Gilead Sciences, Inc. (GILD) — Company Research

Last Updated: 16 May 2026

Gilead Sciences, Inc. is a Foster City, California biopharmaceutical company built on antiviral chemistry — its commercial portfolio of more than 25 therapies is anchored in HIV (Biktarvy, Descovy, Genvoya, Odefsey, Symtuza, Sunlenca, Yeztugo), liver disease (Epclusa, Livdelzi, Vemlidy), oncology cell therapy (Yescarta, Tecartus), antibody-drug conjugates (Trodelvy), COVID-19 (Veklury) and antifungals (AmBisome). Total revenue was $29,442m in fiscal 2025 (year ended 31 December 2025), with $23,208m of gross profit (78.83% gross margin per JSON), $10,022m of operating income, $8,510m of net income, $10,019m of operating cash flow and $9,456m of free cash flow. The shares closed the most recent session at $129.58 against a 52-week range of $102.84 to $157.29 — putting market capitalisation at approximately $160.9bn against an enterprise value of approximately $173.2bn. The $12.3bn gap reflects $24,936m of total debt and $22,129m of long-term debt (JSON) against $7,564m of cash and equivalents (JSON). The company carries a 2.53% indicated dividend yield (JSON) and is in the headlines this month on the early-May Q1 2026 release (recent_news 8–13 May 2026) which paired strong Biktarvy and Descovy growth with a sharply lowered adjusted-EPS guide on $11.5bn of IPR&D and financing charges tied to the pending Arcellx acquisition.

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1. Company Snapshot

| Field | Value | |---|---| | Company | Gilead Sciences, Inc. | | Ticker | GILD (NMS / Nasdaq Global Select) | | Sector / Industry | Healthcare / Drug Manufacturers — General | | Country | United States | | Headquarters | 333 Lakeside Drive, Foster City, California | | Website | https://www.gilead.com | | CEO | Mr. Daniel P. O'Day | | Employees (approx., 31 Dec 2025) | 17,000 | | Market capitalisation | ~$160.9 billion | | Enterprise value | ~$173.2 billion | | Shares outstanding | 1,241,569,874 | | Float | 1,238,826,005 | | Latest annual revenue (FY2025, ended 31 Dec 2025) | $29,442m | | Latest annual net income (FY2025) | $8,510m | | Cash & equivalents (31 Dec 2025) | $7,564m | | CIK | 0000882095 |

Per the FY2025 10-K (Item 1, filed 2026-02-24): Gilead "is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades" and "operate[s] in more than 35 countries worldwide, with headquarters in Foster City, California." Therapeutic focus is on "virology, oncology and inflammation." As of 31 December 2025, the company "had approximately 17,000 employees."

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2. Bull Case vs Bear Case

Bull case

• HIV franchise grew through Medicare Part D headwinds: per the FY2025 10-K (Item 7, filed 2026-02-24), HIV product sales rose 6% to $20.8bn in 2025, with Biktarvy up 7% to $14,334m and Descovy up 31% to $2,758m on "higher demand, including patients switching from Genvoya and other Gilead HIV products" and "higher demand and average realized price" respectively.
• Yeztugo (lenacapavir) PrEP launch is on track and now carries a CDC recommendation: per the FY2025 10-K (Item 7, filed 2026-02-24), "FDA granted approval for Yeztugo for PrEP to reduce the risk of sexually acquired HIV-1 infection in adults and adolescents weighing at least 35kg" and Yeytuo received EC marketing authorisation in the EU. Recent news (8 May 2026, MT Newswires) confirms management has "raised Yeztugo guidance for 2026 to $1 billion from $800 million." Patent protection runs to 2037 in both the U.S. and EU (per the FY2025 10-K, Item 1, filed 2026-02-24).
• Biktarvy patent runway materially extended: per the FY2025 10-K (Item 7, filed 2026-02-24), October 2025 settlements with Lupin, Cipla and Laurus Labs mean "the earliest date the three generic manufacturers can market a generic version of full dose Biktarvy in the U.S. is April 1, 2036, subject to standard acceleration provisions. This is more than two years later than our previous loss of exclusivity projection for Biktarvy (December 2033)."
• Massive U.S. capital commitment underwrites onshoring exposure: per the FY2025 10-K (Item 7, filed 2026-02-24), ground broke on a "new Pharmaceutical Development and Manufacturing Technical Development Center in Foster City, California as part of a planned $32 billion investment in the U.S. through 2030."
• Capital return discipline maintained while debt was repaid: JSON-sourced FY2025 metrics show $4,003m of dividends paid (a 2.53% indicated yield per JSON) and $1,922m of buybacks, even as $1.8bn of senior notes was repaid (per the FY2025 10-K, Item 7, filed 2026-02-24). A $0.82 quarterly dividend was declared on 10 February 2026 with a 30 March 2026 pay date (per the FY2025 10-K, Item 7, filed 2026-02-24).
• Cash generation is robust: JSON FY2025 OCF $10,019m and FCF $9,456m on revenue of $29,442m — a 32.1% free-cash-flow margin — funded the dividend, buyback and debt-reduction programme without drawing on the $2.5bn revolving credit facility (per the FY2025 10-K, Item 7, filed 2026-02-24).

Bear case

• Headline 2026 outlook turned sharply negative on acquisition charges: recent news (11 May 2026, Insider Monkey) reports that "GILD revised its fiscal 2026 outlook, now expecting adjusted earnings per share between a loss of $1.05 and a loss [...]" tied to "$11.5B IPR&D and Financing Costs" associated with pending strategic transactions.
• IPR&D impairment risk on Hep-D pipeline: per the FY2025 10-K (Item 7, filed 2026-02-24), Gilead recognised partial bulevirtide IPR&D impairment charges of "$190 million and $400 million in In-process research and development impairments on our Consolidated Statements of Operations for the second and fourth quarters of 2025, respectively, for a total of $590 million for the year ended December 31, 2025" after competitive clinical data appeared in HDV. Bulevirtide's BLA in the U.S. is still pending (per the FY2025 10-K, Item 1, filed 2026-02-24).
• Oncology cell therapy is in decline: per the FY2025 10-K (Item 7, filed 2026-02-24), "Cell Therapy product sales decreased 7% to $1.8 billion in 2025, compared to 2024, primarily due to lower demand reflecting ongoing competitive headwinds." Yescarta fell 5% to $1,495m and Tecartus fell 15% to $344m.
• Pipeline setbacks in 2025 across oncology: per the FY2025 10-K (Item 7, filed 2026-02-24), the Phase 3 STAR-221 study of domvanalimab + zimberelimab (in partnership with Arcus) was discontinued; the Phase 3 ASCENT-07 study of Trodelvy as 1L post-endocrine in HR+/HER2- mBC "did not meet the primary endpoint of progression-free survival"; and FDA placed a clinical hold on the HIV treatment trials of GS-1720 and/or GS-4182 (WONDERS-1 and WONDERS-2).
• Veklury is a structurally declining contributor: per the FY2025 10-K (Item 7, filed 2026-02-24), Veklury sales "decreased 49% to $911 million in 2025, compared to 2024, primarily due to lower COVID-19-related hospitalizations." The same MD&A flags continued decline in the 2026 outlook.
• Medicare Part D redesign / U.S. pricing pressure is mechanical: per the FY2025 10-K (Item 7, filed 2026-02-24), gross-to-net deductions widened to 41% of gross product sales in 2025 versus 38% in 2024 (a 250-basis-point widening), and rebates and chargebacks rose from $15.5bn to $17.5bn — "primarily due to U.S. Medicare Part D program redesign impact."
• Wholesaler concentration: per the FY2025 10-K (Item 1, filed 2026-02-24), "approximately 90% of our gross product sales in the U.S. have been to three large wholesalers — Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation."
• Capital structure remains levered: JSON shows $24,936m of total debt against $22,702m of total equity at 31 December 2025, a 1.0984x debt/equity ratio. Total long-term debt is $22,129m; interest expense was $1,024m in 2025 (JSON; +5% YoY per the FY2025 10-K, Item 7, filed 2026-02-24) "primarily due to higher debt balances and a higher weighted-average interest rate on the debt."

