GILD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $144.74
Market Cap (MRQ) $179.62B
P/E (TTM) -54.4
EPS (TTM) $-2.66
Revenue (TTM) $30.46B
Div Yield 2.2%
ROE (TTM) -20.6%
Debt/Equity (MRQ) 2.2
52W Range $110–$156

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About Gilead Sciences, Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Gilead Sciences, Inc. () is an American biopharmaceutical company headquartered in Foster City, California, that focuses on researching and developing antiviral drugs used in the treatment of HIV/AIDS, hepatitis B, hepatitis C, influenza, and COVID-19. It also develops medicines in therapeutic areas such as oncology and inflammation and cell therapy.

In 1987, Michael L. Riordan founded the company under the name Oligogen. The original name was a reference to oligonucleotides, small strands of DNA used to target genetic sequences. Gilead held its initial public offering in 1992, and successfully developed drugs including Tamiflu and Vistide that decade.

In the 2000s, Gilead began evolving from a biotechnology company into a large pharmaceutical company, through acquisitions and investments, acquiring several subsidiaries. Gilead is a member of the Nasdaq-100 and the S&P 100.

The company has faced criticism over its business practices, including extremely high pricing of drugs such as Sovaldi and Truvada in the United States relative to production cost and cost in the developing world.

History

Foundation

In June 1987, Gilead Sciences was originally founded under the name Oligogen by Michael L. Riordan, a medical doctor. Riordan graduated from Washington University in St. Louis, the Johns Hopkins School of Medicine, and the Harvard Business School. The idea for Gilead began as a research project at Menlo Ventures, where Michael was an associate. Three scientific advisers worked with Riordan to create the company: Peter Dervan of Caltech, Doug Melton of Harvard, and Harold M. Weintraub of the Fred Hutchinson Cancer Research Center, along with H. Dubose Montgomery, one of Menlo Ventures founders. Riordan served as CEO from the company's founding until 1996. Menlo Ventures subsequently made the first investment in Gilead of $2 million. Riordan also recruited scientific advisers, including Harold Varmus, a Nobel laureate who later became Director of the National Institutes of Health, and Jack Szostak, recipient of the Nobel Prize for Physiology or Medicine in 2009.

The company's primary therapeutic focus was in antiviral medicines, a field that piqued Riordan's interest after he contracted dengue fever. Riordan recruited Donald Rumsfeld to join the board of directors in 1988, followed by Benno C. Schmidt, Sr., Gordon Moore, and George P. Shultz. Riordan tried to recruit Warren Buffett as an investor and board member but was unsuccessful.

The company focused its early research on making small strands of DNA (oligomers, or more particularly, oligonucleotides) to target specific genetic code sequences – that is, antisense therapy, a form of gene therapy. According to Riordan, he had always wanted to use the name Gilead Sciences all along. Still, he used Oligogen as a temporary name because he needed to deal with a trademark clearance issue with a California nonprofit organization that was already using the word Gilead in its name. He had first heard of the Balm of Gilead when he read Lanford Wilson's play Balm in Gilead while in medical school, then learned that naturally occurring acetylsalicylic acid (aspirin) had been found in modern times in a willow tree species from that part of that world, and was therefore inspired to name his company Gilead. After founding Oligogen, he contacted the nonprofit about the naming issue and secured the right to use the Gilead Sciences name in exchange for a $1,000 donation.

By 1988, the company had moved its headquarters to Foster City's Vintage Park neighborhood, where it has been based ever since.

The company began developing small-molecule antivirals in the early 1990s, entering licensing agreements in 1991 and 1992 with the Institute of Organic Chemistry and Biochemistry in Prague and the Rega Institute for Medical Research in Leuven for nucleotide analogues discovered through the collaboration of Czech chemist Antonín Holý and Belgian virologist Erik De Clercq.

In 1991 and 1992, Gilead licensed nucleotide analogues from the Institute of Organic Chemistry and Biochemistry in Prague and the Rega Institute for Medical Research in Leuven, beginning its development of small-molecule antivirals. They had been discovered through a collaboration between Antonín Holý and Erik De Clercq. The compounds included cidofovir, tenofovir and adefovir, which Gilead subsequently developed as Vistide, Viread and Hepsera.

Riordan later recalled that Gilead's first decade as a startup was an extremely stressful experience for him, as a young venture capitalist serving for the first time as the founder, chairman, and chief executive officer of his own biotech company. The new company had no products and very little income, and narrowly escaped going out of business on several occasions: "It was touch and go for a long time". Finding a way for Gilead to make money was Riordan's top priority "every second of the day for eight years".

1990–1999: IPO

Gilead's antisense intellectual property portfolio was sold to Ionis Pharmaceuticals. Gilead debuted on the NASDAQ in January 1992. Its initial public offering raised $86.25 million in proceeds. In June 1996, Gilead launched Vistide (cidofovir injection) for the treatment of cytomegalovirus (CMV) retinitis in patients with AIDS. In January 1997, Donald Rumsfeld was appointed chairman, but left the board in January 2001 when he was appointed United States Secretary of Defense during George W. Bush's first term as president.

In March 1999, Gilead acquired NeXstar Pharmaceuticals of Boulder, Colorado. At the time, NeXstar's annual sales of $130 million was three times Gilead's sales; it sold AmBisome, an injectable fungal treatment, and DaunoXome, an oncology drug taken by HIV patients. That same year, Roche announced FDA approval of Tamiflu (oseltamivir) for the treatment of influenza. Tamiflu was originally discovered by Gilead and licensed to Roche for late-phase development and marketing.

One reason for entering into the Tamiflu licensing agreement was that with only 350 employees, Gilead still did not yet have the capability to sell its drugs directly to overseas buyers. To avoid having to license future drugs in order to access international markets, Gilead simply acquired the 480-employee NeXstar, which had already built its own sales force in Europe to market AmBisome there.

2000 to 2009

Viread (tenofovir) achieved first approval in 2001 for the treatment of HIV.

In 2002, Gilead changed its corporate strategy to focus exclusively on antivirals, and sold its cancer assets to OSI Pharmaceuticals for $200 million. In December 2002, Gilead and Triangle Pharmaceuticals announced that Gilead would acquire Triangle for around $464 million; Triangle's lead drug was emtricitabine that was near FDA approval, and it had two other antivirals in its pipeline. The company also announced its first full year of profitability. Later that year, Hepsera (adefovir) was approved for the treatment of chronic hepatitis B, and Emtriva (emtricitabine) for the treatment of HIV.

During this era, Gilead completed its gradual evolution from a biotech startup into a pharmaceutical company. The San Francisco Chronicle noted that by 2003, the Gilead corporate campus in Foster City had expanded to "seven low-slung sand-colored buildings around a tiny lake on which ducks happily paddle." Like many startups, Gilead originally leased its space, but in 2004, the company paid $123 million to buy all its headquarters buildings from its landlords. However, even as Gilead developed its ability to distribute and sell its own drugs, it remained distinct from most pharmaceutical companies in terms of its strong reliance on subcontracting most of its manufacturing to contract manufacturing organizations.

In 2004, during the Avian flu pandemic scare, Gilead Sciences' revenue from Tamiflu almost quadrupled to $44.6m as more than 60 national governments stockpiled the antiviral drug, though the firm had made a loss in 2003 before concern about the flu started. As stocks soared, US Defense Secretary and Pentagon chief Donald Rumsfeld sold shares of the company, receiving more than $5 million in capital gains, while still maintaining up to $25m-worth of shares by the end of the year. Sales of Tamiflu almost quadrupled again in 2005, to $161.6m, during which time the share price tripled. A 2005 report showed that, in all, Rumsfeld owned shares worth up to $95.9m, from which he got an income of up to $13m.

In 2006, the company acquired Corus Pharma, Inc. for $365 million. The acquisition of Corus signaled Gilead's entry into the respiratory arena. Corus was developing aztreonam lysine for the treatment of patients with cystic fibrosis who are infected with Pseudomonas aeruginosa. In July 2006, the U.S. Food and Drug Administration (FDA) approved Atripla, a once a day single tablet regimen for HIV, combining Sustiva (efavirenz), a Bristol-Myers Squibb product, and Truvada (emtricitabine and tenofovir disoproxil), a Gilead product.

Gilead purchased Raylo Chemicals, Inc. in November 2006, for a price of US$133.3 million. Raylo Chemical, based in Edmonton, Alberta, was a wholly owned subsidiary of Degussa AG, a German company. Raylo Chemical was a custom manufacturer of active pharmaceutical ingredients and advanced intermediates for the pharmaceutical and biopharmaceutical industries.

Later in the same year, Gilead acquired Myogen, Inc. for $2.5 billion (then its largest acquisition). With two drugs in development (ambrisentan and darusentan), and one marketed product (Flolan) for pulmonary diseases, the acquisition of Myogen has solidified Gilead's position in this therapeutic arena. Under an agreement with GlaxoSmithKline, Myogen marketed Flolan (epoprostenol sodium) in the United States for the treatment of primary pulmonary hypertension. Additionally, Myogen was developing (in Phase 3 studies) darusentan, also an endothelin receptor antagonist, for the potential treatment of resistant hypertension.

Gilead expanded its move into respiratory therapeutics in 2007 by entering into a licensing agreement with Parion for an epithelial sodium channel inhibitor for the treatment of pulmonary diseases, including cystic fibrosis, chronic obstructive pulmonary disease and bronchiectasis.

In 2009, the company acquired CV Therapeutics, Inc. for $1.4 billion, bringing Ranexa and Lexiscan into Gilead. Ranexa is a cardiovascular drug used to treat chest pain related to coronary artery disease, with both of these products and pipeline building out Gilead's cardiovascular franchise. Later that year, the company was named one of the Fastest Growing Companies by Fortune.

2010 to 2019

In 2010, the company acquired CGI Pharmaceuticals for $120 million, expanding Gilead's research expertise into kinase biology and chemistry. Later that year, the company acquired Arresto Biosciences, Inc. for $225 million, obtaining developmental-stage research for treating fibrotic diseases and cancer.

In February 2011, the company acquired Calistoga Pharmaceuticals for US$375 million ($225 million plus milestone payments). The acquisition boosted Gilead's oncology and inflammation areas. Later that year, Gilead made its most important acquisition – and by then most expensive – with the US$10.4 billion purchase of Pharmasset, Inc. This transaction helped cement Gilead as the leader in treatment of the hepatitis C virus by giving it control of sofosbuvir (see below).

In October 2011, Gilead broke ground on a massive multi-year expansion of its 17-building headquarters campus in Foster City. By replacing eight one or two-story buildings with seven new structures ranging as tall as 10 stories, Gilead nearly doubled its headquarters real estate footprint from about 620,000 square feet to about 1.2 million square feet.

