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Gilead Sciences
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Latest analysis
Updated Oct 30, 2026
Gilead deploys $11.5B in Q1-Q2 2026 acquisitions to rebuild oncology and inflammation pipeline while HIV franchise delivers 18% Q3 revenue growth.
Gilead's Q3 2026 results are defined by two simultaneous dynamics: a resilient commercial engine — HIV product sales up 18% year-over-year and Trodelvy up 42% — and a balance sheet reshaped by $11.5 billion in acquisition spending (Arcellx, Tubulis, Ouro Medicines) that drove a nine-month GAAP net loss of $6.0 billion. The anito-cel BLA acceptance with a PDUFA date of December 23, 2026 is the single most consequential near-term catalyst, representing Gilead's first shot at a BCMA-directed cell therapy franchise built on the acquired Arcellx platform. Simultaneously, CMS completing the Biktarvy Maximum Fair Price — effective January 1, 2028 — introduces the most structurally significant revenue headwind Gilead has disclosed in years, given Biktarvy's $11.2 billion nine-month run rate.
Tone: mixedRevenue
$29.4B
GILD 10-K · FY 2025
Employees
17,000
Revenue growth YoY
+2%
Headquarters
Foster City, CA
Profile
GILD 10-K Item 1 · Feb 24, 2026Gilead Sciences is a biopharmaceutical company focused on discovering, developing and commercializing medicines for life-threatening diseases, with a commercial portfolio spanning HIV, viral hepatitis, oncology and other therapeutic areas. The company operates in more than 35 countries and generates the majority of its revenue from HIV products, led by Biktarvy. Its oncology franchise encompasses CAR T-cell therapies and antibody-drug conjugates, while its pipeline includes long-acting HIV therapies and multiple oncology candidates in Phase 3.
Read filing description ↓ Collapse description ↑
Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. We are committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19 and cancer. We operate in more than 35 countries worldwide, with headquarters in Foster City, California. We have transformed care for people around the world by discovering, developing and delivering innovative medicines to address unmet medical needs in virology, oncology and other therapeutic areas. Our innovative medicines represent advancements by offering first-in-class therapies, greater efficacy, enhanced modes of delivery, more convenient treatment and prevention regimens, improved resistance profiles and reduced side effects. In 2025, our commercial portfolio included more than 25 therapies. Our products are marketed through our commercial teams and/or in conjunction with third-party wholesalers, distributors and corporate partners. We sell and distribute most of our products in the U.S. exclusively through the wholesale channel. Our R&D mission is to discover and develop transformational therapies in areas of high unmet medical need. Our product development efforts are focused primarily on virology, oncology and inflammation. We extensively outsource our clinical trial activities and rely on third-party contract research organizations to perform most of our clinical studies. Our strategic ambitions are to bring 10+ transformative therapies to patients by 2030, be a biotech employer and partner of choice, and deliver shareholder value in a sustainable and responsible manner.
Primary products
- Biktarvy
- Descovy
- Genvoya
- Odefsey
- Sunlenca
- Symtuza
Business segments
End markets
Geographies
Named customers
Historically, 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.
Named competitors
“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.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased 2% to $29.4 billion in 2025 compared to 2024, driven primarily by higher HIV and Liver Disease product sales and higher royalty, contract and other revenues, partially offset by lower Veklury sales.
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