 | 54.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 36.8% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 5.5% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 6.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 28.2% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 5.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -2.6% | 0.4% | 10.6% |
| 5/7/2026 | -2.0% | -1.5% | -4.4% |
| 2/10/2026 | 5.8% | 3.7% | -1.4% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 13 | 10 | 8 |
| Median Positive | 4.6% | 4.2% | 4.7% |
| Median Negative | -2.6% | -2.2% | -3.8% |
| Max Positive | 12.9% | 13.2% | 21.4% |
| Max Negative | -4.2% | -7.3% | -9.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -2.6% | 0.4% | 10.6% |
| 5/7/2026 | -2.0% | -1.5% | -4.4% |
| 2/10/2026 | 5.8% | 3.7% | -1.4% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 16 |
| # Negative | 13 | 10 | 8 |
| Median Positive | 4.6% | 4.2% | 4.7% |
| Median Negative | -2.6% | -2.2% | -3.8% |
| 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 |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Veklury | Reported | 300.00 Mil | -50.0% | Lowered | Guidance: 600.00 Mil for 2026 | |||
| 2026 Diluted loss per share | Reported | -3.75 | -3.58 | -3.4 | 17.2% | Lowered | Guidance: -3.05 for 2026 | |
| 2026 Non-GAAP diluted loss per share | Reported | -0.65 | -0.47 | -0.3 | -44.1% | Raised | Guidance: -0.85 for 2026 | |
| 2026 Product Sales | Reported | 30.10 Bil | 30.25 Bil | 30.40 Bil | 0.2% | Raised | Guidance: 30.20 Bil for 2026 | |
| 2026 Product Sales excluding Veklury | Reported | 29.80 Bil | 29.95 Bil | 30.10 Bil | 1.2% | Raised | Guidance: 29.60 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Veklury | Reported | 600.00 Mil | 0 | Affirmed | Guidance: 600.00 Mil for 2026 | |||
| 2026 Product sales | Reported | 30.00 Bil | 30.20 Bil | 30.40 Bil | 1.3% | Raised | Guidance: 29.80 Bil for 2026 | |
| 2026 Product sales excluding Veklury | Reported | 29.40 Bil | 29.60 Bil | 29.80 Bil | 1.4% | Raised | Guidance: 29.20 Bil for 2026 | |
| 2026 Diluted (loss) earnings per share | Reported | -3.25 | -3.05 | -2.85 | -143.9% | Lowered | Guidance: 6.95 for 2026 | |
| 2026 Non-GAAP diluted (loss) earnings per share | Reported | -1.05 | -0.85 | -0.65 | -109.8% | Lowered | Guidance: 8.65 for 2026 | |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Veklury | Reported | 600.00 Mil | -40.0% | Lower New | Guidance: 1.00 Bil for 2025 | |||
| 2026 Product sales | Reported | 29.60 Bil | 29.80 Bil | 30.00 Bil | 4.4% | Higher New | Guidance: 28.55 Bil for 2025 | |
| 2026 Product sales excluding Veklury | Reported | 29.00 Bil | 29.20 Bil | 29.40 Bil | 6.0% | Higher New | Guidance: 27.55 Bil for 2025 | |
| 2026 Diluted EPS | Reported | 6.75 | 6.95 | 7.15 | 3.0% | Higher New | Guidance: 6.75 for 2025 | |
| 2026 Non-GAAP diluted EPS | Reported | 8.45 | 8.65 | 8.85 | 6.1% | Higher New | Guidance: 8.15 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Veklury | Reported | 1.00 Bil | 0 | Affirmed | Guidance: 1.00 Bil for 2025 | |||
| 2025 Product sales | Reported | 28.40 Bil | 28.55 Bil | 28.70 Bil | 0.2% | Raised | Guidance: 28.50 Bil for 2025 | |
| 2025 Product sales excluding Veklury | Reported | 27.40 Bil | 27.55 Bil | 27.70 Bil | 0.2% | Raised | Guidance: 27.50 Bil for 2025 | |
| 2025 Diluted EPS | Reported | 6.65 | 6.75 | 6.85 | 12.5% | Raised | Guidance: 6 for 2025 | |
