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Gilead Sciences, Inc. is a biopharmaceutical company dedicated to developing innovative medicines for the prevention and treatment of life-threatening diseases such as HIV, viral hepatitis, COVID-19, and cancer. Operating in over 35 countries, with its headquarters in Foster City, California, Gilead's primary revenue streams come from its HIV, oncology, and liver disease product lines . In 2023, HIV products, particularly Biktarvy, were the largest contributors to sales, while oncology and liver disease treatments also played significant roles in the company's financial success .
- HIV Products - Focuses on developing and marketing treatments for HIV, with Biktarvy being a major product holding a significant market share in the U.S. .
- Oncology - Offers cancer treatments, including Trodelvy and cell therapies like Yescarta and Tecartus, contributing significantly to revenue growth .
- Liver Disease Treatments - Provides therapies for hepatitis C and B, contributing to the company's overall revenue .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel P. O’Day ExecutiveBoard | Chairman and Chief Executive Officer | Board Chair, Pharmaceutical Research and Manufacturers of America | Joined Gilead in 2019 after serving as CEO of Roche Pharmaceuticals. Leads Gilead's strategic direction and operations. | View Report → |
Andrew D. Dickinson Executive | Chief Financial Officer | Board Member, Sutter Health | Joined Gilead in 2016. Previously Head of Corporate Development and Strategy. Oversees financial operations and strategic investments. | |
Deborah H. Telman Executive | EVP, Corporate Affairs and General Counsel | Board Member, AtriCure; Board Member, Chicago Humanities Festival | Joined Gilead in 2022. Oversees legal, compliance, and public affairs. Previously EVP and General Counsel at Organon. | |
Johanna Mercier Executive | Chief Commercial Officer | Board Member, Neurocrine Biosciences; Board Member, Arcus Biosciences; Board Member, USC Schaeffer Center | Joined Gilead in 2019. Leads global commercialization of Gilead's medicines. Previously held leadership roles at Bristol-Myers Squibb. | |
Anthony Welters Board | Director | CEO, CINQ Care; Executive Chairman, BlackIvy Group; Chairman, Somatus; Board Member, Loews; Board Member, Carlyle Group | Joined Gilead's board in 2020. Founder of CINQ Care and BlackIvy Group. Focuses on healthcare delivery and economic development in underserved communities. | |
Harish Manwani Board | Director | Senior Operating Partner, Blackstone; Board Member, Whirlpool; Board Member, Tata Sons; Chairman, Indian School of Business | Joined Gilead's board in 2018. Former COO of Unilever. Brings global operational expertise and leadership experience. | |
Javier J. Rodriguez Board | Director | CEO, DaVita; Board Member, DaVita | Joined Gilead's board in 2020. CEO of DaVita, a Fortune 500 healthcare company. Brings expertise in healthcare services and patient care delivery. | |
Kelly A. Kramer Board | Director | Board Member, Snowflake; Board Member, Coinbase | Joined Gilead's board in 2016. Former CFO of Cisco. Brings financial expertise and experience in strategic planning and corporate development. | |
Kevin E. Lofton Board | Lead Independent Director | Board Member, Medtronic plc | Joined Gilead's board in 2009. Former CEO of CommonSpirit Health. Focuses on improving access to medical care for underserved populations. | |
Sandra J. Horning Board | Director | Board Member, Moderna; Board Member, Olema Pharmaceuticals; Board Member, Revolution Medicines | Joined Gilead's board in 2020. Former CMO of Roche. Contributed to the approval of 15 new medicines in oncology and other therapeutic areas. |
- Given lenacapavir's remarkable clinical profile for PrEP, can you elaborate on your strategy to expand the market beyond the current demographics, and what challenges do you anticipate in reaching at least 600,000 users by 2030?
- With the noted competitive headwinds affecting Yescarta sales, including both in-class competition and bispecifics, what specific measures are you implementing to counter these challenges, and do you foresee the need to pivot your commercial strategy?
- The ASCENT-03 trial is event-driven and may not reach data cutoff this year due to ongoing event accrual. How does this potential delay impact your oncology pipeline timelines, and what contingency plans do you have if delays continue?
- Can you clarify the role and importance of subcutaneous injectables in your HIV treatment market relative to your weekly oral options, and how do you intend to position these different modalities to meet patient needs?
