Company file · GILD
Gilead
Gilead's net income recovered in 2025; a quarterly loss followed in 2026 on a research charge
Net income was $8.5B in 2025, up from $480M, on revenues up 2.4% to $29.4B. In the quarter ended Jun 30, 2026 it reported a net loss of $10.5B, after a charge for acquired in-process research and development.
Key facts
Gilead (Nasdaq: GILD) reported total revenues of $29.4B for fiscal 2025, the year ended Dec 31, 2025, up 2.4% from fiscal 2024. Net income to Gilead was $8.5B, up 1672.9%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $7.8B, up 10.2% from the same quarter a year earlier, and net income was −$10.5B. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).
Source: 10-K FY2025, filed Feb 24, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 6, 2026
How it makes money
HIV products were 70% of 2025 total revenues, at $20.8B. Oncology and liver disease were each 11%. The United States was 71% of revenues.
By therapy area, FY2025
Share is of FY2025 total revenues; the items listed don't cover all of it. The last column is the change from FY2024.
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Gilead 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026
By therapy area
Source: Gilead 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026
The bull case and the bear case
The bull case
- HIV product sales grew 5.8% in 2025 to $20.8B. 10-K, FY2025
- Net income recovered to $8.5B in 2025 from $480M in 2024. 10-K, FY2025
- Revenues in the quarter ended Jun 30, 2026 were $7.8B, up 10.2% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- Total debt fell 6.6% in 2025 to $24.9B. 10-K, FY2025
The bear case
- It reported a net loss of $10.5B in the quarter ended Jun 30, 2026, after charges for acquired in-process research and development. 10-Q, quarter ended Jun 30, 2026
- Oncology product sales fell 1.6% in 2025. 10-K, FY2025
- Cash was $3.2B at Jun 30, 2026, down from $7.6B at the end of 2025. 10-Q, quarter ended Jun 30, 2026
- The 10-K lists reliance on HIV sales, drug pricing pressure, competition and the risk of failed or delayed research among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Gilead Sciences develops and sells medicines, mainly for HIV, plus treatments for cancer, liver disease and COVID-19.
HIV medicines such as Biktarvy and Descovy make up most of its sales. Its oncology products include Trodelvy and the cell therapies Yescarta and Tecartus. Its liver disease medicines treat hepatitis B and C, and Veklury treats COVID-19.
The United States is its largest market. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Gilead's latest 10-K. Read the original for the full list.
- HIV relianceMost sales come from HIV medicines, so changes in that market matter a lot.
- PricingGovernment and insurer pressure on drug prices can reduce revenue.
- CompetitionNew drugs and generics compete with its products as patents expire.
- Research and acquisitionsResearch may fail, and acquired programs can lead to large charges.
- Regulation and safetyProducts need approvals and must meet safety rules.
- ManufacturingSupply problems, especially for cell therapies, could disrupt sales.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total revenues | $27.1B | $28.8B | $29.4B |
| Net income to Gilead | $5.7B | $480M | $8.5B |
| Operating cash flow | $8.0B | $10.8B | $10.0B |
| Cash & equivalents (year end) | $6.1B | $10.0B | $7.6B |
| Total debt (year end) | $25.0B | $26.7B | $24.9B |
| Diluted shares | 1.26B | 1.25B | 1.25B |
- Total revenues: Product sales of its medicines, mainly for HIV, plus royalty, contract and other revenue.
- Net income to Gilead: Net income attributable to Gilead, after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and cash equivalents on the balance sheet. Excludes marketable debt securities.
- Total debt: Current and long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Therapy-area figures are product sales; royalty, contract and other revenue isn't shown, so the areas don't add up to total revenues.
- Net income is net income attributable to Gilead.
Recent filings
Latest filings
- Oct 164:17 PM ET
Form 4
Gilead CFO Andrew D. Dickinson reports selling 3,000 shares under a 10b5-1 plan
The filing reports 3,000 shares in an open-market or private sale (code S) at $156.22, about $468,660 in total.
- Oct 164:12 PM ET
Form 4
Gilead Chief Comm & Corp Aff Officer Johanna Mercier reports selling 3,000 shares under a 10b5-1 plan
The filing reports 3,000 shares in an open-market or private sale (code S) at $156.22, about $468,660 in total.
- Oct 24:40 PM ET
Form 4
Gilead Chairman & CEO Daniel Patrick O'Day reports selling 15,000 shares under a 10b5-1 plan
The filing reports 15,000 shares in an open-market or private sale (code S) at prices from $147.72 to $148.63, about $2.2 million in total.
Common questions about Gilead
How does Gilead make money?
Gilead's total revenues were $29.4B in fiscal 2025. HIV products were 70% of 2025 total revenues, at $20.8B. Oncology and liver disease were each 11%. The United States was 71% of revenues. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What was Gilead's revenue in fiscal 2025?
$29.4B of total revenues for the fiscal year ended Dec 31, 2025, up 2.4% from $28.8B in fiscal 2024. Fiscal 2023 was $27.1B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
Is Gilead profitable?
Gilead reported net income to Gilead of $8.5B for fiscal 2025, up 1672.9% from $480M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was −$10.5B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What did Gilead report in its latest quarterly filing?
Revenue was $7.8B in the quarter ended Jun 30, 2026, up 10.2% from $7.1B a year earlier. Net income was −$10.5B, compared with $2.0B from $2.0B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.
How much cash and debt does Gilead have?
Gilead had $3.2B in cash and cash equivalents and $26.2B of total debt on Jun 30, 2026. Total debt here is current and long-term debt, at carrying value. Source: 10-Q filed Aug 6, 2026.
What are the main risks Gilead lists?
Gilead's 10-K for fiscal 2025, filed Feb 24, 2026, lists its risk factors in Item 1A. We group them into 6 areas: HIV reliance; pricing; competition; research and acquisitions; regulation and safety; manufacturing. The first: Most sales come from HIV medicines, so changes in that market matter a lot. Source: 10-K, Item 1A Risk Factors.
Where do these Gilead numbers come from?
From Gilead's own SEC filings: the 10-K for fiscal 2025 (filed Feb 24, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in GILD
- The editor holds no position in Gilead (GILD). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell GILD from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold GILD, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| GileadGILD | FY2025 | $29.4B | +2.4% | $8.5B |
| AmgenAMGN | FY2025 | $36.8B | +10.0% | $7.7B |
| AbbVieABBV | FY2025 | $61.2B | +8.6% | $4.2B |
| MerckMRK | FY2025 | $65.0B | +1.3% | $18.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.