Gilead Sciences, Inc. (GILD)
NEUTRAL基本面
55
价格
$148.63
市值
$181.95B
第一部分 · 这家公司值多少
概览
Gilead Sciences develops and sells prescription medicines, best known for HIV treatment and prevention drugs such as Biktarvy and Descovy, which make up the large majority of revenue. It also sells treatments for chronic hepatitis B and D, cancer medicines including CAR-T cell therapies from its Kite subsidiary and the antibody-drug conjugate Trodelvy, and Veklury, the antiviral used against COVID-19. Products are sold mainly through specialty pharmacies and wholesalers to patients in the United States and abroad.
盈利方式
Revenue comes from per-prescription sales of patented medicines, priced and rebated through negotiations with insurers, government payers and pharmacy benefit managers. HIV franchise drugs generate the large majority of profit while under patent protection, funding research and acquisitions such as Kite aimed at diversifying into cancer treatment before HIV drugs eventually face generic and biosimilar competition; Veklury revenue, by contrast, rises and falls with COVID-19 infection waves rather than steady patient demand.
分部营收
Daily treatment regimens such as Biktarvy and prevention medicines such as Descovy, taken by people living with or at risk of HIV.
Cancer medicines including Kite's CAR-T cell therapies, which reprogram a patient's own immune cells, and the antibody-drug conjugate Trodelvy.
Treatments for chronic hepatitis B and hepatitis D infections, diseases that can progress to serious liver damage if untreated.
Remdesivir, the antiviral sold under the brand Veklury for treating COVID-19, with revenue tied closely to infection rates.
Smaller and legacy product lines outside the four main therapeutic areas, none individually large enough to break out separately.
护城河
专利与许可 · 狭窄Being the default HIV regimen for both treatment and prevention, reinforced by patents and years of prescriber habit, gives Gilead pricing power most biopharma companies do not have within a single disease area. The edge is narrow rather than wide, though: Biktarvy's core patents begin expiring later this decade, and the company is racing to establish its long-acting drug lenacapavir as the next-generation standard before that happens.
需求驱动因素
防御型HIV and liver disease medicines treat chronic, life-long conditions that patients keep taking regardless of the economic cycle, which anchors the defensive core of the business. Veklury is the exception: its revenue rises and falls with COVID-19 infection waves and government stockpiling decisions, while oncology growth depends on new drug launches and expanding approved uses rather than the broader economy.
主要风险
- Uncertain Veklury demand — Revenue from the COVID-19 antiviral Veklury depends on infection rates and government purchasing decisions, both of which have proven volatile and hard to predict from year to year.
- US Medicare pricing reform — The Inflation Reduction Act's Medicare Part D changes affect how Gilead's medicines are priced and reimbursed for older US patients, adding a policy variable outside the company's control.
- Patent expiration on core HIV drugs — Key patents protecting Biktarvy begin expiring later this decade; once generic or competing options arrive, the HIV franchise that funds most of the company's profit will face pricing pressure.
- Clinical trial and pipeline risk — Newer candidates such as lenacapavir and sacituzumab govitecan must continue to succeed in trials and gain regulatory approval for new uses to offset eventual declines in older products.
- Pricing and reimbursement pressure — Government agencies and private payers worldwide continue to push back on drug prices, and unfavorable reimbursement decisions in any major market can reduce how much revenue a medicine actually generates.
看多理由
Buyers argue that Gilead's dominant, durable HIV franchise throws off enough profit to fund a growing and diversifying oncology and cell-therapy business, and that lenacapavir's long-acting dosing could extend HIV leadership for another decade even after Biktarvy's patents expire.
看空理由
Sellers fear that Biktarvy's eventual patent expiration, fading Veklury demand once COVID-19 waves subside, and persistent government pricing pressure leave Gilead more dependent on a single franchise than its diversification efforts suggest.
Written by the editors, published on 2026年8月18日
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资产负债表与流动性
营收
$30.46B
最近12个月（截至2026/6/30）
净利润
$-3.24B
最近12个月（截至2026/6/30）
自由现金流
$9.46B
股东权益合计
$22.70B
负债合计
$36.41B
流动比率
1.27
利息覆盖率
2.50
债务/EBITDA
1.80
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$552.61
当前价格
$148.63
安全边际
+73.1%
公允价值区间
$359.19 - $746.02
估算方法
估值指标
市盈率（P/E）
21.64
ROE
37.5%
市净率（P/B）
15.38
P/FCF
14.06
毛利率
79.6%
ROIC
-5.1%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
-5.1%
WACC
7.3%
ROIC − WACC
-12.5 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
基本面分析标准
通过（15）
- EPS shows upward trend
- EPS CAGR 8.20%
- Price CAGR 7.39%
- Gross Margin 79.6%
- P/FCF 14.06
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Analyst Consensus 81% Buy
- Earnings Surprise avg 6.7%
- Share Dilution -0.6%
- Piotroski F-Score 8/9
未通过（10）
- ROIC -5.1%
- P/B Ratio 15.38
- Operating Margin -8.2%
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE -16.3%
- Revenue Growth 5Y 3.6%
- Net Margin Trend -10.6% vs 21.9%
不可用（3）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
Piotroski F-评分
财务状况强健
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Daniel Patrick O'Day | Chairman & CEO | 60 |
| Mr. Andrew D. Dickinson | Executive VP & CFO | 55 |
| Ms. Johanna Mercier | Chief Commercial & Corporate Affairs Officer | 55 |
| Dr. Dietmar P. Berger M.D., Ph.D. | Chief Medical Officer | 56 |
| Ms. Erin E. Burkhart | Senior VP, Controller & Chief Accounting Officer | 46 |
| Ms. Jacquie Ross C.F.A. | Senior Vice President of Treasury & Investor Relations | - |
| Ms. Keeley M. Cain Wettan | Executive VP, General Counsel of Legal & Compliance and Secretary | 50 |
| Ms. Jyoti K. Mehra | Executive Vice President of Human Resources | 48 |
| Dr. Linda Slanec Higgins Ph.D. | Senior Vice President of Research, Innovation & Portfolio | 63 |
| Dr. Flavius Martin M.D. | Executive Vice President of Research | - |
审计风险
9
董事会风险
5
薪酬风险
8
股东权利风险
2
第二部分 · 价格与买入时机
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Latest News
Recent headlines for GILD, sourced from Markets Gazette.
