Gilead Sciences, Inc.

Worth knowing

• Buybacks largely absorbed by stock pay. Stock-based pay expense $2.5B vs $4.1B spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −0.6% from December 2022 to July 2026.

  Over three fiscal years Gilead Sciences recorded $2.5B of stock-based pay expense and spent $4.1B repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−0.6%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Gilead Sciences recorded $2.5B of stock-based pay expense and spent $4.1B repurchasing shares. The share count barely moved (−0.6%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Earnings slid into a loss. Loss per share this year after a profit last year.

  Gilead Sciences made a loss per share in its latest year after a profit the year before.

• Much more borrowing than peers. Debt is 2.2× equity vs a peer median of 0.2×.Debt is 2.2× equity vs peers 0.2×.

  Debt is 2.2× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 2.2× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

• Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

  Relative to its free cash flow, Gilead Sciences looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.