Health Care · NASDAQ: GILD
Gilead: how the business works
Gilead Sciences makes and sells prescription medicines, mostly for HIV, with revenue of $29.4 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Gilead Sciences, Inc. · Foster City, California
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $29.4B
- Net income, FY2025
- $8.5B
- HIV share of FY2025 product sales
- 71.8%
- Net loss, Q2 FY2026 (bought research)
- $10.5B
- Employees, end of 2025
- About 17,000
The short version
Gilead in 5 points
1 · What it sells
Gilead sells prescription medicines, and its HIV drugs brought in $20.8 billion of its $29.4 billion FY2025 revenue.
2 · Who pays it
Gilead reports no revenue by final payer and sells mostly through three US wholesalers; by location, the US paid 70.9% of FY2025 revenue, Europe 17.2% and other countries 11.9%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Gilead kept $28.1 as net income, a total that includes $0.8 billion of net other income, while operating income was $34.0 per $100 of revenue.
4 · Where the operating profit comes from
Gilead reports one business segment and no profit by therapeutic area; HIV drugs were 71.8% of FY2025 product sales, and operating income was $10.0 billion.
5 · The one thing to watch
Biktarvy brought in $14.3 billion, 49.6% of Gilead's FY2025 product sales, and Medicare's set price for it starts on Jan 1, 2028.
Sources: From Gilead's FY2025 10-K, Q3 FY2026 10-Q and earnings releases · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Gilead's money go?
Gilead · FY2025
Receipt for every $100
| Cost of goods sold | $20.6 |
|---|---|
| Research and development | $19.2 |
| Selling, general and admin | $19.1 |
| Research bought or written down | $5.3 |
| Interest | $3.4 |
| Income tax | $4.3 |
| Kept as net income | $28.1 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: revenue of $29.4 billion plus $0.8 billion of other income, net, $30.2 billion in all; each line = line ÷ $30.2 billion × 100. Research bought or written down is acquired in-process research and development ($1.0 billion) plus impairments of it ($590 million).
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02The business in one line
What does Gilead do?
Wholesalers and distributors pay Gilead for prescription medicines, mostly HIV drugs; most of the money goes on making, researching and selling them, and what is left is profit.
- HIV drugs brought in $20.8 billion, or 71.8% of FY2025 product sales. Biktarvy, a once-a-day HIV pill, alone brought in $14.3 billion.
- Customers in the US were 70.9% of FY2025 revenue. Three US wholesalers took 74% of Gilead's gross product sales.
03Who pays it
Who pays Gilead?
Customers in the US
71%
of revenue
70.9% of FY2025 revenue ($20.9 billion). Most US sales go through three wholesalers. Shares here are by location, because Gilead reports no revenue by final payer such as insurers or Medicare.
Customers in Europe
17%
of revenue
17.2% of FY2025 revenue ($5.1 billion), sold through Gilead's own teams and distributors.
Customers in the rest of the world
12%
of revenue
11.9% of FY2025 revenue ($3.5 billion).
- Customers in the US71%
- Customers in Europe17%
- Customers in the rest of the world12%
How spread out the customers are
Cardinal Health took 29%, McKesson 24% and Cencora 21% of Gilead's FY2025 gross product sales, 74% together. These shares are of gross product sales, before rebates, so they differ from shares of revenue. The three related to about 60% of receivables at Dec 31, 2025.
04Why it makes money
Why does Gilead make money?
Patented HIV pills cost far less to make than they sell for, but each patent ends, so Gilead must replace its biggest sellers in time.
Gilead's stated product gross margin was 81.0% in Q3 FY2026. HIV drugs rose from 60.4% of product sales in FY2021 to 71.8% in FY2025, as the COVID-19 drug Veklury fell from $5.6 billion to $911 million. Gilead spends on research and buys other companies' research to find the next drugs.
HIV share of product sales (Cityfort calculation from the FY2025 and FY2023 10-Ks)
60.4%71.8%
FY2021 to FY2025
- Gilead develops or buys a medicine
- Patents keep direct copies away for years
- Wholesalers buy it and doctors prescribe it
- Cost of goods sold was $20.6 per $100 that came in during FY2025
- Cash pays for research, deals, dividends and buybacks
- Patents end and newer medicines must take over
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Gilead?
HIV
72%Biktarvy, Descovy, Genvoya, Odefsey, Yeztugo and other HIV medicines. Gilead reports one business segment, so it gives no profit figure for any area; shares are of product sales.