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3. What Does This Company Actually Do?

In plain English, Gilead develops and sells branded prescription medicines in HIV, viral hepatitis, oncology and a handful of other infectious-disease and inflammation indications, in roughly 35 countries. Most of its profit comes from a small number of HIV single-tablet regimens — Biktarvy in particular — supplemented by hepatitis C/B/D, COVID-19 (Veklury, in decline), the CAR-T cell therapies Yescarta and Tecartus, and the antibody-drug conjugate Trodelvy. The company does not report a multi-segment P&L; the disaggregation provided is by product family and by region.

Product sales by family (FY2025, % of total revenues of $29,443m) — per the FY2025 10-K (Item 7, filed 2026-02-24):

• HIV — total — $20,752m, ~70.5% of total revenues (+6% YoY):
• Biktarvy — $14,334m, ~48.7% (+7% YoY).
• Descovy — $2,758m, ~9.4% (+31% YoY).
• Genvoya — $1,498m, ~5.1% (-15% YoY).
• Odefsey — $1,167m, ~4.0% (-9% YoY).
• Symtuza (revenue share) — $495m, ~1.7% (-16% YoY).
• Other HIV (incl. Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, Truvada, Tybost, Yeztugo/Yeytuo) — $500m, ~1.7% (+15% YoY).
• Liver Disease — total — $3,217m, ~10.9% (+6% YoY):
• Sofosbuvir/Velpatasvir (Epclusa + Asegua AG) — $1,272m, ~4.3% (-20% YoY).
• Vemlidy — $1,070m, ~3.6% (+12% YoY).
• Other Liver Disease (incl. Harvoni AG, Hepcludex, Hepsera, Livdelzi/Lyvdelzi, Sovaldi, Viread, Vosevi) — $874m, ~3.0% (+87% YoY).
• Veklury — $911m, ~3.1% (-49% YoY).
• Oncology — total — $3,236m, ~11.0% (-2% YoY):
• Cell Therapy (Yescarta + Tecartus) — $1,839m, ~6.2% (-7% YoY).
• Trodelvy — $1,397m, ~4.7% (+6% YoY).
• Other (AmBisome + Cayston/Jyseleca/Letairis/Zydelig) — $799m, ~2.7% (-10% YoY).
• Royalty, contract and other revenues — $527m, ~1.8% (vs $144m in 2024 — per the FY2025 10-K (Item 7, filed 2026-02-24), "primarily due to recognition of $400 million of previously constrained revenues from the sale of certain intellectual property").
• Total revenues — $29,443m (matches JSON to $1m rounding on $29,442m).

FY2025 Revenue HIV — 70.5% Liver Disease — 10.9% Oncology — 11.0% Veklury + Other + Royalty — 7.6%

Geographic split of total revenues (FY2025) — per the FY2025 10-K (Item 7, filed 2026-02-24):

• United States — $20,876m, ~70.9% of total revenues.
• Europe — $5,064m, ~17.2% of total revenues.
• Rest of World — $3,503m, ~11.9% of total revenues.
• Total revenues — $29,443m, 100%.

Customer concentration. Per the FY2025 10-K (Item 1, filed 2026-02-24): "approximately 90% of our gross product sales in the U.S. have been to three large wholesalers — Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation — and their specialty distributor affiliates."

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4. The Business Model

Gilead is a vertically integrated biopharmaceutical company that earns the bulk of its profit from a portfolio of patented antiviral, oncology and liver-disease medicines sold under price-controlled and rebated reimbursement frameworks. It designs, manufactures and distributes the majority of its commercial products in-house through its own plants in California (Foster City, La Verne, Oceanside, El Segundo, Santa Monica), Maryland (Frederick), Ireland (Cork, Dublin), Canada (Edmonton) and the Netherlands, supplemented by third-party contract manufacturers (per the FY2025 10-K, Item 1, filed 2026-02-24).

Margins. Headline gross margin was 78.83% in FY2025 (JSON), operating margin 34.04%, net margin 28.90%, ROE 37.49%, ROA 14.42% and FCF yield 5.88% (all JSON). The 10-K reports product-only gross margin (a different definition) of 78.4% (per the FY2025 10-K, Item 7, filed 2026-02-24) and notes it "remained relatively flat compared to 2024."

Operating cost stack. Per the FY2025 10-K (Item 7, filed 2026-02-24), FY2025 operating costs were:

• Cost of goods sold: $6,234m (matches JSON $6,234m); product gross margin 78.4% versus 78.2% in 2024.
• Research and development: $5,799m (-2% YoY) — Personnel/infrastructure/other support costs of $3,427m and clinical studies and other costs of $2,372m.
• Acquired in-process research and development (IPR&D): $1,024m in 2025 versus $4,663m in 2024 — the 2025 figure was driven primarily by the $311m Interius acquisition, $250m LEO Pharma collaboration upfront and $200m Pregene upfront/milestone payments.
• In-process research and development impairments: $590m in 2025 (bulevirtide partial impairments of $190m in Q2 and $400m in Q4) versus $4,180m in 2024 (Trodelvy NSCLC IPR&D writedown).
• Selling, general and administrative: $5,774m (-5% YoY) — selling and marketing $3,522m (+2%), general and administrative $2,252m (-15%).

Tax. Per the FY2025 10-K (Item 7, filed 2026-02-24): effective tax rate 13.1% in 2025 versus 30.5% in 2024, the latter inflated by the non-deductible CymaBay acquired-IPR&D expense. In October 2025 Gilead "reached a settlement with a tax authority related to a prior year legal entity restructuring," recognising approximately $450m of income tax benefit and a corresponding $530m reduction in unrecognized tax benefits in Q4 2025.

Subsidy / regulatory-credit dependency. Not material in the manner of an EV manufacturer or regulated utility. The Item 7 MD&A does, however, disclose two material public-policy interventions on the demand and supply side. Demand-side: per the FY2025 10-K (Item 7, filed 2026-02-24), gross-to-net deductions widened 250bps to 41% of gross product sales in 2025 on "U.S. Medicare Part D program redesign impact," with rebates and chargebacks rising from $15.5bn to $17.5bn. Supply-side: an "agreement with the U.S. government to lower the cost of medicines for Americans" and the $32bn U.S. investment commitment through 2030, including the new Foster City Pharmaceutical Development and Manufacturing Technical Development Center.

International / lenacapavir access. Per the FY2025 10-K (Item 7, filed 2026-02-24): Gilead "announced a partnership with the U.S. State Department and the U.S. President's Emergency Plan for AIDS Relief ('PEPFAR') to deliver lenacapavir for HIV PrEP for up to two million people over three years in countries supported by both PEPFAR and the Global Fund."

Capital model. Operating cash flow funds R&D, capex, dividends, buybacks and debt repayment. JSON-sourced FY2025 metrics: OCF $10,019m, capex $563m, FCF $9,456m, buybacks $1,922m, dividends paid $4,003m. Per the FY2025 10-K (Item 7, filed 2026-02-24): "In 2025, we utilized cash of $4.0 billion for dividend payments, $1.9 billion for common stock repurchases and $1.8 billion for repayment of debt." A $1.3bn final federal income tax payment for the TCJA mandatory deemed-repatriation transition tax was paid in 2025.

Foreign currency exposure. Per the FY2025 10-K (Item 7A, filed 2026-02-24): approximately 26% of 2025 product sales are denominated in foreign currencies (primarily the Euro). FX hedging is done via forward contracts with $3.9bn aggregate notional at year-end 2025 (versus $2.9bn at year-end 2024). A hypothetical 10% adverse FX move would reduce the fair value of those contracts by approximately $439m.

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5. Financial Health

Five-year P&L and balance-sheet trend (JSON is the source of truth for the line items below; FY2021 P&L lines are not populated in the JSON record beyond operating income).

| Fiscal year ended | Revenue | Operating income | Net income | Diluted EPS | Diluted shares (m) | Cash & equivs | Total debt | Total equity | Operating cash flow | Free cash flow | Dividends paid | |---|---|---|---|---|---|---|---|---|---|---|---| | 31 Dec 2025 (FY2025) | $29,442m | $10,022m | $8,510m | $6.78 | 1,255 | $7,564m | $24,936m | $22,702m | $10,019m | $9,456m | $4,003m | | 31 Dec 2024 (FY2024) | $28,754m | $1,662m | $480m | $0.38 | 1,255 | $9,991m | $26,711m | $19,330m | $10,828m | $10,305m | $3,918m | | 31 Dec 2023 (FY2023) | $27,116m | $7,605m | $5,665m | $4.50 | 1,258 | $6,085m | $24,987m | $22,833m | $8,006m | $7,421m | $3,809m | | 31 Dec 2022 (FY2022) | $27,281m | $7,330m | $4,592m | $3.64 | 1,262 | $5,412m | $25,230m | $21,240m | $9,072m | $8,344m | $3,709m | | 31 Dec 2021 (FY2021) | not in JSON | $9,918m | not in JSON | not in JSON | n/a | n/a | n/a | n/a | n/a | n/a | n/a |

The four-year arc shows revenue stepping up from $27,281m (FY2022) to $27,116m (FY2023, -0.6%) to $28,754m (FY2024, +6.0%) to $29,442m (FY2025, +2.39% per JSON). Reported operating income oscillates wildly across the window because of acquisition-related accounting: FY2024's $1,662m operating-income figure (JSON) was depressed by the $3.8bn non-deductible IPR&D charge for CymaBay and the $4.2bn Trodelvy NSCLC IPR&D impairment booked the same year, both of which dropped out in FY2025 — per the FY2025 10-K (Item 7, filed 2026-02-24), the FY2025 net income recovery to $8,510m versus $480m in 2024 reflects "A $3.8 billion acquired in-process research and development ('IPR&D') expense related to the acquisition of CymaBay Therapeutics, Inc. ('CymaBay') in 2024, which did not repeat in 2025" together with "Lower pre-tax IPR&D partial impairment charges, with $590 million in 2025 related to assets acquired from MYR GmbH ('MYR') compared to $4.2 billion in 2024 related to assets acquired from Immunomedics, Inc." Diluted share count edged down from 1,262m (FY2022) to 1,255m (FY2025) as buybacks of roughly $1.0bn–$1.9bn per year approximately offset stock-based compensation.

Quarterly trajectory (JSON; gross margin computed from gross profit ÷ revenue).

| Quarter end | Revenue | Gross profit | Gross margin | Operating income | Net income | EPS (diluted) | Operating cash flow | Free cash flow | |---|---|---|---|---|---|---|---|---| | 31 Dec 2025 (FY25 Q4) | $7,924m | $6,300m | 79.51% | $2,988m | $2,183m | $1.74 | $3,327m | $3,122m | | 30 Sep 2025 (FY25 Q3) | $7,769m | $6,200m | 79.81% | $3,497m | $3,052m | $2.43 | $4,108m | $3,961m | | 30 Jun 2025 (FY25 Q2) | $7,081m | $5,580m | 78.80% | $2,724m | $1,960m | $1.56 | $827m | $720m | | 31 Mar 2025 (FY25 Q1) | $6,667m | $5,127m | 76.90% | $2,490m | $1,315m | $1.04 | $1,757m | $1,653m | | 31 Dec 2024 (FY24 Q4) | $7,569m | $5,988m | 79.11% | $2,440m | $1,783m | $1.42 | $2,975m | $2,828m |

0 2.5 5.0 7.5 10

0% 25% 50% 75% 100%

$7.57

$6.67

$7.08

$7.77

$7.92

Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

Revenue ($bn) Gross Margin (%)

Revenue Gross Margin

The quarterly trail shows Gilead's classic Q1-low seasonality on the U.S. drug-pricing cycle: Q1 2025 was $6.667m, the weakest quarter in the window, with sequential improvement to $7.924m in Q4 2025. Gross margin stayed in a tight 76.9%–79.8% band across all five quarters.

Liquidity, debt and capital structure. Per the FY2025 10-K (Item 7 and Item 7A, filed 2026-02-24):

• Cash and cash equivalents: $7.6bn at 31 December 2025 (matches JSON $7,564m), plus marketable debt securities of $3.0bn.
• Total debt (JSON): $24,936m, of which long-term $22,129m and short-term $2,807m (derived). The 10-K's Item 7A reference values quote "$22.3 billion" fair value for the senior unsecured notes and "$0.8 billion" for the Immunomedics-related future-royalties liability.
• Senior unsecured notes: fixed-rate, no interest-rate exposure on coupons; fair value sensitive to rate movements.
• Revolving credit facility: $2.5bn, maturing June 2029; nothing drawn at 31 December 2025.
• FX forward contracts notional: $3.9bn at year-end 2025 (vs $2.9bn at year-end 2024).
• Equity securities held in connection with collaborations (Arcus, Galapagos, Arcellx, etc.): fair value approximately $2.0bn at 31 December 2025 (vs $1.6bn at year-end 2024).

