Research Gilead Sciences' current marketed products, revenue concentration…

Gilead Sciences' revenue in 2025 totaled ~$29.4 billion (product sales $28.9 billion, up 1% YoY overall but with base business excluding Veklury up ~4% to ~$28 billion), driven primarily by HIV.[1][2]

Marketed products center on a dominant HIV franchise supplemented by growing contributions from liver disease (notably Livdelzi) and oncology (Trodelvy and cell therapies), with Veklury as a declining COVID-related product. Key products include:

• HIV: Biktarvy (bictegravir/FTC/TAF; flagship single-tablet regimen, ~$14.3 billion in 2025 sales, up 7% YoY, >52% U.S. market share), Descovy (PrEP), Yeztugo/Yeytuo (lenacapavir for twice-yearly PrEP; launched mid-2025, ~$150 million in 2025, guided toward ~$800 million in 2026), Sunlenca (lenacapavir for multidrug-resistant HIV treatment).
• Liver Disease: Livdelzi (seladelpar for primary biliary cholangitis/PBC; rapid uptake with sales more than tripling YoY in early periods), legacy HCV products (e.g., Epclusa/Vosevi), Hepcludex (bulevirtide for HDV, approved in EU).
• Oncology: Trodelvy (sacituzumab govitecan-hziy; ADC for metastatic breast cancer and other Trop-2-expressing tumors; Q1 2026 sales $402 million, up 37% YoY), Kite cell therapies (Yescarta, Tecartus).
• Other: Veklury (remdesivir for COVID; declining).[3][4][5]

2025 revenue concentration (product sales basis): HIV ~72% ($20.75 billion, up 6% YoY); Liver Disease ~11% ($3.22 billion, up 6%); Oncology ~11% ($3.24 billion, down 2%); Other ~3% ($0.8 billion, down 10%). Q1 2026 trends showed continued HIV strength ($5.03 billion, +10% YoY) with oncology (+7%) and liver (+1%) more modest.[1][3]

HIV remains the core growth engine (sustained double-digit quarterly gains via Biktarvy demand/price and new PrEP options like Yeztugo), while liver benefits from Livdelzi uptake offsetting HCV maturation. Oncology is transitioning with Trodelvy momentum but faced flat/declining full-year 2025 results; inflammation is an emerging focus via recent acquisitions but pre-commercial. Veklury and mature HCV products are declining. No major near-term revenue cliffs support durable HIV cash flows into the mid-2030s.[6][7]

Key patent cliffs are minimal in the near term. Biktarvy (core HIV driver) has U.S. market exclusivity extended via settlements with generics until April 2036 (earlier estimates around 2033 revised favorably). Composition-of-matter patents on key components (e.g., bictegravir) extend into the 2030s. No major LOEs are expected until at least 2036, enabling continued HIV growth and time for pipeline diversification.[8][9]

Gilead's late-stage pipeline emphasizes HIV extensions, oncology expansions (including cell therapy and ADCs), and early inflammation assets, with multiple Phase 3 readouts and up to four potential launches targeted for 2026 alone. The company has the strongest pipeline in its history per management, bolstered by 2026 acquisitions (Arcellx for anito-cel CAR-T, Tubulis for ADCs like TUB-040, Ouro for inflammation TCEs). Key assets with readouts or decisions expected by 2029 (many in 2026–2027) include BIC/LEN (HIV), anito-cel (multiple myeloma), Trodelvy label expansions (e.g., 1L mTNBC), and others like TUB-040 (ovarian/NSCLC) and inflammation candidates entering registrational studies ~2027. Analyst views highlight multi-billion-dollar potential for lead oncology assets in large indications like MM and breast cancer, though with binary risks on pivotal data.[3][10]

The two-to-three most important pipeline assets expected to read out or launch by 2029 are:
- BIC/LEN (daily oral bictegravir + lenacapavir for HIV treatment; priority review, PDUFA August 2026; extends HIV franchise durability).
- Anito-cel (BCMA CAR-T for relapsed/refractory multiple myeloma; BLA accepted, PDUFA December 2026; potential foundational therapy with strong manufacturing/safety profile and expansion into earlier lines).
- Trodelvy expansions (e.g., 1L mTNBC decisions H2 2026; broader backbone potential in breast and other solid tumors) alongside emerging ADC assets like TUB-040.[11][12]

These position Gilead to diversify beyond HIV while leveraging its commercial infrastructure (especially Kite for cell therapy).