Revenue $20.8B
Liver Disease
11%Hepatitis B, C and D medicines and Livdelzi for PBC.
Revenue $3.2B
Oncology
11%Trodelvy and the cell therapies Yescarta and Tecartus.
Revenue $3.2B
Veklury
3%The COVID-19 treatment, shown on its own as Gilead does.
Revenue $911M
Other
3%AmBisome and other products.
Revenue $799M
How the mix changed
- HIV
- Liver Disease
- Oncology
- Veklury
- Other
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Gilead done?
Revenue
$29.4BFY2025
Revenue stayed near $27 billion from FY2021 to FY2023 as Veklury sales fell, then reached $29.4 billion in FY2025 and $8.3 billion in Q3 FY2026, 6.8% more than a year earlier.
US$
See the numbers
Net profit
$8.5BFY2025
Net income fell to $480 million in FY2024, below that year's $835 million of stock-based pay, rose to $8.5 billion in FY2025, then Q2 FY2026 was a $10.5 billion loss after $11.2 billion of bought research.
US$
See the numbers
Profit kept per $100 of revenue
$28.9FY2025
Net income per $100 of revenue ranged from $1.7 in FY2024 to $28.9 in FY2025, when operating income was $34.0 per $100; EBITDA here is a Cityfort calculation from the FY2025 and FY2023 10-Ks.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$9.5BFY2025
Free cash flow here is cash from operations minus purchases of property and equipment, as Gilead also defines it; it was $9.5 billion in FY2025, when Gilead paid $4.0 billion of dividends.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (December 31). Net profit is the share belonging to the company's owners.
Download Gilead's yearly and quarterly numbers (CSV, with source ids)
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (11)
- Form 10-K for fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full year 2024 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q1 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q2 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q3 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q4 and full year 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q1 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
07Who runs it
Who runs Gilead, and did they deliver?
Daniel P. O'Day
Chairman and CEO · since 2019
On the board since 2019 and holds both the chairman and CEO roles. FY2025 total pay was $28,437,198; the median employee's was $238,979.
Anthony Welters
Lead Independent Director · since 2020
On the board since 2020. Leads the independent directors because one person is both chairman and CEO.
What they said, and what happened
2 delivered · 1 missed · 2 too early to tell
Said on Feb 11, 2025
Product sales of $28.2 billion to $28.6 billion in FY2025.
DeliveredWhat happened
FY2025 product sales were $28.9 billion, above the range. Gilead had raised it to $28.4 billion to $28.7 billion on Oct 30, 2025.
Said on Oct 30, 2025
GAAP diluted EPS of $6.65 to $6.85 for FY2025.
DeliveredWhat happened
FY2025 GAAP diluted EPS was $6.78. The first range, on Feb 11, 2025, was $5.95 to $6.35.
Said on Aug 7, 2025
Veklury sales of about $1.0 billion in FY2025.
MissedWhat happened
Veklury sales were $911 million in FY2025.
Said on Feb 10, 2026
Product sales of $29.6 billion to $30.0 billion in FY2026.
Too early to tellWhat happened
Gilead raised the range three times, to $31.0 billion to $31.3 billion on Oct 29, 2026. FY2026 ends Dec 31, 2026.
Said on Oct 29, 2026
Pay a quarterly dividend of $0.82 a share on Dec 30, 2026, to holders on record on Dec 15, 2026.
Too early to tellWhat happened
The payment date has not come yet.
Sources (6)
- 2026 proxy statement (DEF 14A)
- Q4 and full year 2024 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q4 and full year 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q3 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q2 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
08What could go wrong
What could go wrong for Gilead?
- Concentration
HIV, and one pill, carry the business
HIV drugs were 71.8% of FY2025 product sales, and Biktarvy alone was 49.6%.
Watch Biktarvy sales each quarter: $4.06 billion in Q3 FY2026.
- Pricing
Medicare sets Biktarvy's price from 2028
Biktarvy was selected in January 2026 for Medicare price setting. In October 2026 Medicare set its price, effective Jan 1, 2028; the Q3 FY2026 10-Q does not state the price.
Watch Any figure Gilead gives for the effect on Biktarvy sales, and US Biktarvy sales ($3.28 billion in Q3 FY2026).
- Competition
Patents end
Primary patents on Descovy and Odefsey end in Europe in 2027, and on Descovy in the US in 2031. Gilead expects no US generic Biktarvy before Apr 1, 2036.
