Gilead Sciences (GILD) — Company Research

Last Updated: 18 Oct 2026

Gilead Sciences (NASDAQ: GILD) is a US biopharmaceutical company built around HIV medicines, led by Biktarvy for treatment and the Descovy and Yeztugo (twice-yearly lenacapavir) franchise for prevention, with further businesses in liver disease, oncology (Trodelvy and Kite cell therapy) and the antiviral Veklury. In 2026 HIV growth has accelerated and full-year product-sales guidance has been raised twice. At the same time Gilead spent about $11bn on the Arcellx, Tubulis and Ouro deals, which pushed reported Q2 2026 earnings deep into loss and cut its cash pile. This refreshed report covers results through Q2 2026, the balance sheet at 30 Jun 2026, valuation and risks, using company releases and SEC filings only.

1. Company Snapshot

Field	Value
Ticker / Exchange	GILD / NASDAQ
Headquarters	Foster City, California, USA
CEO / Leadership	Daniel O’Day, Chairman & CEO; Andrew Dickinson, CFO; Johanna Mercier, Chief Commercial & Corporate Affairs Officer
Sector	Healthcare — biopharmaceuticals
Employees	~17,000 at 31 Dec 2025 (FY2025 10-K)
Market cap	~$193.7bn ($156.19 at 16 Oct 2026 close × ~1.240bn shares at 31 Jul 2026)
FY2025 Revenue	$29,443m (+2.4%)
FY2025 GAAP net income	$8,510m ($6.78 per diluted share)
FY2025 non-GAAP EPS	$8.15
2026 guidance	Product sales $30.1–$30.4bn (raised on 04 Aug 2026); GAAP EPS −$3.75 to −$3.40 and non-GAAP EPS −$0.65 to −$0.30, both including ~$9.08 per share of acquired IPR&D charges
Dividend	$0.82 per quarter ($3.28 annualised; yield ~2.1%)

2. Bull & Bear Case

Bull Case

• HIV franchise accelerating: HIV sales rose 12% to $5,693m in Q2 2026, with Descovy +48%, and management raised 2026 HIV growth guidance to 9–10% from 8%.
• Yeztugo PrEP ramp: Twice-yearly Yeztugo sold $232m in Q2 2026, up 40% on Q1, and Gilead now targets about $1bn of Yeztugo sales in 2026, up from $800m in February.
• Long Biktarvy runway: Patent settlements with Lupin, Cipla and Laurus mean no US generic Biktarvy is expected before 01 Apr 2036, and the new Bixlenvo tablet (bictegravir/lenacapavir) was approved on 27 Aug 2026.
• Restocked pipeline: The Arcellx deal brings anito-cel, a multiple-myeloma CAR-T with a PDUFA date of 23 Dec 2026, and the Tubulis deal adds an antibody-drug conjugate platform.
• Strong cash generation: Free cash flow over the twelve months to 30 Jun 2026 was about $12.9bn, against an annual dividend bill of about $4.1bn.

Bear Case

• Biktarvy price negotiation: Biktarvy was selected for Medicare price negotiation in Jan 2026, with a negotiated price effective from 2028 that Gilead expects to be “substantially lower” than today’s.
• HIV concentration: HIV produced about 70% of FY2025 revenue, so pricing, policy or competitive pressure in one therapy area moves the whole company.
• Balance sheet stretched by deals: Cash fell from $10.6bn at 31 Dec 2025 to about $3.2bn at 30 Jun 2026, total debt rose to about $26.2bn, and stockholders’ equity roughly halved to $11.8bn.
• Oncology setbacks: ASCENT-07 missed its primary endpoint, EVOKE-03 in lung cancer was discontinued, cell-therapy sales fell 14% in Q2 2026, and Gilead booked a $1.75bn impairment on Immunomedics assets.
• Fading Veklury: Veklury sales fell from $1,799m in FY2024 to $911m in FY2025, and 2026 guidance is about $300m after just $23m in Q2 2026.

3. Business Segments

Gilead operates in a single segment and discloses product sales by therapy area. Percentages use FY2025 total revenue of $29,443m from the Q4 2025 earnings release.

