At a glance
Gilead Sciences Inc is worth $211.27B, about 25 times its fiscal 2025 earnings. Revenue grew 2.4% to $29.44B in fiscal 2025, with 28.9% kept as profit; over 5 years it has grown 3.6% a year. It pays a 1.91% dividend yield, raised every year for at least 9 years, and returned $25.06B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +45.7% over the past year with dividends reinvested and +25.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 13.7% in the 2020 crash (S&P 500: 33.7%) and 20.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 8 months after the lows.
The business in plain English
Gilead Sciences is a drugmaker based in Foster City, California, that discovers, develops and sells prescription medicines. Its 2025 lineup included more than 25 therapies, and HIV drugs bring in a substantial portion of revenue. Biktarvy, a once-a-day single pill, leads an HIV family that also includes Descovy, Genvoya, Odefsey and Symtuza. Descovy and Yeztugo are also used for PrEP (pre-exposure prophylaxis), medicine that lowers the risk of catching HIV. Beyond HIV, Gilead sells liver drugs such as Epclusa for hepatitis C and Vemlidy for hepatitis B. Its cancer treatments include Trodelvy for breast cancer, plus Yescarta and Tecartus, which are CAR T-cell therapies that re-engineer a patient's own immune cells to attack blood cancers. It also sells Veklury for COVID-19.
Most revenue comes from selling these medicines, with extra income from royalties and partner payments. In the U.S., about 90% of gross product sales have historically gone to three wholesalers: Cardinal Health, Cencora and McKesson. These wholesalers supply pharmacies, hospitals and clinics. Gilead's sales teams call on doctors and hospitals, and the company has marketing subsidiaries in more than 35 countries.
Of $29.4 billion in revenue for the year ended December 31, 2025, the U.S. supplied 70.9%, Europe 17.2% and the rest of the world 11.9%. Research centers on viruses, cancer and inflammation. One example is a once-yearly HIV prevention shot in late-stage trials.
Price history
The interactive chart needs JavaScript.
GILD +45.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| U.S. | $20.88B | 70.9% |
| Europe | $5.06B | 17.2% |
| Rest of World | $3.50B | 11.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $8.30B, up 6.8% from a year earlier, and net income was $2.43B (-20.4%).
- For fiscal 2025, revenue was $29.44B (+2.4% year over year; +3.6% a year from FY2020 to FY2025) with a 28.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.6% watch |
|---|---|
| Operating margin | 34% good |
| Free cash flow margin | 32.1% good |
| Return on equity (FY2025) | 37.5% good |
| Return on assets (FY2025) | 14.4% good |
| Net cash (cash minus debt) | $-19.79B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $24.69B | $123.0M | $7.52B |
| FY2021 | $27.30B | $6.22B | $10.80B |
| FY2022 | $27.28B | $4.59B | $8.34B |
| FY2023 | $27.12B | $5.67B | $7.42B |
| FY2024 | $28.75B | $480.0M | $10.30B |
| FY2025 | $29.44B | $8.51B | $9.46B |
Valuation snapshot
| Market value | $211.27B |
|---|---|
| P/E ratio | 25.1 |
| Dividend yield | 1.91% |
Rank among 1514 US companies
Market value at each year end
Gilead Sciences’s market value went from $94.34B at the end of 2016 to $211.27B on Nov 2, 2026, about 2.2 times as much; since the end of 2025 it is up 39%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $211.27B | +38.7% |
| 2025 | $152.28B | +32.3% |
| 2024 | $115.12B | +14.0% |
| 2023 | $100.94B | -6.3% |
| 2022 | $107.68B | +18.2% |
| 2021 | $91.08B | +24.7% |
| 2020 | $73.03B | -11.2% |
| 2019 | $82.21B | +1.6% |
| 2018 | $80.92B | -13.5% |
| 2017 | $93.58B | -0.8% |
| 2016 | $94.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GILD price data to Nov 2, 2026 | +41.2% | +45.7% | +32.1% | +25.3% | +12.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +41.2% |
| 2025 | +36.6% |
| 2024 | +18.6% |
| 2023 | -2.0% |
| 2022 | +23.6% |
| 2021 | +30.0% |
| 2020 | -6.6% |
| 2019 | +7.9% |
| 2018 | -9.9% |
| 2017 | +3.0% |
| 2016 | -27.6% |
| 2015 | +8.6% |
| 2014 | +25.5% |
| 2013 | +104.5% |
| 2012 | +79.5% |
| 2011 | +12.9% |
| 2010 | -16.3% |
| 2009 | -15.4% |
| 2008 | +11.2% |
| 2007 | +41.7% |
| 2006 | +23.5% |
| 2005 | +50.2% |
| 2004 | +20.1% |
| 2003 | +71.4% |
| 2002 | +3.5% |
| 2001 | +58.5% |
| 2000 | +53.2% |
| 1999 | +31.8% |
| 1998 | +7.3% |
| 1997 | +53.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 3.8% over that stretch · deepest drop along the way 34.4%, back to its old high 45.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 8.9% over that stretch · deepest drop along the way 13.7%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.6% over that stretch · deepest drop along the way 20.2%, back to its old high 7.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 40 sales ($24.6M), 40 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 30, 2026 | Daniel Patrick O'Day Chairman & CEO, Director | sell (plan) | $2.8M |
| Aug 17, 2026 | Johanna Mercier Chief Comm & Corp Aff Officer | sell (plan) | $2.3M |
| Oct 1, 2026 | Daniel Patrick O'Day Chairman & CEO, Director | sell (plan) | $1.8M |
| Aug 17, 2026 | Johanna Mercier Chief Comm & Corp Aff Officer | sell (plan) | $1.6M |
| Jul 1, 2026 | Daniel Patrick O'Day Chairman & CEO, Director | sell (plan) | $1.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.2% | Mar 31, 2025 |
| Vanguard Capital Management | 7.51% | Mar 31, 2026 |
| FMR LLC | 5.3% | Dec 31, 2025 |
| Capital World Investors | 4.3% | Mar 31, 2025 |
ETFs with the most weight in GILD
| BBH VanEck Biotech ETF | 13.47% |
| IBBQ Invesco Nasdaq Biotechnology ETF | 8.88% |
| IBB iShares Biotechnology ETF | 8.81% |
| PBE Invesco Biotechnology & Genome ETF | 5.49% |
| PJP Invesco Pharmaceuticals ETF | 5.35% |
| PINK Simplify Health Care ETF | 4.77% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 4.5% |
| UDI USCF Dividend Income Fund | 4.5% |
What could go wrong
- Heavy dependence on HIV medicines. Gilead gets a substantial portion of its revenue from HIV treatment and prevention. Rival drugs, including generics, could shrink these sales. So could a failure to launch newer HIV medicines, which might force research cuts.