| 2025 Non-GAAP diluted EPS | Reported | 8.05 | 8.15 | 8.25 | 0.6% | Raised | Guidance: 8.1 for 2025 | |
Insider Activity
Updated 9/23/2026| # | 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 | 9162026 | 144.22 | 3,000 | 432,646 | 16,827,631 | Form |
| 2 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 9162026 | 145.29 | 3,000 | 435,870 | 23,841,508 | Form |
| 3 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 9022026 | 148.64 | 15,000 | 2,229,592 | 85,784,743 | Form |
| 4 | Welters, Anthony | Direct | Sell | 8272026 | 148.62 | 18,000 | 2,675,220 | 1,916,349 | Form | |
| 5 | Bluestone, Jeffrey | Direct | Sell | 8212026 | 145.02 | 5,000 | 725,078 | 1,459,726 | Form |
| # | 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 | 9162026 | 144.22 | 3,000 | 432,646 | 16,827,631 | Form |
| 2 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 9162026 | 145.29 | 3,000 | 435,870 | 23,841,508 | Form |
| 3 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 9022026 | 148.64 | 15,000 | 2,229,592 | 85,784,743 | Form |
| 4 | Welters, Anthony | Direct | Sell | 8272026 | 148.62 | 18,000 | 2,675,220 | 1,916,349 | Form | |
| 5 | Bluestone, Jeffrey | Direct | Sell | 8212026 | 145.02 | 5,000 | 725,078 | 1,459,726 | Form | |
| 6 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 8182026 | 138.36 | 3,000 | 415,080 | 22,918,781 | Form |
| 7 | Mercier, Johanna | Chief Comm & Corp Aff Officer | Direct | Sell | 8182026 | 137.64 | 28,000 | 3,853,908 | 16,273,679 | Form |
| 8 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 8042026 | 130.31 | 15,000 | 1,954,694 | 77,162,570 | Form |
| 9 | Mercier, Johanna | Chief Comm & Corp Aff Officer | Direct | Sell | 7162026 | 129.92 | 3,000 | 389,758 | 15,750,624 | Form |
| 10 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 7162026 | 129.93 | 3,000 | 389,777 | 21,911,433 | Form |
| 11 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 7022026 | 126.29 | 15,000 | 1,894,400 | 76,676,848 | Form |
| 12 | Mercier, Johanna | Chief Comm & Corp Aff Officer | Direct | Sell | 6162026 | 123.92 | 3,000 | 371,762 | 15,395,163 | Form |
| 13 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 6162026 | 125.40 | 3,000 | 376,200 | 21,524,408 | Form |
| 14 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 6022026 | 131.46 | 15,000 | 1,971,847 | 81,183,162 | Form |
| 15 | Mercier, Johanna | Chief Comm & Corp Aff Officer | Direct | Sell | 5182026 | 131.29 | 28,000 | 3,676,199 | 16,513,878 | Form |
| 16 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 5182026 | 132.27 | 3,000 | 396,810 | 22,907,974 | Form |
| 17 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 4292026 | 129.16 | 10,000 | 1,291,608 | 81,702,883 | Form |
| 18 | Mercier, Johanna | Chief Comm & Corp Aff Officer | Direct | Sell | 4162026 | 140.96 | 3,000 | 422,880 | 18,152,688 | Form |
| 19 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 4162026 | 140.96 | 3,000 | 422,880 | 24,835,883 | Form |
| 20 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 3302026 | 136.82 | 10,000 | 1,368,162 | 87,913,575 | Form |
| 21 | Mercier, Johanna | Chief Comm & Corp Aff Officer | Direct | Sell | 3172026 | 144.23 | 3,000 | 432,690 | 19,006,485 | Form |
| 22 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 3172026 | 144.23 | 3,000 | 432,690 | 25,844,718 | Form |
| 23 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 3022026 | 144.79 | 10,000 | 1,447,859 | 92,997,117 | Form |
