GILDNasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Gilead Sciences, Inc

Gilead Sciences is a U.S.-based biopharmaceutical company focused on discovering, developing, and commercializing medicines for serious diseases. Its portfolio is centered on HIV, liver disease, oncology, and inflammation, with additional revenue from royalties, licenses, and collaboration-related payments.

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Revenue29.4bn USD
+2.4 %y/y
Operating profit (EBIT)10.0bn USD
+503.0 %y/y
EBIT margin34.0%
+28.3 ppy/y
Net income8,510m USD
+1,672.9 %y/y
Free cash flow9,456m USD
−8.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0102030bn USD2020: 24.7 bn USD2020: EBIT 4.1 bn USD20202021: 27.3 bn USD2021: EBIT 9.9 bn USD20212022: 27.3 bn USD2022: EBIT 7.3 bn USD20222023: 27.1 bn USD2023: EBIT 7.6 bn USD20232024: 28.8 bn USD2024: EBIT 1.7 bn USD20242025: 29.4 bn USD2025: EBIT 10.0 bn USD202529.410.0
RevenueOperating profit (EBIT)
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Business

Share of revenue
HIV medicines55 %

Antiretroviral therapies and prevention products used in HIV treatment and PrEP.

Liver disease15 %

Therapies for viral hepatitis and related liver conditions.

Oncology and cell therapy15 %

Cancer medicines and cell therapy products commercialized through Gilead and partners.

Veklury5 %

Remdesivir-based antiviral used for COVID-19 hospital treatment.

Royalty, contract and other revenues10 %

Income from outbound licenses, intellectual property sales, and collaborations.

Customers

Gilead sells primarily to healthcare providers and the pharmaceutical distribution channel, with U.S. sales concentrated through three large wholesalers. It also serves hospitals, clinics, government programs, and large health systems, while international sales are made through commercial teams, distributors, and corporate partners. Demand is shaped by reimbursement, formulary access, and public-health purchasing patterns, especially in HIV and other chronic therapies.

U.S. wholesale channel

Three large wholesalers and specialty distributor affiliates buy most U.S. product for resale into pharmacies and care settings.

Government and public-health programs

State AIDS Drug Assistance Programs, VA, correctional facilities, and other agencies buy HIV and related medicines for covered populations.

Hospitals, clinics, and health systems

Buy therapies used in inpatient and outpatient care, including oncology and antiviral products.

International distributors and corporate partners

Buy or commercialize products in approved non-U.S. territories under distribution or partnership arrangements.

Payers and reimbursement gatekeepers

Insurers and government payers influence access, net pricing, and formulary placement across key products.

Strategy

Gilead is focused on sustaining growth in HIV, defending its liver disease franchise, and expanding in oncology and cell therapy. Management is also prioritizing pipeline execution, with more than 50 clinical-stage programs, selective business development, and disciplined operating expense control to fund long-cycle R&D and commercialization.

Expand HIV franchiseShort term

HIV remains the largest and most durable commercial engine and supports overall revenue growth.

Advance late-stage pipeline and regulatory milestonesMedium term

New approvals are needed to offset mature-product pressure and sustain long-term growth.

Broaden external innovation through partnerships and BDMedium term

Acquisitions and collaborations can add assets faster than internal discovery alone.

Geography

Q1/2026

Gilead operates in more than 35 countries, with headquarters in Foster City, California and marketing subsidiaries in over 35 countries. The U.S. is the core commercial market, while Europe and other international markets are served through direct teams, distributors, and partners; management also highlighted purchasing volatility in Europe due to cost-containment measures. Geography matters because pricing, reimbursement, and channel structure differ materially by country, affecting both demand timing and net realized prices.

United States71 %
Europe16 %
Other countries (US filing)13 %

Share of the revenue the company reports by geography.

Risks

Gilead faces product concentration, reimbursement pressure, and intense competition from branded, generic, and biosimilar rivals. Its global supply chain and channel model also create exposure to diversion, counterfeits, inventory swings, and country-specific pricing arbitrage, while R&D and acquisition activity add clinical, regulatory, and impairment risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Pricing and reimbursement pressure1Competition from branded, generic, and biosimilar products2Clinical development and regulatory risk3HIV franchise concentration4Diversion and counterfeit medicines5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Pricing and reimbursement pressureImpact: HighLikelihood: High

    Government and private payers can force discounts, rebates, and lower net prices as products mature.

    Exposure: U.S. and international markets

  2. Competition from branded, generic, and biosimilar productsImpact: HighLikelihood: High

    Competing therapies can take share based on efficacy, safety, convenience, and price.

    ExposureHIVLiver diseaseOncology
  3. Clinical development and regulatory riskImpact: HighLikelihood: High

    Pipeline assets may fail trials, miss endpoints, or face accelerated-approval contingencies.

    Exposure: R&D portfolio and acquired assets

  4. HIV franchise concentrationImpact: HighLikelihood: Medium

    A large share of revenue comes from HIV products, so competitive or pricing pressure in this category would affect the whole company.

    Exposure: Core commercial portfolio

  5. Diversion and counterfeit medicinesImpact: HighLikelihood: Medium

    Illegally diverted or counterfeit products can harm patients, damage reputation, and reduce legitimate sales.

    Exposure: Global supply chain and parallel trade

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Accounting

Judgemental items
Rebates, chargebacks, and discounts

These deductions materially reduce gross product sales to net revenue and require estimation.

Impact: Affects reported net product sales and quarterly comparability

Wholesaler inventory and channel loading

U.S. sales are concentrated through a few wholesalers, so inventory movements can distort timing.

Impact: Can create quarter-to-quarter revenue volatility

Acquired IPR&D and impairment charges

Large acquisition-related charges have driven major swings in net income and loss recognition.

Impact: Can materially change earnings without affecting cash flow

Intangible asset valuation

Acquired product rights and pipeline assets may require impairment testing if prospects weaken.

Impact: Could trigger non-cash write-downs

Royalty, contract and other revenues

These revenues depend on licensing and collaboration arrangements and may be less predictable than product sales.

Impact: Adds variability to total revenue mix

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Last updated: 24/09/2026