Segment / category	% of revenue	What it is
HIV	70.5% ($20,752m)	Biktarvy ($14,333m) for treatment, Descovy ($2,758m) and Yeztugo for prevention, plus Genvoya, Odefsey and other HIV medicines.
Oncology	11.0% ($3,236m)	Trodelvy ($1,397m), an antibody-drug conjugate for breast cancer, and Kite cell therapies Yescarta ($1,496m) and Tecartus ($343m).
Liver Disease	10.9% ($3,217m)	Hepatitis C (including Epclusa), hepatitis B and Livdelzi (seladelpar) for primary biliary cholangitis.
Veklury	3.1% ($911m)	Remdesivir, the intravenous COVID-19 antiviral; demand follows infection waves.
Other products	2.7% ($799m)	Other marketed medicines outside the four main therapy areas.
Royalty, contract and other	1.8% ($527m)	Royalty and collaboration revenue.

4. Business Model & Moat

How it makes money. Gilead discovers, licenses and acquires patented medicines and sells them to wholesalers, specialty pharmacies, hospitals and governments. The US produced $20,816m, or 72%, of FY2025 product sales. GAAP product gross margin was 78.4% in FY2025, and R&D was $5,799m (19.7% of revenue) before a further $1,024m of acquired IPR&D.

Buying the next growth leg. Gilead has used acquisitions to diversify beyond HIV: Immunomedics (Trodelvy), Kite (cell therapy), Interius (in vivo CAR-T) in 2025, then Arcellx, Tubulis and Ouro Medicines in Apr–Jun 2026. Management has said no further sizeable M&A is planned for 2026.

Moat. Gilead’s strength is a long-lived HIV platform: Biktarvy is protected in the US to 2036 under settlements, and lenacapavir patents run to 2037. Its capsid-inhibitor science supports dosing every six months, with a once-yearly version in trials. That gives it a lead in long-acting HIV prevention, backed by scale in HIV prescribing and payer relationships.

5. Financial Health

Annual figures are from Gilead’s Q4 earnings releases and SEC XBRL filings. Long-term debt is the non-current balance-sheet amount at year end.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$27,305m	+10.6%	$4.93	$7.28†	$2.84	$25,179m
FY2022	$27,281m	−0.1%	$3.64	$7.26	$2.92	$22,957m
FY2023	$27,116m	−0.6%	$4.50	$6.72	$3.00	$23,189m
FY2024	$28,754m	+6.0%	$0.38	$4.62	$3.08	$24,896m
FY2025	$29,443m	+2.4%	$6.78	$8.15	$3.16	$22,129m

Adjusted EPS is Gilead’s non-GAAP diluted EPS as reported in each Q4 release. † FY2021 as originally reported; from 2022 Gilead stopped excluding acquired IPR&D from non-GAAP results, and FY2021 was revised to $7.18. FY2024 GAAP operating income fell to $1,662m (SEC XBRL), which depressed EPS that year. Dividends are declared per share (SEC XBRL).

Quarterly progression, most recent first, with the FY2025 total in bold:

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	$7,803m	−$6.75	−$8.45
Q1 2026	$6,960m	$2.03	$1.61
Q4 2025	$7,925m	$1.86	$1.74
Q3 2025	$7,769m	$2.47	$2.43
FY2025 total	$29,443m	$8.15	$6.78

Q2 2026 includes a $9.08 per share charge for $11.2bn of acquired IPR&D (Arcellx $7.0bn, Tubulis $3.1bn, Ouro $1.0bn) and a $1.75bn IPR&D impairment. Gilead says non-GAAP EPS excluding the deals and a one-off $156m of royalty revenue was $2.27. Q3 2025 revenue included about $400m of one-off IP-sale revenue. Over the four quarters to 30 Jun 2026 revenue was about $30,457m and GAAP EPS about −$2.67.

Cash flow and balance sheet. All figures are from SEC XBRL filings (FY2025 10-K and Q2 2026 10-Q).