| 24 | Mercier, Johanna | Chief Comm & Corp Aff Officer | Direct | Sell | 2182026 | 154.44 | 28,000 | 4,324,228 | 18,576,883 | Form |
| 25 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 2182026 | 154.43 | 3,000 | 463,290 | 25,910,111 | Form |
| 26 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 2062026 | 150.00 | 115,640 | 17,346,000 | 92,086,800 | Form |
| 27 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 1292026 | 139.89 | 10,000 | 1,398,911 | 77,877,104 | Form |
| 28 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 1262026 | 135.00 | 115,640 | 15,611,400 | 76,504,230 | Form |
| 29 | Bluestone, Jeffrey | Direct | Sell | 1212026 | 123.50 | 5,000 | 617,500 | 1,101,620 | Form | |
| 30 | Mercier, Johanna | Chief Commercial Officer | Direct | Sell | 1162026 | 124.31 | 3,000 | 372,930 | 12,831,403 | Form |
| 31 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 1162026 | 124.31 | 3,000 | 372,930 | 18,709,028 | Form |
| 32 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 12302025 | 124.83 | 10,000 | 1,248,272 | 70,739,325 | Form |
| 33 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 12162025 | 122.00 | 3,000 | 366,000 | 18,727,366 | Form |
| 34 | Mercier, Johanna | Chief Commercial Officer | Direct | Sell | 12162025 | 122.00 | 3,000 | 366,000 | 12,958,962 | Form |
| 35 | Bluestone, Jeffrey | Direct | Sell | 12012025 | 125.08 | 5,000 | 625,400 | 1,115,714 | Form | |
| 36 | Kramer, Kelly A | Direct | Sell | 12012025 | 127.10 | 2,805 | 356,516 | 170,187 | Form | |
| 37 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 12012025 | 126.54 | 10,000 | 1,265,444 | 72,282,528 | Form |
| 38 | Kramer, Kelly A | Direct | Sell | 12012025 | 127.11 | 2,806 | 356,671 | 170,200 | Form | |
| 39 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 11182025 | 125.23 | 2,500 | 313,075 | 19,354,923 | Form |
| 40 | Mercier, Johanna | Chief Commercial Officer | Direct | Sell | 11182025 | 125.86 | 28,000 | 3,524,173 | 13,491,669 | Form |
| 41 | Telman, Deborah H | EVP, Corporate Affairs & GC | Direct | Sell | 11132025 | 122.85 | 53,646 | 6,590,487 | 5,365,659 | Form |
| 42 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 10292025 | 119.39 | 10,000 | 1,193,926 | 69,391,318 | Form |
| 43 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 10162025 | 118.08 | 2,500 | 295,200 | 18,545,054 | Form |
| 44 | Mercier, Johanna | Chief Commercial Officer | Direct | Sell | 10162025 | 118.08 | 3,000 | 354,240 | 13,011,589 | Form |
| 45 | O'Day, Daniel Patrick | Chairman & CEO | Direct | Sell | 9302025 | 111.66 | 10,000 | 1,116,564 | 66,011,598 | Form |
| 46 | Mercier, Johanna | Chief Commercial Officer | Direct | Sell | 9162025 | 113.57 | 3,000 | 340,710 | 12,855,329 | Form |
| 47 | Dickinson, Andrew D | Chief Financial Officer | Direct | Sell | 9162025 | 113.57 | 2,500 | 283,925 | 18,120,661 | Form |
Investor Activity (13F)
Updated Sep 27, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Catalio Capital Management, LP | $22.8 Mil | 4.8% | 41 | TRIM -43.3% | 13F |
| Kiltearn Partners LLP | $14.0 Mil | 3.8% | 25 | TRIM -17.2% | 13F |
| ADAPT Investment Managers SA | $8.8 Mil | 3.0% | 34 | New | 13F |
| Atle Fund Management AB | $7.2 Mil | 2.3% | 39 | TRIM -5.6% | 13F |
| Sector Gamma AS | $7.4 Mil | 1.8% | 42 | TRIM -69.8% | 13F |
