A Business at a Glance
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GILEAD SCIENCES, INC.
GILD
$163.8B
Mkt Cap
$130.52
-0.26%
GILEAD SCIENCES, INC. (GILD) has a current P/E ratio of 19.3, compared to its historical median P/E of 14.0. The stock is currently considered Expensive based on its historical valuation range.
GILEAD SCIENCES, INC. (GILD) has a 5-year average return on invested capital (ROIC) of 14.5%. This indicates solid capital allocation.
GILEAD SCIENCES, INC. (GILD) has a market capitalization of $162.1B. It is classified as a large-cap stock.
Yes, GILEAD SCIENCES, INC. (GILD) pays a dividend with a trailing twelve-month yield of 2.49%. The company also returns capital through share buybacks, with a buyback yield of 0.99%.
Based on historical P/E analysis, GILEAD SCIENCES, INC. (GILD) appears expensive. The current P/E of 19.3 is 37% above its historical median of 14.0. The estimated fair value CAGR (P/E method) is -0.8%.
GILEAD SCIENCES, INC. (GILD) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
GILEAD SCIENCES, INC. (GILD) reported annual revenue of $29.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Gilead Sciences is a biopharmaceutical company that discovers, develops, and delivers innovative medicines to address unmet medical needs in virology, oncology, and other therapeutic areas across more than 35 countries worldwide. The company's commercial portfolio includes more than 25 approved therapies spanning HIV treatment and prevention (including Biktarvy, Descovy, Sunlenca, and Yeztugo), liver disease (Epclusa, Livdelzi, and Vemlidy), oncology (Tecartus, Trodelvy, and Yescarta CAR-T therapies), and other indications such as COVID-19 treatment with Veklury. Gilead operates through a capital-light commercialization model, selling and distributing most U.S. products exclusively through the wholesale channel to three large wholesalers and their affiliates, while leveraging third-party distributors and corporate partners internationally and in markets outside the U.S. The company generates revenue primarily from product sales, supplemented by royalties and contract revenues from outbound intellectual property licenses and collaborations with third-party partners. Gilead's competitive positioning rests on its ability to deliver first-in-class therapies, enhanced efficacy, improved resistance profiles, and more convenient treatment regimens, competing on efficacy, safety, tolerability, pricing, and reimbursement coverage in a highly competitive environment where it faces pressure from large pharmaceutical companies, biotechnology firms, academic institutions, and generic product introductions.
【Pipeline-driven growth acceleration】 Management expects a catalyst-rich 2026 with multiple commercial launches and regulatory decisions that could significantly expand the company's addressable markets. The company anticipates FDA decisions on Trodelvy for first-line metastatic triple-negative breast cancer, bulevirtide for chronic hepatitis delta, bictegravir/lenacapavir for HIV treatment, and anito-cel for multiple myeloma, alongside phase III updates from key trials in HIV prevention and oncology. Gilead is pursuing strategic acquisitions including Arcellx, Tubulis, and Ouro Medicines to strengthen its oncology and cell therapy franchises, with particular focus on expanding CAR-T applications and exploring in vivo cell therapy platforms. The company expects steady, durable long-term growth in its HIV prevention business driven by Yeztugo and Descovy, while managing near-term competitive headwinds in cell therapy and navigating pricing pressures from Medicare Part D redesign and proposed healthcare policy changes. Management remains committed to disciplined capital allocation and operational expense discipline while investing significantly in R&D to advance its pipeline across virology, oncology, and inflammation.
| Metric | Target | Period |
|---|---|---|
| 2026 YEZTUGO revenue | $1 billion | FY2026 |
| 2026 total HIV sales growth | approximately 8% year-over-year | FY2026 |
| 2026 Sunlenca revenue | approximately $800 million | FY2026 |
| 2026 total HIV sales growth | approximately 6% | FY2026 |
| 2026 Kite cell therapy revenue decline | approximately 10% | FY2026 |
2026 YEZTUGO revenue (FY2026): “we're increasing our 2026 YEZTUGO guidance to $1 billion, potentially achieving blockbuster status in its first full year.”
