GILDGILEAD SCIENCES, INC.

Biological Products, (no Diagnostic Substances)

Revenue: $29.4B; 2.4% YoY
Operating margin: 34.0%; 489% YoY
EBITDA: $10.4B; 409% YoY
Market cap: $211.8B
Employees: 17,000; $2M revenue each
Net debt / EBITDA: 2.3×; $23.6B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
118% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
59% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 88th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$211.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$85M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27.3B	$27.3B	$27.1B	$28.8B	$29.4B	2.4%
Operating income	$9.9B	$7.3B	$7.6B	$1.7B	$10.0B	503%
Net income	$6.2B	$4.6B	$5.7B	$480M	$8.5B	1673%
Operating cash flow	$11.4B	$9.1B	$8.0B	$10.8B	$10.0B	7.5%
Capex	$579M	$728M	$585M	$523M	$563M	7.6%
Stock-based comp	$635M	$637M	$766M	$835M	$894M	7.1%
Buybacks	$546M	$1.4B	$1.0B	$1.1B	$1.9B	67%
Dividends	$3.6B	$3.7B	$3.8B	$3.9B	$4.0B	2.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $87M · 77
Net: −$87M

Pay vs performance

No pay-versus-performance disclosure yet.