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HIV medicines anchor Gilead Sciences’ business, with Biktarvy its largest-selling product. The company also sells medicines for liver disease and cancer, but these contribute much less revenue than HIV products. Medicine sales account for nearly all its revenue.
Gilead promotes its medicines to physicians, hospitals and clinics, while wholesalers buy most of its U.S. products. Cardinal Health, Cencora and McKesson account for a large majority of gross product sales, making these companies important links between Gilead and patients. Outside the United States, Gilead sells through its own teams, distributors and corporate partners.
The business depends on continued demand for HIV medicines and on private insurers and government programs covering treatment. Rebates and discounts reduce what Gilead receives from sales. Patent protection helps sustain its medicine sales, and regulatory approvals determine where and for which uses it can market each product.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
GSK competes with Gilead for HIV treatment and prevention prescriptions, putting Gilead's largest revenue source in the path of prescribing shifts. Watch demand for GSK's HIV medicines: Gilead's HIV sales growth in 2025 came mainly from higher treatment and prevention demand, not higher prices.
Merck sells HIV medicines that compete with Gilead's treatments and is developing new HIV regimens. For Gilead holders, progress on those regimens is the Merck news to watch for changes in treatment choices.
Johnson & Johnson's Janssen both competes with Gilead in HIV medicines and sells Symtuza using components supplied by Gilead. Symtuza sales matter differently from rival drug sales: Gilead receives a share of that revenue.
Bristol Myers Squibb's Breyanzi competes with Gilead's Yescarta to treat patients with large B-cell lymphoma. Uptake and clinical results for these cell treatments, known as CAR-T therapies, are the developments to watch for pressure on Gilead.
AbbVie's Mavyret competes with Gilead's hepatitis C medicines for patients seeking antiviral treatment that can cure the infection. Mavyret's uptake is the part of AbbVie's business to watch for competition in Gilead's hepatitis C franchise.
AstraZeneca's interests in breast cancer medicines that attach a drug to an antibody—antibody-drug conjugates—compete with Gilead's Trodelvy for overlapping patients and treatment budgets. Watch developments in that breast cancer portfolio rather than AstraZeneca's overall cancer sales.
Arcus Biosciences, Inc. and Gilead share the development costs and potential commercial returns of domvanalimab, zimberelimab and quemliclustat, so clinical progress matters to both. Arcus develops these cancer medicines rather than selling approved products; if it participates in U.S. co-promotion without opting out, it shares profits and losses equally with Gilead.
Novartis's Kymriah competes with Gilead's cell treatments, known as CAR-T medicines, in overlapping leukemia and lymphoma indications. Kymriah's use in those patient groups is the Novartis development most directly relevant to Gilead's competing medicines.
Vir Biotechnology, Inc. is developing tobevibart plus elebsiran for chronic hepatitis D, competing with Gilead's bulevirtide franchise. Watch its clinical results: additional competitive clinical data led Gilead to write down bulevirtide's development asset in 2025, mainly reflecting lower expected market share outside the European Union.
Assembly Biosciences, Inc develops antiviral programs that Gilead can take over under exclusive licenses, supplying Gilead with potential future medicines while depending on it for opted-in programs' development and commercialization. The HPI program transferred to Gilead in December 2025; future licensing decisions show which Assembly programs Gilead chooses to advance.
Pfizer's Paxlovid and Gilead's Veklury compete as antiviral treatments for COVID-19, but primarily serve different care settings. Paxlovid news therefore concerns a competing treatment option, not an interchangeable measure of demand for Veklury.
Gilead Sciences Inc earningsThis company
Gilead earns most of its product revenue from HIV medicines, and this report will show whether treatment and prevention demand is still growing faster than rebates and discounts erode sales.
Read HIV product-sales growth alongside gross-to-net deductions—the rebates, discounts and other amounts taken off gross sales—as a share of gross sales. Growth with a steady or falling deduction rate means more demand is reaching Gilead as net revenue; slower sales or a rising rate means payer costs are absorbing more of it, weakening the quality of growth.