2026 total HIV sales growth (FY2026): “we are now expecting 2026 total HIV sales, including both treatment and prevention, to grow approximately 8% year-over-year compared to the 6% previously shared in our February guidance.”
2026 Sunlenca revenue (FY2026): “we expect full-year 2026 Sunlenca revenue of approximately $800 million compared to $150 million in 2025”
2026 total HIV sales growth (FY2026): “For 2026, we expect total HIV sales, including both treatment and prevention, to grow approximately 6% compared to 2025”
2026 Kite cell therapy revenue decline (FY2026): “Overall, we expect Kite revenue to decline approximately 10% in 2026 compared to 2025.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 29.7B | 29.4B | 28.8B | 27.1B | 27.3B | 27.3B |
| Net Income | 9.2B | 8.5B | 480M | 5.7B | 4.6B | 6.2B |
| EPS | $7.42 | $6.78 | $0.38 | $4.50 | $3.64 | $4.93 |
| Free Cash Flow | 10.2B | 9.5B | 10.3B | 7.4B | 8.3B | 10.8B |
| ROIC | 23.4% | 22.7% | 3.0% | 15.3% | 14.1% | 17.7% |
| Gross Margin | - | 78.8% | 78.3% | 76.0% | 79.3% | 75.8% |
| Debt/Equity | 0.94 | 1.13 | 1.41 | 1.12 | 1.22 | 1.30 |
| Dividends/Share | $3.25 | $3.16 | $3.08 | $3.00 | $2.92 | $2.84 |
| Operating Income | 10.4B | 10.0B | 1.7B | 7.6B | 7.3B | 9.9B |
| Operating Margin | 34.9% | 34.0% | 5.8% | 28.0% | 26.9% | 36.3% |
| ROE | 39.2% | 40.5% | 2.3% | 25.7% | 21.7% | 31.7% |
| Shares Outstanding | 1,242M | 1,255M | 1,263M | 1,259M | 1,262M | 1,263M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 24.9B | 32.6B | 30.4B | 26.1B | 22.1B | 22.4B | 24.7B | 27.3B | 27.3B | 27.1B | 28.8B | 29.4B | 29.7B |
| Gross Margin | 84.8% | 87.7% | 86.0% | 83.3% | 78.1% | 79.2% | 67.3% | 75.8% | 79.3% | 76.0% | 78.3% | 78.8% | N/A |
| R&D | 2.9B | 3.0B | 5.1B | 3.7B | 5.0B | 9.1B | 4.9B | 4.6B | 5.0B | 5.7B | 5.9B | 5.8B | 5.8B |
| SG&A | 3.0B | 3.4B | 3.4B | 3.9B | 4.1B | 4.4B | 5.2B | 5.2B | 5.7B | 6.1B | 6.1B | 5.8B | 6.0B |
| EBIT | 15.3B | 22.2B | 17.6B | 14.1B | 8.2B | 4.3B | 4.1B | 9.9B | 7.3B | 7.6B | 1.7B | 10.0B | 10.4B |
| Op. Margin | 61.3% | 68.0% | 58.0% | 54.1% | 37.1% | 19.1% | 16.5% | 36.3% | 26.9% | 28.0% | 5.8% | 34.0% | 34.9% |
| Net Income | 12.1B | 18.1B | 13.5B | 4.6B | 5.5B | 5.4B | 123M | 6.2B | 4.6B | 5.7B | 480M | 8.5B | 9.2B |
| Net Margin | 48.6% | 55.5% | 44.4% | 17.7% | 24.7% | 24.0% | 0.5% | 22.8% | 16.8% | 20.9% | 1.7% | 28.9% | 31.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 572M | 649M | 86M | 228M | 0 | 527M | 188M | 138M | 104M |
| Returns on Capital | |||||||||||||
| ROIC | 54.6% | 61.0% | 35.7% | 27.4% | 23.3% | 20.7% | 7.4% | 17.7% | 14.1% | 15.3% | 3.0% | 22.7% | 23.4% |
