What Gilead's FY2025 10-K says: 12 signals
Gilead filed its latest 10-K with the SEC on Feb 24, 2026. It discusses acquisition announced, competitor named and compliance burden.
Public (GILD)Biotechnology Research10,000+ employeesgilead.comLinkedIn
- Filed
- Feb 24, 2026
- Period
- FY2025
- Fiscal year end
- 12/31
- Filings
- 1
10-K · latest 10
What Gilead's 10-K filings say
- SEC EDGAR
10-K · FY2025
Filed · Fiscal year ends 12/31 · 12 signals
Gilead relies on 3 wholesalers for 90% of U.S. gross product sales
An overwhelming 90% of U.S. gross product sales are concentrated with just three wholesalers: Cardinal Health, Cencora, and McKesson.
90%
of gross product sales in the U.S. concentrated with three wholesalers
Cardinal Health, Inc.Cencora, Inc.McKesson Corporation
Reached patent settlement with Apotex over HIV drug Genvoya in Feb 2025
In February 2025, Gilead settled patent litigation with Apotex and its manufacturer MSN Laboratories regarding cobicistat, a key component in its Genvoya product.
Apotex, Inc.Apotex Corp.MSN Laboratories Private LimitedMSN Life Sciences Private Ltd.
Gilead reports 90% of US sales depend on just three wholesalers
This heavy reliance on Cardinal Health, Cencora, and McKesson for distribution creates significant operational risk and potential for margin pressure.
90%
of gross product sales in the U.S. concentrated with three wholesalers
Cardinal Health, Inc.Cencora, Inc.McKesson Corporation
Gilead advances pipeline through strategic collaborations with Merck, Arcellx, and Arcus.
Gilead is heavily reliant on partnerships for its late-stage pipeline, including collaborations on oncology and virology candidates.
CAR T-cell therapyanti-TIGIT antibodyanti-PD-1 monoclonal antibodyMerck & Co., Inc.
Gilead launches Yeztugo, a twice-yearly HIV PrEP option, in the US and Europe.
The recent FDA and European Commission approval and launch of Yeztugo represents a significant commercial initiative.
Gilead's distribution is highly concentrated with three major wholesalers.
Approximately 90% of Gilead's U.S. gross product sales are through Cardinal Health, Cencora, and McKesson.
90%
of gross product sales in the U.S. through three wholesalers
Cardinal Health, Inc.Cencora, Inc.McKesson Corporation
Gilead faces significant pricing pressures from payers and generic competition
As products mature, the company experiences pricing pressures from insurers and government payers, leading to reduced net prices.
Heavily outsources clinical trial activities to third-party CROs
Gilead extensively outsources its clinical trial activities, relying on third-party contract research organizations (CROs) for critical functions like site management, patient enrollment, and monitoring.
Gilead states intent to pursue acquisitions and in-licensing to grow portfolio.
The company has an explicit strategy to use M&A and partnerships to enhance its commercial portfolio and clinical pipeline.
Multiple oncology drugs face revenue risk pending confirmatory trials
Key oncology products, including Tecartus and Yescarta, hold accelerated FDA approval, which is contingent upon successful outcomes in post-market confirmatory trials.
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Questions about Gilead 10-K
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Source. Annual reports (Form 10-K) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .