GILEAD SCIENCES, INC.GILD
GILEAD SCIENCES, INC. Financial Overview 2021–2025
Updated Jul 10, 2026Gilead Sciences delivered a staggering net income reversal in FY2025, surging to $8.5 billion from just $480 million the year prior as massive R&D impairment charges rolled off the books. This bottom-line explosion underscores a pharmaceutical giant actively engineering a pivot away from temporary pandemic windfalls toward a stabilized, long-acting HIV and oncology foundation.
While profitability has normalized, top-line expansion remains structurally constrained, with total revenues inching from $27.3 billion in FY2021 to just $29.4 billion in FY2025. This modest growth arc hides intense underlying segment shifts. Sales of the COVID-19 antiviral Veklury collapsed by 60% in Q3 2025, yet the core HIV franchise absorbed the blow. For the full year, Biktarvy and Descovy sales climbed 7% and 31% respectively, insulated by patent settlements that secure Biktarvy's U.S. market exclusivity through April 2036. To ignite its next growth phase, the company is aggressively deploying capital into its oncology pipeline, highlighted by the $7.1 billion acquisition of Arcellx in April 2026 to secure a targeted CAR-T cell therapy.
At the close of FY2025, the market priced Gilead at a $152.3 billion market capitalization. The stock traded at $122.74, reflecting an 18.1x price-to-earnings multiple against its newly revitalized $6.78 per share earnings base.
Recent Developments (Q4 2025 and Q1 2026)
Gilead's Q1 2026 results were overshadowed by a massive acquisition spree that will drag the company into a projected net loss for the full year 2026. The quarter itself showed strength, with total revenues rising 4% year-over-year to $6.96 billion. This was driven by a 10% increase in HIV product sales to $5.0 billion and a 37% surge for the oncology drug Trodelvy to $402 million. Net income jumped 54% to $2.02 billion, or $1.61 per share.
To fund these strategic moves, including the buyouts of Tubulis for up to $5.1 billion and Ouro Medicines for $2.2 billion, the company issued $3 billion in senior notes in May 2026. Bulls argue the robust HIV and oncology momentum justifies the stock trading at 19.8x earnings as of the May 7, 2026 reporting date. Conversely, bears warn that massive upcoming in-process R&D charges create significant near-term valuation risk.
What to watch: integration of the Tubulis and Ouro Medicines pipelines; magnitude of the projected Q2 2026 in-process R&D expense hit.
Rev
$29.44B
FY2025
NI
$8.51B
FY2025
EPS
$6.84
FY2025
OCF
$10.02B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
GILEAD SCIENCES, INC. 8-K Report, Material Agreement (May 20, 2026)
Gilead Sciences, Inc. (GILD) has filed an 8-K to report the entry into a material definitive agreement related to the issuance of $3 billion in aggregate principal amount of senior notes. This issuance, structured across four series with varying maturity dates (2028, 2029, 2031, and 2034) and interest rates ranging from 4.250% to 4.900%, was conducted through a public offering under a previously filed Form S-3 registration statement. The company intends to utilize the net proceeds for general corporate purposes, including potential acquisitions, investments, and strategic transactions, signaling a proactive approach to funding future growth and operational flexibility. The filing also incorporates the underwriting agreement with major financial institutions acting as representatives for the underwriters. Investors should note that while this issuance provides capital, it also increases Gilead's debt obligations and introduces specific covenants and restrictions detailed within the supplemental indenture, such as limitations on secured indebtedness and obligations to repurchase notes upon certain change of control events. The specific redemption prices for the notes are available in their respective forms, which are attached as exhibits to this filing.
GILEAD SCIENCES, INC. 8-K Report, Financial Results (May 7, 2026)
Gilead Sciences, Inc. (GILD) has filed an 8-K report on May 7, 2026, to announce its financial results for the first quarter ended March 31, 2026. The primary focus of this filing is the dissemination of these results, presented in both Generally Accepted Accounting Principles (GAAP) and non-GAAP measures. The company emphasizes that non-GAAP figures are provided for supplemental understanding and internal management purposes, with a reconciliation to GAAP figures available in the accompanying press release. Investors should note that while the press release provides key financial performance indicators, this specific 8-K filing, under Item 2.02 and Item 9.01, is not considered 'filed' for purposes of Section 18 of the Exchange Act and will not be incorporated by reference into future filings. Therefore, investors should carefully review the full press release (Exhibit 99.1) for detailed financial performance and strategic insights.
GILEAD SCIENCES, INC. 8-K Report, Shareholder Vote Results (May 4, 2026)
Gilead Sciences, Inc. (GILD) has filed an 8-K detailing the outcomes of its 2026 annual meeting of stockholders held on April 30, 2026. The meeting saw a strong turnout, with approximately 91% of outstanding shares represented, establishing a quorum. Key outcomes include the re-election of all nine director nominees, with overwhelming support across the board. Stockholders also ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and approved, on an advisory basis, the compensation of the company's Named Executive Officers. Furthermore, investors approved the amended and restated Gilead Sciences, Inc. 2022 Equity Incentive Plan, indicating continued support for executive and employee long-term incentives. However, several significant stockholder proposals did not receive majority approval, including those requesting an independent Board Chair, a report on the impact of extended patent exclusivities on patient access, and a report on the risks of ESG and DEI executive compensation metrics. These results suggest that while the board's composition and executive compensation received stockholder backing, there was a lack of consensus on certain governance and policy-related initiatives proposed by shareholders.
GILEAD SCIENCES, INC. 8-K Report, Regulation FD Disclosure (Apr 28, 2026)
Gilead Sciences, Inc. (GILD) announced the successful completion of its acquisition of Arcellx, Inc. on April 28, 2026. This strategic move involved a tender offer and a subsequent merger, bringing Arcellx and its promising CAR T therapy anitocabtagene autoleucel (anito-cel) under Gilead's umbrella. The transaction was valued at approximately $7.1 billion, inclusive of cash payments and potential contingent value rights (CVRs). Investors should note that the acquisition provides Gilead with potential future upside through the anito-cel product candidate, which could generate significant sales if it surpasses the $6 billion threshold by December 31, 2029, triggering a $5.00 per CVR payment. This acquisition signifies Gilead's continued commitment to expanding its oncology portfolio and investing in innovative cell therapies.
GILEAD SCIENCES, INC. 8-K Report, Material Agreement (Feb 23, 2026)
Gilead Sciences, Inc. has entered into a definitive agreement to acquire Arcellx, Inc. for a combination of cash and a contingent value right (CVR). The offer includes an upfront cash payment of $115.00 per share, plus a CVR entitling holders to an additional $5.00 per share if Arcellx's anito-cel product achieves $6 billion in cumulative worldwide sales by December 31, 2029. This acquisition represents a significant strategic move for Gilead, aiming to bolster its oncology pipeline with Arcellx's promising BCMA-targeting ddCAR product candidate, anito-cel, which has also received FDA acceptance for its Biologics License Application. The transaction is structured as a tender offer, where Gilead's subsidiary will commence an offer to acquire all outstanding shares of Arcellx. The deal is subject to customary closing conditions, including a majority tender of Arcellx shares and antitrust approvals. Management and significant shareholders of Arcellx have entered into support agreements to tender their shares, representing approximately 10.3% of outstanding shares. This acquisition is expected to enhance Gilead's position in the competitive oncology market, particularly in the treatment of relapsed or refractory multiple myeloma.
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