Watch Any generic launches in Europe after the 2027 patent expiries, and sales of Descovy ($1.05 billion in Q3 FY2026).
- Execution
Bought research can be written down
Gilead wrote down $2.7 billion of research in FY2022, $4.18 billion in FY2024 and $1.75 billion in Q2 FY2026. It spent $11.2 billion on bought research in Q2 FY2026 alone.
Watch Trial results for programs from Arcellx, Tubulis and Ouro Medicines, and the impairment line each quarter.
- Debt
More debt, less equity
Total debt was $26.2 billion at Sep 30, 2026, and equity fell to $13.0 billion from $22.6 billion at the end of 2025. The 10-K says borrowing for deals could lead to a credit rating downgrade.
Watch Repayment of the $1.1 billion one-year term loan and total debt each quarter.
- Concentration
Three wholesalers take most US sales
Cardinal Health, McKesson and Cencora took 74% of FY2025 gross product sales and related to about 60% of receivables at Dec 31, 2025.
Watch Each wholesaler's share in the next 10-K.
- Legal
Lawsuits over older HIV drugs
Plaintiffs allege that Viread, Truvada, Atripla, Complera or Stribild caused kidney, bone or tooth injuries; the suits had about 23,000 active plaintiffs. California state cases were dismissed in October 2026, and Gilead agreed to pay about $39 million to about 2,470 federal plaintiffs.
Watch The first federal bellwether trial, set for September 2027.
- Demand
Cell therapy sales are falling
Cell therapy sales fell 18% to $355 million in Q3 FY2026, and Yescarta fell 5% in FY2025. Gilead paid about $6.4 billion for Arcellx, another cell therapy developer, in April 2026.
Watch Cell therapy sales each quarter.
Sources (6)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 8-K: Biktarvy patent litigation settlements (filed Oct 6, 2025)
- Form 10-K for fiscal year 2023 (ended Dec 31, 2023)
- Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
09Both sides
What do supporters and critics point to?
What supporters point to
- Product sales excluding Veklury rose 16% in Q3 FY2026 from a year earlier, to $8.2 billion.
- Gilead raised its FY2026 product sales guidance to $31.0 billion to $31.3 billion on Oct 29, 2026, from $29.6 billion to $30.0 billion in February.
- Under patent settlements, Gilead expects no US generic Biktarvy before Apr 1, 2036.
- Cash from operations was $10.0 billion in FY2025 and $11.2 billion in the first nine months of 2026; after property and equipment purchases, Gilead's own free cash flow measure was $9.5 billion and $10.7 billion.
- Yeztugo sales reached $305 million in Q3 FY2026, up from $39 million a year earlier.
What critics point to
- Gilead reported a $10.5 billion net loss in Q2 FY2026 after $11.2 billion of bought research and a $1.75 billion write-down.
- HIV drugs were 71.8% of FY2025 product sales, and Biktarvy alone 49.6%.
- Medicare's set price for Biktarvy starts on Jan 1, 2028, and the Q3 FY2026 10-Q does not state it.
- Total debt was $26.2 billion at Sep 30, 2026, while equity fell to $13.0 billion from $22.6 billion at the end of 2025.
- Cell therapy sales fell 18% in Q3 FY2026 from a year earlier, to $355 million.
10What to watch next
What should you watch next at Gilead?
Next event
Q4 FY2026 results
Date not announced yet.
Biktarvy and Descovy
Biktarvy brought in $4.06 billion and Descovy $1.05 billion in Q3 FY2026, up 10% and 49%. Medicare's set price for Biktarvy starts Jan 1, 2028.
Yeztugo
The twice-yearly HIV prevention medicine brought in $305 million in Q3 FY2026, up from $39 million a year earlier.
FY2026 against guidance
On Oct 29, 2026 Gilead said it expects FY2026 product sales of $31.0 billion to $31.3 billion and a GAAP loss of $4.05 to $4.40 per share.
11Key dates
What are the key dates for Gilead?
| Event | Date | Source |
|---|---|---|
| Quarterly dividend of $0.82 payableTo holders on record on Dec 15, 2026; announced Oct 29, 2026. | Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1) | |
| Medicare set price for Biktarvy beginsUnder the Inflation Reduction Act's Medicare price setting; the price was set in October 2026. | Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) | |
| Primary EU patents on Descovy and Odefsey expire2027, as stated in the FY2025 10-K; the filing gives the year only. | Not yet stated | Form 10-K for fiscal year 2025 (ended Dec 31, 2025) |
| Earliest expected US generic BiktarvyNot before Apr 1, 2036, under October 2025 patent settlements with Lupin, Cipla and Laurus. | Not yet stated | Form 8-K: Biktarvy patent litigation settlements (filed Oct 6, 2025) |
12Key facts
Key facts about Gilead
- What does Gilead Sciences do?
