What it does
Gilead describes itself as a biopharmaceutical company focused on medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19 and cancer. Its commercial portfolio spans HIV, liver disease, oncology and other therapies. The filing lists HIV medicines including Biktarvy, Descovy, Sunlenca and Yeztugo; liver-disease products including Epclusa, Livdelzi and Vemlidy; and oncology products including Tecartus, Trodelvy and Yescarta. Its R&D efforts are focused primarily on virology, oncology and inflammation, while development work also relies extensively on contract research organizations.
Source: Gilead Sciences, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that it earns most of its revenue from sales of approved products, with the product and segment revenue table below providing the detailed breakdown. It sells products through U.S. and international commercial operations, commercial teams, wholesalers, distributors and corporate partners. In addition to product sales, Gilead reports royalty, contract and other revenue from outbound licenses of its intellectual property, sales of certain intellectual property, and payments under collaborations with third-party partners. For certain collaboration products, the filing says it receives a share of revenue for components it contributes.
Source: Gilead Sciences, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
Gilead operates in more than 35 countries, with headquarters in Foster City, California. Its commercial teams promote products directly to physicians, hospitals, clinics and other healthcare providers. The company generally gives third-party distributors exclusive rights to promote a product in a specified territory. In the United States, it sells and distributes most products exclusively through wholesalers; historically, approximately 90% of U.S. gross product sales have been to Cardinal Health, Cencora and McKesson and their specialty-distributor affiliates. Outside the United States, it sells through commercial teams, third-party distributors or corporate partners where products are approved.
Source: Gilead Sciences, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that it operates in a highly competitive environment. It says its products compete based primarily on efficacy, safety, tolerability, physician acceptance, patient compliance, ease of use, price, insurance and reimbursement coverage, distribution and marketing. The filing identifies competitive pressure from large pharmaceutical and biotechnology companies, specialized pharmaceutical firms, academic institutions, government agencies, and other public and private research organizations. It also cites pricing pressure from private insurers and government payers, as well as new branded and generic products. The competition discussion does not name specific competing companies.
Source: Gilead Sciences, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing’s risk-factor headings and opening statements highlight the following risks:
- Gilead receives a substantial portion of its revenue from products for treatment and prevention of HIV infection.
- Novel, personalized CAR T-cell therapies create significant manufacturing, treatment and supply challenges.
- Clinical trials face potential unfavorable results, delays in anticipated timelines and disruption.
- Operations depend on compliance with complex FDA and comparable international regulations.
- Epidemic, pandemic or contagious-disease outbreaks have adversely affected, and may adversely affect, the business.
- Strategic transactions, including acquisitions, licensing arrangements and collaborations, carry associated risks.
Source: Gilead Sciences, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, Gilead had approximately 17,000 employees. The filing says its human-capital priorities include inclusion, total rewards, safety, employee development and engagement. The company owns or leases facilities in the United States, Ireland, Canada and the Netherlands for activities including process development, manufacturing, testing, packaging, labeling and cell-therapy processing. It also depends on contract manufacturing organizations and contract testing laboratories for most active pharmaceutical ingredient and drug-product manufacturing and testing. The company states that worldwide product sales do not show significant end-user-demand seasonality, although U.S. wholesaler inventory changes can affect recorded product sales.
Source: Gilead Sciences, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov