Gilead Sciences, Inc.

HIV antiretroviral therapy is prescribed for life and Gilead's HIV franchise represented roughly $20.8 billion of FY2025 total revenue, with Biktarvy alone at $14.3 billion. Prescription persistence for antiretrovirals is structurally high, providing durable forward visibility, though there is no formal backlog or subscription contract mechanic.

HIV products represent over 70% of total FY2025 revenue, with Biktarvy at approximately $14.3 billion (roughly 49% of consolidated revenue) and no other product exceeding $1.8 billion. Trodelvy ($1.4 billion) and cell therapy ($1.8 billion) provide secondary lines, but the portfolio remains heavily concentrated in a single therapeutic area.

The United States accounted for approximately 71% of trailing FY2025 revenue, with international markets contributing the remaining 29%. Gilead has a European and rest-of-world presence, but no single international region offsets U.S. dependence in a material way.

Non-GAAP operating margin was approximately 45% in FY2025, reflecting competitive gross margins in pharmaceutical manufacturing. R&D expenditure is substantial and largely fixed, providing modest operating leverage on incremental product sales but constraining scale economics relative to asset-light business models.

HIV antiretroviral therapy is non-discretionary and mission-critical for patients managing a chronic, lifelong condition, giving Gilead's prescriptions high repeat-purchase certainty with low therapeutic substitution. Prescription revenue is not contractual, but chronic disease dynamics make it functionally more durable than typical transactional pharmaceutical revenue.