| Sprucegrove Investment Management LTD | $5.3 Mil | 0.8% | 42 | TRIM -36.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sector Gamma AS | $7.4 Mil | 1.8% | 42 | TRIM -69.8% | 13F |
| Catalio Capital Management, LP | $22.8 Mil | 4.8% | 41 | TRIM -43.3% | 13F |
| Sprucegrove Investment Management LTD | $5.3 Mil | 0.8% | 42 | TRIM -36.7% | 13F |
| Kiltearn Partners LLP | $14.0 Mil | 3.8% | 25 | TRIM -17.2% | 13F |
| Atle Fund Management AB | $7.2 Mil | 2.3% | 39 | TRIM -5.6% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Catalio Capital Management, LP | $22.8 Mil | 4.8% | 41 | TRIM -43.3% | 13F |
| Kiltearn Partners LLP | $14.0 Mil | 3.8% | 25 | TRIM -17.2% | 13F |
| ADAPT Investment Managers SA | $8.8 Mil | 3.0% | 34 | New | 13F |
| Sector Gamma AS | $7.4 Mil | 1.8% | 42 | TRIM -69.8% | 13F |
| Atle Fund Management AB | $7.2 Mil | 2.3% | 39 | TRIM -5.6% | 13F |
| Sprucegrove Investment Management LTD | $5.3 Mil | 0.8% | 42 | TRIM -36.7% | 13F |
GILD Trade Sentinel
Stock Conviction
Constructive
CONVICTION RATIONALE
Gilead's core HIV business is accelerating, with sales up 12% and guidance raised. This provides powerful funding for a strategic pivot into oncology, where key drug Trodelvy grew 26%. The thesis hinges on executing near-term launches, particularly anito-cel, which has a December 23 regulatory decision date, to prove the diversification strategy is working.
STOCK ARCHETYPE
Patent-Protected Franchise(Volume of Prescriptions) x (Net Realized Price per Prescription) Maintaining market leadership and premium net pricing for on-patent, best-in-class therapies like Biktarvy, and successfully launching new, high-margin innovative products into markets with unmet need.
Looking for high-conviction positions with a better risk/reward profile? See what's currently in the
Trefis High Quality Portfolio.
INVESTMENT THESIS
Evidence suggests the transition is gaining traction, with accelerating core growth funding a pipeline of high-potential assets, led by the near-term launch of anito-cel.
Mechanism:
The HIV franchise grew 12% to $5.7 billion last quarter, funding the oncology pivot. Key oncology drug Trodelvy grew 26% to $457 million. The upcoming anito-cel launch targets a $3.5 billion market, with a regulatory decision expected by December 23.
Supporting Evidence:
- Core HIV franchise sales grew 12% year-over-year in Q2 2026.
- Full-year 2026 HIV sales growth guidance was raised to a range of 9% to 10%.
- The HIV prevention (PrEP) business is now at a $4 billion annual run rate.
- Oncology drug Trodelvy saw sales grow 26% year-over-year to $457 million.
- The Biktarvy patent, for the company's largest product, is secured until 2036.
PRIMARY RISK
Intense competition in oncology could overwhelm Gilead's pivot. The cell therapy business is already declining 14% year-over-year, and the balance sheet is stretched after recent acquisitions, with net debt at $23.1 billion and interest coverage at just 1 times operating profit.
Mechanism:
A negative FDA decision or a failed commercial launch for anito-cel would confirm the oncology strategy is not viable.
Supporting Evidence:
- Cell therapy sales fell 14% year-over-year in Q2 2026.
- Full-year guidance for cell therapy was lowered to a mid-teens percentage decline.
- Net debt increased to $23.1 billion from $19.7 billion a year earlier.
- Interest coverage from operating profit is only 1 times interest expense.
- Biktarvy was selected for Medicare price negotiation effective in 2028.