Cash flow. Per the FY2025 10-K (Item 7, filed 2026-02-24): net cash provided by operating activities of $10,019m in FY2025 (vs $10,828m FY2024); net cash used in investing of $(4,793)m (vs $(3,449)m FY2024) — driven by purchases of marketable debt securities and payments related to the Interius acquisition and various collaborations; net cash used in financing of $(7,745)m (vs $(3,433)m FY2024) — driven by $4.0bn dividends, $1.9bn buybacks and $1.8bn debt repayment.

Capital return — buybacks. JSON-sourced FY2025 buybacks were $1,922m (vs $1,150m FY2024). Per the FY2025 10-K (Item 7, filed 2026-02-24): "higher common stock repurchases" was one of the drivers of the larger 2025 financing-activity cash outflow.

Capital return — dividends. JSON-sourced dividends paid: $4,003m FY2025, $3,918m FY2024, $3,809m FY2023, $3,709m FY2022. Per the FY2025 10-K (Item 7, filed 2026-02-24): "On February 10, 2026, we announced that our Board of Directors declared a quarterly dividend of $0.82 per share of our common stock, with a payment date of March 30, 2026 to all stockholders of record as of the close of business on March 13, 2026."

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6. Valuation & Market Data

| Metric | Value | Source / note | |---|---|---| | Share price | $129.58 | JSON, as of 2026-05-16T05:00:11Z | | Previous close | $132.06 | JSON | | Day open / high / low | $132.27 / $132.805 / $129.095 | JSON | | Daily volume | 6,637,711 | JSON | | 10-day average volume | 6,679,580 | JSON | | 52-week high | $157.29 | JSON | | 52-week low | $102.84 | JSON | | Market capitalisation | $160,882,638,848 (~$160.9 billion) | JSON | | Enterprise value | $173,155,631,104 (~$173.2 billion) | JSON | | Shares outstanding | 1,241,569,874 | JSON | | Float | 1,238,826,005 | JSON | | Beta | 0.332 | JSON | | P/E (trailing, calculated) | 19.1121 | JSON; current_price / latest_diluted_eps ($129.58 / $6.78) | | Trailing P/E (yfinance variant) | 17.6299 | JSON price.trailing_pe_yfinance | | Forward P/E (yfinance variant) | 13.4763 | JSON price.forward_pe_yfinance | | P/B | 7.0867 | JSON | | P/S (trailing) | 5.4644 | JSON | | EV / Revenue | 5.8812 | JSON | | EV / EBITDA proxy | 17.2776 | JSON; D&A unavailable in source data — JSON uses operating income as a proxy denominator and labels this as a proxy in _calc_notes | | FCF yield | 5.88% | JSON; FCF / market cap | | Gross margin | 78.83% | JSON | | Operating margin | 34.04% | JSON | | Net margin | 28.90% | JSON | | ROE | 37.49% | JSON | | ROA | 14.42% | JSON | | Debt / equity | 1.0984 | JSON | | Current ratio | 1.5527 | JSON | | Dividend yield (indicated) | 2.53% | JSON | | Short interest / put-call / days-to-cover | not disclosed in this report's source data | JSON does not carry these fields |

ChartsView publishes raw numbers only and does not editorialise on whether these levels look cheap or expensive. The JSON-calculated trailing P/E of 19.11 (computed from price ÷ FY2025 diluted EPS) and the yfinance-sourced trailing P/E of 17.63 are not identical because of different EPS conventions (FY-period diluted EPS versus a yfinance trailing-twelve-month diluted EPS); both are shown for transparency. The forward P/E of 13.48 reflects analyst-consensus EPS estimates embedded in yfinance and is shown for transparency only — note that recent news (11 May 2026, Insider Monkey) reports a sharply lowered fiscal 2026 adjusted-EPS guide tied to pending acquisition charges, which is not yet reflected in any consensus forward number.

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7. What Are They Building / What's Coming?

Late-stage pipeline (Phase 3 / pending regulatory review) — per the FY2025 10-K (Item 1, filed 2026-02-24):

• Bulevirtide — Biologics License Application (BLA) filed with FDA for chronic hepatitis delta virus (HDV) infection; granted both Orphan Drug and Breakthrough Therapy designations. Q2 and Q4 2025 partial IPR&D impairments totaling $590m followed competitive HDV data (per the FY2025 10-K, Item 7, filed 2026-02-24).
• Lenacapavir, once-yearly injection for HIV PrEP — Phase 3 in development.
• Bictegravir and lenacapavir (BIC/LEN), oral combination — Phase 3 in development as HIV treatment. Per the FY2025 10-K (Item 7, filed 2026-02-24): "Announced positive topline Phase 3 results from the ARTISTRY-1 and ARTISTRY-2 trial … BIC/LEN met its primary endpoint, demonstrating non-inferiority to baseline multi-tablet antiviral regimens (ARTISTRY-1) and Biktarvy (ARTISTRY-2)."
• Islatravir and lenacapavir, oral combination (in collaboration with Merck) — long-acting HIV treatment for virologically suppressed patients.
• Anitocabtagene autoleucel (in collaboration with Arcellx) — BLA filed with FDA, BCMA-directed CAR T-cell therapy for relapsed/refractory multiple myeloma after ≥3 prior systemic regimens. Per the FY2025 10-K (Item 7, filed 2026-02-24): "Announced that we entered into a definitive agreement to acquire all of the outstanding common stock of Arcellx, Inc. … This transaction is anticipated to close during the second quarter of 2026."
• Sacituzumab govitecan-hziy (Trodelvy) — supplemental BLA for 1L PD-L1 negative metastatic TNBC; a parallel sBLA with Merck's pembrolizumab for 1L PD-L1 positive metastatic TNBC.
• Axicabtagene ciloleucel (Yescarta) — Phase 3 for 2L FL and 1L LBCL high-risk patients.
• Anitocabtagene autoleucel — Phase 3 in 1L–3L multiple myeloma.
• Sacituzumab govitecan-hziy and combinations — Phase 3 across high-risk adjuvant TNBC, extensive-stage small cell lung cancer, 1L PD-L1 positive metastatic NSCLC (with Merck), and 2L metastatic endometrial cancer.
• Domvanalimab and zimberelimab (in collaboration with Arcus) — Phase 3 anti-TIGIT + anti-PD-1 + chemo for 1L metastatic NSCLC. Per the FY2025 10-K (Item 7, filed 2026-02-24): the parallel Phase 3 STAR-221 trial in 1L HER2- advanced gastric/esophageal cancer was discontinued in 2025 on Independent Data Monitoring Committee recommendation, and the Phase 2 EDGE-Gastric study in upper GI cancers was also discontinued.