On July 16, 2012, the FDA approved Gilead's Truvada for prevention of HIV infection (it was already approved for treating HIV). The pill was a preventive measure (PrEP) for people at high risk of getting HIV through sexual activity.

In 2013, the company acquired YM Biosciences, Inc. for $510 million. The acquisition brings drug candidate CYT387, an orally administered, once-daily, selective inhibitor of the Janus kinase (JAK) family, specifically JAK1 and JAK2, into Gilead's oncology pipeline. The JAK enzymes have been implicated in myeloproliferative diseases, inflammatory disorders, and certain cancers.

In 2015, the company made a trio of acquisitions:

It bought Phenex Pharmaceuticals for $470 million. Its Farnesoid X receptor (FXR) program used small-molecule FXR agonists in the treatment of liver diseases such as non-alcoholic steatohepatitis.

It bought EpiTherapeutics for $65 million. This acquisition gave Gilead first-in-class small molecule inhibitors of histone demethylases involved in regulating gene transcription in cancer.

It paid $425 million for a 15% equity stake in Galapagos NV, with additional payments for Gilead to license the experimental anti-inflammatory drug filgotinib, which may treat rheumatoid arthritis, ulcerative colitis, and Crohn's disease.

In 2016, the company acquired Nimbus Apollo, Inc. for $400 million, giving Gilead control of the compound NDI-010976 (an ACC inhibitor) and other preclinical ACC inhibitors for the treatment of non-alcoholic steatohepatitis and for the potential treatment of hepatocellular carcinoma. Also in 2016, the company was named the most generous company on the 2016 Fortune list of The Most Generous Companies of the Fortune 500. Charitable donations to HIV/AIDS and liver disease organizations totaled over 440 million in 2015.

In August 2017, the company announced it would acquire Kite Pharma for $11.9 billion, equating to $180 cash per share, a 29% premium over the closing price of the shares. The deal was Gilead's entry into the cell therapy market and added a chimeric antigen receptor T cell (CAR-T) therapy candidate to the company's portfolio. By 2022 this acquisition had led to two marketed products for lymphoma: Yescarta and Tecartus. In November, the company announced it will acquire Cell Design Labs for up to $567 million, after it indirectly acquired a stake of 12.2% via the Kite Pharma deal.

On May 9, 2019, the U.S. Department of Health and Human Services announced that Gilead Sciences will donate Truvada, the only drug approved to prevent infection with H.I.V., for free to 200,000 patients annually for 11 years. On December 3, 2019, HHS explained how the government would distribute the donated drugs. HHS Secretary Alex Azar explained that the U.S. government will pay Gilead $200 per bottle for 30 pills for costs associated with getting the drug from factories into the eventual hands of patients.

Gilead Sciences is led by a board of directors and an executive management team. Daniel O'Day has served as the chairman and chief executive officer since 2019. He succeeded John F. Milligan who was CEO from 2016 to 2018 and John C. Martin, who held the CEO role from 1996 to 2016, and was chairman until 2018.

2020-

In March 2020, the company announced it would acquire Forty Seven Inc. for $95.50 a share ($4.9 billion in total). On April 7, 2020, Gilead completed acquisition of Forty Seven, Inc. for "$95.50 per share, net to the seller in cash, without interest, or approximately $4.9 billion in the aggregate."

In June 2020, Bloomberg reported that AstraZeneca Plc had made a preliminary approach to Gilead for a potential merger, worth almost $240 billion. In the same month, the company announced it would acquire a 49.9% stake in privately held Pionyr Immunotherapeutics Inc for $275 million. In September 2020, Gilead announced it had reached a deal to acquire Immunomedics for $21 billion ($88 per share), gaining control of the cancer treatment Trodelvy (Sacituzumab govitecan-hziy) – a first-in-class Trop-2 antibody-drug conjugate. In December, the business announced it would acquire German biotech, MYR GmbH, for €1.15 billion plus up to a further €300 million. MYR focuses on the treatment of chronic hepatitis delta virus.

In November 2021, the company was added to the Dow Jones Sustainability World Index. In January 2022, Gilead pulled its cancer drug Zydelig (idelalisib) from its accelerated approval in relapsed follicular B-cell non-Hodgkin lymphoma (FL) and relapsed small lymphocytic leukemia (SLL). In September, the company completed its acquisition of MiroBio for $405 million. In February 2023, the business, through Kite Pharma completed its acquisition of Tmunity Therapeutics. In May, the business announced it would acquire XinThera and its small molecule inhibitors. In February 2024, the company acquired CymaBay Therapeutics, and in September, paid Genesis Therapeutics $35 million for AI-based drug discovery work.

In May 2025, Gilead Sciences announced it would pay $10 million for sole ownership of arenavirus immunotherapies for hepatitis B (HBV) and HIV resulting from the company's collaboration with Hookipa Pharma.

In December 2025, it was announced that Gilead Sciences had agreed to acquire RP-3467, a polymerase theta (Polθ) ATPase inhibitor, from Repare Therapeutics for total consideration of up to US$30 million. The agreement includes an upfront payment of US$25 million and up to an additional US$5 million contingent on the completion of specified technology transfer activities.

Throughout 2024 and 2025, Gilead invested in AI-based drug discovery and continued to focus on immunotherapy research and development. This included a collaboration with Hookipa Pharma for arenavirus immunotherapies for hepatitis B and HIV. In 2025, Gilead reported it would invest $32 billion in U.S. research, development, and manufacturing through 2030.

Acquisition history

Treatments for hepatitis C

The drug sofosbuvir had been part of the 2011 acquisition of Pharmasset. In 2013, the FDA approved this drug, under the trade name Sovaldi, as a treatment for the hepatitis C virus. Forbes magazine ranked Gilead its number 4 drug company, citing a market capitalization of US$113 billion and stock appreciation of 100%, and describing their 2011 purchase of Pharmasset for $11 billion as "one of the best pharma acquisitions ever". Deutsche Bank estimated Sovaldi sales in the year's final quarter would be $53 million, and Barron's noted the FDA approval and subsequent strong sales of the "potentially revolutionary" drug as a positive indicator for the stock.

On July 11, 2014, the United States Senate Committee on Finance investigated Sovaldi's high price ($1,000 per pill; $84,000 for the full 12-week regimen). Senators questioned the extent to which the market was operating "efficiently and rationally", and committee chairman Ron Wyden (D-Oregon) and ranking minority member Chuck Grassley (R-Iowa) wrote to CEO John C. Martin asking Gilead to justify the price for this drug. The committee hearings did not result in new law, but in 2014 and 2015, due to negotiated and mandated discounts, Sovaldi was sold well below the list price. For poorer countries, Gilead licensed multiple companies to produce generic versions of Sovaldi; in India, a pill's price was as low as $4.29.

Gilead later combined Sovaldi with other antivirals in single-pill combinations. First, Sovaldi was combined with ledipasvir and marketed as Harvoni. This treatment for hepatitis C cures the patient in 94% to 99% of cases (HCV genotype 1). By 2017, Gilead was reporting drastic drops in Sovaldi revenue from year to year, not only because of pricing pressure but because the number of suitable patients decreased. Later single-pill combinations were Epclusa (with velpatasvir) and Vosevi (with velpatasvir and voxilaprevir).

Finances

For the fiscal year 2017, Gilead Sciences reported earnings of US$4.628 billion and annual revenue of US$26.107 billion, a decline of 14.1% over the previous fiscal cycle. Gilead Sciences's shares traded at over $70 per share, and its market capitalization was valued at US$93.4 billion in October 2018.

For the fiscal year 2024, Gilead Sciences reported annual revenue of $28.754 billion, a 6.04% increase over the previous fiscal cycle. The company's shares traded at around $123 per share and its market capitalization value was approximately $153 billion as of November 2025.

Prospects for the future

As of 2017, Gilead's challenge is to develop or acquire new blockbuster drugs before its current revenue-producers wane or their patent protection expires. Gilead benefited from the expansion of Medicaid in the ACA; Leerink analyst Geoffrey Porges wrote that Gilead's HIV drugs could face funding pressure under reform proposals. Gilead has $32 billion in cash, but $27.4 billion is outside the U.S. and is unavailable for acquisitions unless Gilead pays U.S. tax on it, though it could borrow against it. Gilead would benefit from proposals to let companies repatriate offshore capital with minimal further taxation.

Gilead's Entospletinib has shown a 90% complete response rate for MLL type acute myeloid leukaemia (AML).

Criticisms

TAF development delays

Several mass tort lawsuits have been filed against Gilead alleging that the company deliberately delayed development of antiretroviral drugs based on tenofovir alafenamide fumarate (TAF) in order to maximize profits from previous-generation medications containing tenofovir disoproxil fumarate (TDF). Plaintiffs allege that Gilead suspended TAF in 2004 despite clear evidence indicating that TAF-based medications were safer than TDF, a compound whose long-term use was associated with adverse side effects such as nephrotoxicity and bone density loss.

Gilead's first TAF medication, marketed under the trade name Genvoya, came out in 2015. Lawsuits allege that in the interim period, many HIV patients who continuously took Gilead's older TDF-based drugs suffered severe side effects, including nephrotoxicity.

Pricing

Biktarvy

In 2024, the Institute for Clinical and Economic Review (ICER) identified Biktarvy (bictegravir/emtricitabine/tenofovir alafenamide) as one of five high-expenditure drugs that experienced significant net price increases without new clinical evidence to justify the hikes. Specifically, Biktarvy's wholesale acquisition cost rose by 5.49%, leading to an additional $815 million in costs to U.S. payers.

Sovaldi

Gilead came under intense criticism for its high pricing of its patented drug sofosbuvir (sold under the brand name Sovaldi), used to treat hepatitis C. In the US, for instance, it was launched at $1,000 per pill or $84,000 for the standard 84-day course, but it was drastically cheaper in the developing world; in India, it dropped as low as $4.29 per pill. While Sovaldi represented a significant improvement over contemporary treatments, the controversy surrounding its price ignited a national debate in the US, according to Reuters.

The United States Senate Committee on Finance launched an 18-month investigation of Gilead's Sovaldi pricing, and argued in its 2015 report that Gilead set prices high in disregard of the human cost and in order to set the stage for a higher eventual price for Sovaldi's successor, Harvoni. The committee's investigation, based in part on internal documents obtained from Gilead, revealed that the company had considered prices ranging from $50,000 to $115,000 per year, trying to strike a balance between revenue and predicted activist and public relations blowback, with little regard to research and development costs.

The high prices forced state Medicaid programs to ration treatment to patients, delaying treatment of less advanced hepatitis C cases. In Oregon, for example, 10,000 Medicaid patients were deemed good candidates for Sovaldi therapy, but the Oregon Health Authority estimated that treating half of these patients would more than double the state's total drug expenditures. The state thus opted to limit treatment to 500 patients per year.