Structured pipeline table (selected late-stage/near-term assets by therapeutic area; stages and timelines as of early/mid-2026 data; commercial potential based on publicly discussed analyst/industry estimates or company context for peak sales/addressable markets—often multi-billion in core indications, with risk-adjusted views varying; not exhaustive):

HIV/Virology

- BIC/LEN (daily oral regimen for virologically suppressed HIV): Phase 3/Regulatory (PDUFA Aug 2026). Commercial potential: High (franchise extender; supports sustained HIV growth).

- Lenacapavir (yearly injectable PrEP): Phase 3. Commercial potential: High (long-acting convenience in large PrEP market).

- ISL/LEN (weekly oral HIV treatment): Phase 3 updates expected 2026. Commercial potential: Moderate-High (differentiated dosing).

Oncology

- Anito-cel (BCMA CAR-T, R/R multiple myeloma 4L+; expansions planned): BLA filed/PDUFA Dec 2026 (Phase 3 iMMagine-3 ongoing for earlier lines). Commercial potential: High (multi-billion in MM; ~$3.5B+ 4L+ addressable noted; Kite manufacturing edge).

- Trodelvy (sacituzumab govitecan; 1L mTNBC and other expansions, e.g., NSCLC): Phase 3 (decisions H2 2026; multiple ongoing). Commercial potential: High (backbone ADC potential; doubles addressable population in key settings).

- TUB-040 (NaPi2b-directed TOPO1i ADC; platinum-resistant ovarian cancer/NSCLC): Phase 1b/2 (registrational Phase 3 targeted ~2027). Commercial potential: Moderate-High (ovarian/NSCLC markets; platform upside).

- TUB-030 (5T4-directed ADC; solid tumors): Phase 1/early. Commercial potential: Moderate (broad tumor potential).

Inflammation/Autoimmune (earlier but accelerating)

- Gamgertamig (OM336; BCMA×CD3 TCE for autoimmune diseases, e.g., AIHA/ITP): Phase 1/2 (registrational trials targeted 2027). Commercial potential: Moderate-High (“pipeline-in-a-product” across >20 indications; B/plasma cell reset mechanism).

Other/Liver

- Bulevirtide (Hepcludex; HDV, U.S. filing): Regulatory. Commercial potential: Moderate (niche but high unmet need).

Notes on estimates: Commercial potentials are directional (drawn from company commentary on addressable markets, analyst discussions of multi-billion opportunities in MM/breast cancer, and deal valuations implying confidence in large peaks). Actuals depend on trial success, labeling, competition, and pricing; oncology assets carry higher binary risk. Gilead has ~50+ clinical programs total, with 15+ Phase 3 trials noted in 2026 contexts.[13][10]

Implications for competitors or entrants: Gilead’s HIV moat (data, brand, long-acting pipeline) is durable through the 2030s, making direct competition difficult without differentiated mechanisms or combinations. Oncology/inflammation diversification via M&A (Arcellx, Tubulis, Ouro) creates opportunities in cell therapy/ADC platforms and B-cell depletion, but execution on launches and data readouts will determine success. New entrants should target complementary areas (e.g., novel ADCs, earlier-line inflammation) or partnerships, as Gilead’s scale in HIV funds aggressive pipeline investment. Risks include oncology trial failures and integration of recent deals. Data as of mid-2026; monitor Q2/Q3 updates for further pipeline maturation.

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Recent Findings Supplement (May 2026)

Gilead’s Q1 2026 results (reported May 7, 2026) show continued HIV-led growth with oncology diversification accelerating via recent acquisitions and label expansions. Total product sales reached $6.9 billion (+5% YoY), or $6.8 billion ex-Veklury (+8% YoY), driven primarily by HIV and Trodelvy, with guidance raised to $30.0–30.4 billion for full-year 2026 product sales (base business $29.4–29.8 billion, +5–6% YoY).[1][2]

Revenue concentration remains heavily skewed toward HIV (~72% of Q1 product sales), followed by oncology (~12%) and liver disease (~11%). HIV sales hit $5.0 billion (+10% YoY), oncology $810 million (+7%), and liver disease $767 million (+1%).[3][4]

• HIV breakdown (new Q1 detail): Biktarvy $3.4 billion (+7%), Descovy $807 million (+38%), Yeztugo (twice-yearly lenacapavir PrEP, launched mid-2025) $166 million (+72% sequentially). Full-year 2026 HIV guidance raised to ~8% growth, with Yeztugo now expected at ~$1 billion.[5][6]
• Oncology: Trodelvy $402 million (+37%); cell therapy products down ~12–14% (e.g., Yescarta $332 million, –14%) due to competition.[1]
• Liver disease: Growth from Livdelzi (seladelpar for PBC) offset by HCV declines and inventory dynamics; Hepcludex (bulevirtide) received U.S. accelerated approval for chronic HDV (first and only approved treatment).[7]