Key KPI Watchlist
| KPI | Status | Rationale |
|---|---|---|
| HIV Franchise Sales Growth | 12% year-over-year growth in Q2 2026 - Accelerating | The HIV franchise has demonstrated a clear acceleration in year-over-year growth over the last three quarters. The latest quarter's performance was driven by both higher demand and higher average realized price. Management raised its full-year 2026 HIV sales growth guidance to a range of 9% to 10%, up from 8% previously, signaling confidence in this trend. |
| Trodelvy Sales Growth | 26% year-over-year growth in Q2 2026 - Decelerating | Trodelvy, a key oncology asset, showed a significant acceleration in growth in Q1 2026 followed by a moderation to a still-strong 26% in Q2. The growth is attributed to strong demand in its approved breast cancer indications. Recent approvals for first-line use in Europe and the U.S. are expected to further expand its reach. |
| U.S. PrEP Market Growth | 14% year-over-year (Q2 2026) | Indicates the expansion rate of the addressable market for Gilead's HIV prevention drugs, Descovy and Yeztugo, signaling strong underlying demand. |
| Yeztugo Persistency Rate | More than 70% (Q2 2026) | Measures the percentage of users who return for their second injection at 6 months. A high rate indicates strong patient adherence and predicts durable, long-term revenue for this key growth product. |
| Biktarvy U.S. Market Share | More than 52% (Q1 2026) | Represents the market dominance of Gilead's largest product. Continued share gains demonstrate its competitive strength and physician preference in the HIV treatment market. |
Core Investment Debate
Accelerating HIV vs. Contested Oncology Pivot
BULL VIEW
Bulls focus on accelerating HIV growth (up 12% YoY) and a $4 billion PrEP run-rate, which provides ample firepower to fund the oncology pipeline and overcome early setbacks like the 14% decline in cell therapy sales.
CORE TENSION
Can accelerating HIV sales (guidance raised to 9-10% growth) successfully fund the oncology pivot before the cell therapy decline (-14% YoY) proves to be a systemic issue?
PREVAILING SENTIMENT
CAUTIOUSLY BULLISH
The latest evidence favors the bulls. The acceleration in the core HIV business is a leading indicator of financial strength, while the key oncology catalyst, anito-cel, is a future event.
BEAR VIEW
Bears see the cell therapy decline as a warning that Gilead cannot compete in oncology. They argue the stressed balance sheet (1x interest coverage) from M&A will prevent the company from achieving the necessary scale.
Next 6 months: Risks and Catalysts
| Timeline | Event & Metric To Watch |
|---|---|
10/13/2026 - 11/2/2026 | Peer Data Competitive Read-Through Watch: Competitor updates on ADC, BCMA CAR-T, and HIV programs that could alter the competitive landscape for Gilead's pipeline. |
10/29/2026 | Merck Earnings Report Watch: Peer Merck (MRK) is scheduled to report earnings. |
10/29/2026 | Bristol-Myers Squibb Earnings Watch: Peer Bristol-Myers Squibb (BMY) is scheduled to report earnings. |
Q4 2026 | Worsening Cell Therapy Decline Watch: Q3 sales figures for Yescarta and Tecartus and any downward revision to the full-year guidance. |
For the remainder of the year | Trodelvy Endometrial Cancer Data Watch: A Phase III ASCENT-GYN update is anticipated for Trodelvy in advanced or recurrent endometrial cancer. |
this year | Inflammation Portfolio Data Updates Watch: Updates are expected from the Phase II a company initiative study for a recently discussed product and the Phase IIa a company initiative study for a recently discussed product. |
before the end of the year | New HIV Phase II Trial Start Watch: A Phase II trial of once-weekly oral lenacapavir with oral GS-3242 is expected to start. |
February 2, 2027 | Lenacapavir PrEP Weekly Oral Decision Watch: A regulatory decision is anticipated for once-weekly oral lenacapavir for PrEP. |
For the remainder of the year | Disappointing Trodelvy Trial Data Watch: The top-line results press release for the ASCENT-GYN study, specifically the primary endpoint outcome. |
No set date | Adverse Patent Litigation Development Watch: Court filings or rulings in the Descovy patent case in the U.S. District Court for Delaware. |