| ROE | 90.3% | 106.6% | 72.2% | 23.5% | 26.1% | 24.5% | 0.6% | 31.7% | 21.7% | 25.7% | 2.3% | 40.5% | 39.2% |
| ROA | 42.3% | 41.9% | 24.8% | 7.3% | 8.1% | 8.6% | 0.2% | 9.1% | 7.0% | 9.0% | 0.8% | 14.4% | 16.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 12.8B | 21.3B | 17.0B | 11.9B | 8.4B | 9.1B | 8.2B | 11.4B | 9.1B | 8.0B | 10.8B | 10.0B | 10.8B |
| Free Cash Flow | 12.3B | 20.5B | 16.3B | 11.3B | 7.5B | 8.3B | 7.5B | 10.8B | 8.3B | 7.4B | 10.3B | 9.5B | 10.2B |
| Owner Earnings | 12.3B | 20.7B | 16.5B | 11.0B | 7.3B | 8.3B | 6.0B | 8.7B | 6.3B | 4.6B | 7.2B | 6.4B | 7.0B |
| CapEx | 557M | 747M | 748M | 590M | 924M | 825M | 650M | 579M | 728M | 585M | 523M | 563M | 576M |
| Maint. CapEx | 125M | 161M | 177M | 233M | 226M | 255M | 1.5B | 2.0B | 2.1B | 2.7B | 2.8B | 2.8B | 2.9B |
| Growth CapEx | 432M | 586M | 571M | 357M | 698M | 570M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 125M | 161M | 177M | 233M | 226M | 255M | 1.5B | 2.0B | 2.1B | 2.7B | 2.8B | 2.8B | 2.9B |
| CapEx/OCF | 4.3% | 3.5% | 4.4% | 5.0% | 11.0% | 9.0% | 8.0% | 5.1% | 8.0% | 7.3% | 4.8% | 5.6% | 5.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 1.9B | 2.5B | 2.7B | 3.0B | 3.2B | 3.4B | 3.6B | 3.7B | 3.8B | 3.9B | 4.0B | 4.0B |
| Dividend Yield | N/A | 1.7% | 3.0% | 3.9% | 4.1% | 5.0% | 5.1% | 5.0% | 5.0% | 4.2% | 4.2% | 2.9% | 2.5% |
| Share Buybacks | 5.3B | 10.0B | 11.0B | 954M | 2.9B | 1.7B | 1.6B | 546M | 1.4B | 1.0B | 1.1B | 1.9B | 1.6B |
| Buyback Yield | 5.0% | 9.2% | 15.5% | 1.3% | 4.7% | 2.6% | 2.7% | 0.7% | 1.5% | 1.0% | 1.0% | 1.2% | 1.0% |
| Stock-Based Comp | 360M | 382M | 380M | 638M | 845M | 636M | 643M | 635M | 637M | 766M | 835M | 894M | 903M |
| Debt Repayment | 4.8B | 997M | 2.0B | 1.8B | 6.3B | 2.8B | 2.5B | 4.8B | 1.5B | 2.3B | 2.0B | 1.8B | 1.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 2.3B | 7.4B | 14.5B | 8.0B | -2.8B | 241M | 24.7B | 20.8B | 19.4B | 18.4B | 17.3B | 17.9B | 14.5B |
| Cash & Equiv. | 10.0B | 12.9B | 8.2B | 7.6B | 17.9B | 11.6B | 6.0B | 5.3B | 5.4B | 6.1B | 10.0B | 7.6B | 7.6B |
| Long-Term Debt | 11.9B | 21.1B | 26.3B | 30.8B | 24.6B | 22.1B | 28.6B | 25.2B | 23.0B | 23.2B | 24.9B | 22.1B | 20.9B |
| Debt/Equity | 0.80 | 1.19 | 1.39 | 1.64 | 1.28 | 1.09 | 1.76 | 1.30 | 1.22 | 1.12 | 1.41 | 1.13 | 0.94 |
| Interest Coverage | 37.1 | 32.3 | 18.3 | 12.6 | 7.6 | 4.3 | 4.1 | 9.9 | 7.8 | 8.1 | 1.7 | 9.8 | 450.9 |
| Equity | 15.4B | 18.5B | 18.9B | 20.4B | 21.4B | 22.5B | 18.2B | 21.1B | 21.2B | 22.8B | 19.3B | 22.7B | 23.5B |
| Total Assets | 34.7B | 51.7B | 57.0B | 70.3B | 63.7B | 61.6B | 68.4B | 68.0B | 63.2B | 62.1B | 59.0B | 59.0B | 56.3B |
