Gilead Sciences, Inc. (GILD): Business Model Canvas [Dec-2025 Updated]

As a seasoned analyst, I can tell you that looking at the current business model for this pharmaceutical leader is like watching a master transition their core strength into a new growth phase. The foundation remains undeniably strong, anchored by the HIV franchise where a single product like Biktarvy generated $3.7 billion in Q3 2025, yet the real action is the aggressive pivot toward oncology and first-in-class, twice-yearly injectables like lenacapavir. This strategic balancing act-maintaining dominance while investing heavily in the next wave of therapies to support a projected full-year revenue between $28.3 billion and $28.7 billion-is laid bare in the nine building blocks below, so you can see exactly where the money is going and where the future value is being built.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships that power Gilead Sciences, Inc.'s strategy as of late 2025. These alliances are key to extending reach, developing new assets, and managing the operational backbone.

Global Health Access & Licensing for Lenacapavir

Gilead Sciences, Inc. has established a multi-pronged approach to ensure broad access to lenacapavir, particularly in resource-limited settings. This involves direct agreements with major global health bodies and enabling generic competition.

Gilead Sciences, Inc. signed non-exclusive, royalty-free voluntary licensing agreements with six pharmaceutical manufacturers to make and sell generic lenacapavir in 120 high-incidence, resource-limited countries, which are primarily low- and lower-middle-income countries (LLMICs). The six generic partners include Dr. Reddy's Laboratories Limited, Emcure, Eva Pharma, Ferozsons Laboratories Limited, Hetero, and Mylan. Gilead Sciences, Inc. is actively working to complete regulatory submissions for lenacapavir for PrEP in 18 countries that collectively represent 70% of the HIV burden across the voluntary license region by the end of 2025.

To bridge the gap until generics can fully meet demand, Gilead Sciences, Inc. announced a strategic partnership agreement with the Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund) and a separate agreement with the U.S. State Department through PEPFAR. Through these agreements, Gilead Sciences, Inc. will supply lenacapavir for HIV prevention (PrEP) at no profit to the company, aiming to reach up to two million people over three years in countries supported by both organizations. The US list price for a course of lenacapavir is around $28,000.

Strategic Alliance with LEO Pharma for Inflammation Assets

Gilead Sciences, Inc. entered a strategic partnership with LEO Pharma to accelerate the development of LEO Pharma's small molecule oral STAT6 (signal transducer and activator of transcription 6) programs for chronic inflammatory diseases like atopic dermatitis, asthma, and COPD. Gilead Sciences, Inc. will lead the manufacturing efforts for the oral programs and acquire the preclinical oral STAT6 small molecule inhibitors and targeted protein degraders.

The financial structure of this deal is significant:

Financial Component	Amount/Term
Total Potential Payments to LEO Pharma	Up to $1.7 billion
Upfront Payment to LEO Pharma	$250 million
LEO Pharma Co-commercialization Rights (Oral)	Outside the United States for dermatology
Gilead Estimated 2025 EPS Impact	Slight reduction of approximately $0.15 to $0.17 (GAAP/non-GAAP)

LEO Pharma retains global rights for any topical STAT6 formulations.

Collaboration with Merck on Combination HIV Regimens

Gilead Sciences, Inc. and Merck & Co. Inc. are testing an investigational combination of islatravir and lenacapavir for HIV treatment. This non-exclusive agreement aims for less frequent dosing compared to current daily treatments.

The cost and profit sharing terms are milestone-based:

• Development/Commercialization Cost Share: 60% for Gilead Sciences, Inc. and 40% for Merck.
• Profit Share (Initial): Equal share for both companies until annual sales milestones are met.
• Profit Share (Post-Milestone): Sales split becomes 65% for Gilead Sciences, Inc. and 35% for Merck after oral sales reach $2 billion and injectable sales reach $3.5 billion.

The Phase 2 study evaluating the once-weekly oral combination maintained a 94.2% rate of viral suppression at Week 24.