- Cell therapies are complex to make and deliver. Yescarta and Tecartus are made from each patient's own immune cells in Gilead plants. Supply snags, quality problems or safety concerns could hurt demand. One example is a 2024 FDA warning about possible new T-cell cancers.
- Patent losses must be offset by new drugs. When drugs lose patent protection, cheaper generics can take market share. Gilead must keep launching new products, or new uses for existing ones, to replace that revenue and cover heavy research costs.
- Pressure on drug prices and rebates. Governments and insurers demand discounts and rebates, and net prices often fall as drugs age. The U.S. supplied 70.9% of fiscal 2025 revenue, so changes to American drug-pricing rules could weigh heavily.
- Trial setbacks and conditional approvals. Many drug candidates fail in testing. Some approvals, including Livdelzi and certain uses of Yescarta and Tecartus, were granted early. They could be lost if follow-up trials don't confirm the benefit.
- Deal-making risk and sizable debt. Gilead uses acquisitions, licensing and partnerships to add drugs, and deals may not pay off. As of June 30, 2026, debt was $26.2 billion against $3.2 billion of cash and investments.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement; Other company announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
Gilead has raised its dividend at least 9 years in a row through fiscal 2025, from $2.72 a share in 2020 to $3.16 in 2025. That is about 3% a year. The yield was 2.04% as of October 27, 2026. In 2025 the dividend took 47% of earnings and 42.3% of free cash flow (cash left after running and investing in the business). Earnings swing widely. Per-share earnings fell below the dividend in 2020 and 2024, and the quarter ended June 30, 2026 showed a $10.5 billion net loss. Even so, free cash flow covered dividends every year from 2020 to 2025. Buybacks totaled $6.0 billion in fiscal 2021–2025, yet the share count fell just 1.2% over roughly that span.
In past downturns the stock fell 34.4% in 2008 (about 46 months to recover), 13.7% in the 2020 COVID crash (about a month) and 20.2% in the 2022 bear market (about 8 months). Like any single stock, it carries more risk than a diversified fund.
Questions investors ask
How does Gilead Sciences make money?
Gilead makes most of its money selling prescription medicines, led by HIV drugs such as Biktarvy and Descovy. It also sells liver drugs like Epclusa and Vemlidy, cancer treatments such as Trodelvy and Yescarta, and Veklury for COVID-19. It earns royalties and partner payments too. Revenue was $29.4 billion in fiscal 2025, with 70.9% from the U.S. About 90% of U.S. gross product sales have historically gone through three wholesalers: Cardinal Health, Cencora and McKesson.
Does Gilead raise its dividend every year?
Yes, so far. Gilead has raised its dividend at least 9 years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $2.72 in 2020 to $3.16 in 2025, or about 3% a year. That is steady but modest growth, a bit below the 3.6% yearly revenue growth over the same five years. The yield was 2.04% as of October 27, 2026. Past increases do not guarantee future ones.
Can Gilead afford its dividend?
So far, cash flow has covered it. In fiscal 2025, dividends used 42.3% of free cash flow (cash left after running and investing in the business) and 47% of earnings. Earnings have been bumpy, though. Diluted earnings per share were $0.10 in 2020 and $0.38 in 2024, well below the dividend. Gilead also reported a $10.5 billion net loss in the quarter ended June 30, 2026. Even so, free cash flow exceeded dividends paid every year from 2020 to 2025.
How much debt does Gilead have?
About $26.2 billion of total debt as of June 30, 2026. That compares with $3.2 billion of cash and investments, which leaves net debt of about $23.1 billion. Shareholders' equity was $11.8 billion. In May 2026 the company reported signing a major agreement and taking on a new debt obligation. Free cash flow was $9.5 billion in fiscal 2025. Interest and debt repayments compete with dividends, buybacks and research for that cash.
How has Gilead stock performed over the long term?
Gilead's shares have mostly gained since 2021, after a weak stretch from 2016 to 2020. Based on share price as of October 27, 2026, the stock returned 35.3% over one year. Over five years it returned about 23.3% a year, and over ten years about 11.6% a year. It fell 27.6% in 2016 and also lost ground in 2018 and 2020. Its worst peak-to-trough drop was 60.4%. On the same date, the shares traded at 23.5 times fiscal 2025 earnings.