- Gilead Sciences, based in Foster City, California, discovers, makes and sells prescription medicines for HIV, liver disease, cancer and COVID-19. Gilead's revenue was $29.4 billion in FY2025 (calendar 2025) and $8.3 billion in Q3 FY2026, and it had about 17,000 employees at the end of 2025.
- What is Gilead's business model and how does it make money?
- Gilead makes money by selling patented medicines, mostly through US wholesalers, for far more than they cost to make. In FY2025 Gilead's product sales were $28.9 billion, cost of goods sold was $6.2 billion and research and development cost $5.8 billion.
- Is Gilead profitable?
- Gilead's operating income was $10.0 billion and net income $8.5 billion in FY2025, and net income was $2.4 billion in Q3 FY2026. Gilead reported a $10.5 billion net loss in Q2 FY2026, after $11.2 billion of charges for research it bought, mainly Arcellx, Tubulis and Ouro Medicines, and a $1.75 billion write-down.
- What is Gilead's revenue by segment?
- Gilead reports one business segment and splits product sales by therapeutic area. In FY2025 Gilead's HIV medicines brought in $20.8 billion (71.8% of product sales), liver disease $3.2 billion, oncology $3.2 billion, Veklury $911 million and other products $799 million.
- How much does Biktarvy bring in for Gilead?
- Biktarvy, Gilead's once-a-day HIV pill, brought in $14.3 billion in FY2025, or 49.6% of Gilead's product sales. In Q3 FY2026 Biktarvy brought in $4.06 billion, up 10% from a year earlier.
- How much does Gilead earn from cancer drugs?
- Gilead's oncology sales were $3.2 billion in FY2025: $1.4 billion from Trodelvy, a breast cancer drug, and $1.8 billion from the cell therapies Yescarta and Tecartus. In Q3 FY2026 Gilead's Trodelvy sales rose 42% to $506 million and cell therapy sales fell 18% to $355 million.
- How much does Gilead earn from liver disease drugs?
- Gilead's liver disease medicines, for hepatitis B, C and D and the liver disease PBC, brought in $3.2 billion in FY2025. In Q3 FY2026 they brought in $927 million, up 13%, including $203 million from Livdelzi for PBC.
- What is Veklury and how much does Gilead sell?
- Veklury (remdesivir) is Gilead's COVID-19 treatment. Gilead's Veklury sales fell from $5.6 billion in FY2021 to $911 million in FY2025 and $253 million in the first nine months of 2026.
- Who are Gilead's customers?
- Gilead sells most of its US products through wholesalers. In FY2025 Cardinal Health took 29% of Gilead's gross product sales, McKesson 24% and Cencora 21%. Customers in the US were 70.9% of Gilead's FY2025 revenue.
- Who owns Gilead?
- Gilead has one class of common stock with one vote per share, and no shareholder controls it. BlackRock reported 8.20% in an April 2025 filing, Vanguard Capital Management 7.51% for Mar 31, 2026 and FMR 5.28% in February 2026. Gilead's directors and executive officers held about 0.30% on Feb 28, 2026.
Sources (7)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Form 10-K for fiscal year 2023 (ended Dec 31, 2023)
- Q1 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- 2026 proxy statement (DEF 14A)
- Schedule 13G, Vanguard Capital Management, event Mar 31, 2026
Terms on this page
- Capital expenditures (capex)
- Debt-to-equity
- Dividend payout ratio
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Gilead sell?
HIV ($20.8B in FY2025)
Pills that treat HIV or lower the risk of getting it. Biktarvy ($14.3 billion), a once-a-day pill, is the largest. Descovy ($2.8 billion) treats HIV and is approved for prevention (PrEP). Yeztugo, launched in 2025, is a twice-yearly prevention option.
Liver disease ($3.2B in FY2025)
Medicines for hepatitis C (Epclusa, $1.3 billion with its authorized generic), hepatitis B (Vemlidy, $1.1 billion), hepatitis D and the liver disease PBC (Livdelzi).
Oncology ($3.2B in FY2025)
Trodelvy ($1.4 billion), an infused drug for certain breast cancers, and Yescarta and Tecartus ($1.8 billion together), CAR T-cell therapies for certain blood cancers.
Veklury ($911M in FY2025)
An infused COVID-19 treatment. Sales were $5.6 billion in FY2021 and have fallen every year since.
Other products and royalties ($1.3B in FY2025)
Other products such as AmBisome, an antifungal infusion ($799 million together), plus $527 million of royalties, contract and other revenues.
What it does
- Does: Researches, makes and sells its own medicines
- Does: Buys drugs in development from other companies, such as Arcellx, Tubulis and Ouro Medicines in 2026
- Does: Shares revenue with Johnson & Johnson's Janssen on some HIV pills that combine both companies' drugs
What it does not do
- Does not: Does not report profit by drug or therapeutic area: it has one business segment
- Does not: Does not sell most US products to pharmacies directly: three wholesalers take most US sales
- Does not: Does not sell vaccines: Veklury treats COVID-19 rather than preventing it
14How the money flows
14How the money flows · FY2025
How does money flow through Gilead?
Money in
- Total revenues (product sales $28.9B, royalties and other $0.5B)$29.4B
- Other income, net$798M
The company
Gilead
$30.2B came in
Money out
- Cost of goods sold$6.2B
- Research and development$5.8B
- Selling, general and admin$5.8B
- Research bought or written down (acquired IPR&D and impairments)$1.6B
- Interest$1.0B
- Income tax$1.3B
- Net income$8.5B
- Customers paid Gilead $29.4 billion in FY2025, 70.9% of it in the US.
- Making the medicines cost $6.2 billion, research took $5.8 billion, and selling and admin took $5.8 billion.
- Buying research from other companies and writing some of it down took $1.6 billion.
- Interest took $1.0 billion, while $0.8 billion of other income, net, came in.
- Tax took $1.3 billion, and $8.5 billion was left as net income.
15What it needs to run
15What it needs to run
What does Gilead need to run?
Research, its own and bought
Research and development cost $5.8 billion in FY2025, 19.7% of revenue, plus $1.0 billion for research bought from others. Trials can fail: a lung cancer trial for Trodelvy led to $4.18 billion of write-downs in 2024.
Patents
Primary US patents run to 2036 for Biktarvy, 2031 for Descovy, 2032 for Odefsey and 2029 for Genvoya. In Europe, Descovy and Odefsey patents run to 2027.
Cell therapy manufacturing
Yescarta and Tecartus are CAR T-cell therapies. The FY2025 10-K names the complexity of making them as a risk.
People and sales teams
About 17,000 employees at the end of 2025, with marketing subsidiaries in more than 35 countries.
16Where it sells
16Where it sells · FY2025
Where does Gilead sell?
- United States71%
- Europe17%
- Rest of the world12%
17Where growth could come from
17Where growth could come from
Where could Gilead's growth come from?
Gilead said in its Q3 FY2026 earnings release (Oct 29, 2026) that it expects FY2026 product sales of $31.0 billion to $31.3 billion; on Feb 10, 2026 it had said $29.6 billion to $30.0 billion. It expects a GAAP loss of $4.05 to $4.40 per diluted share, including about $9.88 a share of acquired research for Arcellx, Tubulis, Ouro Medicines and PepStar.
Biktarvy
Working$4.06B in Q3 FY2026, up 10%
Biktarvy brought in $14.3 billion in FY2025, up 7% from FY2024. Under 2025 patent settlements, Gilead expects no US generic Biktarvy before Apr 1, 2036.
Status: Working, on track against what the company said.
Descovy
Working$1.05B in Q3 FY2026, up 49%
Descovy treats HIV and is approved to lower the risk of getting it (PrEP). FY2025 sales rose 31% to $2.8 billion.
Status: Working, on track against what the company said.
Yeztugo
New$305M in Q3 FY2026, up from $39M
Yeztugo is a twice-yearly HIV prevention (PrEP) medicine, launched in the US in 2025.
Status: New, recently announced.
Trodelvy
Working$506M in Q3 FY2026, up 42%
The European Commission approved Trodelvy as a first treatment for metastatic triple-negative breast cancer, alone (announced Aug 4, 2026) and with Keytruda (announced Oct 29, 2026).
Status: Working, on track against what the company said.