- Given that Livdelzi received accelerated approval for PBC, how confident are you in completing the confirmatory trials successfully, and what steps are you taking to ensure long-term success and adoption of Livdelzi in the market?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Cardinal Health, Inc. | Major wholesaler and distributor | All | 2024: 26% of total revenue, or ~$28,754 million × 0.26 = ~$7,476 million ; 2023: 26% ; 2022: 25%. |
Cencora, Inc. | Major wholesaler and distributor | All | 2024: 18% of total revenue, or ~$28,754 million × 0.18 = ~$5,176 million ; 2023: 19% ; 2022: 18%. |
McKesson Corporation | Major wholesaler and distributor | All | 2024: 20% of total revenue, or ~$28,754 million × 0.20 = ~$5,751 million ; 2023: 21% ; 2022: 20%. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
CymaBay Therapeutics, Inc. | 2024 | Completed in March 2024 as a wholly-owned subsidiary for an equity value of approximately $4.3 billion (or $3.9 billion net of cash), with shares acquired at $32.50 per share. The deal, treated as an asset acquisition, brought in the investigational lead candidate seladelpar for PBC and is expected to affect EPS, with the FDA granting accelerated approval for seladelpar in August 2024. |
XinThera | 2023 | Completed in May 2023 with a cash consideration of about $200 million and a deal structured as an asset acquisition, adding a portfolio of small molecule inhibitors targeting oncology and inflammatory diseases and including contingent payments of up to $760 million. |
Tmunity Therapeutics, Inc. | 2023 | Completed in February 2023 for approximately $300 million in cash, the acquisition was accounted as an asset purchase with a $244 million IPR&D charge. It strategically enhances Gilead's cell therapy platform with next-generation CAR T technologies, rapid manufacturing processes, and includes potential future milestone payments of up to $1.0 billion. |
MiroBio Ltd. | 2022 | Completed on September 20, 2022 with a $414 million cash payment, the asset acquisition brought in MiroBio's capabilities in restoring immune balance and led to a $389 million IPR&D charge. This deal aligns with Gilead's focus on innovative therapies in immunology and inflammation. |
Recent press releases and 8-K filings for GILD.
- Gilead is aggressively advancing its HIV portfolio with the imminent launch of lenacapavir for PrEP, positioning its long-acting treatments to drive durable growth through 2033.
- The company is diversifying beyond HIV, with significant progress in oncology, including key launches like Trodelvy for breast cancer, and expanding its cell therapy business across lymphoma, leukemia, and multiple myeloma.
- A strong balance sheet and disciplined capital allocation enable Gilead to navigate industry pressures such as tariffs and regulatory uncertainties, while supporting both internal R&D and strategic BD investments, exemplified by its recent $4 billion acquisition of CymaBay.
- Anito‑cel CAR‑T therapy shows high efficacy with 97% overall response rate, 68% complete response, and 93% MRD negativity at an average follow‑up of 12.6 months.
- Safety remains strong with grade 3 or above CRS/ICANS events at 1% or less and no delayed neurotoxicities such as Parkinsonism reported.
- The company leverages its Maryland production facility to support streamlined manufacturing, targeting 96% reliability and facilitating outpatient therapy through faster turnaround times.
- The pipeline further includes bicistronic constructs for lymphoma and initiatives into autoimmune indications, underscoring a diversified product strategy.
- Strategic execution remains central as Gilead adapts its operations amid market uncertainties and policy shifts through targeted scenario planning.
- The company highlighted key HIV pipeline updates, noting the recent Livdelzi launch and the upcoming lenacapavir product with a June 19 PDUFA date, targeting 75% access within 6 months.
- Discussion on net pricing explained that while U.S. policies and global pricing differ, the focus remains on delivering value and maintaining access.
- Biktarvy was emphasized as the market-leading HIV treatment with over 50% share and steady growth, underscoring its long-term importance to Gilead’s portfolio.
- Full-year guidance remains unchanged with total product sales expected between $28.2B to $28.6B .
- Diluted EPS improved significantly with GAAP EPS moving from $(3.34) in Q1 2024 to $1.04 in Q1 2025 and non-GAAP diluted EPS reaching $1.81 .
- HIV product sales reached $4.6B, driven by strong performance with Biktarvy up 7% YoY and Descovy up 38% YoY .
- Base business grew 4% YoY, highlighted by a successful Livdelzi launch with $40M in sales .
- Robust pipeline progress with anticipated lenacapavir approval for PrEP (PDUFA decision expected by June 19) and promising Phase III results for Trodelvy in oncology .
- Achieved a 43% operating margin while recording operational cash flow of $1.8B in Q1 2025 .
- Committed to shareholder returns with approximately $1.7B returned via dividends ($1.0B) and share repurchases ($730M) .
- CAR‑T Innovations: Gilead discussed its upcoming BCMA CAR‑T product for multiple myeloma, highlighting a 62% complete response rate and 97% overall response rate, and emphasized its improved safety profile designed for outpatient administration.
- Manufacturing and Construct Strategy: The call detailed plans to optimize manufacturing, including both 6‑day and 3‑day platforms, and evaluated bicistronic constructs (combining CD19/CD20 targets) to enhance efficacy while reducing dose and safety risks compared to current products like Yescarta.
- Expansion into Autoimmune and Broader Oncology: Gilead is advancing an internal product (363) for autoimmune diseases, with planned basket studies in lupus, myositis, and neurology indications, aiming to offer durable treatments and expand their long‑term growth in oncology and autoimmune sectors.
- Global Commercial and Manufacturing Footprint: The discussion also highlighted the company’s robust global infrastructure with operations in 28 countries and 530 authorized treatment centers, reinforcing its strategy to support rapid product turnaround and deeper market penetration.