GILD
SP100NasdaqGSGilead Sciences, Inc.
Healthcare · Drug Manufacturers - General · United States
Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally. The company provides Biktarvy, Descovy, Genvoya, Odefsey, Sunlenca, Symtuza, and YeztugoFor the treatment of HIV-1 infection in patients. It also provides Epclusa, Livdelzi, and Vemlidy to treat chronic hepatitis C virus, primary biliary cholangitis, and chronic hepatitis B virus; Tecartus, a T-cell therapy for the treatment of adult patients; Trodelvy, an injection for intravenous use; and Yescarta, a suspension for intravenous infusion, is a CAR T-cell therapy for the treatment of adult patients. Further, it provides AmBisome, for the treatment of serious invasive fungal infections; and Veklury for the treatment of COVID-19. Additionally, the company engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company has collaboration agreements with Shenzhen Pregene Biopharma Co., Ltd.; Abingworth; Arcus Biosciences, Inc.; Merck Sharp & Dohme Corp.; Janssen Sciences Ireland Unlimited Company; Japan Tobacco, Inc.; Everest Medicines; Merck & Co, Inc.; Tentarix Biotherapeutics Inc.; and Assembly Biosciences, Inc. It also has research collaboration, option, and license agreement with Merus N.V. for the discovery of novel dual tumor-associated antigens (TAA) targeting trispecific antibodies. The company has a collaboration with Terray Therapeutics, Inc. to discover and develop small molecule therapies; and LEO Pharma to develop, manufacture, and commercialize the small molecule oral STAT6 program. The company was incorporated in 1987 and is headquartered in Foster City, California.
www.gilead.com ↗Shares trade at a moderate 17.9× trailing earnings, easing to 13.6× on forward estimates. Profitability shows a net margin of 31.0% and return on equity of 43.4%. Leverage is modest at 0.8× net debt/EBITDA. Revenue grew 4.4% year-on-year. It yields 2.5% in dividends. The mean analyst target of USD157.67 sits 20.1% above the current price (Buy, 27 analysts).
business model
Gilead Sciences is a biopharmaceutical company focused on developing and commercializing therapies, with historic leadership in antiviral treatments for HIV and viral hepatitis, plus a growing oncology franchise. Revenue is concentrated in patented, high-value drugs sold globally. Growth depends on its HIV portfolio, pipeline advancement, and oncology diversification.
revenue segments
Gilead reports primarily as a single pharmaceutical business, with product revenue concentrated in HIV therapies (led by Biktarvy and the Descovy franchise, plus long-acting agents such as lenacapavir), liver disease (hepatitis B and C), and oncology (including cell therapy via Kite's Yescarta and Tecartus, and Trodelvy). HIV generates the majority of product sales.
key dependencies
The business depends on continued HIV market leadership and Biktarvy sales, successful launch and uptake of long-acting HIV prevention (lenacapavir), pipeline and oncology execution, patent protection and exclusivity timelines, regulatory approvals, and pricing and reimbursement dynamics.
competitors
Competitors include ViiV Healthcare (GSK-led) in HIV, AbbVie and others in hepatitis, and a broad set of oncology and cell-therapy players such as Bristol Myers Squibb, Novartis, Merck, and AstraZeneca. It also faces generic competition as patents expire.
moat
Gilead's moat rests on its dominant HIV franchise, patent-protected best-in-class therapies, deep antiviral R&D expertise, established prescriber and payer relationships, and long-acting product innovation that can extend franchise durability.
risks
Risks include HIV revenue concentration and eventual patent cliffs (Biktarvy loss of exclusivity), clinical and regulatory setbacks, uncertain returns on oncology and cell-therapy investments, drug-pricing reform and reimbursement pressure, and competition including from long-acting rivals.
Financials & metrics
as of 27 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $29.44B | $28.75B | $27.12B | $27.28B | — |
| Cost of revenue | $6.23B | $6.25B | $6.50B | $5.66B | — |
| Gross profit | $23.21B | $22.50B | $20.62B | $21.62B | — |
| Operating expense | $11.51B | $11.91B | $11.78B | $10.65B | — |
| R&D | $5.80B | $5.91B | $5.72B | $4.98B | — |
| Operating income | $11.70B | $10.60B | $8.84B | $10.97B | — |
| Interest expense | $1.02B | $977.00M | $944.00M | $935.00M | — |
| Pretax income | $9.80B | $690.00M | $6.86B | $5.81B | — |
| Tax provision | $1.29B | $211.00M | $1.25B | $1.25B | — |
| Net income | $8.51B | $480.00M | $5.67B | $4.59B | — |
| EBITDA | $13.58B | $4.43B | $10.50B | $8.85B | — |
| Diluted EPS | $6.78 | $0.38 | $4.50 | $3.64 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $59.02B | $58.99B | $62.13B | $63.17B | — |
| Current assets | $18.34B | $19.17B | $16.09B | $14.44B | — |
| Cash & equivalents | $7.56B | $9.99B | $6.08B | $5.41B | — |
| Inventory | $1.77B | $1.71B | $1.79B | $1.51B | — |
| Total liabilities | $36.41B | $39.75B | $39.38B | $41.96B | — |
| Current liabilities | $11.81B | $12.00B | $11.28B | $11.24B | — |
| Total debt | $24.94B | $26.71B | $24.99B | $25.23B | — |
| Long-term debt | $22.13B | $24.90B | $23.19B | $22.96B | — |
| Shareholders' equity | $22.70B | $19.33B | $22.83B | $21.24B | — |
| Retained earnings | $13.73B | $11.50B | $16.30B | $15.69B | — |
| Working capital | $6.53B | $7.17B | $4.80B | $3.21B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $10.02B | $10.83B | $8.01B | $9.07B | — |
| Investing cash flow | -$4.79B | -$3.45B | -$2.27B | -$2.47B | — |
| Financing cash flow | -$7.75B | -$3.43B | -$5.13B | -$6.47B | — |
| Capital expenditure | -$563.00M | -$523.00M | -$585.00M | -$728.00M | — |
| Free cash flow | $9.46B | $10.30B | $7.42B | $8.34B | — |
| Dividends paid | -$4.00B | -$3.92B | -$3.81B | -$3.71B | — |
| Share buybacks | -$1.92B | -$1.15B | -$1.00B | -$1.40B | — |
| End cash position | $7.56B | $9.99B | $6.08B | $5.41B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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