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 .
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| 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?
Research analysts who have asked questions during GILEAD SCIENCES earnings calls.
Tyler Van Buren
TD Cowen
5 questions for GILD
Carter L. Gould
Barclays
4 questions for GILD
Courtney Breen
AllianceBernstein
4 questions for GILD
Mohit Bansal
Wells Fargo & Company
4 questions for GILD
Terence Flynn
Morgan Stanley
4 questions for GILD
Umer Raffat
Evercore ISI
4 questions for GILD
Brian Abrahams
RBC Capital Markets
3 questions for GILD
Daina Graybosch
Leerink Partners
3 questions for GILD
Evan Seigerman
BMO Capital Markets
3 questions for GILD
Geoff Meacham
Citigroup Inc.
3 questions for GILD
Michael Yee
Jefferies
3 questions for GILD
Chris Schott
JPMorgan Chase & Co.
2 questions for GILD
Christopher Schott
JPMorgan Chase & Co.
2 questions for GILD
Matthew Biegler
Oppenheimer & Co. Inc.
2 questions for GILD
Salveen Richter
Goldman Sachs
2 questions for GILD
Timothy Anderson
BofA Securities
2 questions for GILD
Alexandria Hammond
Wolfe Research
1 question for GILD
Chris
Morgan Stanley
1 question for GILD
Eliana Merle
UBS
1 question for GILD
Geoffrey Meacham
Citi
1 question for GILD
James Shin
Analyst
1 question for GILD
Nicole Germino
Truist Securities
1 question for GILD
Sadia
Wells Fargo & Company
1 question for GILD
Simon Baker
Redburn Atlantic
1 question for GILD
| 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.
- Closed an oversubscribed and upsized $165 million Series A round co-led by Sofinnova Investments and Novo Holdings.
- Financing will advance EXPD-101, a Phase 2-ready, once-daily oral DPP1 inhibitor with first-in-class potential in COPD and other neutrophil-driven diseases.
- Andrew Cheng, M.D., Ph.D., former Gilead Sciences CMO, named Chairman of the Board.
- Acquired exclusive worldwide rights (ex-China, Hong Kong, Macau) to EXPD-101 from Fosun Pharma in August 2025.
- Gilead entered into settlement agreements to resolve patent litigations with Lupin Ltd., Cipla Ltd., and Laurus Labs Ltd. over generic versions of Biktarvy.
- Under the agreements, no generic entry of Biktarvy tablets is expected before April 1, 2036 in the U.S., subject to standard acceleration provisions.
- Gilead invested $53 million and joined Ensoma’s board in a funding round to advance one-time in vivo HSC therapies.
- The financing will support the Phase 1/2 clinical trial of EN-374 for X-linked chronic granulomatous disease, aiming to restore immune function via engineered stem cells.
- Ensoma’s proprietary virus-like particle delivery system features a 35-kilobase cargo capacity for precise genomic editing of hematopoietic stem cells.
- Additional funds will further develop the cell therapy platform for immuno-oncology and sickle cell disease applications.
- Gilead’s development pipeline comprises 52 molecules spanning virology, oncology, and inflammation, supported by deep R&D and manufacturing capabilities, with key late-stage readouts (ARTISTRY, ASCENT) expected later this year.
- HIV advances include Phase III ARTISTRY-1 in multi–drug–experienced patients and ARTISTRY-2 in virologically suppressed Biktarvy users evaluating bictegravir + lenacapavir for non-inferiority, alongside the Purpose 365 annual PrEP study to match six-month exposure levels.
- Oncology momentum driven by Trodelvy: positive ASCENT-3/4 first-line triple-negative breast cancer data underpin multiple Phase III expansions (HR+ breast, adjuvant triple-negative, lung, endometrial); the BCMA-targeted CAR T ‘needle cell’ Imagine-1 update is due later this year with a 2026 launch, and Gilead acquired Enterius to advance in vivo CAR T platforms.
- Immunology focus centers on early IBD assets, including a Phase II oral α4β7 integrin antagonist and IREC4/STAT6 degraders, with planned mechanism combinations aimed at overcoming current monotherapy efficacy ceilings.
- Gilead Sciences commenced construction of a $32 billion US domestic manufacturing plan at its Foster City HQ with a 180,000-sq ft tech development center for biologics through 2030.
- The investments, including this center and two additional projects, are projected to create over 3,000 direct and indirect jobs and generate more than $43 billion in economic value nationwide.
- CEO Daniel O’Day said the facility will serve as a cornerstone for delivering next-generation therapies and aims to be among the most AI-enabled centers in the biopharma industry.
- Gilead has invested over $15 billion in the US over the past decade and operates in more than 35 countries, developing treatments for HIV, viral hepatitis, COVID-19, cancer, and inflammatory diseases.
- The European Commission approved Gilead’s lenacapavir, branded Yeytuo, as a twice-yearly injectable PrEP for adults and adolescents at increased risk of HIV across the 27 EU member states plus Norway, Iceland and Liechtenstein.
- Two Phase 3 studies, PURPOSE 1 and PURPOSE 2, demonstrated 100% and 99.9% reductions in HIV infections, respectively.
- Yeytuo is now the first and only twice-yearly PrEP option in the EU, complementing its U.S. approval, with analysts projecting over $4 billion in annual sales by 2029.
- Gilead faces drug resistance risks if used by individuals with undiagnosed HIV and underscores the need for strict adherence to dosing schedules.
- The company plans regulatory filings in Australia, Brazil, Canada, South Africa and multiple Latin American markets, prioritizing 18 low- and middle-income countries that account for 70% of the global HIV burden.
- Gilead delivered base business product sales of $6.9 billion (+4% YOY) and total product sales of $7.1 billion (+2% YOY), driven by HIV, oncology and liver disease growth despite lower COVID-19 hospitalizations.
- HIV portfolio sales reached $5.1 billion (+7% YOY), with Biktarvy at $3.5 billion (+9% YOY) and Descovy at $653 million (+35% YOY); the FDA approved twice-yearly HIV prevention injectable lenacapavir (YES2Go) in June and CHMP issued a positive opinion in Europe.
- Full-year 2025 product sales guidance (ex-Veklury) was raised to $27.3–27.7 billion, reflecting HIV outperformance; total product sales outlook is $28.3–28.7 billion after reducing Veklury expectations to $1 billion.
- Clinical highlights include back-to-back positive Phase III Trodelvy results in first-line metastatic TNBC and advancement of seven lanacapavir-based HIV regimens alongside next-generation CAR T cell therapies.
- Needham upgraded Gilead Sciences to Buy with a $133 price target, citing a positive survey for one of its drugs.
- 70% of the company’s revenue comes from its HIV franchise, underscoring its core earnings driver.
- Shares are up 28% year-to-date yet still viewed as undervalued with a reasonable valuation.
- The EMA’s CHMP adopted a positive opinion under accelerated review recommending injectable lenacapavir for PrEP to reduce HIV-1 risk in adults and adolescents in the EU.
- The final European Commission decision is expected later this year; if approved, lenacapavir will be marketed as Yeytuo® with one additional year of market exclusivity in the EU.
- CHMP also granted a positive EU-M4all opinion, facilitating WHO prequalification and streamlined national regulatory assessments in low- and lower-middle-income countries.
- Supportive data from Phase 3 PURPOSE 1 (0 infections among 2,134 participants) and PURPOSE 2 (99.9% uninfected among 2,179 participants) trials demonstrated superiority versus daily oral Truvada®.
- Gilead’s Phase 3 PURPOSE trials demonstrated that twice-yearly lenacapavir (Yeztugo®) was effective and well tolerated across diverse populations—including pregnant and lactating women, adolescents and those on TB treatment.
- Zero HIV infections occurred among 184 pregnant or breastfeeding participants receiving Yeztugo in PURPOSE 1, with safety profiles comparable to non-pregnant women.
- >75% of participants preferred twice-yearly injectable PrEP over daily oral regimens, citing greater protection (69%) and confidence in adherence (77%).
- Yeztugo received FDA approval on June 18, 2025 as the first twice-yearly HIV prevention option; Gilead is pursuing additional regulatory filings globally and will supply up to 2 million doses via a Global Fund partnership.