Key Events in Last 6 Months
| Date | Event | Stock Impact |
|---|---|---|
2026-09-15 | PAHO Partnership for PrEP Access Details: Gilead announced a new agreement with the Pan American Health Organization (PAHO) to accelerate access to twice-yearly lenacapavir for HIV prevention across Latin America and the Caribbean. | +0.5% $145.59 -> $146.30 |
2026-08-27 | Bixlenvo HIV Treatment Approved Details: On August 27, 2026, the U.S. FDA approved Bixlenvo, a new once-daily single-tablet regimen for virologically suppressed adults with HIV, including those on complex regimens. | -1.6% $147.26 -> $144.86 |
2026-08-04 | Q2 Earnings and Guidance Update Details: At its August 4 earnings, the company raised guidance for 2026 Product Sales ex-Veklury by 1.2% but lowered guidance for Veklury sales by 50.0%. | +0.5% $130.42 -> $131.02 |
2026-06-24 | Trodelvy First-Line Approval Details: The U.S. FDA approved Trodelvy for the first-line treatment of adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC). | -1.0% $124.35 -> $123.15 |
2026-05-07 | Negative Q1 Earnings Reaction Details: The stock had a two-day reaction of -4.0% around the earnings call on May 7, 2026, underperforming the S&P 500's 1.0% gain. | -3.6% $134.65 -> $129.74 |
2026-04-07 | Tubulis Acquisition Announced Details: Gilead announced a definitive agreement to acquire Tubulis GmbH, a clinical-stage biotech developing next-generation antibody-drug conjugates (ADCs), to strengthen its oncology pipeline. | +1.0% $138.44 -> $139.83 |
2026-03-23 | Ouro Medicines Acquisition Announced Details: Gilead announced a definitive agreement to acquire Ouro Medicines, a private biotech company focused on developing T cell engager therapies for autoimmune diseases. | +0.7% $135.55 -> $136.44 |
Risk Management
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: GILD trades at roughly 28% annualized options-implied volatility versus about 13% for the S&P 500 (2.1x the market), around the 45th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
MRK - Merck
Oncology Scale LeaderMerck offers far greater scale in oncology, with research and development spending of $30.5 billion compared to Gilead's $6.1 billion, providing broader exposure to cutting-edge cancer therapies.
Core Thesis: A dominant oncology player with massive R&D scale driving a deep pipeline of new cancer treatments.
ABBV - a business partner
Diversified Pharma Peera business partner provides a more diversified revenue base across immunology, oncology, and aesthetics, reducing reliance on a single therapeutic area like Gilead's HIV franchise.
Core Thesis: A diversified pharmaceutical major balancing mature cash-cow products with a broad portfolio of growth assets.
How Is The Market Pricing GILD?
A dominant, high-margin HIV franchise funding a strategic pivot into oncology and other therapeutic areas to build new, long-duration growth pillars.
Gilead's core HIV business is a durable cash-generating engine, with market-leader Biktarvy secured by patents until 2036 and a new growth wave from its PrEP franchise, led by the long-acting injectable Yeztugo. The company is aggressively using this financial strength to acquire and develop assets in the highly competitive oncology space (Trodelvy, anito-cel) and other areas like liver disease (Livdelzi) to diversify its revenue base and secure growth well into the next decade.
What will confirm the thesis
Continued strong uptake and market share gains for Yeztugo, successful commercial launches of anito-cel and Bixlenvo (BIC/LEN), and positive clinical data expanding the use of Trodelvy.
What will damage the thesis
Faster-than-expected erosion of HIV market share due to competition, significant clinical trial failures in the oncology pipeline, or intensified government pricing pressures that materially impact net prices.
Noise: Real but irrelevant to thesis
Quarter-to-quarter fluctuations in Veklury (COVID-19 treatment) sales, which are not core to the long-term strategy.
Repricing Catalyst
The successful launch and ramp-up of newly approved HIV treatment Bixlenvo (BIC/LEN) and the potential launch of anito-cel in multiple myeloma by year-end, which would validate the company's oncology acquisition strategy.