2025 regulatory approvals — per the FY2025 10-K (Item 1, filed 2026-02-24):

• Yeztugo / Yeytuo (lenacapavir for PrEP) — FDA approval as "the first and only twice-yearly option available in the United States for people who need or want PrEP" for adults and adolescents weighing ≥35kg; European Commission also granted marketing authorisation for Yeytuo. Per the FY2025 10-K (Item 7, filed 2026-02-24): "Received a strong recommendation for the use of twice-yearly injectable Yeztugo (lenacapavir) for HIV PrEP in the new U.S. Centers for Disease Control and Prevention guidelines."
• Lyvdelzi (seladelpar) — EC conditional marketing authorisation for primary biliary cholangitis (PBC) in combination with UDCA, or as monotherapy in patients unable to tolerate UDCA.

Selected 2025 / early-2026 business-development activity — per the FY2025 10-K (Item 7, filed 2026-02-24):

• Arcellx acquisition — definitive agreement to acquire all outstanding stock; close anticipated Q2 2026; provides full control of anitocabtagene autoleucel.
• Interius BioTherapeutics — acquisition completed for approximately $350m; in vivo CAR therapeutics platform.
• LEO Pharma — strategic partnership "to develop and commercialize their pre-clinical oral signal transducer and activator of transcription 6 programs for the potential treatment of inflammatory diseases"; $250m upfront in 2025.
• Pregene — collaboration to develop next-generation in vivo therapies; $200m upfront/milestone payments in 2025.
• Kymera Therapeutics — exclusive option and license agreement "to develop novel oral molecular glue CDK2 degraders with broad oncology treatment potential."

Manufacturing build-out. Per the FY2025 10-K (Item 7, filed 2026-02-24): ground broke on a "new Pharmaceutical Development and Manufacturing Technical Development Center in Foster City, California as part of a planned $32 billion investment in the U.S. through 2030." Existing in-house manufacturing footprint (per Item 1) spans Foster City, La Verne, Oceanside, El Segundo, Santa Monica (all California), Frederick (Maryland), Cork and Dublin (Ireland), Edmonton (Canada) and the Netherlands.

Patent runway (per the FY2025 10-K, Item 1, filed 2026-02-24) — U.S. / EU primary-compound expiries for principal commercial products and product candidates:

• Biktarvy — 2036 (U.S.) / 2033 (EU). October 2025 settlements with Lupin, Cipla and Laurus Labs lifted the earliest U.S. generic entry date for full-dose Biktarvy from December 2033 to April 1, 2036.
• Descovy — 2031 / 2027.
• Vemlidy — 2031 / 2027.
• Odefsey — 2032 / 2027.
• Genvoya — 2029 / 2028 (February 2025 Apotex/MSN agreement provides a non-exclusive license beginning August 6, 2032, or earlier in certain circumstances).
• Yescarta — 2031 / — (composition of matter patent has expired in the EU; manufacturing-process applications pending).
• Epclusa — 2033 / 2032.
• Veklury — 2036 / 2035 (extended by January 2024 FDA pediatric exclusivity).
• Tecartus — 2027 / — (EU composition of matter expired).
• Trodelvy (sacituzumab govitecan-hziy) — 2028 / 2029 (U.S. regulatory exclusivity to 2032).
• Sunlenca — 2037 / 2037.
• Livdelzi / Lyvdelzi — 2025 / — (U.S. FDA Orphan Drug Exclusivity to 2031; EU 10-year regulatory/market exclusivity expected on approval).
• Yeztugo / Yeytuo — 2037 / 2037.
• Lenacapavir (pipeline) — 2037 / 2037.
• Bulevirtide (pipeline) — 2030 / 2029.
• Anitocabtagene autoleucel (with Arcellx) — 2038 / (2038, pending).
• Zimberelimab (with Arcus) — 2036 / 2036.
• Domvanalimab (with Arcus) — 2037 / (2037, pending).

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8. Competitive Landscape

Gilead does not quote market-share percentages for its products in the Item 1 disclosures reviewed. Per the FY2025 10-K (Item 1, filed 2026-02-24): "We operate in a highly competitive environment. Our products compete with other commercially available products based primarily on efficacy, safety, tolerability, acceptance by doctors, ease of patient compliance, ease of use, price, insurance and other reimbursement coverage, distribution and marketing." Gilead also faces "significant competition from: (i) large pharmaceutical and biotechnology companies and specialized pharmaceutical firms acting either independently or together with other such companies to pursue the development of products and technologies that may be competitive with our existing products or research programs; (ii) academic institutions, government agencies and other public and private organizations conducting research who may seek patent protection or may establish collaborative arrangements for competitive products or programs; (iii) pricing pressures from private insurers and government payers as our products mature, which often result in a reduction of our net product prices; and (iv) new branded or generic products introduced into major markets, which may impact our ability to maintain pricing and market share."

The 10-K does name several collaboration and adjacent-area counterparties from which competitive context can be inferred for the HIV, oncology and inflammation franchises. The list below paraphrases qualitative competitor framing from the FY2025 10-K (Item 1, filed 2026-02-24) and from the JSON company.description field — it is not a list of named market-share percentages because none are quoted in the source data.

| Gilead franchise | Major competitor product(s) | Competitor company | |---|---|---| | HIV — single-tablet regimens & treatment | Dovato, Tivicay, Cabenuva | GSK plc / ViiV Healthcare | | HIV — single-tablet regimens & treatment | Pifeltro / DELSTRIGO | Merck & Co., Inc. | | HIV — PrEP (oral) | Apretude (long-acting cabotegravir) | GSK plc / ViiV Healthcare | | Liver — chronic HCV | Mavyret | AbbVie Inc. | | Liver — PBC | OCALIVA | Intercept Pharmaceuticals (Alfasigma) | | Oncology — CAR-T (LBCL/FL/MCL/MM) | Breyanzi, Abecma | Bristol Myers Squibb (legacy Celgene) | | Oncology — CAR-T (LBCL/FL) | Kymriah | Novartis AG | | Oncology — CAR-T (multiple myeloma, BCMA) | Carvykti | Johnson & Johnson Innovative Medicine / Legend Biotech | | Oncology — TNBC, breast | Keytruda (combo standard of care) | Merck & Co., Inc. | | Oncology — TNBC ADC | Enhertu | AstraZeneca / Daiichi Sankyo | | COVID-19 antivirals | Paxlovid | Pfizer Inc. | | COVID-19 antivirals | Lagevrio (molnupiravir) | Merck & Co., Inc. | | Antifungal (AmBisome) | Generic liposomal amphotericin B | Various |

A competitor-share chart with named percentage shares is not produced for this article: the FY2025 10-K does not quote market-share percentages for Gilead or its named competitors in the sections reviewed (Item 1, Item 7), and inserting external estimates would breach the source-data discipline applied to this report.

