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GILEAD SCIENCES, INC.GILD

Sector
Healthcare
Industry
Biological Products, (No Diagnostic Substances)
Exchange
Nasdaq

Stock Price $GILD

Latest filings

You are here#8 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1210-Q328-K117

GILD filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 117 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’16Sep ’16
  2. Leadership change8-K · Mar ’19Mar ’19
  3. FY2020 annual report10-K · Feb ’21Feb ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $29.44B
YoY changeLargest recent move−15.2%in FY18Latest +2.4%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All GILD Financial Metrics62 metrics

Income Statement15

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

GILEAD SCIENCES, INC. Financial Overview 2021–2025

Updated Jul 10, 2026

Gilead Sciences delivered a staggering net income reversal in FY2025, surging to $8.5 billiona 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 billionb 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 billionc 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 billiond. 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 billione 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.

03—Filings

Recent SEC Filings

  1. 8-KGILEAD SCIENCES, INC. 8-K Report, Financial Results (Aug 4, 2026)Gilead Sciences reported second-quarter 2026 results on August 4, 2026, with total revenues up 10% year-over-year to $7.8 billion and product sales excluding Veklury up 10% to $7.6 billion. The core business showed strength, led by HIV products (up 12% to $5.7 billion, with Biktarvy up 7% to $3.8 billion and Descovy up 48% to $967 million), Trodelvy (up 26% to $457 million), and Livdelzi. Non-GAAP product gross margin held flat at 86.9%, and non-GAAP SG&A rose 12% on HIV promotional spending. Management raised its full-year product sales guidance to $30.1-30.4 billion and narrowed its non-GAAP diluted loss per share guidance to $(0.65) to $(0.30), from $(1.05) to $(0.65) previously. Headline GAAP results were deeply negative, with diluted loss per share of $(8.45) versus $1.56 a year earlier. This was driven by $11.2 billion of acquired IPR&D expense tied to the Arcellx, Tubulis and Ouro Medicines acquisitions, equal to about $9.08 per share, plus a $1.75 billion IPR&D impairment on assets from Immunomedics. The acquisitions also pushed the effective tax rate negative, because the acquired IPR&D is not tax-deductible. Liquidity fell sharply: cash and marketable debt securities dropped to $3.2 billion from $10.6 billion at year-end 2025, after $11.3 billion of acquisition outflows, and the company funded this partly with $4.1 billion of net new debt. Stockholders' equity fell to $11.7 billion from $22.6 billion. The quarter's key tension is between a healthy base business and a balance sheet and GAAP earnings profile reshaped by large, costly pipeline acquisitions. Investors will likely focus on whether the acquired assets (anito-cel, Tubulis ADCs, gamgertamig) justify the spending, on the Veklury decline (down 81% in the quarter), on the EVOKE-03 discontinuation, and on the pace of deleveraging. The company also declared a $0.82 quarterly dividend for the third quarter.
  2. 8-KGILEAD 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.
  3. 8-KGILEAD SCIENCES, INC. 8-K Report, Financial Results (May 7, 2026)Gilead Sciences reported first quarter 2026 results that were strong at the operating level, with total revenues up 4% to $7.0 billion and product sales excluding Veklury up 8% to $6.8 billion, led by HIV (up 10% to $5.0 billion, with Biktarvy at $3.4 billion and Descovy up 38%) and Trodelvy (up 37% to $402 million). Non-GAAP diluted EPS rose 12% to $2.03, and non-GAAP operating margin expanded to 46.9% from 43.4%, helped by a higher product gross margin (87.5% non-GAAP) following the expiration of a royalty-related obligation. Veklury sales fell 52% as COVID-19 hospitalizations declined, and Cell Therapy sales fell 12% amid competition. GAAP diluted EPS of $1.61 benefited from $142 million of net gains on equity securities versus losses a year earlier. The most consequential item for investors is the guidance change. Gilead raised full-year 2026 product sales guidance to $30.0-30.4 billion, but cut GAAP diluted EPS guidance to a loss of $(3.25) to $(2.85) from $6.75-7.15, and non-GAAP EPS guidance to $(1.05) to $(0.65) from $8.45-8.85. The reduction, about $9.50 per share, reflects anticipated acquired IPR&D charges of roughly $11.5 billion tied to the Arcellx ($7.8 billion equity value, now completed), Ouro, and Tubulis acquisitions, plus associated financing costs. These are largely non-cash, one-time charges, but they materially change reported earnings for 2026. Balance sheet and liquidity moved meaningfully in the quarter. Cash and marketable securities fell to $8.6 billion from $10.6 billion after $2.8 billion of debt repayments, $1.0 billion of dividends and $419 million of buybacks, while operating cash flow was $2.5 billion. Management also highlighted regulatory catalysts ahead, including a BIC/LEN PDUFA date of August 27, 2026, and an anito-cel PDUFA date of December 23, 2026. The quarterly dividend was declared at $0.82 per share.
  4. 8-KGILEAD 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.
  5. 8-KGILEAD SCIENCES, INC. 8-K Report, Regulation FD Disclosure (Apr 28, 2026)On April 28, 2026, Gilead Sciences completed its acquisition of Arcellx, Inc. (Nasdaq: ACLX) through a tender offer followed by a Section 251(h) merger. Shareholders receive $115.00 per share in cash plus one non-transferable contingent value right (CVR) worth up to $5.00 per share. Gilead describes the transaction as a total implied equity value of about $7.8 billion, and it used roughly $7.1 billion of cash to fund the Offer and Merger, including option, RSU and other payments. The tender offer expired April 27, 2026, with about 38.8 million shares tendered, which together with shares Gilead already owned represented approximately 77.2% of outstanding shares. This cleared the majority-of-shares threshold, and Arcellx is now a wholly owned subsidiary and will be delisted from Nasdaq. The strategic rationale centers on full control of anitocabtagene autoleucel (anito-cel), an investigational BCMA-directed CAR T-cell therapy for multiple myeloma that Kite had been collaborating on with Arcellx. Gilead says the deal eliminates future profit-share, milestone and royalty obligations, allowing it to consolidate development and decision-making and bring the program to patients. Management frames the next phase as execution on the regulatory and commercial launch, with anito-cel carrying Fast Track, Orphan Drug and RMAT designations from the FDA. For investors, the key financial effects are on earnings rather than near-term cash flow. Because the deal is accounted for as an asset acquisition, the acquired in-process R&D expense is expected to reduce Gilead's 2026 GAAP and non-GAAP diluted EPS by approximately $5.57 to $5.67. Excluding that charge, Gilead expects modest dilution in 2026 and 2027 and accretion from 2028 onward, contingent on FDA approval of anito-cel. The $5.00 CVR adds a further contingent liability tied to cumulative anito-cel sales exceeding $6.0 billion through December 31, 2029, with any payment due March 31, 2030.
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04—See also

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