What GILD Makes & Who Pays
TTM figures based on the twelve months through fiscal Q1 2026
Liver Disease
$867M TTM (3% of Total)What It Is
Sells medicines for viral hepatitis (HCV, HBV) and other liver diseases. Key products include Vemlidy (HBV), Epclusa (HCV), and Livdelzi for primary biliary cholangitis (PBC). Hepcludex was recently launched in the U.S. for hepatitis delta virus (HDV).
Who Pays & How
Payers are government and private insurers who reimburse for these treatments to manage chronic liver conditions, prevent disease progression to cirrhosis or liver cancer, and in the case of HCV, cure the infection.
Unit sales of prescription medicines.
Competition
Other biopharmaceutical companies with products for viral hepatitis and other liver diseases.
Competitors offer alternative treatments and are developing new therapies for liver diseases.
Patent protection on key products and a long-standing commercial presence and expertise in virology and liver disease.
Other Products (including Veklury)
$753M TTM (3% of Total)What It Is
This category includes Veklury (remdesivir) for the treatment of COVID-19, sold to governments and healthcare providers, and other products like AmBisome, an antifungal agent.
Who Pays & How
For Veklury, governments and hospitals pay to treat hospitalized patients with COVID-19. For other products, payers reimburse based on medical need.
Unit sales of pharmaceutical products.
Competition
Alternative treatments for COVID-19 and other infectious diseases.
Availability of vaccines and other treatments has reduced demand for Veklury.
GILD Evolution: Price Return by Era
c. 2021-2022 · HCV Dominance
+56%
The company's revenue was significantly driven by its Hepatitis C Virus (HCV) franchise, with major contributors including Sofosbuvir/Velpatasvir (Epclusa) and Veklury (for COVID-19), which saw particularly high sales in 2021.
c. 2023-Present · HIV Ascendancy and Diversification
+98%
As HCV revenues declined due to a maturing, curative market and Veklury sales became volatile, the HIV franchise solidified its position as the primary growth engine. Biktarvy's revenue grew consistently, becoming the company's largest product. This era is defined by a strategic push to diversify through acquisitions and development in oncology (Trodelvy, Yescarta) and other liver diseases (Livdelzi), alongside innovating within HIV with long-acting prevention therapies like Yeztugo.
Market Is In Wait-and-See Mode
Price structure is strongly bullish. The regime, trend, and proximity to highs all point towards intact institutional trend. Relative to SPY: Strong 63D outperformance but 'relative strength' momentum is fading, indicating that money rotation may be maturing. Volume and momentum are deeply bearish. The sustained distribution is evident across multiple volume metrics. Earnings history is mildly supportive. The reaction or drift are positive but not both at full conviction. NOTE: Volume character and price structure are diverging. The structural trend is not confirmed by institutional flow. This divergence typically resolves in the direction of volume, not price.
① Structure
+4
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
-3
Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.
③ Catalyst
+1
Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.
Combined Score
2 / 12
1
Price Structure & Trend
Trending Up · Golden Cross
▾
2
Momentum
Decelerating
▾
3
Relative Strength vs. SPY
Mild Outperformance
▾
4
Institutional Footprint & Volume
Neutral / Mixed
▾
5
Volatility
Normal
▾
6
Key Price Levels
Range · Vol Falling
▾
7
Earnings Reaction History
Emerging Resilience
▾
8
How the Verdict Is Derived
Three Pillars
▾
Gilead Sciences — Investor Video Playlist
Investor / Analyst
Gilead Sciences Q2 FY26 Earnings Call | $GILD | 🔴 WATCH LIVE
Investor / Analyst
GILD Stock: Margins Hit 78% — Q4 2025 Earnings Analysis
Investor / Analyst
Gilead Sciences Q4 2025 Earnings Call
Investor / Analyst
Gilead Q3 2025 Earnings: Strong Beats but Mixed Signals Explained
Investor / Analyst
Gilead Sciences, Inc GILD Q3 2025 Earnings Call
Leadership
Gilead: Working with external innovation communities_Silicon Valley Asian Business Talk_Stacey_Ma
Industry Resources
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Core Cache Last Updated: 9/26/2026