| Total Liabilities | 18.8B | 32.6B | 37.6B | 49.8B | 42.1B | 39.0B | 50.2B | 46.9B | 42.0B | 39.4B | 39.7B | 36.4B | -702M |
| Intangibles | 11.1B | 10.2B | 9.0B | 17.1B | 15.7B | 13.8B | 33.1B | 33.5B | 28.9B | 26.5B | 19.9B | 17.0B | 16.4B |
| Retained Earnings | 12.7B | 18.0B | 18.2B | 19.0B | 19.0B | 19.4B | 14.4B | 16.3B | 15.7B | 16.3B | 11.5B | 13.7B | 14.1B |
| Working Capital | 12.0B | 14.9B | 10.4B | 20.2B | 25.2B | 20.5B | 4.6B | 3.2B | 3.2B | 4.8B | 7.2B | 6.5B | 9.2B |
| Current Assets | 17.7B | 24.8B | 19.6B | 31.8B | 35.8B | 30.3B | 16.0B | 14.8B | 14.4B | 16.1B | 19.2B | 18.3B | 18.6B |
| Current Liabilities | 5.8B | 9.9B | 9.2B | 11.6B | 10.6B | 9.8B | 11.4B | 11.6B | 11.2B | 11.3B | 12.0B | 11.8B | 9.5B |
| Per Share Data | |||||||||||||
| EPS | 7.35 | 11.91 | 9.94 | 3.51 | 4.17 | 4.22 | 0.10 | 4.93 | 3.64 | 4.50 | 0.38 | 6.78 | 7.42 |
| Owner EPS | 7.49 | 13.62 | 12.14 | 8.36 | 5.60 | 6.47 | 4.91 | 6.91 | 5.00 | 3.64 | 5.71 | 5.06 | 5.61 |
| Book Value | 9.37 | 12.19 | 13.91 | 15.50 | 16.35 | 17.65 | 14.80 | 16.69 | 16.84 | 18.14 | 15.30 | 18.09 | 18.93 |
| Cash Flow/Share | 7.79 | 13.98 | 12.55 | 9.02 | 6.42 | 7.16 | 6.64 | 9.02 | 7.19 | 6.36 | 8.57 | 7.98 | 9.79 |
| Dividends/Share | 0.00 | 1.29 | 1.84 | 2.08 | 2.28 | 2.52 | 2.72 | 2.84 | 2.92 | 3.00 | 3.08 | 3.16 | 3.25 |
| Shares Out. | 1.6B | 1.5B | 1.4B | 1.3B | 1.3B | 1.3B | 1.2B | 1.3B | 1.3B | 1.3B | 1.3B | 1.3B | 1.2B |
| Valuation | |||||||||||||
| P/E Ratio | 8.9 | 6.0 | 5.3 | 15.3 | 11.3 | 12.4 | 469.5 | 12.7 | 20.9 | 16.9 | 240.9 | 18.4 | 17.6 |
| P/FCF | 8.7 | 5.3 | 4.4 | 6.3 | 8.3 | 8.0 | 7.7 | 7.3 | 11.5 | 12.9 | 11.2 | 16.6 | 15.8 |
| EV/EBIT | 7.2 | 5.2 | 4.9 | 5.6 | 7.5 | 16.2 | 20.8 | 10.2 | 16.0 | 15.1 | 80.7 | 17.6 | 17.0 |
| Price/Book | 7.0 | 5.9 | 3.8 | 3.5 | 2.9 | 3.0 | 3.2 | 3.8 | 4.5 | 4.2 | 6.0 | 6.9 | 6.9 |
| Price/Sales | 4.1 | 3.5 | 2.7 | 2.7 | 3.3 | 2.9 | 2.8 | 2.6 | 2.7 | 3.4 | 3.2 | 4.7 | 5.5 |
| FCF Yield | 11.4% | 18.9% | 22.9% | 16.0% | 12.1% | 12.5% | 13.0% | 13.6% | 8.7% | 7.8% | 8.9% | 6.0% | 6.3% |
| Market Cap | 107.3B | 108.7B | 71.1B | 70.7B | 61.8B | 66.8B | 57.8B | 79.3B | 96.0B | 95.5B | 115.6B | 156.5B | 162.1B |
| Avg. Price | 62.10 | 74.20 | 59.48 | 52.70 | 55.35 | 50.95 | 55.51 | 56.67 | 58.90 | 72.56 | 73.74 | 109.38 | 130.52 |
| Year-End Price | 65.16 | 71.48 | 52.34 | 53.65 | 47.26 | 52.31 | 46.95 | 62.80 | 76.10 | 75.83 | 91.55 | 124.70 | 130.52 |
GILEAD SCIENCES, INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
GILEAD SCIENCES, INC. trades at 19.3x trailing earnings, compared to its 15-year median P/E of 14.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 17.1x vs a median of 8.1x. The company's 5-year average ROIC is 14.5% with a gross margin of 77.6%. Total shareholder yield (dividends + buybacks) is 3.5%. At current prices, the estimated annualized return to fair value is +2.1%.