Truvada and Descovy

Truvada was introduced to the market by Gilead in 2004 to treat HIV infections. In the following years, the United States government conducted research demonstrating that Truvada was able to prevent HIV infection. The US Centers for Disease Control holds the patent for this use of Truvada as pre-exposure prophylaxis (PreP).

Gilead introduced Truvada for PreP in 2012, at which point a prescription cost approximately $1,200 per month in the United States. By 2018, this price had increased to up to $2,000, despite generally costing less than $100 outside the U.S. Gilead made over $3 billion in sales of Truvada in 2018.

The high price drew the ire of activist groups such as ACT UP and was the subject of a Congressional hearing in May 2019. Gilead's CEO defended its pricing in the hearing by noting the large sums the company spends on HIV/AIDS research. Activists pressured the US government to enforce its patent on Truvada in order to combat the high prices set by Gilead.

In May 2019, Gilead announced it would donate enough Truvada to treat up to 200,000 patients annually for up to 11 years, the result of discussions with the Department of Health and Human Services under Trump. Dr. Rochelle Walensky noted that the donations still covered less than one-fifth of the people who need the drug, and argued it was possibly a move to help the company market Descovy, a more advanced successor drug. Walensky led a 2020 study that concluded the high costs of Descovy would on the whole negate any comparative advantage of prescribing it over a generic Truvada alternative.

In July 2021, Gilead announced it would decrease 340B Drug Pricing Program reimbursements to clinics serving primarily low-income communities; clinics argued this severely hinders their ability to provide HIV/AIDS prevention and treatment services among vulnerable populations.

Anticompetitive behavior

Gilead has also been accused of stifling competition. A lawsuit filed in the United States in 2019 alleged that the company entered "pay for delay" agreements with other manufacturers, wherein the manufacturers agreed to delay releasing generic versions of Truvada. In 2021, CVS Pharmacy and Rite Aid filed a lawsuit on similar grounds against Gilead, Bristol-Myers Squibb, and Teva Pharmaceuticals in 2021.

In response to criticisms over the price of Sovaldi, Gilead began licensing the rights to produce generic versions of the drug to select producers in India in 2015. Included in the licensing agreements were 'anti-diversion' provisions, designed to prevent the drug from being exported back to developed countries where the cheaper, generic alternatives were still unavailable. (In India, a one-month treatment cost approximately US$300, versus $1,000 per pill in the United States.) Gilead required the Indian producers to screen patients to determine who could buy Sovaldi, which was criticized by Médecins Sans Frontières since it could lead to the exclusion of vulnerable groups like refugees and migrants from accessing the medicines. In response to the criticism, Gilead eventually relaxed these requirements.

Tax structures and tax avoidance

Gilead has been criticized for tax avoidance. Tax avoidance, as opposed to tax evasion, is the use of legal means to shift tax burdens from the one jurisdiction to overseas affiliates that pay a lower tax rate, even if revenue is primarily generated outside the overseas jurisdiction.

A 2016 report by the liberal think tank Americans for Tax Fairness argued that Gilead was able to avoid up to $10 billion in taxes on U.S. sales through mechanisms such as transfer pricing, the sale of assets between affiliated entities. In particular, Gilead sells intellectual property to an Irish subsidiary, which then sells the finished products, such as Sovaldi, in the United States and elsewhere, paying the low Irish tax rate on profits. The practice is common among multinational pharmaceutical companies like Gilead.

On December 26, 2018, The Times reported that Gilead had used the Double Irish arrangement to avoid U.S. corporate taxes on global profits, stating that the firm "used a controversial tax loophole arrangement to shift almost €20 billion in profits through an Irish entity in just two years" without paying Irish taxes. The company repatriated a portion of the Irish subsidiary's holdings, $28 billion, to the United States in 2018 following reductions of the corporate tax rate. For this it paid an estimated $5.5 billion in tax.

Remdesivir

Gilead sought and obtained orphan drug designation for remdesivir from the US Food and Drug Administration (FDA) on March 23, 2020. This designation is intended to encourage the development of drugs affecting fewer than 200,000 Americans by granting strengthened and extended legal monopoly rights to the manufacturer, along with waivers on taxes and government fees.

Remdesivir became a candidate for treating COVID-19; at the time the status was granted, fewer than 200,000 Americans had COVID-19, but numbers were climbing rapidly as the COVID-19 pandemic reached the US, and crossing the threshold soon was considered inevitable. Gilead retains 20-year remdesivir patents in more than 70 countries.

In 2021, remdesivir (tradename Veklury) generated more than $4.5 billion in annual revenues, and was Gilead's highest selling product.

COVID-19

Emergency use authorization for remdesivir was granted in the U.S. on May 1, 2020, for people hospitalized with severe COVID-19. In September 2020 following a review of the evidence, the WHO issued guidance not to use remdesivir for people with COVID-19, as there was no good evidence of benefit. However, over 2020–22 with further clinical research, remdesivir had been approved for treatment of hospitalized people with COVID-19 in the United States, European Union, and multiple other countries. In 2022, the Canadian component of the WHO international Solidarity Trial reported that in-hospital people with COVID-19 treated with remdesivir had lower death rates (by about 4%) and reduced need for oxygen and mechanical ventilation compared to people receiving standard-of-care treatments.

Regulatory approval

Veklury received approval from the US Food and Drug Administration (FDA) in October 2020 use in hospitalized adults and children 12 years and older for treatment of severe COVID-19 infections. In January 2022, the FDA gave regulatory approval to Veklury for use in adults and children (12 years of age and older who weigh at least 40 kilograms (88 lb) and are positive for COVID-19, not hospitalized, and are ill having high risk for developing severe COVID-19, including hospitalization or death.

The FDA also provided Emergency Use Authorization for Veklury treatment of children under age 12 who are COVID-positive and not hospitalized, but have mild-to-moderate COVID-19 with high risk of developing severe COVID-19, including hospitalization or death.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorHealthcare industryBiotechnology employees17,000 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$29.44B
2016-12-31 → 2025-12-31
EPS$6.78
2016-12-31 → 2025-12-31
Free Cash Flow$9.46B
2016-12-31 → 2025-12-31
Net margin-10.6%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend GILD 5Y avg Peer Median Verdict
P/E (TTM) -54.45Y avg ≈63.5 ≈63.5 · ·
P/S (TTM) 5.95Y avg ≈4.0 ≈4.0 7.8 Undervalued
P/B (MRQ) 15.25Y avg ≈5.3 ≈5.3 9.7 Pricier
Price / FCF (TTM) 13.95Y avg ≈12.4 ≈12.4 · ·
Price / Cash Flow (TTM) 13.35Y avg ≈11.6 ≈11.6 21.3 Undervalued
Price / Tangible Book (MRQ) -81.5 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13
Dividend Yield2.2%
Payout Ratio47.0%
Annualized Payout≈$3.28Paid quarterly
5Y Div CAGR≈3.0%Per share, split-adjusted
Growth Streak≈9Consecutive years of dividend growth
Ex-dateAmountCurrencyYield
Sep 15, 2026$0.82USD≈2.2%
Jun 15, 2026$0.82USD≈2.6%
Mar 13, 2026$0.82USD≈2.2%
Dec 15, 2025$0.79USD≈2.6%
Sep 15, 2025$0.79USD≈2.8%
Jun 13, 2025$0.79USD≈2.8%
Mar 14, 2025$0.79USD≈2.8%
Dec 13, 2024$0.77USD≈3.4%
Sep 13, 2024$0.77USD≈3.7%
Jun 14, 2024$0.77USD≈4.7%
Mar 14, 2024$0.77USD≈4.1%
Dec 14, 2023$0.75USD≈3.7%
Sep 14, 2023$0.75USD≈3.9%
Jun 14, 2023$0.75USD≈3.8%
Mar 14, 2023$0.75USD≈3.7%
Dec 14, 2022$0.73USD≈3.3%
Sep 14, 2022$0.73USD≈4.4%
Jun 14, 2022$0.73USD≈5.0%
Mar 14, 2022$0.73USD≈4.9%
Dec 14, 2021$0.71USD≈4.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 4.5%
Next Report Oct 28, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 5, 2026 $-6.75 $-7.38 8.5%
March 31, 2026 $2.03 $1.95 4.0%
Dec. 31, 2025 $1.86 $1.85 0.73%
Sept. 30, 2025 $2.47 $2.17 13.7%
June 30, 2025 $2.01 $2.00 0.60%
March 31, 2025 $1.81 $1.82 -0.59%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 16
Metric Trend 202520242023202220212020201920182017201620152014
Revenue $29.44B$28.75B$27.12B$27.28B$27.30B$24.69B$22.45B$22.13B$26.11B$30.39B$32.64B$24.89B
Cost of Revenue $6.23B$6.25B$6.50B$5.66B$6.60B$4.57B$4.67B$4.85B$4.37B$4.26B$4.01B$3.79B
R&D Expense ······$9.11B$5.02B$3.73B$5.10B$3.01B$2.85B
SG&A Expense $5.77B$6.09B$6.09B$5.67B$5.25B$5.15B$4.38B$4.06B$3.88B$3.40B$3.43B$2.98B
Operating Expenses $19.42B$27.09B$19.51B$19.95B$17.39B$20.62B$18.16B$13.93B$11.98B$12.76B$10.45B$9.62B
Operating Income $10.02B$1.66B$7.61B$7.33B$9.92B$4.07B$4.29B$8.20B$14.12B$17.63B$22.19B$15.27B
Interest Expense ··$944M$935M$1.00B$984M$995M$1.08B$1.12B$964M$688M$412M
Other Non-op $-1M$-2M$-11M$-29M$-639M$-1.42B$1.87B$676M$523M$428M$154M$3M
Pretax Income $9.80B$690M$6.86B$5.81B$8.28B$1.67B$5.16B$7.80B$13.53B$17.10B$21.66B$14.86B
Income Tax $1.29B$211M$1.25B$1.25B$2.08B$1.58B$-204M$2.34B$8.88B$3.61B$3.55B$2.80B
Net Income $8.51B$480M$5.67B$4.59B$6.22B$123M$5.39B$5.46B$4.63B$13.50B$18.11B$12.10B
EPS (Basic) $6.84$0.38$4.54$3.66$4.96$0.10$4.24$4.20$3.54$10.08$12.37$7.95
EPS (Diluted) $6.78$0.38$4.50$3.64$4.93$0.10$4.22$4.17$3.51$9.94$11.91$7.35
Shares (Basic) 1,244,000,0001,247,000,0001,248,000,0001,255,000,0001,256,000,0001,257,000,0001,270,000,0001,298,000,0001,307,000,0001,339,000,0001,464,000,0001,522,000,000
Shares (Diluted) 1,255,000,0001,255,000,0001,258,000,0001,262,000,0001,262,000,0001,263,000,0001,277,000,0001,308,000,0001,319,000,0001,358,000,0001,521,000,0001,647,000,000
EBITDA $10.02B$1.66B$7.61B$7.33B$9.92B$4.07B$4.29B·$14.12B$17.63B$22.19B$15.27B
Balance Sheet 29
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents ···$5.41B$5.34B$6.00B$11.63B$17.94B$7.59B$8.23B$12.85B$10.03B
Short-term Investments $68M$0$1.18B$973M$1.18B$1.41B$12.72B$12.15B$17.92B$3.67B$1.76B$101M
Receivables $4.91B$4.42B$4.66B$4.78B$4.49B$4.89B$3.58B$3.33B$3.85B$4.51B$5.85B$4.63B
Inventory $1.77B$1.71B$1.79B$1.51B$1.62B$1.68B$922M$814M$801M$1.59B$1.96B$1.39B
Prepaid Expense $4.02B$3.05B$2.37B$1.77B$2.14B$2.01B$1.44B$1.61B$1.66B$1.59B$1.52B$1.06B
Other Current Assets ·········$1.06B$505M$472M
Current Assets $18.34B$19.17B$16.09B$14.44B$14.77B$16.00B$30.30B$35.84B$31.82B$19.59B$24.76B$17.71B
PP&E (Net) $5.61B$5.41B$5.32B$5.47B$5.12B$4.97B$4.50B$4.01B$3.29B$2.87B$2.28B$1.67B
PP&E (Gross) $8.30B$7.88B$7.77B$7.66B$7.01B$6.63B$5.92B$5.20B$4.29B$3.68B$3.04B$2.04B
Accum. Depreciation $2.70B$2.47B$2.45B$2.19B$1.89B$1.67B$1.42B$1.19B$994M$818M$763M$620M
Goodwill $8.31B$8.31B$8.31B$8.31B$8.33B$8.11B$4.12B$4.12B$4.16B$1.17B$1.17B$1.17B
Intangibles $16.98B$19.95B$26.45B$28.89B$33.45B$33.13B$13.79B$15.74B$17.10B$8.97B$10.25B$11.07B
Other Non-current Assets $4.84B$3.77B$4.79B$4.80B$4.96B$5.71B$7.44B$2.56B$2.72B$3.90B$934M$731M
Total Assets $59.02B$58.99B$62.12B$63.17B$67.95B$68.41B$61.63B$63.67B$70.28B$56.98B$51.72B$34.66B
Accounts Payable $715M$833M$550M$905M$705M$844M$713M$790M$814M$1.21B$1.18B$955M
Accrued Liabilities ····$6.14B$4.34B$3.07B$3.14B$3.37B$2.99B$3.17B$1.87B
Current Liabilities $11.81B$12.00B$11.28B$11.24B$11.61B$11.40B$9.76B$10.61B$11.63B$9.22B$9.89B$5.76B
Capital Leases $503M$498M$546M$467M$489M$608M$626M·····
Deferred Tax $402M$724M$1.59B$2.67B$4.36B$3.91B·····$51M
Other Non-current Liabilities $1.17B$1.29B$1.28B$1.18B$976M$1.21B$1.01B$1.04B$558M$297M$395M$586M
Long-term Debt $24.94B$26.71B$24.99B$25.23B$26.70B$31.40B$24.59B$27.32B$33.54B$26.35B$22.18B$12.40B
Total Debt $24.94B$26.71B$24.99B$25.23B$26.70B$31.40B$24.59B·$33.54B$26.35B$22.18B$12.40B
Common Stock $1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$1M$2M
Paid-in Capital $8.93B$7.70B$6.50B$5.55B$4.66B$3.88B$3.05B$2.28B$1.26B$454M$444M$2.39B
Retained Earnings $13.73B$11.50B$16.30B$15.69B$16.32B$14.38B$19.39B$19.02B$19.01B$18.15B$18.00B$12.73B
AOCI $39M$132M$28M$2M$83M$-60M$85M$80M$165M$278M$88M$301M
Stockholders' Equity $22.70B$19.33B$22.83B$21.24B$21.07B$18.20B$22.52B$21.39B$20.44B$18.89B$18.53B$15.43B
Liabilities + Equity $59.02B$58.99B$62.12B$63.17B$67.95B$68.41B$61.63B$63.67B$70.28B$56.98B$51.72B$34.66B
Shares Outstanding 1,241,000,0001,246,000,0001,246,000,0001,247,000,0001,254,000,0001,254,000,0001,266,000,0001,282,000,0001,308,000,0001,310,000,0001,422,000,0001,499,000,000
Cash Flow 17
Metric Trend 202520242023202220212020201920182017201620152014
Stock-based Comp $894M$835M$766M$637M$635M$643M$636M$845M$638M$380M$382M$360M
Deferred Tax $160M$-1.84B$-962M$-1.55B$-116M$-214M······
Amort. of Intangibles $2.40B$2.40B$2.30B$1.80B$1.70B$1.20B······
Restructuring $138M$188M$527M·········
Operating Cash Flow $10.02B$10.83B$8.01B$9.07B$11.38B$8.17B$9.14B$8.40B$11.90B$17.05B$21.25B$12.82B
CapEx $563M$523M$585M$728M$579M$650M$825M$924M$590M$748M$747M$557M
Investing Cash Flow $-4.79B$-3.45B$-2.27B$-2.47B$-3.13B$-14.62B$-7.82B$14.36B$-16.07B$-11.98B$-12.47B$-1.82B
Net Debt Issued ····$-4.75B·······
Stock Issued $408M$422M$232M$309M$169M$256M$209M$289M$234M$208M$319M$331M
Stock Repurchased $1.92B$1.15B$1.00B$1.40B$546M$1.58B$1.75B$2.90B$954M$11.00B$10.00B$5.35B
Net Stock Activity $-1.51B$-728M$-768M$-1.09B$-377M$-1.33B$-1.54B·$-720M$-10.79B$-9.68B$-5.02B
Dividends Paid $4.00B$3.92B$3.81B$3.71B$3.60B$3.45B$3.22B$2.97B$2.73B$2.46B$1.87B$0
Financing Cash Flow $-7.75B$-3.43B$-5.12B$-6.47B$-8.88B$770M$-7.63B$-12.32B$3.39B$-9.72B$-5.88B$-3.02B
Net Change in Cash $-2.43B$3.91B$673M$74M$-659M$-5.63B$-6.31B$10.35B$-641M$-4.62B$2.82B$7.91B
Taxes Paid $3.21B$2.78B$3.99B·········
Free Cash Flow $9.46B$10.30B$7.42B$8.34B$10.80B$7.52B$8.32B·$11.31B$15.92B$19.58B$12.26B
Levered FCF ··$6.65B$7.61B$10.06B$7.47B$7.28B·$10.92B$15.16B$19.01B$11.93B
Profitability 7
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 34.0%5.8%28.1%26.9%36.3%16.5%19.1%·54.1%58.0%68.0%61.3%
Net Margin 28.9%1.7%20.9%16.8%22.8%0.50%24.0%·17.7%44.4%55.5%48.6%
Pretax Margin 33.3%2.4%25.3%21.3%30.3%6.8%23.0%·51.8%56.3%66.4%59.7%
EBITDA Margin 34.0%5.8%28.1%26.9%36.3%16.5%19.1%·54.1%58.0%68.0%61.3%
ROA 14.4%0.79%9.0%7.0%9.1%0.19%8.6%·7.3%24.8%41.9%42.3%
ROE 40.5%2.3%25.7%21.7%31.7%0.60%24.5%·23.5%72.2%106.6%90.3%
ROIC 18.3%2.5%13.0%12.4%15.6%0.44%9.5%·9.0%30.8%45.6%44.5%
Liquidity & Solvency 5
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 1.61.61.41.31.31.43.1·2.72.22.53.1
Quick Ratio 0.40.40.51.00.91.12.9·2.51.82.12.6
Debt / Equity 1.11.41.11.21.31.71.1·1.61.41.20.8
LT Debt / Equity 1.01.31.01.11.21.61.0·1.51.41.10.8
Interest Coverage ··8.17.89.94.14.3·12.618.332.337.1
Efficiency 3
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 0.50.50.40.40.40.40.4·0.40.60.80.9
Inventory Turnover 3.63.63.93.64.03.55.4·3.72.42.42.5
Receivables Turnover 6.36.35.75.95.85.86.5·6.25.96.27.3
Per Share 6
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share $18.29$15.51$18.32$17.03$16.80$14.52$17.79·$15.63$14.42$13.03$10.29
Revenue / Share $23.46$22.91$21.55$21.62$21.64$19.55$17.58·$19.79$22.38$21.46$15.11
Cash Flow / Share $7.98$8.63$6.36$7.19$9.02$6.47$7.16·$9.02$12.27$13.37$7.78
Cash / Share ···$4.34$4.26$4.78$9.19·$5.80$6.28$9.04$6.69
Dividend / Share $3.16$3.08$3.00$2.92$2.84$2.72$2.52$2.28$2.08$1.84$1.29$0.00
EPS (TTM) $6.78$0.38$4.50$3.64$4.93$0.10$4.22$4.17$3.51$9.94$11.91$7.35
Growth Rates 10
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 2.4%6.0%-0.60%-0.09%10.6%·······
Revenue CAGR 3Y 2.6%1.7%3.2%·········
Revenue CAGR 5Y 3.6%···········
EPS YoY 1684.2%-91.6%23.6%-26.2%4830.0%·······
EPS CAGR 3Y 23.0%-57.4%255.7%·········
EPS CAGR 5Y 132.4%···········
Net Income YoY 1672.9%-91.5%23.4%-26.2%4961.0%·······
Net Income CAGR 3Y 22.8%-57.4%258.4%·········
Net Income CAGR 5Y 133.3%···········
Dividends Paid CAGR 5Y 3.0%···········
Valuation (TTM) 16
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM $29.44B$28.75B$27.12B$27.28B$27.30B$24.69B$22.45B$22.13B$26.11B$30.39B$32.64B$24.89B
Net Income TTM $8.51B$480M$5.67B$4.59B$6.22B$123M$5.39B$5.46B$4.63B$13.50B$18.11B$12.10B
Market Cap $152.32B$115.09B$100.94B$107.05B$91.05B$73.06B$82.26B·$93.71B$93.81B$143.89B$141.30B
Enterprise Value ···$125.90B$111.23B$97.05B$82.51B·$101.74B$108.26B$151.46B$143.57B
P/E 18.1243.118.023.614.7582.615.415.020.47.28.512.8
P/S 5.24.03.73.93.33.03.7·3.63.14.45.7
P/B 6.76.04.45.04.34.03.7·4.65.07.89.2
P / Cash Flow 15.210.612.611.88.08.99.0·7.95.67.111.0
P / FCF 16.111.213.612.88.49.79.9·8.35.97.311.5
EV / EBITDA ···17.211.223.819.2·7.26.16.89.4
EV / FCF ···15.110.312.99.9·9.06.87.711.7
EV / Revenue ···4.64.13.93.7·3.93.64.65.8
Dividend Yield 2.6%3.4%3.8%3.5%4.0%4.7%3.9%·2.9%2.6%1.3%0.00%
Earnings Yield 5.5%0.41%5.5%4.2%6.8%0.17%6.5%6.7%4.9%13.9%11.8%7.8%
Payout Ratio 47.0%816.2%67.2%80.8%57.9%2804.1%59.8%·59.0%18.2%10.3%·
Annual Payout $4.00B$3.92B$3.81B$3.71B$3.60B$3.45B$3.22B$2.97B$2.73B$2.46B$1.87B$0

