GILDHIGH SIGNALFINANCIAL10-K

GILD experienced extraordinary financial performance with net income surging 1,673% to $8.5B and revenue increasing 275% to $24.7B, while adding new HIV prevention drug Yeztugo to its commercial portfolio.

This represents a dramatic turnaround in Gilead's financial performance, suggesting either a major business transformation, significant one-time gains, or potential acquisition activity given the magnitude of these increases. The addition of Yeztugo for HIV prevention indicates continued innovation in their core therapeutic area, while the reference to "2026 objectives" suggests forward-looking strategic planning.

Comparing 2026-02-24 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Gilead delivered exceptional financial results with net income exploding from $480M to $8.5B and revenue nearly quadrupling to $24.7B, while operating income increased 503% to $10.0B. Despite gross profit growing only modestly by 10.8% to $5.9B, the company significantly ramped up R&D spending by 81.5% to $9.1B and increased share buybacks by 67% to $1.9B. The massive revenue growth combined with controlled gross profit margins and substantial R&D investment suggests either major new product launches, strategic acquisitions, or significant market expansion that has fundamentally transformed the company's financial profile.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+1672.9%
$480.0M$8.5B

Net income grew 1672.9% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+503%
$1.7B$10.0B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Revenue
P&L
+275.4%
$6.6B$24.7B

Strong top-line growth of 275.4% — accelerating demand or successful expansion into new markets.

R&D Expense
P&L
+81.5%
$5.0B$9.1B

R&D investment increased 81.5% — signals commitment to future product development, though near-term margin impact.

Share Buybacks
Cash Flow
+67.1%
$1.1B$1.9B

Share repurchases increased 67.1% — management returning capital, signals confidence in intrinsic value.

Stockholders Equity
Balance Sheet
+17.4%
$19.3B$22.7B

Equity base grew 17.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+11.2%
$4.4B$4.9B

Receivables grew 11.2% — monitor days sales outstanding for collection efficiency.

Gross Profit
P&L
+10.8%
$5.4B$5.9B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-28
ADDED
In addition, any statements other than statements of historical fact are forward-looking statements, including statements regarding overall trends; operating cost, product sales and revenue trends; liquidity and capital needs; plans and expectations with respect to products, product candidates, corporate strategy and 2026 objectives, business and operations, financial projections, strategic investments and the use of capital; expectations regarding the impact of the Inflation Reduction Act and the One Big Beautiful Bill Act, changes in U.S.
government shutdowns; collaboration and licensing arrangements; patent protection and estimated loss of exclusivity for our products and product candidates; ongoing litigation and investigation matters; and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions.
We are committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19 and cancer.
In 2025, our commercial portfolio included more than 25 therapies, including the following products and collaboration products with approved indications in the U.S.: HIV Biktarvy is an oral formulation dosed once a day for the treatment of HIV-1 infection in certain patients.
Yeztugo is indicated for PrEP to reduce the risk of sexually acquired HIV-1 in certain adults and adolescents who are at risk for HIV-1 acquisition.
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REMOVED
In addition, any statements other than statements of historical fact are forward-looking statements, including statements regarding overall trends; operating cost, product sales and revenue trends; liquidity and capital needs; plans and expectations with respect to products, product candidates, corporate strategy, business and operations, financial projections, strategic investments and the use of capital; expectations regarding the impact of the Inflation Reduction Act, changes in U.S.
trade policies, including tariffs; collaboration and licensing arrangements; patent protection and estimated loss of exclusivity for our products and product candidates; ongoing litigation and investigation matters; and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends and similar expressions.
We are committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, coronavirus disease 2019 ( COVID-19 ), cancer and inflammation.
In 2024, our products and collaboration products, with approved indications in the U.S., included the following: Virology HIV Biktarvy is an oral formulation dosed once a day for the treatment of HIV-1 infection in certain patients.
Complera /Eviplera is an oral formulation dosed once a day for the treatment of HIV-1 infection in certain patients.
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