GILEAD SCIENCES, INC. (GILD) has a net profit margin of 28.9%. This is a strong margin indicating high profitability.
GILEAD SCIENCES, INC. (GILD) generated $9.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
GILEAD SCIENCES, INC. (GILD) has a debt-to-equity ratio of 1.13. This indicates moderate leverage.
GILEAD SCIENCES, INC. (GILD) reported earnings per share (EPS) of $6.78 in its most recent fiscal year.
GILEAD SCIENCES, INC. (GILD) has a return on equity (ROE) of 40.5%. This indicates the company generates strong returns for shareholders.
GILEAD SCIENCES, INC. (GILD) has a 5-year average gross margin of 77.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for GILEAD SCIENCES, INC. (GILD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GILEAD SCIENCES, INC. (GILD) has a book value per share of $18.09, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects a catalyst-rich 2026 with multiple commercial launches and regulatory decisions that could significantly expand the company's addressable markets. The company anticipates FDA decisions on Trodelvy for first-line metastatic triple-negative breast cancer, bulevirtide for chronic hepatitis delta, bictegravir/lenacapavir for HIV treatment, and anito-cel for multiple myeloma, alongside phase III updates from key trials in HIV prevention and oncology. Gilead is pursuing strategic acquisitions including Arcellx, Tubulis, and Ouro Medicines to strengthen its oncology and cell therapy franchises, with particular focus on expanding CAR-T applications and exploring in vivo cell therapy platforms. The company expects steady, durable long-term growth in its HIV prevention business driven by Yeztugo and Descovy, while managing near-term competitive headwinds in cell therapy and navigating pricing pressures from Medicare Part D redesign and proposed healthcare policy changes. Management remains committed to disciplined capital allocation and operational expense discipline while investing significantly in R&D to advance its pipeline across virology, oncology, and inflammation.
Based on recent SEC filings and earnings calls, GILEAD SCIENCES, INC. (GILD) has provided the following forward guidance: 2026 YEZTUGO revenue: $1 billion (FY2026); 2026 total HIV sales growth: approximately 8% year-over-year (FY2026); 2026 Sunlenca revenue: approximately $800 million (FY2026); 2026 total HIV sales growth: approximately 6% (FY2026); 2026 Kite cell therapy revenue decline: approximately 10% (FY2026).