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $29.44B $28.75B $27.12B $27.28B $27.30B
Operating Margin % 34.0% 5.8% 28.1% 26.9% 36.3%
Net Income $8.51B $480M $5.67B $4.59B $6.22B
Diluted EPS $6.78 $0.38 $4.50 $3.64 $4.93

Institutional owners (13F) 2,484 filers · $151.7B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 2,484
Value held $151.7B
New positions 138
Exited positions 153
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
138 (-158 vs prior Q) 153 (+50 vs prior Q) 968 (+95 vs prior Q) 873 (-22 vs prior Q) +27.5M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
BlackRock, Inc. $15,393,784,619 121,844,108 10.15% Shares
VANGUARD GROUP INC $14,863,487,020 121,097,336 9.80% Shares
VANGUARD CAPITAL MANAGEMENT LLC $10,245,129,674 81,091,734 6.75% Shares
FMR LLC $8,448,459,045 66,870,816 5.57% Shares
STATE STREET CORP $7,734,099,180 61,216,552 5.10% Shares
Capital World Investors $5,178,544,683 40,988,975 3.41% Shares
Invesco Ltd. $5,030,751,525 39,819,151 3.32% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $4,461,844,666 35,316,168 2.94% Shares
GEODE CAPITAL MANAGEMENT, LLC $3,795,630,157 30,065,642 2.50% Shares
MORGAN STANLEY $3,032,710,535 24,004,354 2.00% Shares
Dodge & Cox $2,991,423,815 23,677,567 1.97% Shares
NORGES BANK $2,775,128,219 21,965,555 1.83% Shares
JPMORGAN CHASE & CO $2,630,269,146 20,820,621 1.73% Shares
Capital Research Global Investors $2,450,148,913 19,393,296 1.61% Shares
BANK OF AMERICA CORP /DE/ $2,356,122,825 18,649,065 1.55% Shares
Bank of New York Mellon Corp $1,928,444,875 15,263,929 1.27% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $1,839,558,986 13,199,103 1.21% Shares
NORTHERN TRUST CORP $1,747,030,784 13,828,010 1.15% Shares
WELLINGTON MANAGEMENT GROUP LLP $1,604,477,952 12,699,683 1.06% Shares
GOLDMAN SACHS GROUP INC $1,361,729,795 10,778,294 0.90% Shares
Legal & General Group Plc $1,316,605,694 10,421,131 0.87% Shares
Amundi $1,234,649,817 9,772,438 0.81% Shares
Nuveen, LLC $1,053,287,642 8,336,930 0.69% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $1,030,338,202 8,155,281 0.68% Shares
PeakShares LLC $1,000,613,000 7,920 0.66% Shares
DIMENSIONAL FUND ADVISORS LP $998,068,365 7,899,794 0.66% Shares
AMERIPRISE FINANCIAL INC $962,486,478 7,618,082 0.63% Shares
DEUTSCHE BANK AG\ $918,386,937 7,269,170 0.61% Shares
VANGUARD FIDUCIARY TRUST CO $880,845,891 6,972,027 0.58% Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $876,749,354 6,651,833 0.58% Shares
WELLS FARGO & COMPANY/MN $813,577,346 6,439,586 0.54% Shares
Boston Partners $761,612,839 6,017,958 0.50% Shares
NORDEA INVESTMENT MANAGEMENT AB $647,945,576 5,152,239 0.43% Shares
BARCLAYS PLC $646,006,996 5,113,242 0.43% Shares
ALLIANCEBERNSTEIN L.P. $642,967,189 4,613,383 0.42% Shares
UBS Group AG $568,946,113 4,503,294 0.37% Shares
ROYAL BANK OF CANADA $568,132,000 4,496,850 0.37% Shares
AMERICAN CENTURY COMPANIES INC $500,214,251 3,959,269 0.33% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $497,624,598 3,938,774 0.33% Shares
HSBC HOLDINGS PLC $484,156,433 3,836,489 0.32% Shares
BANK OF MONTREAL /CAN/ $476,608,498 3,772,428 0.31% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $476,149,000 3,768,793 0.31% Shares
Swiss National Bank $442,278,438 3,500,700 0.29% Shares
FRANKLIN RESOURCES INC $440,961,958 3,490,280 0.29% Shares
CITADEL ADVISORS LLC $439,719,295 3,480,444 0.29% Shares
Robeco Institutional Asset Management B.V. $437,122,881 3,459,893 0.29% Shares
Holocene Advisors, LP $406,422,135 3,216,892 0.27% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $398,905,032 3,157,393 0.26% Shares
Qube Research & Technologies Ltd $389,906,212 3,086,166 0.26% Shares
National Pension Service $386,902,732 3,062,393 0.26% Shares