Wholesaler concentration on the U.S. distribution side. Per the FY2025 10-K (Item 1, filed 2026-02-24): "approximately 90% of our gross product sales in the U.S. have been to three large wholesalers — Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation — and their specialty distributor affiliates."

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9. Leadership and Ownership

CEO. Mr. Daniel P. O'Day leads the company (JSON company.ceo). Length of tenure as CEO and biographical details are not asserted from a primary source within the data JSON or the 10-K extract sections reviewed and are not asserted here. Per JSON holders.insider_transactions, CEO O'Day is identified as "Chief Executive Officer" with a 28 April 2026 entry; CFO Andrew D. Dickinson is identified as "Chief Financial Officer" with a 15 April 2026 entry; and Officer Johanna Mercier appears with a 15 April 2026 entry.

Top institutional holders (per JSON; as-of dates as recorded).

| Holder | Shares | % held | Reported value | As-of | |---|---|---|---|---| | Blackrock Inc. | 119,010,973 | 9.59% | $15,421,442,099 | 2026-03-31 | | Vanguard Capital Management LLC | 80,654,776 | 6.50% | $10,451,246,021 | 2026-03-31 | | FMR, LLC | 65,579,490 | 5.28% | $8,497,790,434 | 2025-12-31 | | State Street Corporation | 60,240,518 | 4.85% | $7,805,966,432 | 2025-12-31 | | Capital World Investors | 41,283,933 | 3.33% | $5,349,572,113 | 2026-03-31 | | Vanguard Portfolio Management LLC | 35,129,465 | 2.83% | $4,552,076,139 | 2026-03-31 | | JPMORGAN CHASE & CO | 33,992,410 | 2.74% | $4,404,736,550 | 2026-03-31 | | Geode Capital Management, LLC | 29,696,002 | 2.39% | $3,848,007,993 | 2025-12-31 | | Price (T.Rowe) Associates Inc | 27,698,660 | 2.23% | $3,589,192,413 | 2025-12-31 | | Capital Research Global Investors | 27,127,533 | 2.18% | $3,515,185,775 | 2026-03-31 |

The top three holders (BlackRock + the two Vanguard entities + FMR + State Street) account for roughly 29% of shares — Gilead's investor base is anchored by index-tracking flows. The two Capital Group entities (Capital World Investors, Capital Research Global Investors) together hold ~5.5% — the largest disclosed active-management presence visible in JSON.

Recent insider transactions (per JSON; the transaction-direction labels are blank in the source data; the JSON-recorded $0 values are pattern-consistent with non-cash records such as vesting / grant / tax-withholding events rather than open-market buys or sells).

| Insider | Position | Date | Shares | Value | |---|---|---|---|---| | Rodriguez, Javier | Director | 2026-04-30 | 1,146 | $0 | | Horning, Sandra | Director | 2026-04-30 | 1,146 | $0 | | Love, Ted Wendell | Director | 2026-04-30 | 1,146 | $0 | | Bluestone, Jeffrey | Director | 2026-04-30 | 1,146 | $0 | | Manwani, Harish | Director | 2026-04-30 | 1,146 | $0 | | Barton, Jacqueline K | Director | 2026-04-30 | 1,146 | $0 | | Welters, Anthony | Director | 2026-04-30 | 1,146 | $0 | | O'Day, Daniel Patrick | CEO | 2026-04-28 | 10,000 | $1,291,608 | | Mercier, Johanna | Officer | 2026-04-15 | 3,000 | $422,880 | | Dickinson, Andrew D | CFO | 2026-04-15 | 3,000 | $422,880 |

The 30 April 2026 cluster of seven director records, each 1,146 shares at $0 value, is pattern-consistent with the annual director equity-grant cycle (same date across all seven directors, blank dollar value in JSON). The 28 April 2026 record for CEO O'Day (10,000 shares; $1,291,608, implying ~$129.16 per share, close to the JSON 16 May 2026 share price of $129.58 and to the 28 April 2026 cycle) is a non-zero-dollar entry; without an explicit transaction-type label in JSON, the direction (open-market purchase vs. 10b5-1 sale vs. option exercise / vesting tax-withholding) is not asserted here. The 15 April 2026 entries for CFO Dickinson and Officer Mercier (each 3,000 shares; each $422,880, implying ~$140.96 per share) are also non-zero-dollar entries and likewise are not characterised here as buys or sells absent the transaction-type field in JSON.

DEF 14A filing. Per JSON sec_filings[], the DEF 14A definitive proxy statement was filed 20 March 2026 (accession 0001308179-26-000106) — the source for compensation, board and named-executive-officer detail not carried in this report's source data.

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10. Risks and Challenges

The company's own risk-factor disclosures are in Item 1A of the FY2025 10-K. The 10-K extract for this report flags meta.stub_items and meta.bloated_items as empty lists — both Item 1A and the other principal sections are clean — so the risk topics below are sourced from Item 1 (Business), Item 1A (Risk Factors), Item 7 (MD&A) and Item 7A (Market Risk).

