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Gilead Sciences

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Analysis

GILD 10-K Analysis: The $636M Pricing Gap Wall Street Hasn't Quantified

Gilead Sciences reported a 1,673% net income surge in its FY 2025 10-K — from $480 million to $8.5 billion. But buried in the filing's geographic revenue tables is a $636 million pricing gap no analyst has calculated: Biktarvy U.S. revenue grew 5.6% while international grew 11.5%. That gap is the IRA's real cost, derived from Gilead's own data. Meanwhile, the adjusted operating business grew 20%, normalized EPS is $6.42 not $6.78, and three regulatory threats are converging on the company's HIV franchise.

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15 min

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