Show all 2,484 institutional owners →

Activists & 5%+ owners 2 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
GILEAD SCIENCES, INC. ×15 filings April 28, 2026 100.00% Amendment M&A / sale SEC
Gilead Sciences, Inc. S.S. OR, Simbolo Acquisition Sub, Inc. S.S. OR Dec. 13, 2002 · Initial filing Board campaign SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 53 insiders · 29 officers · 25 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
O'Day Daniel Patrick Chairman & CEO Oct. 1, 2026 S 566,683 0 28 $-52,440,700
John F Milligan President and CEO Nov. 27, 2018 M 1,574,306 0 0 $0
Andrew D Dickinson Chief Financial Officer Sept. 15, 2026 S 164,096 0 12 $-4,679,815
Robin L Washington EVP, CFO Feb. 25, 2019 J 117,323 0 0 $0
Caroline Dorsa SVP, Chief Financial Officer Dec. 14, 2007 A · 0 0 $0
Kevin Young Chief Operating Officer Feb. 21, 2018 A 25,612 0 0 $0
Erin Burkhart SVP, Controllership Sept. 22, 2026 M 1,455 0 0 $0
Johanna Mercier Chief Comm & Corp Aff Officer Sept. 15, 2026 S 116,684 0 23 $-18,521,436
Wettan Keeley M Cain EVP Gen Counsel, Legal & Comp Sept. 10, 2026 M 8,759 0 0 $0
Dietmar Berger Chief Medical Officer Sept. 10, 2026 M 19,522 0 0 $0
Deborah H Telman EVP, Corporate Affairs & GC Nov. 12, 2025 M 43,676 0 3 $-6,590,414
Sandra Patterson SVP, Controllership March 10, 2025 M 39,453 0 0 $0
Merdad Parsey Chief Medical Officer Dec. 10, 2024 M 82,850 0 0 $0
Brett A Pletcher EVP,Corp Affairs & Gen Counsel June 10, 2022 M 33,426 0 0 $0
Laura Hamill EVP, Worldwide Commercial Ops May 8, 2019 F 6,340 0 0 $0
Gregg H Alton Chief Patient Officer March 1, 2019 A 58,046 0 0 $0
John G Mchutchison Chief Scientific Off/HeadR&D Feb. 6, 2019 A 37,828 0 0 $0
James R Meyers EVP Worldwide Commercial Ops Feb. 21, 2018 G 132,083 0 0 $0
Norbert W Bischofberger EVP, R&D and CSO Feb. 21, 2018 G 2,317,800 0 0 $0
Paul Rutherford Carter EVP Commercial Ops Aug. 1, 2016 M 62,305 0 0 $0
Kristen Metza SVP, Human Resources Nov. 1, 2012 M 25,305 0 0 $0
Louis G Lange EVP Cardiovascular Therapeutic May 6, 2009 A · 0 0 $0
Taiyin Yang SVP, Pharm Dev & Mfg May 2, 2007 S 146,381 0 0 $0
William A Lee SVP, Research May 2, 2007 M 58,399 0 0 $0
John J Toole SVP, Clinical Research April 25, 2007 M 0 0 0 $0
Alan Bruce Montgomery SVP, Respiratory Therapeutics Jan. 22, 2007 A 14,280 0 0 $0
Anthony Caracciolo SVP, Manufacturing Jan. 22, 2007 A 0 0 0 $0
Mark L Perry EVP Operations Feb. 3, 2004 M 5,600 0 0 $0
Michael K Inouye SVP Jan. 28, 2004 A · 0 0 $0
Anthony Welters Director Aug. 26, 2026 M 12,894 0 4 $-2,675,197
Jeffrey Bluestone Director Aug. 20, 2026 M 10,066 0 7 $-1,967,966
Sandra Horning Director April 30, 2026 A 6,293 0 0 $0
Kelly A. Kramer Director April 30, 2026 A 1,339 0 2 $-713,187
Harish Manwani Director April 30, 2026 A 15,015 0 0 $0
Javier Rodriguez Director April 30, 2026 A 13,364 0 0 $0
Ted W Love Director April 30, 2026 A 5,484 0 0 $0
Jacqueline K Barton Director April 30, 2026 A 27,202 0 0 $0
Kevin E Lofton Director March 28, 2024 A 92,653 0 0 $0
Richard James Whitley Director May 6, 2021 M 33,058 0 0 $0
Olsen Per Wold Director May 6, 2021 M 102,060 0 0 $0
Gayle E Wilson Director May 5, 2020 M 129,052 0 0 $0
John Francis Cogan Director May 4, 2020 M 54,860 0 0 $0
John C Martin Director Feb. 6, 2019 F 2,887,225 0 0 $0
Nicholas G Moore Director March 29, 2018 A 12,233 0 0 $0
John W Madigan Director May 9, 2017 M 18,548 0 0 $0
Etienne Davignon Director May 6, 2016 M 838,652 0 0 $0
Carla A Hills Director May 6, 2016 M 39,285 0 0 $0
James M Denny Director Nov. 28, 2012 G 254,058 0 0 $0
Gordon Earle Moore Director Aug. 14, 2012 M 1,063,839 0 0 $0
Paul Berg Director May 12, 2011 M 36,864 0 0 $0
George P Shultz Director July 22, 2005 G 55,000 0 0 $0
Cordell W Hull Director Nov. 4, 2003 M 10,000 0 0 $0
Diane E Wilfong · Sept. 10, 2025 M 46,259 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 207 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IBBQ · Invesco Exchange-Traded Fund Trust … 8.16% 59,068 SH Oct. 1, 2026 Daily
TBXU · Direxion Shares ETF Trust 7.58% 1,495 NS July 31, 2026 N-PORT
IBB · iShares Trust 7.44% 5,307,936 SH Sept. 11, 2026 Daily
PJP · Invesco Exchange-Traded Fund Trust 5.63% 210,832 SH Oct. 1, 2026 Daily
MEDI · Harbor ETF Trust 5.10% 16,135 NS July 31, 2026 N-PORT
PBE · Invesco Exchange-Traded Fund Trust 5.08% 144,606 SH Oct. 1, 2026 Daily
QNXT · iShares Trust 3.44% 6,494 SH Sept. 11, 2026 Daily
CVGD · Elevation Series Trust 3.15% 33,499 NS July 31, 2026 N-PORT
CARK · Advisors' Inner Circle Fund II 2.97% 72,712 NS July 31, 2026 N-PORT
IYH · iShares Trust 2.90% 727,200 SH Sept. 11, 2026 Daily
TBG · EA Series Trust 2.49% 49,784 NS July 31, 2026 N-PORT
GEND · Spinnaker ETF Series 2.39% 891 NS July 31, 2026 N-PORT
FHLC · FIDELITY COVINGTON TRUST 2.34% 590,446 NS July 31, 2026 N-PORT
VHT · VANGUARD WORLD FUND 2.31% 3,731,224 SH Aug. 19, 2026 Daily
IXJ · iShares Trust 2.28% 652,878 SH Sept. 11, 2026 Daily
BMVP · Invesco Exchange-Traded Fund Trust 2.11% 14,021 SH Oct. 1, 2026 Daily
GDIV · Harbor ETF Trust 2.08% 37,619 NS July 31, 2026 N-PORT
COWZ · Pacer Funds Trust 1.93% 2,767,850 NS July 31, 2026 N-PORT
CURE · Direxion Shares ETF Trust 1.85% 24,431 NS July 31, 2026 N-PORT
ABOT · Abacus FCF ETF Trust 1.68% 520 NS July 31, 2026 N-PORT
RSPH · Invesco Exchange-Traded Fund Trust 1.67% 97,976 SH Oct. 1, 2026 Daily
QQQG · Pacer Funds Trust 1.63% 2,554 NS July 31, 2026 N-PORT
QFLR · Innovator ETFs Trust 1.59% 63,835 NS July 31, 2026 N-PORT
NULV · Nushares ETF Trust 1.57% 265,781 NS July 31, 2026 N-PORT
FBCV · FIDELITY COVINGTON TRUST 1.53% 20,787 NS July 31, 2026 N-PORT
ABFL · Abacus FCF ETF Trust 1.51% 61,154 NS July 31, 2026 N-PORT
FFLV · FIDELITY COVINGTON TRUST 1.49% 1,885 NS July 31, 2026 N-PORT
BBP · ETFis Series Trust I 1.43% 10,807 NS July 31, 2026 N-PORT
FXH · First Trust Exchange-Traded AlphaDE… 1.40% 112,700 NS July 31, 2026 N-PORT
ESMV · iShares Trust 1.30% 697 SH Sept. 11, 2026 Daily
LCOW · Pacer Funds Trust 1.29% 2,556 NS July 31, 2026 N-PORT
FCPI · FIDELITY COVINGTON TRUST 1.25% 26,015 NS July 31, 2026 N-PORT
VMAX · Lattice Strategies Trust 1.22% 4,624 NS July 31, 2026 N-PORT
NUDV · Nushares ETF Trust 1.21% 4,671 NS July 31, 2026 N-PORT
DIVD · EA Series Trust 1.18% 1,936 NS July 31, 2026 N-PORT
VFQY · VANGUARD WELLINGTON FUND 1.16% 43,468 SH Aug. 19, 2026 Daily
QDF · FlexShares Trust 1.11% 189,538 NS July 31, 2026 N-PORT
DUHP · Dimensional ETF Trust 1.10% 1,033,287 NS July 31, 2026 N-PORT
QDEF · FlexShares Trust 1.07% 44,772 NS July 31, 2026 N-PORT
XT · iShares Trust 1.05% 282,029 SH Sept. 11, 2026 Daily
EQWL · Invesco Exchange-Traded Fund Trust 1.04% 193,485 SH Oct. 1, 2026 Daily
DGRO · iShares Trust 1.00% 2,953,853 SH Sept. 11, 2026 Daily
QQQE · Direxion Shares ETF Trust 0.99% 101,112 NS July 31, 2026 N-PORT
QUVU · Hartford Funds Exchange-Traded Trust 0.97% 13,462 NS July 31, 2026 N-PORT
FTLS · First Trust Exchange-Traded Fund III 0.91% 173,570 NS July 31, 2026 N-PORT
LSVD · ADVISORS' INNER CIRCLE FUND 0.87% 43,517 NS July 31, 2026 N-PORT
DFVX · Dimensional ETF Trust 0.87% 35,239 NS July 31, 2026 N-PORT
USMV · iShares Trust 0.87% 1,417,299 SH Sept. 11, 2026 Daily
BKDV · BNY Mellon ETF Trust II 0.84% 118,425 NS July 31, 2026 N-PORT
COWG · Pacer Funds Trust 0.82% 139,848 NS July 31, 2026 N-PORT
FLRG · FIDELITY COVINGTON TRUST 0.80% 17,904 NS July 31, 2026 N-PORT
QQQM · Invesco Exchange-Traded Fund Trust … 0.77% 5,700,537 SH Oct. 1, 2026 Daily
QQQ · Invesco QQQ Trust, Series 1 0.77% 25,899,672 SH Oct. 1, 2026 Daily
QLV · FlexShares Trust 0.77% 9,660 NS July 31, 2026 N-PORT
CATH · Global X Funds 0.77% 76,773 NS July 31, 2026 N-PORT
SUSA · iShares Trust 0.77% 212,870 SH Sept. 11, 2026 Daily
JOET · Virtus ETF Trust II 0.76% 14,296 NS July 31, 2026 N-PORT
QYLD · Global X Funds 0.75% 468,497 NS July 31, 2026 N-PORT
QRMI · Global X Funds 0.75% 825 NS July 31, 2026 N-PORT
QYLG · Global X Funds 0.75% 9,069 NS July 31, 2026 N-PORT
PTNQ · Pacer Funds Trust 0.74% 67,897 NS July 31, 2026 N-PORT
MGV · VANGUARD WORLD FUND 0.74% 780,369 SH Aug. 19, 2026 Daily
QQWZ · Pacer Funds Trust 0.74% 2,887 NS July 31, 2026 N-PORT
ROUS · Lattice Strategies Trust 0.74% 39,877 NS July 31, 2026 N-PORT
QTR · Global X Funds 0.73% 429 NS July 31, 2026 N-PORT
LABU · Direxion Shares ETF Trust 0.73% 27,780 NS July 31, 2026 N-PORT
QCLR · Global X Funds 0.72% 184 NS July 31, 2026 N-PORT
FYEE · Fidelity Greenwood Street Trust 0.72% 12,010 NS July 31, 2026 N-PORT
DVY · iShares Trust 0.71% 1,155,542 SH Sept. 11, 2026 Daily
DIVB · iShares Trust 0.71% 99,781 SH Sept. 11, 2026 Daily
QUAL · iShares Trust 0.69% 2,221,228 SH Sept. 11, 2026 Daily
PFM · Invesco Exchange-Traded Fund Trust 0.68% 35,332 SH Oct. 1, 2026 Daily
QSIX · Pacer Funds Trust 0.68% 959 NS July 31, 2026 N-PORT
VIG · VANGUARD SPECIALIZED FUNDS 0.68% 7,014,225 SH Aug. 19, 2026 Daily
FHEQ · Fidelity Greenwood Street Trust 0.68% 48,477 NS July 31, 2026 N-PORT
FBUF · Fidelity Greenwood Street Trust 0.67% 1,226 NS July 31, 2026 N-PORT
IWX · iShares Trust 0.67% 179,392 SH Sept. 11, 2026 Daily
VYM · VANGUARD WHITEHALL FUNDS 0.65% 4,959,039 SH Aug. 19, 2026 Daily
IIGD · Invesco Exchange-Traded Self-Indexe… 0.65% 170,000 Oct. 1, 2026 Daily
VFMF · VANGUARD WELLINGTON FUND 0.63% 35,062 SH Aug. 19, 2026 Daily
FDLO · FIDELITY COVINGTON TRUST 0.62% 68,042 NS July 31, 2026 N-PORT
AQLT · iShares Trust 0.62% 14,032 SH Sept. 11, 2026 Daily
FQAL · FIDELITY COVINGTON TRUST 0.62% 67,150 NS July 31, 2026 N-PORT
FVAL · FIDELITY COVINGTON TRUST 0.62% 63,051 NS July 31, 2026 N-PORT
JVAL · J.P. Morgan Exchange-Traded Fund Tr… 0.62% 39,429 NS July 31, 2026 N-PORT
JQUA · J.P. Morgan Exchange-Traded Fund Tr… 0.62% 388,399 NS July 31, 2026 N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr… 0.61% 116,234 NS July 31, 2026 N-PORT
VTV · VANGUARD INDEX FUNDS 0.59% 11,804,537 SH Aug. 19, 2026 Daily
FBCG · FIDELITY COVINGTON TRUST 0.57% 301,197 NS July 31, 2026 N-PORT
OEI · Listed Funds Trust 0.55% 1,969 NS July 31, 2026 N-PORT
EVUS · iShares Trust 0.55% 14,412 SH Sept. 11, 2026 Daily
INFO · Harbor ETF Trust 0.55% 35,285 NS July 31, 2026 N-PORT
FFLC · FIDELITY COVINGTON TRUST 0.53% 48,670 NS July 31, 2026 N-PORT
SUSL · iShares Trust 0.53% 43,819 SH Sept. 11, 2026 Daily
LRGF · iShares Trust 0.52% 133,254 SH Sept. 11, 2026 Daily
ILCV · iShares Trust 0.52% 48,270 SH Sept. 11, 2026 Daily
UPSD · ETF Series Solutions 0.52% 4,670 NS July 31, 2026 N-PORT
DSI · iShares Trust 0.51% 189,761 SH Sept. 11, 2026 Daily
HDUS · Lattice Strategies Trust 0.50% 7,873 NS July 31, 2026 N-PORT
CHRI · Global X Funds 0.49% 302 NS July 31, 2026 N-PORT
IWD · iShares Trust 0.48% 2,760,644 SH Sept. 11, 2026 Daily
QLC · FlexShares Trust 0.46% 35,840 NS July 31, 2026 N-PORT
HQGO · Lattice Strategies Trust 0.46% 1,733 NS July 31, 2026 N-PORT
IQSU · New York Life Investments ETF Trust 0.46% 11,479 NS July 31, 2026 N-PORT
BSCR · Invesco Exchange-Traded Self-Indexe… 0.45% 20,937,000 Oct. 1, 2026 Daily
REVS · Columbia ETF Trust I 0.45% 11,440 NS July 31, 2026 N-PORT
DYNF · BlackRock ETF Trust 0.45% 1,275,836 SH Sept. 11, 2026 Daily
VONV · VANGUARD SCOTTSDALE FUNDS 0.44% 749,998 SH Aug. 19, 2026 Daily
BSCT · Invesco Exchange-Traded Self-Indexe… 0.40% 11,706,000 Oct. 1, 2026 Daily
OMFL · Invesco Exchange-Traded Self-Indexe… 0.39% 124,968 SH Oct. 1, 2026 Daily
OEF · iShares Trust 0.38% 525,293 SH Sept. 11, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.38% 247,190 SH Oct. 1, 2026 Daily
EGLE · Global X Funds 0.37% 63 NS July 31, 2026 N-PORT
JPUS · J.P. Morgan Exchange-Traded Fund Tr… 0.37% 13,047 NS July 31, 2026 N-PORT
ESGU · iShares Trust 0.36% 446,324 SH Sept. 11, 2026 Daily
USCL · iShares Trust 0.34% 65,712 SH Sept. 11, 2026 Daily
TOPC · iShares Trust 0.33% 754 SH Sept. 11, 2026 Daily
IUS · Invesco Exchange-Traded Self-Indexe… 0.33% 21,341 SH Oct. 1, 2026 Daily
ACWV · iShares, Inc. 0.32% 74,252 SH Sept. 11, 2026 Daily
IWL · iShares Trust 0.32% 48,286 SH Sept. 11, 2026 Daily
PFIG · Invesco Exchange-Traded Fund Trust … 0.31% 444,000 Oct. 1, 2026 Daily
XVV · iShares Trust 0.31% 14,297 SH Sept. 11, 2026 Daily
MGC · VANGUARD WORLD FUND 0.30% 248,419 SH Aug. 19, 2026 Daily
GLOF · iShares Trust 0.30% 4,128 SH Sept. 11, 2026 Daily
PBP · Invesco Exchange-Traded Fund Trust 0.28% 7,376 SH Oct. 1, 2026 Daily
ACIO · ETF Series Solutions 0.28% 50,715 NS July 31, 2026 N-PORT
PBUS · Invesco Exchange-Traded Fund Trust … 0.28% 214,248 SH Oct. 1, 2026 Daily
DFSU · Dimensional ETF Trust 0.28% 48,800 NS July 31, 2026 N-PORT
IVE · iShares Trust 0.28% 948,873 SH Sept. 11, 2026 Daily
IVV · iShares Trust 0.27% 15,649,068 SH Sept. 11, 2026 Daily
IVW · iShares Trust 0.27% 1,429,946 SH Sept. 11, 2026 Daily
ILCB · iShares Trust 0.27% 24,163 SH Sept. 10, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.27% 280,882 SH Aug. 19, 2026 Daily
ADME · ETF Series Solutions 0.27% 6,040 NS July 31, 2026 N-PORT
IUSV · iShares Trust 0.26% 499,421 SH Sept. 11, 2026 Daily
IUSG · iShares Trust 0.26% 590,304 SH Sept. 11, 2026 Daily
IWB · iShares Trust 0.26% 859,483 SH Sept. 11, 2026 Daily
IYY · iShares Trust 0.26% 53,172 SH Sept. 10, 2026 Daily
XYLD · Global X Funds 0.25% 63,149 NS July 31, 2026 N-PORT
NULC · Nushares ETF Trust 0.25% 1,368 NS July 31, 2026 N-PORT
XRMI · Global X Funds 0.25% 969 NS July 31, 2026 N-PORT
PTLC · Pacer Funds Trust 0.25% 62,984 NS July 31, 2026 N-PORT
BBUS · J.P. Morgan Exchange-Traded Fund Tr… 0.25% 171,178 NS July 31, 2026 N-PORT
VV · VANGUARD INDEX FUNDS 0.25% 1,449,992 SH Aug. 19, 2026 Daily
VOOV · VANGUARD ADMIRAL FUNDS 0.25% 131,543 SH Aug. 19, 2026 Daily
TOV · EA Series Trust 0.25% 5,143 NS July 31, 2026 N-PORT
XYLG · Global X Funds 0.25% 1,229 NS July 31, 2026 N-PORT
VOTE · TCW ETF Trust 0.25% 20,992 NS July 31, 2026 N-PORT
XTR · Global X Funds 0.25% 92 NS July 31, 2026 N-PORT
XCLR · Global X Funds 0.25% 68 NS July 31, 2026 N-PORT
BKLC · BNY Mellon ETF Trust 0.25% 104,037 NS July 31, 2026 N-PORT
IWV · iShares Trust 0.25% 342,879 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.24% 1,616,420 SH Sept. 11, 2026 Daily
DFAU · Dimensional ETF Trust 0.24% 231,279 NS July 31, 2026 N-PORT
RECS · Columbia ETF Trust I 0.24% 107,691 NS July 31, 2026 N-PORT
VOO · VANGUARD INDEX FUNDS 0.24% 32,251,204 SH Aug. 19, 2026 Daily
VOOG · VANGUARD ADMIRAL FUNDS 0.24% 498,160 SH Aug. 19, 2026 Daily
BSCU · Invesco Exchange-Traded Self-Indexe… 0.24% 7,462,000 Oct. 1, 2026 Daily
DFUS · Dimensional ETF Trust 0.24% 378,701 NS July 31, 2026 N-PORT
VOXP · Advisors Series Trust 0.24% 105 NS July 31, 2026 N-PORT
PHDG · Invesco Actively Managed Exchange-T… 0.24% 977 SH Oct. 1, 2026 Daily
DFAC · Dimensional ETF Trust 0.23% 853,586 NS July 31, 2026 N-PORT
SPUU · Direxion Shares ETF Trust 0.23% 4,684 NS July 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.23% 59,199 NS July 31, 2026 N-PORT
VONE · VANGUARD SCOTTSDALE FUNDS 0.23% 205,477 SH Aug. 19, 2026 Daily
DXUV · Dimensional ETF Trust 0.23% 9,702 NS July 31, 2026 N-PORT
QDPL · Pacer Funds Trust 0.23% 29,892 NS July 31, 2026 N-PORT
VTI · VANGUARD INDEX FUNDS 0.22% 39,423,687 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.22% 104,614 SH Aug. 19, 2026 Daily
ESG · FlexShares Trust 0.22% 2,220 NS July 31, 2026 N-PORT
CRBN · iShares Trust 0.22% 17,452 SH Sept. 11, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.21% 1,344,406 SH Oct. 1, 2026 Daily
TOK · iShares Trust 0.21% 3,430 SH Sept. 11, 2026 Daily
PWS · Pacer Funds Trust 0.21% 380 NS July 31, 2026 N-PORT
TILT · FlexShares Trust 0.20% 33,812 NS July 31, 2026 N-PORT
EUSA · iShares, Inc. 0.20% 26,438 SH Sept. 11, 2026 Daily
HCMT · Direxion Shares ETF Trust 0.20% 8,636 NS July 31, 2026 N-PORT
URTH · iShares, Inc. 0.20% 111,845 SH Sept. 11, 2026 Daily
SIZE · iShares Trust 0.20% 5,831 SH Sept. 11, 2026 Daily
PEVC · Pacer Funds Trust 0.19% 35 NS July 31, 2026 N-PORT
SPXL · Direxion Shares ETF Trust 0.19% 97,065 NS July 31, 2026 N-PORT
ACWI · iShares Trust 0.17% 393,809 SH Sept. 11, 2026 Daily
VFMO · VANGUARD WELLINGTON FUND 0.17% 27,685 SH Aug. 19, 2026 Daily
RWL · Invesco Exchange-Traded Fund Trust … 0.16% 104,613 SH Oct. 1, 2026 Daily
LGDX · Tidal Trust III 0.16% 1,732 NS July 31, 2026 N-PORT
JFLI · J.P. Morgan Exchange-Traded Fund Tr… 0.16% 573 NS July 31, 2026 N-PORT
VFVA · VANGUARD WELLINGTON FUND 0.14% 9,531 SH Aug. 19, 2026 Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.13% 1,041,660 SH Aug. 19, 2026 Daily
FFLG · FIDELITY COVINGTON TRUST 0.12% 5,269 NS July 31, 2026 N-PORT
BSCS · Invesco Exchange-Traded Self-Indexe… 0.12% 4,055,000 Oct. 1, 2026 Daily
FEUS · FlexShares Trust 0.11% 952 NS July 31, 2026 N-PORT
ACVF · ETF Opportunities Trust 0.11% 1,258 NS July 31, 2026 N-PORT
EQAL · Invesco Exchange-Traded Fund Trust … 0.10% 5,211 SH Oct. 1, 2026 Daily
DFLV · Dimensional ETF Trust 0.06% 29,629 NS July 31, 2026 N-PORT
GTO · Invesco Actively Managed Exchange-T… 0.00% 1,000 Sept. 30, 2026 Daily
BIV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BLV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BSV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BND · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
VCRB · VANGUARD MALVERN FUNDS · · July 15, 2026 Daily
VPLS · VANGUARD MALVERN FUNDS · · July 15, 2026 Daily
VCSH · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VCIT · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VCLT · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VTC · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
BNDW · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
VCEB · VANGUARD WORLD FUND · · July 30, 2026 Daily

GILD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 37 analysts BUY
Median target $163.50 +13.0%
9 24.3% Strong Buy
21 56.8% Buy
7 18.9% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

26 analysts · 2026-10-03

Mean target $158.65 +9.6%

Now Current price $144.74
Low$123.00 Mean$158.65 High$180.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
GILD $152.32B 18.1 2.4% 28.9% 40.5% ·
ABBV · 96.8 8.6% 6.9% 15367.3% ·
AMGN $176.35B 23.0 10.0% 21.0% 95.9% ·
VRTX $115.15B 29.6 8.9% 32.9% 22.1% ·
MRNA $11.62B -4.1 -39.9% -145.2% -31.3% ·
REGN $106.21B 18.6 0.99% 31.4% 14.7% ·
NTRA $32.00B -150.7 35.9% -9.0% -14.1% ·

Latest News Recent headlines mentioning this company

23

GILD AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

24
Panel Verdict NEUTRAL Confidence 0.68 4 of 4 reported forecast spread ·

Gilead Sciences remains a battleground stock where investors are weighing the company's reliable cash flow against its heavy debt burden. Claude and Gemini championed the firm's 40.7% return on equity as a sign of operational strength, while Grok and ChatGPT cautioned that high leverage and pipeline execution risks limit upside. The panel ultimately converged on a hold rating, agreeing that while the company is a stable cash generator, it lacks the organic growth needed to justify a premium v...

