Gilead Sciences Inc.

GILD
Financial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$7.0B
Q1 2026 · +4% YoY
TTM ROIC
18.5%
FY2025 · NOPAT (Non-GAAP Operating Income × (1 - tax rate)) / Invested Capital (includes goodwill + acquired intangibles) · WACC ~7% · Moat spread +11.5pp

Financial Snapshot


ticker: GILD step: 04 generated: 2026-05-12 source: quick-research

Gilead Sciences, Inc. (GILD) — Financial Snapshot

Income Statement Summary

Metric FY2023 FY2024 FY2025 YoY (FY25)
Revenue $27.1B $28.6B $29.4B +2.7%
HIV Sales $18.2B $19.6B $21.5B+ +10%
Oncology Sales $3.0B $3.3B ~$3.5B +6%
Veklury (Covid) $2.2B $1.8B $0.91B -49%
GAAP EPS $4.07 ~$3.20 $6.78 +110% (vs. FY24 IPR&D charge-heavy base)
Non-GAAP Diluted EPS $6.79 $4.62 $8.15 +76%

Cash Flow & Capital Allocation (FY2025)

Metric Value
Operating Cash Flow ~$9B
Free Cash Flow ~$8.5B
Capital Return to Shareholders $5.9B
Share Repurchases ~$3.0B
Dividend (Quarterly) $0.79
Dividend Yield ~3.0%
Cash & Marketable Securities ~$5B
Total Debt ~$24B
Capital Return Commitment "At least 50% of FCF"

FY2026 Guidance

Metric 2026 Guide
Product Sales $29.6–30.0B (~flat to +2%)
Veklury Component $600M
Non-GAAP Operating Income $13.8–14.3B
Non-GAAP Tax Rate ~20%
GAAP Diluted EPS $6.75–7.15
Non-GAAP Diluted EPS $8.45–8.85 (+4–9% YoY)
HIV Total Sales (Treatment + Prevention) +8% YoY
Yeztugo (Lenacapavir PrEP) $1B+ (raised from initial guide)

Key Ratios (approximate)

  • P/E: ~10x (FY26 non-GAAP) | EV/EBITDA: ~7x | FCF Yield: ~7%
  • Revenue Growth (FY25): +2.7% (ex-Veklury: ~+6%)
  • Non-GAAP Operating Margin: ~47%
  • Dividend Yield: ~3.0% | Payout Ratio: ~37% of FCF
  • Net Debt / EBITDA: ~1.7x

Growth Profile

FY25 was the launch year for lenacapavir (Yeztugo) — the most transformational HIV launch since Biktarvy in 2018. Yeztugo's first full year (2026) is now guided at $1B+ in revenue — blockbuster status in Year 1. Combined with:

  • Biktarvy still growing +7% YoY (at a $14B+ base)
  • US PrEP business +87% in Q1 2026
  • Trodelvy in expanded oncology indications
  • No major patent expirations until 2036
  • ~7 potential new HIV launches by 2033

Gilead's growth trajectory is the most durable in big pharma. Q1 2026 Yeztugo +72% sequential growth confirmed launch momentum is accelerating.

The Veklury decline (-49% in FY25) is the only meaningful headwind; even with Veklury fully eliminated, HIV growth more than offsets. PEPFAR + Global Fund Yeztugo procurement programs add geographic + access expansion that drives multi-decade global TAM.

Forward Estimates

FY2026 Guide:

  • Revenue: $29.6–30.0B (ex-Veklury growth ~+5–6%)
  • Non-GAAP EPS: $8.45–8.85 (+4–9%)
  • Yeztugo: $1B+
  • HIV (T+P): +8% YoY

Bull case: Yeztugo exceeds $1.5B in 2026 + reaches $5B+ peak; bictegravir-lenacapavir combo approval drives 2027 next-leg HIV growth; Trodelvy expansion into lung cancer + earlier-line breast adds $2B+ revenue; non-GAAP EPS reaches $10+ by FY27. Bear case: PrEP pricing pressure from public-health partnerships + Medicare IRA caps limit US lenacapavir profitability; Veklury decline continues; oncology pipeline disappoints. Consensus targets $115–135 vs. trading ~$95–105 (~15–35% implied upside given low valuation).

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $GILD.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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