Liver disease
Working$927M in Q3 FY2026, up 13%
Livdelzi for PBC brought in $203 million in Q3 FY2026. The FDA gave Hepcludex an accelerated approval for hepatitis D in May 2026.
Status: Working, on track against what the company said.
Cell therapy
Mixed$355M in Q3 FY2026, down 18%
Yescarta fell 5% to $1.5 billion in FY2025. In April 2026 Gilead bought Arcellx, a cancer cell therapy developer, for about $6.4 billion in cash, net of cash acquired.
Status: Mixed, partly on track.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (6)
- Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q4 and full year 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K: Biktarvy patent litigation settlements (filed Oct 6, 2025)
- Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
18The company's own measures (non-GAAP)
18The company's own measures · FY2024, FY2025, Q2 FY2026 and Q3 FY2026
What do Gilead's own measures show?
Official (GAAP): Diluted EPS, FY2025
$6.78
Company's own measure: Non-GAAP diluted EPS, FY2025
$8.15
Gilead leaves out amortization of bought intangibles, research write-downs (impairments), restructuring, gains and losses on equity investments and certain tax items. It keeps research bought from others in.
Official (GAAP): Operating income, FY2025
$10.0B
Company's own measure: Non-GAAP operating income, FY2025
$13.2B
Same exclusions, before interest and tax.
Official (GAAP): Diluted EPS, FY2024
$0.38
Company's own measure: Non-GAAP diluted EPS, FY2024
$4.62
The gap is mostly $4.18 billion of research write-downs, which the measure leaves out.
Official (GAAP): Diluted EPS, Q2 FY2026
−$8.45
Company's own measure: Non-GAAP diluted EPS, Q2 FY2026
−$6.75
Still a loss, because the measure keeps the $11.2 billion of research bought in the quarter; it leaves out the $1.75 billion write-down.
Official (GAAP): Diluted EPS, Q3 FY2026
$1.94
Company's own measure: Non-GAAP diluted EPS, Q3 FY2026
$2.55
Same type of exclusions, per share.
Official (GAAP): Product gross margin, Q3 FY2026
81.0%
Company's own measure: Non-GAAP product gross margin, Q3 FY2026
88.1%
The 7.1-point gap is the amortization of bought intangibles, which the measure leaves out.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
19Financial strength and debt
19Financial strength · Sep 30, 2026
How much debt does Gilead have?
- Total debt$26.2B
- Cash and investments$6.4B
- Net debt (debt minus cash)$19.8B
- Net worth (shareholders' money)$13.0B
- Debt to equity
- 2.02×
- $ of debt for every $1 of shareholders' money
- Debt is Gilead's "total debt, net", which includes a $1.1 billion liability related to future royalties. Without it, net debt was $18.7 billion (Cityfort calculation from the Q3 FY2026 10-Q). Cash counts cash, cash equivalents and marketable debt securities.
- Net debt was $18.9 billion at the end of FY2021 and $14.3 billion at the end of FY2025 (Cityfort calculation from the FY2025, FY2023 and FY2022 10-Ks).
- Stockholders' equity fell from $22.6 billion at Dec 31, 2025 to $13.0 billion at Sep 30, 2026, mainly after the $10.5 billion Q2 FY2026 loss, so debt rose from 1.1 to 2.0 times equity. Equity here includes a small noncontrolling interest.
- In 2026 Gilead repaid $2.75 billion of notes due in March, issued $3.0 billion of notes due 2028 to 2034 in May, and had $1.1 billion drawn on a one-year term loan at Sep 30, 2026. Total debt was $22.2 billion at Mar 31 and $26.2 billion at Jun 30, 2026.
- A $2.5 billion revolving credit facility, maturing in June 2029, was undrawn at Sep 30, 2026.
- The FY2025 10-K says borrowing for deals could lead to a downgrade of Gilead's credit ratings. The filings used for this page do not state the ratings.
Sources (11)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026)
- Form 10-Q for Q1 2026 (quarter ended Mar 31, 2026)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Form 10-K for fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K for fiscal year 2022 (ended Dec 31, 2022); Dec 31, 2021 balance sheet values read from its XBRL data
- Form 8-K: $3.0 billion senior notes offering (filed May 20, 2026)
- Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q1 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q4 and full year 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
20Who owns it
20Who owns it · ownership as of Feb 28, 2026
Who owns Gilead?
- Officers and directors (as a group), shares
- 0.3%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Gilead's insiders report trading?
Gilead's insiders made 82 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 85 sales (773,347 shares) in the open market or privately (codes P and S).
84 of the 85 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 85 other share transactions (M: 45, F: 25, A: 15).
They also report 63 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 170 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Gilead's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
21What it does with profit
21What it does with profit
What does Gilead do with its profit?
Dividend per share
$3.16FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2023
Spent $1.0 billion buying back its own shares in 2023.
$1.0B
Buyback · Dec 31, 2024
Spent $1.15 billion on buybacks in 2024.
$1.2B
Buyback · Dec 31, 2025
Spent $1.9 billion on buybacks in 2025.
$1.9B
Buyback · Sep 30, 2026
Spent $1.1 billion on buybacks in the first nine months of 2026; about $5.7 billion of the 2025 $6.0 billion program remained at Sep 30, 2026.
$1.1B
Money raised · May 20, 2026
Issued $3.0 billion of senior notes in four series, due 2028 to 2034, at 4.25% to 4.90%.
$3.0B
22Governance signals
22Governance signals
What do Gilead's governance filings show?
- Auditor
- Ernst & Young LLP, since 1988
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy says there were no related person transactions or conflicts of interest involving directors or executive officers from Jan 1, 2025 to Mar 20, 2026.
- Credit rating
- No public credit rating found in a search of rating agency sites on Nov 7, 2026
Flags to know about
other
Chairman and CEO are one person
Daniel P. O'Day holds both roles, and Anthony Welters is lead independent director.
other · Nov 19, 2025
General Counsel left in December 2025
Deborah H. Telman ceased to be Executive Vice President, Corporate Affairs and General Counsel as of Dec 5, 2025, an 8-K filed Nov 19, 2025 says.
regulatory · Oct 30, 2026
Texas lawsuit settled in October 2026
A lawsuit, joined by the Texas Attorney General, alleged that Gilead's clinical educator and patient support programs broke a Texas health care fraud law. Gilead settled in October 2026; the 10-Q says the settlement is not an admission of liability or wrongdoing.
other · Oct 30, 2026
Antitrust class actions over HIV drugs
Class actions filed in 2019 and 2020 allege that Gilead and other drug makers restrained competition in HIV medicines. In May 2023 Gilead settled with direct purchasers and retailer opt-outs for $525 million, which it said is not an admission of liability or fault. In June 2023 a jury found for Gilead on the remaining Truvada and Atripla claims; plaintiffs appealed and oral argument took place in October 2025. Claims over Complera are on hold until the appeal is decided.
disclosure
Credit ratings not stated in the filings used
The FY2025 10-K says borrowing for deals could lead to a downgrade of Gilead's credit ratings, and its notes refer to Moody's and S&P, but the filings used for this page do not state the ratings. Agency documents could not be obtained for this page.
other
Insider share rules
Gilead's policy bars directors and all employees from hedging its stock or using it as collateral for a loan.
Sources (7)
- 2026 proxy statement (DEF 14A)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026)
- Form 10-Q for Q1 2026 (quarter ended Mar 31, 2026)
- Form 8-K: $3.0 billion senior notes offering (filed May 20, 2026)
- Form 8-K: General Counsel departure (filed Nov 19, 2025)
23What the market paid
23What the market paid · price as of Nov 5, 2026
What did the market pay for Gilead on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Gilead closed at $167.57 on Nasdaq, from Nasdaq's historical price table. The market value of about $207.8 billion (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q) uses the 1,240.3 million shares on the 10-Q cover (Oct 23, 2026). P/E is price ÷ earnings per share: 24.7 on FY2025 diluted EPS of $6.78. Diluted EPS for the four quarters to Q3 FY2026 adds to a loss of $3.16 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases), so no P/E is shown on that basis.
- Share price
- $167.57
- Market value (market cap)
- $207.8B
- P/E
- 24.7×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
6.7×
$207.8B market value ÷ $31.0B revenue (four quarters to Sep 30, 2026) = 6.7×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Qs and earnings releases. Source: Nasdaq historical quotes for GILD (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more
How price ratios workDividend yield
1.89%
$3.16 dividends per share (FY2025) ÷ $167.57 share price = 1.89%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: Nasdaq historical quotes for GILD (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more
What dividend yield meansFree cash flow yield
4.5%
$9.5B free cash flow (FY2025) ÷ $207.8B market value = 4.5%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: Nasdaq historical quotes for GILD (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more
What free cash flow means
Shares used for the market value: 1,240.34 million ($167.57 × 1,240.34 million shares ≈ $207.8B). Source: Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
Source: Nasdaq historical quotes for GILD (closing price Nov 5, 2026); Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025) and 4 more
Sources (7)
- Nasdaq historical quotes for GILD (closing price Nov 5, 2026)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q1 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q4 and full year 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
24How it got here
24How it got here
How did Gilead get here?
