GILEAD SCIENCES, INC. (GILD)

Gilead Sciences, Inc. is a biopharmaceutical company headquartered in Foster City, California, operating in more than 35 countries, dedicated to discovering, developing and delivering innovative medicines addressing unmet medical needs in virology, oncology and other therapeutic areas, including HIV, viral hepatitis, COVID-19 and cancer. Its 2025 commercial portfolio includes more than 25 therapies, notably HIV treatments Biktarvy, Descovy, Genvoya, Odefsey, Sunlenca, Symtuza (with Janssen) and Yeztugo; hepatitis therapies Epclusa, Vemlidy and Livdelzi for PBC; oncology products Tecartus, Trodelvy and Yescarta; the antifungal AmBisome; and the COVID-19 treatment Veklury. Beyond product sales, Gilead earns royalty, contract and other revenues from intellectual property licensing and collaborations.

The company markets its products through direct commercial teams and third-party distributors, wholesalers and corporate partners, with roughly 90% of U.S. gross product sales flowing through three major wholesalers (Cardinal Health, Cencora and McKesson). It faces significant competition from large pharmaceutical and biotech firms, academic and public research institutions, and pricing pressure from payers and generic entrants. Gilead's R&D efforts focus on virology, oncology and inflammation, supported by extensive outsourcing of clinical trial operations to contract research organizations.

Its late-stage pipeline includes virology candidates such as bulevirtide (for hepatitis delta virus), lenacapavir-based regimens for HIV treatment and PrEP, and collaborations with Merck (islatravir/lenacapavir); oncology candidates include anitocabtagene autoleucel (with Arcellx), expanded uses of sacituzumab govitecan-hziy (including combinations with Merck's pembrolizumab), axicabtagene ciloleucel, and domvanalimab/zimberelimab (with Arcus). In 2025, Gilead received FDA approval for Yeztugo as a twice-yearly HIV PrEP option and European Commission authorizations for Yeytuo (PrEP) and Lyvdelzi (PBC). The company continues to pursue growth through acquisitions, licensing and strategic collaborations, aiming to build a diversified, sustainable portfolio.

Gilead maintains an extensive patent estate protecting its compounds and technologies, with key product and product-candidate patents in the U.S. and EU expiring between the late 2020s and late 2030s, and has entered into various settlement agreements with generic manufacturers to manage patent litigation and exclusivity timelines. The company also relies on trade secrets, confidentiality agreements and proprietary know-how to protect its unpatented innovations.