• U.S. drug pricing — Medicare Part D redesign already mechanical. Per the FY2025 10-K (Item 7, filed 2026-02-24): gross-to-net deductions widened from 38% to 41% of gross product sales in 2025 "primarily due to U.S. Medicare Part D program redesign impact," with rebates and chargebacks rising from $15.5bn to $17.5bn. Biktarvy's 2025 sales growth was partially offset by "lower average realized price due to the U.S. Medicare Part D program redesign."
• U.S. drug pricing — Trump-era policy uncertainty. Per the FY2025 10-K (Item 1, filed 2026-02-24): "the current U.S. Presidential administration has indicated that it plans to pursue changes to various regulatory policies from prior administrations, some of which have already started to be implemented … the administration has taken a number of actions aimed at lowering U.S. drug prices and testing new Medicare and Medicaid payment models. President Trump also has pledged to impose tariffs on pharmaceuticals and other products, some of which have already started to be implemented. These tariffs and retaliatory measures taken by other nations in response may increase our costs and adversely impact the competitiveness of our products outside the U.S."
• U.S. wholesaler concentration. Per the FY2025 10-K (Item 1, filed 2026-02-24): "approximately 90% of our gross product sales in the U.S. have been to three large wholesalers — Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation — and their specialty distributor affiliates."
• HIV revenue concentration. Per the FY2025 10-K (Item 1A, filed 2026-02-24): "We receive a substantial portion of our revenue from sales of our products for the treatment and prevention of HIV infection. We may be unable to sustain or increase sales of our HIV products for any number of reasons, including market share gains by competitive products, including generics, or the inability to introduce new HIV medications necessary to remain competitive." JSON-derived: HIV was $20,752m or ~70.5% of FY2025 total revenues.
• Cell-Therapy demand erosion. Per the FY2025 10-K (Item 7, filed 2026-02-24): "Cell Therapy product sales decreased 7% to $1.8 billion in 2025, compared to 2024, primarily due to lower demand reflecting ongoing competitive headwinds." Per Item 1A: "Advancing a novel and personalized therapy, such as Yescarta or Tecartus … creates significant challenges" including the dependence on apheresis centres, certified hospital networks and in-house manufacturing in California, Maryland and the Netherlands.
• Bulevirtide / Hep-D commercial outlook softening. Per the FY2025 10-K (Item 7, filed 2026-02-24): $190m (Q2 2025) and $400m (Q4 2025) partial IPR&D impairments — totalling $590m — followed competitive HDV data and reflected "the updated expectations for bulevirtide's potential market share outside of the EU."
• Trodelvy oncology setbacks. Per the FY2025 10-K (Item 7, filed 2026-02-24): the Phase 3 ASCENT-07 in HR+/HER2- mBC "did not meet the primary endpoint of progression-free survival"; this followed the January 2024 EVOKE-01 NSCLC failure that led to the $4.2bn FY2024 IPR&D impairment.
• HIV pipeline clinical hold. Per the FY2025 10-K (Item 7, filed 2026-02-24): "Announced that FDA had placed a clinical hold on the HIV treatment trials of GS-1720 and/or GS-4182, including the WONDERS-1 and WONDERS-2 trials. These drug candidates are investigational and not approved anywhere globally."
• CAR-T black-box warning and REMS history. Per the FY2025 10-K (Item 1A, filed 2026-02-24): "in January 2024, FDA instituted a class labeling change for all approved CAR T-cell therapies, including a 'boxed warning' about the possible risk of secondary T-cell malignancies in patients treated with CAR T-cell therapy." Yescarta and Tecartus were subject to a REMS for cytokine-release syndrome and neurologic toxicity management until June 2025.
• Counterfeit and diversion risk. Per the FY2025 10-K (Item 1A, filed 2026-02-24): "Illegally diverted and counterfeit versions of Gilead-branded medicines exist and may pose a serious risk to patient health and safety" — and Gilead's actions to disrupt them "may be costly and unsuccessful."
• Acquisition-related execution risk on Arcellx. Per the FY2025 10-K (Item 1A, filed 2026-02-24): "We have engaged in, and may in the future engage in, [strategic transactions] as part of our business strategy. We may not identify suitable transactions in the future and, if we do, we may not complete such transactions in a timely manner, on a cost-effective basis, or at all … [if completed,] the products, intellectual property and technologies that are acquired or licensed may not be successful or may require significantly greater resources and investments than anticipated." Recent news (11 May 2026, Insider Monkey) reports the fiscal 2026 outlook has been "Cut Sharply on $11.5B IPR&D and Financing Costs."
• $32bn U.S. capital-investment programme execution risk. Per the FY2025 10-K (Item 1A, filed 2026-02-24): "We are undertaking significant multi-year capital investments to expand our U.S. manufacturing capabilities and accelerate R&D, including our initiative to invest $32 billion in the U.S. through 2030. These investments are subject to numerous risks, including construction and commissioning delays, cost inflation, supply chain constraints, contractor performance, permitting and zoning challenges and the availability of skilled labor, and we may not complete our announced investments on a timely basis or at all."
• Foreign-currency and equity-securities mark-to-market risk. Per the FY2025 10-K (Item 7A, filed 2026-02-24): roughly 26% of FY2025 product sales were denominated in foreign currencies; FX forward contracts of $3.9bn notional were outstanding at year-end 2025; a hypothetical 10% adverse FX move would reduce the fair value of those contracts by ~$439m. Equity securities held in connection with collaborations had fair value of approximately $2.0bn at year-end 2025; a hypothetical 20% move would change FV by ~$392m.
• OECD Pillar Two / global minimum tax. Per the FY2025 10-K (Item 7, filed 2026-02-24): "In January 2026, the OECD announced additional administrative guidance, including a 'side-by-side' framework intended to coordinate the application of Pillar Two with existing minimum tax regimes in certain jurisdictions. We do not expect Pillar Two, including the side-by-side framework, to have a material impact on our results of operations, liquidity or capital resources."
• Litigation and regulatory contingencies. Per the FY2025 10-K (Item 7, filed 2026-02-24): in 2023 Gilead recorded a $525m accrual for HIV antitrust litigation settlements (paid in H2 2023). At year-end 2024 a ~$200m accrual was held for a potential settlement with the U.S. Attorney's Office for the Southern District of New York "which we eventually entered into in April 2025 and subsequently paid."
• Capital structure. Per JSON, total debt of $24,936m against total equity of $22,702m at 31 December 2025 (debt/equity 1.0984x). Long-term debt of $22,129m per JSON; interest expense $1,024m in 2025 (+5% YoY per the FY2025 10-K, Item 7, filed 2026-02-24) on "higher debt balances and a higher weighted-average interest rate on the debt."

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11. Recent Developments

The most recent items in the source data come from JSON recent_news[]; the URLs below are reproduced exactly as supplied.