2021
Milestone
Veklury reaches $5.6 billion
The COVID-19 treatment brought in $5.6 billion in FY2021, 20.4% of Gilead's $27.3 billion revenue (Cityfort calculation from the FY2023 10-K). It fell to $911 million by FY2025.
2024
Crisis
CymaBay deal and Trodelvy write-downs
Gilead booked $3.9 billion of bought research for CymaBay and $4.18 billion of write-downs after a Trodelvy lung cancer trial missed. FY2024 net income fell to $480 million.
2025
Milestone
Yeztugo launches
Gilead introduced Yeztugo, which its 10-K calls the first and only twice-yearly HIV prevention option in the US.
2025
Milestone
Biktarvy patent settlements
Settlements with Lupin, Cipla and Laurus in October 2025 mean Gilead expects no US generic Biktarvy before Apr 1, 2036.
2026
Business-model change
Three research companies bought
Gilead bought Arcellx (about $6.4 billion net, April), Tubulis (about $3.2 billion, May) and Ouro Medicines (about $1.9 billion, June). They led to a $10.5 billion Q2 FY2026 net loss.
2026
Milestone
Hepcludex and Bixlenvo approved
The FDA gave Hepcludex accelerated approval for hepatitis D in May 2026, and between Aug 4 and Oct 29, 2026 it approved Bixlenvo, a new single-tablet HIV treatment.
2026
Crisis
Medicare sets Biktarvy's price
Medicare completed setting Biktarvy's price in October 2026, effective Jan 1, 2028. Biktarvy was 49.6% of FY2025 product sales.
Sources (8)
- Form 10-K for fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K for fiscal year 2025 (ended Dec 31, 2025)
- Q1 2025 earnings release (8-K Item 2.02, Exhibit 99.1)
- Form 8-K: Biktarvy patent litigation settlements (filed Oct 6, 2025)
- Form 8-K: completion of the Arcellx acquisition (filed Apr 28, 2026)
- Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026)
- Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
- Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1)
25Sources and changes
Where every number on this page comes from
Sources (24 documents)
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
- S2Form 10-K for fiscal year 2023 (ended Dec 31, 2023) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 23, 2024
- S3Form 10-K for fiscal year 2022 (ended Dec 31, 2022); Dec 31, 2021 balance sheet values read from its XBRL data · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 22, 2023
- S4Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S5Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2026
- S6Form 10-Q for Q1 2026 (quarter ended Mar 31, 2026) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S7Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S8Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 4, 2026
- S9Q1 2026 earnings release (8-K Item 2.02, Exhibit 99.1) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
- S10Q4 and full year 2025 earnings release (8-K Item 2.02, Exhibit 99.1) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2026
- S11Q3 2025 earnings release (8-K Item 2.02, Exhibit 99.1) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
- S12Q2 2025 earnings release (8-K Item 2.02, Exhibit 99.1) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
- S13Q1 2025 earnings release (8-K Item 2.02, Exhibit 99.1) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2025
- S14Q4 and full year 2024 earnings release (8-K Item 2.02, Exhibit 99.1) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2025
- S152026 proxy statement (DEF 14A) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 20, 2026
- S17Form 8-K: completion of the Arcellx acquisition (filed Apr 28, 2026) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S18Form 8-K: $3.0 billion senior notes offering (filed May 20, 2026) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 20, 2026
- S19Form 8-K: Biktarvy patent litigation settlements (filed Oct 6, 2025) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 6, 2025
- S20Form 8-K: General Counsel departure (filed Nov 19, 2025) · Gilead Sciences, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 19, 2025
- S21Schedule 13G, Vanguard Capital Management, event Mar 31, 2026 · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S22Schedule 13G/A, The Vanguard Group, event Mar 13, 2026 · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S23Nasdaq historical quotes for GILD (closing price Nov 5, 2026) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
- S24SEC XBRL company facts for CIK 0000882095 · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
- S25SEC EDGAR submissions index for Gilead Sciences, Inc. (CIK 0000882095) · SEC EDGAR · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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