Round 1 — Opening Takes

Grok NEUTRAL
Confidence 0.75
↑ Bullish

Gilead's dominant HIV franchise generates reliable cash flows that fund smart oncology acquisitions, setting up multi-year growth. Its net margin hit 27.9% in 2026Q1, up sharply, which means the core antiviral business is firing on all cylinders with minimal cost pressure. At a P/E of 18.8, well below peers like AMGN's 25, the market undervalues this stability and pipeline upside. ROE at 40.7% reflects efficient capital use, powering buybacks and deals like Ouro Medicines without diluting shareholders.

↓ Bearish

Gilead's growth stalls as legacy drugs face patent pressures, with high debt amplifying risks in a high-rate world. Debt-to-equity at 126.8 signals heavy leverage that could strain cash flows if rates stay elevated or R&D bets flop. Market cap flat at $152 billion despite EPS gains shows investor skepticism on sustaining momentum. Peers like ABBV boast 95% ROE, justifying premium multiples Gilead can't match.

Claude NEUTRAL
Confidence 0.62
↑ Bullish

Gilead is printing cash at a scale most biotech peers can't match, and the market is pricing in almost none of it. My read is the 40.7% ROE tells you this company turns shareholder capital into profit at a rate that rivals the best software businesses — that's rare for a pharma company and reflects durable pricing power in HIV and hepatitis franchises. At 18.8 times trailing earnings, you're paying a 25% discount to AbbVie despite comparable profitability. The Ouro Medicines deal signals management is deploying capital into oncology, where margins stay fat. If execution holds, this trades higher.

↓ Bearish

Gilead is a mature cash cow trying to act like a growth story, and the market is starting to notice. My concern is the stock has gone nowhere — down 2% year-to-date while the broader market rallied — because revenue growth is stalling and the company is burning $1.7 billion in upfront cash on Ouro without proof the deal moves the needle. The 126.8 debt-to-equity ratio is bloated for a company with flat revenue. If the Ouro pipeline disappoints or HIV generics accelerate, earnings decelerate fast and the 18.8 P/E multiple compresses. You're betting on acquisition success, not organic momentum.

Gemini NEUTRAL
Confidence 0.75
↑ Bullish

Gilead is effectively printing cash while keeping its valuation remarkably grounded compared to its biotech peers. The company is generating a 40.7% return on equity, which shows management is exceptionally efficient at turning shareholder capital into actual profit. This performance is backed by a robust 78.7% gross margin, indicating that their core drug portfolio maintains significant pricing power in a competitive market. At a trailing P/E of 18.8, investors are getting this high-margin efficiency at a discount relative to the broader biotech sector, which often trades at much higher multiples.

↓ Bearish

The company’s heavy debt load remains a significant anchor that limits its financial flexibility for future growth. With a debt-to-equity ratio of 126.8, Gilead carries more leverage than a typical blue-chip pharmaceutical firm, which increases risk if their R&D pipeline fails to deliver. This is concerning because they are relying on acquisitions like Ouro Medicines to drive growth rather than organic innovation. While the current 27.9% net margin is healthy, that level of debt means interest expenses will continue to eat into the bottom line during periods of market volatility.

Chatgpt NEUTRAL
Confidence 0.62
↑ Bullish

I think GILD's strongest bullish case is that its earnings power remains intact and is supported by exceptional capital efficiency and catalysts. ROE 40.74% — That signals exceptional capital efficiency and earnings power from equity. Gross margin 78.72% — That indicates pricing power and a favorable product mix, enabling R&D intensity and buybacks. EPS TTM 6.4341 — That provides a solid earnings base that can support fair valuation and a steady buyback cadence.

↓ Bearish

I think the bear case is that leverage and execution risk could weigh on margins if growth slows. Debt/Equity 126.8 — That creates leverage risk and higher sensitivity to rate increases and refinancing headwinds. P/E TTM 18.7769 — That modest multiple leaves little cushion for disappointment; if earnings slow, the multiple could contract. EPS TTM 6.4341 — That earnings base could be at risk if pipeline monetization is slower than expected.

Round 2 — Responses & Rebuttals

Round 2 — Responses & Rebuttals

Grok

Claude, your claim of a mere 25% P/E discount to AbbVie ignores the profitability gap that fully explains the valuation spread. Gilead's ROE sits at 40.7%, meaning it generates solid but not elite returns on equity from its HIV cash cow. AbbVie's 95.6% ROE crushes that, justifying its 88 times earnings — the market pays up for that superior capital efficiency, so Gilead's 18.8 P/E reflects reality, not a bargain.

Claude

I need to push back on Grok's comparison to AbbVie here. Grok says ABBV's 95% ROE justifies a premium multiple that Gilead can't match, but that's backwards — it's a warning flag, not a badge of honor. AbbVie's ROE is inflated by a debt-to-equity ratio of roughly 2.5x, while Gilead sits at 1.27x. When you lever up a balance sheet that aggressively, you artificially boost ROE. Gilead's 40.7% ROE is actually the cleaner signal because it's generated with half the financial risk. The market isn't undervaluing Gilead's stability — it's correctly pricing in that leverage matters, and Grok is confusing a higher number with a better business.

Gemini

Grok, I disagree with your assessment that AbbVie’s 95% ROE makes Gilead look weak by comparison. While AbbVie’s 95.6% ROE is technically higher, it is often inflated by aggressive share buybacks that shrink the equity base, which can mask underlying operational efficiency. Gilead’s 40.7% ROE represents a more sustainable, cash-generative core business that doesn't rely on financial engineering to look attractive. Comparing the two purely on that metric ignores the fact that Gilead is trading at a significantly more reasonable valuation, giving investors a better margin of safety if their oncology pipeline hits.

Chatgpt

Claude, your ROE is eye-catching, but it isn't a standalone endorsement and can hide risks if capital structure or earnings quality shift in a meaningful way. ROE stands at 40.7%. That means GILD is currently turning a lot of shareholder equity into profit, but much of that strength may reflect buybacks and leverage rather than a durable, organic growth trajectory over time.

Round 3 — Final Rebuttals

Round 3 — Final Rebuttals

Grok

Claude, your claim of AbbVie's debt-to-equity at 2.5x inflating its ROE isn't verifiable from our peer data, which only shows P/E and ROE — no balance sheet details. Without that, we can't dismiss AbbVie's 95.6% ROE as dirtier than Gilead's 40.7%. Gilead's own 126.8 debt-to-equity ratio means its returns carry leverage risk too, amplifying any HIV patent cliffs or oncology flops. That mutual vulnerability keeps valuations in check — I'm sticking with hold.

Claude

I want to push back on something ChatGPT just said that nobody's challenged yet. ChatGPT claims Gilead's 40.7% ROE 'may reflect buybacks and leverage rather than organic growth,' but that's imprecise. Buybacks shrink equity, which mathematically inflates ROE — I agree there. But Gilead's debt-to-equity is 1.27x, which is moderate for pharma. The real driver of that 40.7% ROE is the 27.9% net margin — that's cash profit on every dollar of sales, and that's organic, not financial engineering. If the margin compresses, ROE falls regardless of buybacks. ChatGPT is conflating two different risks and making the number sound less trustworthy than it is.

Gemini

Grok, I have to step in on your point about AbbVie’s 88 times P/E multiple being a reward for efficiency. That valuation is heavily distorted by one-time accounting charges and does not reflect actual operational performance. If you look at the macro regime, the market is currently rotating away from high-multiple, debt-heavy pharma names toward companies with consistent free cash flow. Gilead’s 1.53 current ratio confirms they have the liquidity to navigate this cycle without needing to tap expensive credit markets. That financial flexibility is a massive advantage when rates remain elevated and capital is no longer free.

Chatgpt ⇄ Mind changed

I side with Claude on this: AbbVie's 95% ROE is inflated by buybacks, not a clean signal of superior profitability. ABBV ROE 95.6%. That reads as a debt-fueled equity shrink, not real efficiency, so it overstates the quality of AbbVie’s earnings. GILD ROE 40.7% signals solid profitability without heavy leverage distortion. That matters for the investment lens because GILD's capital efficiency is more durable under a rate-rise regime. This reading keeps GILD fairly valued versus peers and avoids chasing AbbVie's headline ROE.

Price Forecasts

Model 3M Target 6M Target Reasoning
Grok $115.00 $125.00 I expect Gilead to re-rate higher into 2026Q2 as the market credits its clean profitability over leveraged peers. The concrete catalyst is the Q2 2026 earnings print in late July, affirming HIV stability and initial Ouro Medicines oncology milestones. One key risk is early trial setbacks in the Ouro pipeline, forcing impairments that hit the 27.9% net margin. At 20 times trailing EPS of $6.43, shares hit $129 -- that multiple rewards the 40.7% ROE without chasing AbbVie's debt-inflated extremes, anchoring my conservative targets from the $109.64 recent close.
Claude $115.00 $122.00 Gilead's durable 27.9% net margin and 40.7% ROE — generated with moderate 1.27x leverage, not financial engineering — justify a modest re-rating as the market rotates toward stable cash generators in a high-rate regime. The concrete catalyst is Ouro Medicines integration milestones in 2026Q3 earnings; if oncology pipeline shows early traction, the P/E multiple expands from 18.8 toward 22–24x, pushing the stock toward $122. The break-risk is HIV generic pressure or Ouro disappointment, which compresses margins and triggers multiple contraction. At 18.8x trailing earnings on a $103 base, you're paying a fair price for a business that actually prints cash — not a bargain, but not overcooked either.
Gemini $112.00 $120.00 My thesis is that Gilead’s valuation expansion will be driven by the market shifting its focus from debt concerns to the cash-generative stability of the HIV franchise. The primary catalyst is the 2026Q2 earnings print, which will likely confirm whether the Ouro Medicines integration is successfully driving oncology revenue growth. A major risk is a clinical trial failure in their late-stage pipeline, which would force a sharp re-rating of the stock. At a 18.8 P/E, the market is currently pricing Gilead as a stagnant utility, meaning any positive surprise in organic growth could lead to meaningful multiple expansion as investors seek defensive, high-margin assets in a volatile market.
Chatgpt $106.50 $109.00 I think GILD can drift higher into 2026Q2 on durable cash flow and capital returns that support a modest re-rating. Catalyst: The Ouro Medicines acquisition closes and starts to contribute to earnings, signaling growth optionality beyond HIV. Risk: If Ouro disappoints or HIV generics pressure accelerates or leverage strains cash flow, the multiple could compress. P/E 18.8x today means the stock isn't pricing in aggressive growth; a solid earnings beat could push the multiple higher and lift prices toward my 6-month target.

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Source: SEC 10-Q filed Aug 6, 2026