• Operating cash flow: $10.02bn in FY2025; ~$13.55bn trailing twelve months to 30 Jun 2026 (H1 2026 $6.12bn against H1 2025 $2.58bn).
• Capital expenditure: $0.56bn in FY2025; ~$0.61bn trailing twelve months.
• Depreciation & amortisation: $2.76bn in FY2025 (depreciation $0.37bn plus intangible amortisation $2.39bn); ~$2.76bn trailing twelve months.
• Debt at 30 Jun 2026: non-current long-term debt $23,832m and current portion $2,414m, $26,246m in total, after $3.0bn of new senior notes and a $1.1bn term loan in Q2 2026.
• Cash at 30 Jun 2026: cash, cash equivalents and restricted cash of $3,179m, with no marketable securities, down from $10.6bn of cash and marketable securities at 31 Dec 2025. Stockholders’ equity was $11,829m.

6. Valuation

Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$193.7bn (price $156.19 at 16 Oct 2026 close × ~1.240bn shares)
Enterprise value	~$216.7bn (market cap ~$193.7bn + total debt ~$26.2bn − cash ~$3.2bn per 30 Jun 2026 balance sheet; total debt = non-current long-term debt $23.83bn + current portion $2.41bn)
Trailing P/E (GAAP)	n/m — TTM GAAP EPS is ~−$2.67 (Q3 2025–Q2 2026) because of the Q2 2026 acquired IPR&D charge; on FY2025 GAAP EPS of $6.78 the multiple is ~23.0x
P/E (forward)	n/m on 2026 non-GAAP EPS guidance of −$0.65 to −$0.30; on Gilead’s illustrative $8.50–$8.85 excluding the deal charges, the multiple is ~18.0x at the $8.675 midpoint
P/S (TTM)	~6.4x ($193.7bn / ~$30.46bn TTM revenue)
EV/EBITDA (TTM)	Distorted: GAAP TTM EBITDA is only ~$0.26bn (operating loss ~$2.50bn + D&A ~$2.76bn) after $11.2bn of acquired IPR&D and a $1.75bn impairment. Adding back those two Q2 2026 charges gives ~$13.2bn and ~16.4x; on FY2025 EBITDA of ~$12.78bn (operating income $10.02bn + D&A $2.76bn) it is ~17.0x
P/FCF	~15.0x (market cap ~$193.7bn / TTM FCF ~$12.94bn; FCF = operating CF $13.55bn − capex $0.61bn); on FY2025 FCF of ~$9.46bn ($10.02bn − $0.56bn) it is ~20.5x
Price/book	~16.4x ($193.7bn / stockholders’ equity $11.8bn at 30 Jun 2026)
Dividend yield	~2.1% ($3.28 annualised / $156.19)
52-week high	$160.51 (15 Oct 2026, intraday)
52-week low	$114.02 (31 Oct 2025, intraday)
Short interest (% of float)	~1.5% (18.3m shares at 15 Sep 2026 settlement, MarketBeat); FINRA data show ~21.8m shares at 30 Sep 2026, ~1.8% of shares outstanding
Days to cover	~3.4–3.7 days

7. What Are They Building

Gilead is extending its HIV lead into longer-acting medicines while building oncology and inflammation businesses through acquisitions.

• Long-acting HIV prevention: Yeztugo (twice-yearly lenacapavir) is ramping, with more than 70% of users returning for their six-month injection. A once-weekly oral Yeztugo tablet for PrEP has a PDUFA date of 02 Feb 2027, and once-yearly lenacapavir (PURPOSE 365) has completed enrolment, with an update in 2027 and a potential 2028 launch.
• Next-generation HIV treatment: Bixlenvo (bictegravir/lenacapavir) was approved on 27 Aug 2026. Once-weekly islatravir/lenacapavir with Merck posted positive Phase 3 ISLEND-1 and ISLEND-2 results, with filing and potential launch in 2027. A twice-yearly lenacapavir plus two broadly neutralising antibodies regimen is entering Phase 3.
• Cell therapy: Anito-cel, acquired with Arcellx on 28 Apr 2026, has a PDUFA date of 23 Dec 2026 in fourth-line-plus multiple myeloma, and the iMMagine-3 second-line trial could support a filing from 2027. Interius adds in vivo CAR-T technology.
• Antibody-drug conjugates: Trodelvy won US approval in first-line metastatic TNBC on 24 Jun 2026 and an expanded EU label on 24 Aug 2026; the ASCENT-GYN endometrial update is due in 2026. Tubulis’ lead ADC, GS-8824, showed a 61% confirmed response rate in platinum-resistant ovarian cancer.
• Liver and inflammation: Livdelzi sales more than doubled to $167m in Q2 2026 after a positive Phase 3 IDEAL result, and Phase 2 readouts are due in 2026 for GS-1427 (SWIFT) and edecesertib (COSMIC).

8. Competitive Landscape

Gilead competes with GSK’s ViiV Healthcare and Merck in HIV, and with other large-cap biopharma groups in oncology, cell therapy and liver disease. Market caps are mid-Oct 2026 figures. Metrics come from each company’s FY2025 results release.

Peer	Market cap (Oct 2026)	Key 2025 metric
AbbVie (ABBV)	~$504bn	FY2025 net revenues $61,160m, per AbbVie Q4 2025 release
Merck & Co. (MRK)	~$360bn	FY2025 sales ~$65.0bn, including Keytruda $31.7bn, per Merck Q4 2025 release
AstraZeneca (AZN)	~$257bn	FY2025 total revenue ~$58.7bn, per AstraZeneca FY2025 20-F
Amgen (AMGN)	~$234bn	FY2025 revenue ~$36.8bn, per Amgen Q4 2025 release
Vertex (VRTX)	~$127bn	FY2025 revenue ~$12.0bn, per Vertex Q4 2025 release
Bristol Myers Squibb (BMY)	~$122bn	FY2025 revenue ~$48.2bn, per BMS Q4 2025 release
GSK (GSK), owner of ViiV	~$99bn	FY2025 HIV sales £7.7bn (+11%), including Dovato £2.7bn, per GSK FY2025 results
Regeneron (REGN)	~$81bn	FY2025 revenue ~$14.3bn, per Regeneron Q4 2025 release

9. Leadership & Insider Activity

Daniel O’Day is Chairman and CEO, and Andrew Dickinson is CFO. Johanna Mercier is Chief Commercial & Corporate Affairs Officer, Dietmar Berger is Chief Medical Officer, and Cindy Perettie leads Kite. Keeley Cain Wettan became EVP and General Counsel on 18 Dec 2025. No C-suite changes were found for 2026. Form 4 filings show no open-market insider purchases in 2026; all transactions were sales, many after option exercises, and the filings checked state Rule 10b5-1 plans. A selection is below.

Name	Date	Type	Shares	Price	Value	Plan Type
Andrew Dickinson (CFO)	15 Oct 2026	Sale	3,000	$156.22	~$0.47m	Rule 10b5-1 plan adopted 29 Aug 2024 (monthly sales)
Daniel O’Day (Chairman & CEO)	01 Oct 2026	Sale	15,000	~$147.90	~$2.22m	Rule 10b5-1 plan adopted 25 Feb 2026 (monthly sales)
Anthony Welters (Director)	26 Aug 2026	Option exercise and sale	18,000	~$148.62	~$2.68m	Rule 10b5-1 plan adopted 27 May 2026
Jeffrey Bluestone (Director)	20 Aug 2026	Option exercise and sale	5,000	$145.02	~$0.73m	Rule 10b5-1 plan adopted 20 May 2026
Johanna Mercier (Chief Commercial & Corporate Affairs Officer)	17 Aug 2026	Option exercise and sale	28,000	$137.64	~$3.85m	Rule 10b5-1 plan adopted 20 Feb 2025
Daniel O’Day (Chairman & CEO)	05 Feb 2026	Option exercise and sale	115,640	$150.00	~$17.35m	Rule 10b5-1 plan adopted 28 Feb 2025

10. Key Risks

• Medicare price negotiation (Regulatory): Biktarvy, Gilead’s largest product at $14.3bn of FY2025 sales, was selected for IRA negotiation on 27 Jan 2026. The negotiation period ends 01 Nov 2026 and the price takes effect from 01 Jan 2028; Gilead expects it to be substantially lower than the current Medicare price.
• US pricing and coverage policy (Regulatory): Gilead signed a most-favoured-nation pricing agreement in Dec 2025 that gives Medicaid access to MFN prices, and the expiry of enhanced ACA subsidies slowed HIV treatment market growth in Q2 2026.
• Exclusivity losses outside HIV treatment (Commercial): Descovy loses EU protection in 2027, Tecartus its US protection in 2027 and Trodelvy its US protection in 2028, while Veklury and cell-therapy sales are already falling.
• Deal and pipeline execution (Operational): About $11bn was spent on Arcellx, Tubulis and Ouro in 2026, and their value depends on the anito-cel approval and launch and on early-stage ADC and inflammation assets. Recent setbacks include ASCENT-07, EVOKE-03 and a $1.75bn impairment.
• Leverage after the deal spree (Financial): Cash fell to about $3.2bn at 30 Jun 2026 against $26.2bn of debt, including $2.4bn due within a year, and stockholders’ equity fell to $11.8bn. Debt reduction now competes with the $4.1bn annual dividend.
• HIV concentration (Commercial): HIV produced $20.8bn, about 70% of FY2025 revenue, and Biktarvy alone about 49%. Competition from GSK’s ViiV Healthcare, the largest other HIV supplier (FY2025 HIV sales £7.7bn), or a pricing shock in this one therapy area would affect the whole company.

11. Recent Developments

• 15 Oct 2026 — Q3 date set. Gilead will release Q3 2026 results on Thursday 29 Oct 2026 after the market close, with a webcast at 4:30pm ET. The shares hit a 52-week high of $160.51 the same day.
• 29 Sep 2026 — Dividend paid. Gilead paid its $0.82 quarterly dividend to holders of record on 15 Sep 2026.
• 16 Sep 2026 — Once-yearly lenacapavir access planning. Gilead extended its six royalty-free lenacapavir voluntary licences to cover investigational once-yearly lenacapavir in 120 countries.
• 15 Sep 2026 — PAHO agreement. An agreement with the Pan American Health Organization will widen access to twice-yearly lenacapavir PrEP across Latin America and the Caribbean.
• 27 Aug 2026 — Bixlenvo approved. The FDA approved Bixlenvo (bictegravir 75mg/lenacapavir 50mg), a once-daily single tablet for virologically suppressed adults with HIV, including people on complex regimens.
• 24 Aug 2026 — Trodelvy EU label expanded. The European Commission expanded Trodelvy’s first-line metastatic TNBC approval to cover patients regardless of PD-L1 status.
• 04 Aug 2026 — Q2 2026 results. Revenue rose 10% to $7,803m, and GAAP EPS was −$8.45 and non-GAAP EPS −$6.75 after $11.2bn of acquired IPR&D. Full-year product-sales guidance was raised to $30.1–$30.4bn.
• 03 Aug 2026 — TDF litigation win. The California Supreme Court ruled for Gilead in the state-court TDF litigation and directed judgment for Gilead on all claims.
• 24 Jun 2026 — Trodelvy US first-line approval. The FDA approved Trodelvy for first-line metastatic triple-negative breast cancer.
• 04 Jun 2026 — Ouro deal closed. Gilead completed its Ouro Medicines transaction ($1.675bn upfront, shared equally with Lakefront), after closing Tubulis on 21 May 2026 and Arcellx on 28 Apr 2026.

12. Key Dates

• 21 Oct 2026 — IDWeek 2026 opens in Washington, DC (to 24 Oct)
• 29 Oct 2026 — Q3 2026 results after the market close, webcast at 4:30pm ET
• 01 Nov 2026 — Medicare price negotiation period for Biktarvy ends (CMS third cycle)
• 05 Nov 2026 — AASLD The Liver Meeting opens in Denver (to 09 Nov)
• 12 Dec 2026 — ASH annual meeting opens in New Orleans (to 15 Dec)
• 23 Dec 2026 — FDA PDUFA date for anito-cel in relapsed/refractory multiple myeloma
• 02 Feb 2027 — FDA PDUFA date for once-weekly oral Yeztugo (lenacapavir 300mg tablets) for PrEP
• 01 Jan 2028 — Medicare negotiated price for Biktarvy takes effect

The Q4 2026 dividend declaration and its dates have not been announced. Gilead has said the ASCENT-GYN Trodelvy update and the SWIFT and COSMIC Phase 2 readouts are due before the end of 2026, without exact dates.

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