# Gilead Sciences Inc. (GILD) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GILD/thesis · /stocks/GILD/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GILD/fundamental

## Navigation

- Overview: /stocks/GILD
- Financials (this page): /stocks/GILD/financials
- Thesis: /stocks/GILD/thesis
- Investment Memo: /stocks/GILD/memo
- Coverage universe: /stocks