- 8d agoNEUTRALNasdaq-100® Inside the Index: Gilead Sciences (GILD)
Gilead Sciences (GILD), a biopharmaceutical company, is featured in an 'Inside the Index' segment focusing on its current revenue drivers and future growth potential. The article highlights the company's established HIV franchise as its primary revenue source. Additionally, it points to emerging prevention treatments as key elements that could define Gilead's trajectory in the coming years. This analysis provides investors with insight into the company's strategic positioning and potential for future expansion within the biopharmaceutical sector.
- 6/17/2026NEUTRALHere's How Much You Would Have Made Owning Gilead Sciences Stock In The Last 20 Years
An analysis of Gilead Sciences Inc. stock performance over the past two decades reveals a complex investment journey. While the stock has experienced periods of significant growth, particularly around key drug approvals and pipeline developments, its overall trajectory has been marked by volatility. Investors who held GILD for the full 20-year period would have seen a notable return, though the exact percentage is subject to the specific entry and exit points. This historical perspective is crucial for current investors assessing the company's long-term value proposition and risk profile.
- 6/2/2026POSITIVEGilead Advances Liver Disease Ambitions With Encouraging Study Outcome
Gilead Sciences announced encouraging Phase 3 results for its liver disease drug, Livdelzi, in patients with primary biliary cholangitis (PBC). The study demonstrated a statistically significant higher rate of alkaline phosphatase (ALP) normalization in patients treated with Livdelzi compared to placebo after 52 weeks. This outcome strengthens Gilead's pipeline in liver disease and presents a potential new therapeutic option for PBC patients, which could translate into significant market penetration and revenue growth for the company.
- 4/9/2026POSITIVEGilead Expands Tempus AI Partnership To Boost Oncology Pipeline
Gilead Sciences has expanded its strategic partnership with Tempus AI, a leader in artificial intelligence and data for healthcare. This expanded collaboration aims to accelerate the development of Gilead's oncology pipeline by leveraging Tempus's advanced data analytics and AI capabilities. Additionally, Gilead has licensed Kymera's KT-200, further bolstering its drug development efforts in the oncology space. This dual approach signifies a strong commitment to innovation and data-driven drug discovery, potentially leading to significant advancements in cancer treatments and enhancing Gilead's market position in the lucrative oncology sector.
- 4/8/2026POSITIVEGilead to Buy Cancer Biotech Tubulis in $5B Deal
Gilead Sciences Inc. has announced an agreement to acquire the private German biotech firm Tubulis for up to $5 billion. This strategic move aims to significantly enhance Gilead's oncology pipeline by integrating Tubulis' innovative cancer drug development capabilities. The acquisition underscores Gilead's commitment to expanding its presence in high-growth areas of cancer treatment. Investors may view this deal positively, anticipating future revenue streams and market share gains from the newly acquired assets, potentially boosting GILD's stock performance.
- 4/7/2026NEGATIVEGilead Acquisition Spree Continues With $3 Billion Tubulis Deal
Gilead Sciences announced a $3.15 billion acquisition of Tubulis, a private biopharmaceutical company, to bolster its antibody-drug conjugate (ADC) pipeline. While the deal aims to enhance Gilead's oncology and autoimmune portfolios, the market reacted negatively, with Gilead shares experiencing a dip. Investors may be concerned about the substantial cash outlay and the integration risks associated with multiple recent acquisitions, potentially overshadowing the strategic benefits of the new ADC asset.
- 2/27/2026NEUTRALP/E Ratio Insights for Gilead Sciences
Markets Gazette highlights the recent focus on Gilead Sciences' Price-to-Earnings (P/E) ratio. This metric is vital for investors, offering insights into a company's valuation relative to its earnings per share. A high P/E might suggest strong future growth expectations, while a low P/E could indicate an undervalued stock or lower market expectations. A thorough analysis of this ratio is crucial for understanding market perception of Gilead's financial health and growth prospects as a key player in the biopharmaceutical sector. Investors will closely monitor any new interpretations to inform their investment decisions.
via Markets Gazette