Expanded Partnership with Cognizant for Operational Efficiency

Gilead Sciences, Inc. expanded its long-standing collaboration with Cognizant to leverage machine learning and generative AI, integrating Cognizant's Neuro AI platform to enhance cost efficiency and productivity. This focuses on streamlining IT processes and improving operational efficiencies across the value chain.

Key financial context for Gilead Sciences, Inc. as of early 2025 includes:

• Market Capitalization: $119.13 billion.
• Gross Profit Margin (Q1 2025): 77.8%.
• Annual Revenue: $28.3 billion.

The goal is to generate potential cost savings that can be reinvested into Gilead Sciences, Inc.'s core life-saving treatments.

For context on the core HIV business performance, Gilead Sciences, Inc.'s Q2 2025 HIV sales were $5.1 billion, representing 7% year-over-year growth. This was driven by Biktarvy sales of $3.5 billion (up 9% YoY) and Descovy sales of $653 million (up 35% YoY).

Finance: draft 13-week cash view by Friday.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Key Activities

You're looking at the core engine of Gilead Sciences, Inc. as of late 2025, which is all about the heavy lifting in research, making the drugs, and getting them to the people who need them. This isn't just about selling pills; it's about managing a massive, complex scientific operation.

Extensive Research & Development (R&D) in Virology, Oncology, and Inflammation

Gilead Sciences, Inc. keeps the scientific engine running hot, focusing R&D spend across its core areas. For the first half of 2025, R&D expenses totaled $2,870 million. Looking at the quarterly data, GAAP R&D expenses were $1.5 billion in the second quarter of 2025, though this dipped to $1.3 billion in the third quarter of 2025. This work is supported by a massive commitment to domestic infrastructure; Gilead added $11 billion to its U.S. investment plans in May 2025, bringing the total pledge to $32 billion through 2030, with $5 billion of that extra tranche earmarked for technology, operations, and R&D site activities. The company has stated it has no major loss of exclusivity expected until 2036, which means this R&D investment is crucial for future growth.

Manufacturing and Global Distribution of Complex Proprietary Pharmaceuticals

Handling complex biologics requires serious infrastructure. Gilead Sciences, Inc. is actively scaling up its domestic manufacturing capabilities as part of that $32 billion U.S. investment commitment. They recently broke ground on a new Pharmaceutical Development and Manufacturing (PDM) Technical Development Center (NTDC) in Foster City, a five-story, 180,000 square foot facility designed to advance biologics production with flexible pilot labs and robotics integration. This effort is projected to generate more than $43 billion in economic value across the U.S. over five years and create around 800 direct jobs by 2028. This focus on advanced, domestic production helps secure the supply chain for its complex portfolio.

Clinical Trials Management for a Pipeline of 50+ Active Programs

Managing the pipeline is a huge, ongoing activity. As of the end of the third quarter of 2025, Gilead Sciences, Inc. reported having 56 clinical stage programs. This robust pipeline is central to their ambition of delivering 10+ transformative therapies by 2030. The management of these trials involves significant activity across therapeutic areas, including presenting positive topline results from the Phase 3 ASCENT-03 trial for Trodelvy and advancing the twice-yearly lenacapavir for HIV prevention through Phase 3 studies like PURPOSE 1 and 2. You'll see the company managing numerous Phase 1, Phase 2, and Phase 3 trials simultaneously, which requires disciplined execution to keep timelines on track.

Commercialization and Sales of HIV Treatments like Biktarvy and Descovy

The commercialization of established HIV treatments remains a primary revenue driver. Biktarvy continues to be the workhorse, achieving record market share of 52%. The sales figures for the key HIV products in 2025 show this strength:

Product	Q1 2025 Sales (Millions USD)	Q2 2025 Sales (Millions USD)	Q3 2025 Sales (Millions USD)
Biktarvy	$3,100	$3,500	$3,700
Descovy	$586	$653	Data not isolated
Total HIV Business	$4,600	$5,100	$5,300

The launch of Yeztugo (lenacapavir for PrEP) is a new commercial focus, with expected full-year sales around $150 million for 2025. Overall, total third quarter 2025 product sales were $7.3 billion, with the HIV business contributing $5.3 billion of that total.

Strategic Acquisitions and Licensing to Expand the Oncology and Inflammation Pipelines

To keep the pipeline fresh, Gilead Sciences, Inc. is actively using business development, especially in oncology. In 2025 alone, the company signed six deals in the oncology indication. You saw a licensing agreement with Kymera Therapeutics in June 2025 for up to $750 million. Then, in August 2025, the Kite subsidiary acquired Interius BioTherapeutics for $350 million to boost its CAR-T portfolio. Most recently, in November 2025, Gilead secured rights to Sprint Bioscience's preclinical oncology program for up to $400 million. These targeted deals are how Gilead buys innovation to fill out its future portfolio outside of its core virology strength.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Key Resources

You're looking at the core assets Gilead Sciences, Inc. (GILD) relies on to drive its business, the stuff that can't easily be copied. Honestly, it all comes down to patents and cash flow from blockbuster drugs right now.

The foundation is definitely the Dominant Intellectual Property (IP) portfolio, especially in HIV. You know this is a major moat for them; for instance, patent protection for Biktarvy is secured until the year 2036. This long runway is a massive resource underpinning their stability.

The flagship HIV product, Biktarvy, continues to be the engine. In the third quarter of 2025, Biktarvy sales alone hit $3.7 billion. That's a 6% increase year-over-year for that quarter, showing continued demand even this late in its cycle. The entire HIV portfolio is performing strongly, generating $5.3 billion in the same quarter.

Here's a quick look at the key HIV product performance from Q3 2025:

Product	Q3 2025 Sales (USD)
Biktarvy	$3.7 billion
Descovy	$701 million
Total HIV Product Sales	$5.3 billion

Beyond HIV, Gilead Sciences, Inc. maintains specialized U.S.-based R&D and manufacturing infrastructure. This includes their Advanced Cell Therapy manufacturing capabilities, supporting products like Yescarta and Tecartus. For context, Cell Therapy sales in Q3 2025 were $432 million, though this segment saw an 11% decline year-over-year and sequentially in that quarter.

Liquidity is another critical resource for funding operations and, importantly, business development. As of the end of the second quarter of 2025 (June 30, 2025), Gilead Sciences, Inc. held $7.1 billion in cash, cash equivalents, and marketable debt securities. That figure actually grew to $9.4 billion by the end of Q3 2025 (September 30, 2025), giving them significant flexibility for M&A or other strategic investments.

You can see the cash position trend here:

• Cash, cash equivalents, and marketable debt securities as of June 30, 2025: $7.1 billion.
• Cash, cash equivalents, and marketable debt securities as of September 30, 2025: $9.4 billion.
• Operating cash flow generated in Q3 2025: $4.1 billion.

Finance: draft 13-week cash view by Friday.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Value Propositions

You're looking at the core things Gilead Sciences, Inc. offers its customers-the tangible benefits driving their market position as of late 2025. It's about simplifying complex regimens and delivering curative potential where it matters most.

Highly effective, single-tablet HIV regimens for simplified patient adherence

Gilead Sciences, Inc. maintains dominance in the HIV space by offering established, highly effective single-tablet regimens. Biktarvy, for example, remains the number one prescribed regimen in the U.S., holding a 52% market share. This simplifies life for patients immensely. The strength of this portfolio is clear in the financials; total HIV product sales reached $5.3 billion in the third quarter of 2025, a 4% increase year-over-year, even with headwinds like the Medicare Part D redesign expected to impact HIV sales by $900 million in fiscal year 2025. The company has patent protection secured until 2036 for this franchise, which is a huge value anchor.

Here's a snapshot of the key HIV product performance in Q3 2025:

Product	Q3 2025 Sales (Millions USD)	Year-over-Year Growth
Biktarvy	$3,700	6%
Descovy	$701	20%
Total HIV Portfolio	$5,300	4%

First-in-class, twice-yearly injectable HIV prevention option (Yeztugo/lenacapavir)

The introduction of Yeztugo (lenacapavir) as the world's first twice-yearly HIV prevention option is a major value driver, offering a true alternative to daily oral medication. Data from the PURPOSE 2 trial showed this injectable delivered a 96% reduction in HIV infections compared to background HIV incidence. Analysts project this drug's peak sales could reach approximately $4 billion. While the U.S. list price is noted to be more than $28,000, the President's Emergency Plan for AIDS Relief (PEPFAR) has agreed to an initial supply at $64 per person per year for about 1 million people annually, showing a commitment to broad access models.

Targeted Antibody-Drug Conjugate (ADC) therapy, Trodelvy, for solid tumors

Gilead Sciences, Inc. offers Trodelvy, a targeted Antibody-Drug Conjugate (ADC) therapy, providing a critical option in oncology. In the first-line treatment for patients with PD-L1+ metastatic triple-negative breast cancer, Trodelvy combined with Keytruda reduced the risk of disease progression or death by 35% versus the standard of care. Quarterly sales show continued, albeit sometimes volatile, performance; Q3 2025 sales reached $357 million, a 7% increase year-over-year. The drug's Q1 2025 sales were $293 million, which was a 5% decrease, showing the dynamics of inventory and pricing in that segment.

Curative treatments for Hepatitis C (HCV) and chronic care for Hepatitis B (HBV)

The company provides treatments that offer curative potential for Hepatitis C (HCV) and long-term management for Hepatitis B (HBV). The Liver Disease segment demonstrated strong growth, posting $819 million in sales in the third quarter of 2025, which is a 12% increase. This shows the ongoing value delivered in this therapeutic area.

Value in affordability for these chronic conditions is supported through specific programs:

• HCV Co-pay Savings Program: Eligible patients with commercial insurance could pay as little as $5 per month.
• HBV Co-pay Savings Program: Eligible patients with commercial insurance could pay as little as $0 per month.

Patient assistance programs to minimize out-of-pocket costs for eligible U.S. patients

Gilead Sciences, Inc. supports patient access through several programs designed to lower out-of-pocket costs for eligible U.S. patients. The company has committed more than $300 million across 2024 and 2025 to advance U.S. community initiatives. To date, more than 550,000 individuals have received free Gilead medication through its free drug programs for uninsured individuals. For HIV treatment and prevention medications, the Advancing Access Co-pay Savings Program allows eligible patients with commercial insurance to pay as little as $0 per month.

Key support program metrics include:

• Free medication program recipients (cumulative): Over 550,000 individuals.
• U.S. Community Initiative Commitment (2024-2025): More than $300 million.
• Advancing Access HIV Co-pay Minimum: As low as $0 per month.

Finance: draft 13-week cash view by Friday.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Customer Relationships

You're looking at how Gilead Sciences, Inc. maintains its critical connections with the medical community and patients, which is key given its complex, high-value therapies. This isn't just about selling pills; it's about deep, specialized engagement.

High-touch relationships with key opinion leaders and specialist prescribers

Gilead Sciences, Inc. focuses heavily on building relationships with Key Opinion Leaders (KOLs) and specialist prescribers, particularly in its core therapeutic areas. This is essential for driving adoption of novel treatments. For instance, in oncology, the company is positioning itself for the anticipated launch of anito-cel, a potential best-in-class cell therapy for multiple myeloma, expected in 2026.

The company's existing oncology portfolio relies on strong clinical backing. Trodelvy, for example, remains the only approved Trop-2 antibody drug conjugate to show an overall survival benefit in two types of breast cancer, supported by six ongoing Phase 3 trials. By the end of 2024, Gilead's oncology therapies had already reached more than 80,000 people, showing the current reach that high-touch relationships support.

Direct patient support via free drug programs for uninsured individuals

For patients in the U.S. who lack insurance coverage, Gilead maintains direct support through its free drug programs. As of late 2025, the company reported that more than 550,000 individuals have received free Gilead medication through these programs.

This commitment to patient access is backed by financial investment. Gilead committed more than $300 million to advance community initiatives in the U.S. across 2024 and 2025. Note that effective May 5, 2025, Gilead transitioned its free drug programs from a retail pharmacy model to a mail order delivery model.

Co-pay assistance programs to reduce patient financial burden

To help commercially insured patients manage out-of-pocket costs, Gilead deploys several specific Co-pay Savings Programs. These programs are designed to make access immediate, though they exclude patients on government healthcare plans like Medicare or Medicaid.

Here's a quick look at the stated patient cost levels and annual assistance caps for some key programs:

Program/Therapy Area	Minimum Patient Cost (Per Month/Rx)	Maximum Annual Assistance
Advancing Access (HIV/COVID-19)	As little as $0 per month	Not specified (No monthly limit)
Letairis (PAH)	As little as $5 per month	Not specified (No monthly limit)
Zydelig (Oncology)	As little as $5 per prescription	Not specified (No monthly limit)
Support Path (HCV)	As little as $5 per month	Not specified (No monthly limit)
Gilead Oncology (TRODELVY)	As little as $0	Up to $25,000 per calendar year

For the Gilead Oncology Co-pay Program supporting TRODELVY, if an insurer uses a program that adjusts cost-sharing based on the coupon (a co-pay maximizer), Gilead may reduce assistance after providing up to $9,500.

Long-term engagement with global health organizations (PEPFAR, Global Fund)

Gilead Sciences, Inc. has deep, long-term engagement with global health partners to address diseases like HIV in resource-limited settings. A major recent focus is the twice-yearly injectable HIV prevention therapy, lenacapavir.

Key quantitative commitments include:

• Partnering with the Global Fund to supply lenacapavir to reach up to two million people over three years in supported countries, provided at no profit to Gilead.
• A partnership with PEPFAR to further advance access to lenacapavir for PrEP for up to two million people over three years in countries supported by both organizations.
• Signing non-exclusive, royalty-free voluntary licensing agreements with six generic manufacturers to cover 120 high-incidence, resource-limited countries.
• Gilead renewed its agreement with the WHO to donate 304,700 vials of AmBisome® for the period spanning 2023-2025.

The European Medicines Agency validated Gilead's EU-M4all application for lenacapavir for PrEP in February 2025, which helps LLMICs fast-track their own regulatory reviews.

Dedicated medical science liaisons for complex oncology and cell therapies

The relationship with specialists is formalized through dedicated Medical Science Liaisons (MSLs) who serve as scientific resources. These field-based MSLs disseminate clinical information about hematology/oncology products to KOLs, academic institutions, and healthcare professionals.

The MSL role is critical for complex areas like cell therapy, where Gilead's Kite subsidiary is involved. The MSL must possess a strong understanding of the clinical research process and treatment landscape, often requiring an advanced medical/scientific degree. The MSLs are tasked with delivering timely, accurate, and succinct scientific presentations, consistent with promotional compliance and PhRMA guidelines.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Channels

You're looking at how Gilead Sciences, Inc. gets its specialized medicines to patients and payers as of late 2025. It's a mix of high-touch specialty distribution and massive scale through established intermediaries.

Global network of specialty pharmacies and distributors for high-value drugs

Distribution for complex therapies, like Cell Therapy, relies on a highly controlled network. For Kite Pharma's cell therapies, the channel is limited to authorized treatment centers (ATCs). Gilead Sciences reported that Kite therapies are available at over 275 ATCs around the world, with more than 110 of those being leading cancer hospitals in the U.S..

Direct sales force targeting HIV, oncology, and liver disease specialists

The commercial engine for Gilead Sciences' core franchises-HIV, Oncology, and Liver Disease-is driven by a dedicated sales force engaging directly with specialists. The strength of this channel is reflected in the revenue performance:

• HIV portfolio sales reached $5.3 billion in the third quarter of 2025.
• Biktarvy, a key HIV product, generated $3.7 billion in sales in the third quarter of 2025.
• Descovy sales jumped 20% year-over-year to $701 million in the third quarter of 2025.
• Liver Disease portfolio sales were $819 million in the third quarter of 2025, marking a 12% increase from the prior year period.
• Yeztugo, the twice-yearly HIV preventative approved in June 2025, brought in $54 million in sales through the third quarter, with full-year revenue expected around $150 million.

Government procurement channels for global health initiatives (e.g., lenacapavir)

For global public health efforts, Gilead Sciences utilizes direct agreements with large procurement bodies. The access strategy for lenacapavir for HIV prevention involves significant non-profit supply commitments:

Procurement Channel/Agreement	Scope/Target	Financial Term
U.S. State Dept (PEPFAR) & Global Fund	Up to two million people over three years	At no profit to Gilead Sciences until generics meet demand
Voluntary Licensing Partners	120 primarily low- and lower-middle-income countries (LLMICs)	Royalty-free licenses granted in October 2024
Generic Cost Estimate (Example)	Per patient per year (after oral regimen)	Roughly $40

Gilead Sciences aims to complete regulatory submissions for lenacapavir for PrEP in 18 countries, which represent 70% of the HIV burden across the voluntary license region, by the end of 2025.

Internal manufacturing and logistics for Cell Therapy (Kite Pharma)

Kite Pharma maintains a large, in-house manufacturing network to handle personalized cell therapy production. This network is designed for scale and quality control. The global network includes facilities in Southern California, Amsterdam, and Frederick, Maryland. Optimizations across this network were estimated to increase CAR-T manufacturing capacity by 50%. The European hub in the Netherlands, with a €185 million investment, is designed to support manufacture for up to 4,000 patients annually across Europe, the Middle East, and South America. Since 2020, this Dutch facility has manufactured more than 13,000 individual cell therapies.

Wholesalers and major pharmacy benefit managers (PBMs) in the U.S.

The majority of commercial product distribution in the U.S. flows through wholesalers to retail and specialty pharmacies, with PBMs controlling access via formularies. The U.S. PBM market is highly consolidated:

• The top three PBMs-CVS Caremark, Express Scripts, and Optum Rx-collectively process approximately 75% of the market.
• These three companies processed nearly 80% of all equivalent prescription claims in 2024.
• The U.S. PBM market represents a staggering 97% share of the global PBM market.

Gilead Sciences expects total full-year 2025 product sales to be between $28.4 billion and $28.7 billion. The company expects to contribute approximately $2.7 billion in federal and state taxes in 2025.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Customer Segments

You're looking at the core groups that drive the business for Gilead Sciences, Inc. as of late 2025. These segments represent the patients and institutions that rely on their specialized therapies, and the financial scale shows just how significant each one is.

The largest segment remains the patients requiring long-term HIV management and prevention. For the third quarter of 2025, the HIV portfolio generated $5.3 billion in product sales, reflecting a 4% year-over-year growth, which led management to raise the full-year HIV franchise growth expectation to 5%. Within this, the treatment segment is anchored by Biktarvy, which recorded $3.7 billion in sales for Q3 2025. Prevention is a rapidly growing area, with Descovy sales jumping 20% year-over-year to $701 million in Q3 2025, as roughly three quarters of its sales are for HIV prevention (PrEP). The newest prevention agent, Yeztugo, brought in $54 million year to date as of Q3 2025, with a full-year sales expectation around $150 million. The overall PrEP market is expected to grow at 14% to 15% annually.

Oncology patients, especially those with metastatic triple-negative breast cancer (mTNBC), represent a critical, though smaller, revenue stream currently. Trodelvy sales for the third quarter of 2025 were $293 million. Clinical data continues to shape prescribing behavior here; for instance, the ASCENT-03 trial showed Trodelvy reduced the risk of disease progression or death by 38% compared to chemotherapy in a specific first-line mTNBC population. Furthermore, the combination of Trodelvy plus Keytruda showed a 35% risk reduction in PD-L1+ mTNBC in the ASCENT-04 trial.

Patients with chronic liver diseases, specifically those with HBV, HDV, and residual HCV, are served by a portfolio that saw significant growth. The Liver Disease portfolio generated $819 million in sales for Q3 2025, marking a 12% increase year-over-year, largely driven by Livdelzi demand. This growth contrasts with the Q2 2025 figure of $795 million, which was down 4% due to lower HCV sales.

Healthcare providers (HCPs) and hospitals are the direct prescribers and administrators of these complex treatments. Their volume dictates the revenue figures across all therapeutic areas. For context on the overall scale Gilead is managing, total product sales for Q3 2025 were $7.3 billion, while the company generated $4.1 billion in operating cash flow that same quarter.

Government agencies and NGOs focused on global health are essential for access in lower-income settings. Gilead has a plan to supply lenacapavir doses for 2 million people across three years in these regions, equating to 666,000 people annually. In South Africa, a broader rollout is expected to start with 400,000 doses received through a deal with the Global Fund to Fight AIDS. The US cost for this preventative is around $28,000 a year.

Here is a snapshot of the revenue contribution from the core product segments for Q3 2025:

Customer Segment Focus	Product/Area	Q3 2025 Sales Amount	Year-over-Year Change
Patients with HIV (Treatment)	Biktarvy	$3.7 billion	+6%
Patients with HIV (Prevention/PrEP)	Descovy	$701 million	+20%
Patients with HIV (Prevention/PrEP)	Yeztugo (YTD)	$54 million	N/A
Oncology patients (mTNBC/HR+)	Trodelvy	$293 million	-5%
Patients with Liver Diseases (HBV/HDV/PBC)	Liver Disease Portfolio	$819 million	+12%

The needs of these customer segments drive Gilead Sciences, Inc.'s strategic focus, which is reflected in the company's overall financial posture:

• Full-year 2025 product sales guidance range is between $28.4 billion and $28.7 billion.
• As of September 30, 2025, cash, cash equivalents, and marketable debt securities totaled $9.4 billion.
• The company returned $1.0 billion in dividends during Q3 2025.
• The market capitalization stood at $155B as of December 4, 2025.

For the HIV prevention segment, the focus is on expanding reach to populations not currently using PrEP, with researchers presenting strategies for the PURPOSE 5 trial in France and the UK.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Gilead Sciences, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward innovation and getting those innovations to market globally. Here's a breakdown of the key expense areas based on the latest reported figures.

High R&D expenditure, with $1.3 billion spent in Q3 2025

Research and development (R&D) remains a massive cost center, showing the company's commitment to pipeline advancement. For the third quarter of 2025, R&D expenses clocked in at $1.3 billion. This was actually a decrease from the prior year's Q3, primarily due to lower study-related and clinical manufacturing expenses. Year-to-date 2025 R&D expenses were reported at $4.1 billion, which management indicated was in line with 2024 performance for the same period. Management expects full-year 2025 R&D expenses to be roughly flat on a dollar basis compared to 2024.

Significant Selling, General, and Administrative (SG&A) costs for global commercialization

Moving product is expensive, and Gilead Sciences, Inc.'s global footprint requires substantial SG&A spending. In the third quarter of 2025, SG&A expenses were $1.4 billion. This was down 4% compared to the third quarter of 2024, partly due to lower corporate expenses, though this was partially offset by higher HIV promotional expenses. For the twelve months ending September 30, 2025, total SG&A expenses reached $5.886 billion. The expectation for the full year 2025 was a decline in SG&A expenses by a mid to high single-digit percentage compared to 2024's total of $6.091 billion. That's real money spent on sales forces and administrative overhead.

Here's a quick look at how those key operating expenses stacked up for the first three quarters of 2025:

Period	R&D Expenses (GAAP)	SG&A Expenses (GAAP)
Q1 2025	$1.4 billion	$1.3 billion
Q2 2025	$1.5 billion	$1.4 billion
Q3 2025	$1.3 billion	$1.4 billion
Year-to-Date 2025	$4.1 billion	Not explicitly provided as YTD sum

Costs of Revenue, including raw material procurement and complex manufacturing

The cost to actually produce the drugs is managed tightly, reflected in the gross margin figures. Product gross margin for the third quarter of 2025 was 78.6%. On a non-GAAP basis, which strips out certain items, the product gross margin was 86.5% in Q3 2025. This margin performance is what drives the underlying cost of sales, which is a direct reflection of raw material procurement and the complexity of manufacturing these specialized therapies. The non-GAAP product gross margin for the twelve months ending September 30, 2025, was also guided to be around 86.5%.

Acquisition-related expenses and contingent consideration payments

Business development activity creates specific, often non-recurring, costs that hit the income statement. Acquired In-Process Research and Development (IPR&D) expenses in the third quarter of 2025 totaled $170 million. This Q3 figure included a $120 million upfront payment related to the collaboration with Shenzhen Pregene Biopharma Co., Ltd. For the full year 2025, acquired IPR&D was expected to be $900 million. You should note that prior periods included significant, non-repeating charges, such as the $3.9 billion IPR&D expense related to the CymaBay acquisition in Q1 2024. Furthermore, the pending Interius BioTherapeutics acquisition is expected to involve a total cash consideration of $350 million, with related charges anticipated in Q4 2025.

Key acquisition-related costs in 2025 include:

• $170 million Acquired IPR&D in Q3 2025.
• $120 million Upfront payment to Pregene in Q3 2025.
• $61 million Acquired IPR&D in Q2 2025, tied to Kymera partnership.
• Expected full year acquired IPR&D of $900 million.

Capital investment in new U.S. manufacturing and research facilities

Capital expenditures (CAPEX) reflect the investment in the physical assets needed to support future operations. The forecast for Gilead Sciences, Inc.'s CAPEX for the full fiscal year 2025 was set at $568.6 million. This figure represents the planned spending on property, plant, and equipment, which would encompass investments in new or expanded U.S. manufacturing and research facilities, though specific facility spending isn't itemized in the top-line reports. Finance: draft 13-week cash view by Friday.

Gilead Sciences, Inc. (GILD) - Canvas Business Model: Revenue Streams

Gilead Sciences, Inc. projects total full-year 2025 product sales to be between $28.4 billion and $28.7 billion.

The dominant HIV franchise remains the cornerstone, delivering $5.3 billion in sales for the third quarter of 2025, representing a 4% increase year-over-year. This growth was driven by both Biktarvy and Descovy performance. The company anticipates its full-year HIV franchise revenue growth to be approximately 5%, despite an expected $900 million headwind from the Medicare Part D redesign in 2025.

The revenue streams from Gilead Sciences, Inc. product sales in the third quarter of 2025 are detailed below:

Product/Franchise Segment	Q3 2025 Revenue (USD)
HIV Product Sales	$5.3 billion
Veklury (remdesivir) Sales	$277 million
Oncology - Cell Therapies Total	$432 million
Oncology - Trodelvy Sales	$357 million
Oncology - Yescarta Sales	$349 million
Oncology - Tecartus Sales	$83 million

The Oncology segment includes the Cell Therapies, which totaled $432 million in Q3 2025 sales, reflecting an 11% decrease compared to the same period in 2024. Trodelvy sales specifically grew 7% to $357 million in the third quarter of 2025. The Cell Therapy sales breakdown includes Yescarta at $349 million and Tecartus at $83 million for the quarter.

Royalty, contract, and other revenues contributed approximately $400 million in the third quarter of 2025, an increase compared to the same period in 2024, primarily due to revenue related to a previous sale of intellectual property not expected to reoccur.

Sales of Veklury (remdesivir) are declining as expected due to lower rates of COVID-19-related hospitalizations, recording $277 million in the third quarter of 2025, a 60% decrease year-over-year. The company continues to expect full-year Veklury revenue of approximately $1 billion.

Further detail on the key drivers within the HIV franchise for Q3 2025 includes:

• Biktarvy sales: $3.7 billion, up 6% year-over-year.
• Descovy sales: $701 million, up 20% year-over-year.
• New HIV prevention product (Yes2Go) sales: $39 million for the third quarter, with $54 million including initial launch weeks in June.