HIV franchise is growing strongly; oncology is mixed (Trodelvy expanding, cell therapy pressured); liver disease is stable with selective new opportunities. Full-year 2025 comparisons (reported Feb 2026) showed HIV +6%, liver disease +6%, and oncology –2%. Q1 2026 momentum and raised guidance confirm HIV as the core growth engine, with PrEP (Yeztugo/Descovy) contributing outsized gains and oncology showing early diversification.[8]

No major near-term patent cliffs for flagship products; Biktarvy protection extends to 2033, while older assets like Genvoya face 2029 LOE. This supports sustained HIV revenue into the early 2030s, reducing immediate pressure relative to peers facing 2026–2028 cliffs.[9]

Gilead completed transformative 2026 acquisitions (Arcellx $7.8 billion in Feb/Mar timeframe, Tubulis ~$3.15 billion+ in Apr/May, plus Ouro Medicines) that bolster oncology and inflammation pipelines, with up to four potential launches and five Phase 3 updates expected in 2026. These moves address diversification beyond HIV.[9][1]

Key late-stage pipeline assets (focus on those with 2026+ catalysts and readouts/approvals by 2029) emphasize HIV dosing innovation, multiple myeloma CAR-T entry, and Trodelvy breast cancer expansions. A structured overview based on May 2026 company disclosures and presentations follows (stages and timelines as of early/mid-May 2026; commercial estimates drawn from management commentary or Street views where disclosed; limited public peak-sales figures available for most assets).

Pipeline Assets Table (Late-Stage Focus, Post-Nov 2025 Updates)

• HIV (Virology): BIC/LEN (bictegravir + lenacapavir, once-daily single-tablet regimen) — NDA filed; PDUFA Aug 27, 2026 (priority review); potential launch H2 2026. Commercial potential: Supports HIV franchise growth and regimen optionality (exact peak not disclosed; positioned as switch/maintenance therapy).[10][11]
• HIV (Virology): ISL/LEN (islatravir + lenacapavir, weekly oral; Merck collaboration) — Phase 3 updates expected H1 2026; potential first weekly oral option. Commercial potential: Long-term dosing convenience in virologically suppressed patients.[12]
• Oncology (Cell Therapy): anito-cel (BCMA-directed CAR-T; Arcellx) — Phase 3 iMMagine-3 (R/R MM); manufacturing data at ASCO/EHA 2026; PDUFA ~Dec 2026; potential launch early 2027. Commercial potential: Street estimates $2–2.5 billion peak (management views higher in >$20 billion MM market).[9][11][13]
• Oncology (ADC): Trodelvy expansions (sacituzumab govitecan; Trop-2 ADC) — Phase 3 ASCENT-03/04 (1L mTNBC, PD-L1+ and PD-L1–); CHMP positive opinion (May 2026) for 1L PD-L1–; U.S. sNDA submitted; decisions expected H2 2026; additional Ph3 (EVOKE-03, ASCENT-GYN) updates H2 2026. Commercial potential: Key driver of oncology growth (current run-rate ~$1.6 billion annualized; new indications expand addressable population).[14][15]
• Oncology (ADC): TUB-040 (NaPi2b-directed TOPO1i ADC; Tubulis) — Phase 1b/2 (platinum-resistant ovarian cancer, NSCLC); update at ASCO 2026. Commercial potential: Early-stage solid-tumor asset complementing Trodelvy (no peak estimates disclosed).[16]
• Liver Disease: Livdelzi (seladelpar; PBC) and Hepcludex (HDV) — Ongoing Phase 3/analyses (RESPONSE, ASSURE, MYR trials) at EASL 2026; Hepcludex accelerated approval. Commercial potential: Incremental liver portfolio growth in rare indications.[17]

The two-to-three most important pipeline assets expected to read out/launch by 2029 are BIC/LEN (near-term HIV launch and dosing innovation), anito-cel (oncology platform entry with sizable MM opportunity), and Trodelvy’s 1L mTNBC expansions (near-term oncology revenue inflection). These align with management’s emphasis on four 2026 launches and sustained diversification.[1]

For competitors or new entrants, Gilead’s HIV data moat (real-world outcomes, PrEP infrastructure) and recent oncology M&A create high barriers in virology while opening windows in ADCs/CAR-T via execution on these catalysts. Watch H2 2026 regulatory decisions and ASCO/EHA data for momentum signals. All figures and timelines reflect publicly reported data from Dec 2025–May 2026 sources only.