• 15 May 2026 — "Tomato Prices Aren't the Only Problem. How Retirees Can Beat Inflation." (Barrons.com). Macro-investing piece touching on inflation and dividend exposure; referenced for completeness — ChartsView research does not adopt third-party retirement-planning recommendations. https://www.barrons.com/articles/how-retirees-can-beat-inflation-dividends-bonds-interest-rates-income-548850bc?siteid=yhoof2&yptr=yahoo
• 14 May 2026 — "Assembly Biosciences Touts HSV, Hepatitis D Catalysts at BofA Conference" (MarketBeat). Indirect read-through: Assembly Biosciences is a Gilead collaboration partner (per JSON company.description); the article describes Assembly's "virology strategy and upcoming clinical priorities … emphasizing programs in herpes simplex virus, hepatitis D and transplant-related herpes viruses." https://www.marketbeat.com/instant-alerts/assembly-biosciences-touts-hsv-hepatitis-d-catalysts-at-bofa-conference-2026-05-14/?utm_source=yahoofinance&utm_medium=yahoofinance
• 13 May 2026 — "Is It Worth Investing in Gilead (GILD) Based on Wall Street's Bullish Views?" (Zacks, via Yahoo Finance). Discussion of average brokerage recommendation; carried for completeness — ChartsView research includes no analyst opinion or third-party rating. https://finance.yahoo.com/news/worth-investing-gilead-gild-based-133006429.html
• 12 May 2026 — "GILD Q1 Deep Dive: HIV Growth, Oncology Pipeline, and Margin Management Shape 2026 Outlook" (StockStory, via Yahoo Finance). Reports Q1 CY2026 revenue "up 4.4% year on year to $6.96 billion" with full-year revenue guidance "around $30.2 billion" and a Q1 non-GAAP profit of "$2.03 per share." https://finance.yahoo.com/sectors/healthcare/articles/gild-q1-deep-dive-hiv-003655295.html
• 11 May 2026 — "Gilead Sciences, Inc. (GILD) Outlook Cut Sharply on $11.5B IPR&D and Financing Costs" (Insider Monkey, via Yahoo Finance). Reports that on May 7 Gilead revised its fiscal 2026 outlook, "now expecting adjusted earnings per share between a loss of $1.05 and a loss [...]" tied to the $11.5bn IPR&D and financing charges (Arcellx deal context). https://finance.yahoo.com/sectors/healthcare/articles/gilead-sciences-inc-gild-outlook-200113109.html
• 11 May 2026 — "Gilead Sciences, Inc. (NASDAQ:GILD) Just Released Its First-Quarter Results And Analysts Are Updating Their Estimates" (Simply Wall St., via Yahoo Finance). https://finance.yahoo.com/markets/stocks/articles/gilead-sciences-inc-nasdaq-gild-121744266.html
• 9 May 2026 — "Stronger HIV Pipeline And Acquisition Charges Might Change The Case For Investing In Gilead Sciences (GILD)" (Simply Wall St., via Yahoo Finance). "In early May 2026, Gilead Sciences reported first-quarter 2026 results showing revenue of US$6.96 billion and net income of US$2.02 billion, alongside updated guidance that pairs higher expected product sales with an adjusted full-year earnings loss driven by very large acquisition-related charges. At the same time, Gilead advanced its HIV portfolio with FDA priority review for the once-daily bictegravir/lenacapavir combination and continued returning capital through share repurchases." https://finance.yahoo.com/sectors/healthcare/articles/stronger-hiv-pipeline-acquisition-charges-141908747.html
• 8 May 2026 — "Gilead Slips As Descovy Steals The 'Spotlight' From Big Yeztugo Expectations" (Investor's Business Daily). "Gilead stock fell early Friday as investors digested a first-quarter report driven by Descovy, rather than Yeztugo." https://www.investors.com/news/technology/gilead-stock-gilead-sciences-earnings-q1-2026/?src=A00220&yptr=yahoo
• 8 May 2026 — "Gilead posts positive Q1 buoyed by HIV drug growth" (Pharmaceutical Technology). "Biktarvy continues to be a strong growth asset for Gilead, while Yeztugo's launch rides an upward trajectory." https://www.pharmaceutical-technology.com/news/gilead-sciences-q1-results-hiv-biktarvy-yeztugo/
• 8 May 2026 — "Gilead Sciences' Increased Yeztugo Guidance is 'Good Enough' for the Stock, Morgan Stanley Says" (MT Newswires, via Yahoo Finance). "Gilead Sciences (GILD) raised Yeztugo guidance for 2026 to $1 billion from $800 million." Carried as a management-guide datapoint; the third-party Morgan Stanley framing is not adopted. https://finance.yahoo.com/sectors/healthcare/articles/gilead-sciences-apos-increased-yeztugo-154723137.html

In SEC filing terms (per JSON sec_filings[]), the most recent filings are: a 10-Q for the quarter ended 31 March 2026 filed 7 May 2026 (accession 0000882095-26-000024); an 8-K filed 7 May 2026 (Q1 2026 earnings release, accession 0000882095-26-000022); an 8-K filed 4 May 2026 (accession 0000882095-26-000008); an 8-K filed 28 April 2026 (accession 0001104659-26-049874); the DEF 14A filed 20 March 2026 (accession 0001308179-26-000106); and the FY2025 10-K filed 24 February 2026 (accession 0000882095-26-000006), used as the primary 10-K source throughout this report.

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12. Key Dates Coming Up

| Event | Date | Source | |---|---|---| | Next earnings release (Q2 2026) | 6 August 2026 | JSON calendar.next_earnings_date | | Ex-dividend date (Q2 2026 dividend) | 15 June 2026 | JSON calendar.ex_dividend_date | | Dividend pay date | 29 June 2026 | JSON calendar.dividend_date | | Q1 2026 declared dividend (paid 30 March 2026 to holders of record 13 March 2026) | $0.82 per share | per the FY2025 10-K (Item 7, filed 2026-02-24) | | Arcellx acquisition expected close | Q2 2026 | per the FY2025 10-K (Item 7, filed 2026-02-24) | | Bictegravir / lenacapavir (BIC/LEN) FDA action | 2026 (per management outlook) | per the FY2025 10-K (Item 7, filed 2026-02-24) | | Trodelvy 1L PD-L1 negative mTNBC sBLA — FDA decision | 2026 | per the FY2025 10-K (Item 7, filed 2026-02-24) | | Trodelvy + pembrolizumab 1L PD-L1 positive mTNBC sBLA — FDA decision | 2026 | per the FY2025 10-K (Item 7, filed 2026-02-24) | | Anitocabtagene autoleucel (Arcellx) — BLA on file | 2026 | per the FY2025 10-K (Item 1, filed 2026-02-24) | | Bulevirtide HDV BLA — pending review | 2026 | per the FY2025 10-K (Item 1, filed 2026-02-24) | | Genvoya — non-exclusive license to Apotex/MSN begins (or earlier in certain circumstances) | 6 August 2032 | per the FY2025 10-K (Item 1, filed 2026-02-24) | | Biktarvy U.S. earliest generic entry (Lupin / Cipla / Laurus settlements, subject to standard acceleration) | 1 April 2036 | per the FY2025 10-K (Item 1, filed 2026-02-24) | | Revolving credit facility maturity | June 2029 | per the FY2025 10-K (Item 7A, filed 2026-02-24) | | U.S. capital-investment commitment | $32bn through 2030 | per the FY2025 10-K (Item 7, filed 2026-02-24) |

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Disclaimer

This research is sourced from Gilead Sciences, Inc.'s SEC filings (FY2025 10-K filed 24 February 2026, accession 0000882095-26-000006, covering the fiscal year ended 31 December 2025; DEF 14A filed 20 March 2026; subsequent 8-K and 10-Q filings cited above), the company's reported price and holdings data (as captured in the data JSON for 16 May 2026), and the news headlines listed above with byte-exact source URLs. The 10-K extract metadata reports empty meta.stub_items and meta.bloated_items lists, so all 10-K sections (Item 1, Item 1A, Item 7, Item 7A, Item 8) were available for quotation under the source-data discipline applied here. ChartsView research contains no analyst opinions, no price targets, no buy/sell/hold ratings and no third-party consensus estimates. Forward-looking statements are attributed to Gilead as the issuer (or to JSON recent_news[] items where the company itself made the statement). Figures from the data JSON are reported as the source of truth for headline P&L, balance-sheet, market-data, holder, calendar and recent-news items; figures from the FY2025 10-K are cited inline with the form "per the FY2025 10-K (Item N, filed 2026-02-24)" for the product-by-product splits, geographic mix, MD&A narrative, R&D buckets, capital-structure detail, contractual commitments and competitor mapping the JSON does not carry. Research is informational only and is not investment advice.