Recent News
On May 22, 2026 the FDA granted accelerated approval to Hepcludex (bulevirtide-gmod) for chronic hepatitis delta virus. On June 24, 2026 the FDA approved sacituzumab govitecan-hziy (Trodelvy) for expanded first-line treatment in adults with triple‑negative breast cancer. On July 2, 2026 Gilead announced support for the PARTNERS trial to advance Ebola treatments.
Technical Analysis
ADX at 29.23 indicates a strong trend environment; that strength supports continuation of recent directional momentum and relates to the company’s expanding commercial catalysts.
DI+ at 30.31 and DI- at 12.73 show DI+ dip & reversal and DI- dip & reversal; both conditions align with directional strength favoring buyers and reinforce the bullish bias implied by approvals and pipeline news.
MACD at 2.90 with the MACD signal at 1.83 and an increasing MACD_trend reflects a bullish momentum crossover; that crossover increases the probability of near-term follow‑through consistent with positive headline flow.
MRO at 33.68 and increasing signals the price sits above the model target and therefore carries a technical pressure toward mean reversion; this creates a risk of pullback even as momentum indicators remain constructive.
RSI at 56.2 and increasing shows bullish momentum without overbought stress, supporting further upside while leaving room before a momentum exhaustion signal would emerge.
Price trades above the 12‑day and 26‑day EMAs and above the 20‑ and 50‑day averages (price close $143.44 vs. 20‑day $136.92 and 50‑day $131.15); the 200‑day average at $131.63 confirms the medium‑term bullish alignment. Ichimoku components (Senkou A/B ~129.6–129.7) place price above the cloud, which supports the near‑term trend. Bollinger band position between the 1x and 2x upper bands suggests elevated short‑term dispersion and potential for consolidation around present levels.
Fundamental Analysis
Revenue totaled $7,803,000,000 with YoY revenue growth of 95.04% and QoQ change of -1.996%; strong year‑over‑year top‑line expansion coincides with recent label additions and commercialization. Gross margin at 79.76% remains a structural strength and rose marginally YoY.
Operating margin of 32.54% outperforms the industry peer median operating margin and supports the current valuation framework; operating margin declined QoQ by 15.872% and YoY by 15.415%, reflecting mix and investment timing effects.
Net income shows a loss of $10,496,000,000 and EBIT at -$10,007,000,000, while EBITDA at -$9,309,000,000. EPS came in at -$6.75 versus an estimate of -$7.25, an EPS beat of $0.50 (a surprise ratio of 6.90%), which softens headline profitability while the company navigates non‑operating items and one‑time effects.
Cash and short‑term investments amount to $3.179B against total debt of $26.246B and net debt of $23.067B. Debt to equity sits at 2.22, above the industry peer mean, indicating elevated leverage. Interest expense remains low relative to total debt (cost of debt ~0.80%), but interest coverage is negative due to reported losses.
Valuation multiples present mixed signals: P/B at 13.74 sits above the industry peer mean, while forward PE at 53.05 implies elevated forward multiple relative to trailing negative PE of -19.40. Free cash flow amounted to $3.433B and free cash flow yield at 2.11%, with free cash flow yield increasing ~309% YoY, supporting the firm’s capacity for investment and capital returns despite leverage.
Asset efficiency shows an asset turnover ratio of 0.148, slightly above the industry peer mean, and cash conversion cycle at ~138 days. Return on equity at -88.74% and return on assets at -19.87% reflect current accounting losses; operating margin and gross margin provide the primary positive fundamental anchors.
WMDST values the stock as under‑valued given the combination of durable margins, accelerating oncology approvals, and positive free cash flow generation despite elevated leverage and reported losses.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-04 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 7.6 B |
| Operating Cash Flow | $ -10.12 B | |
| Capital Expenditures | $ -140.00 M | |
| Change In Working Capital | $ 36.0 M | |
| Dividends Paid | $ -1.03 B | |
| Cash Flow Delta | $ -4.45 B | |
| End Period Cash Flow | $ 3.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 7.8 B | |
| Forward Revenue | $ -569.29 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.6 B | |
| Depreciation | $ 98.0 M | |
| Depreciation and Amortization | $ 698.0 M | |
| Research and Development | $ 1.8 B | |
| Total Operating Expenses | $ 5.3 B | |
| PROFITABILITY | ||
| Gross Profit | $ 6.2 B | |
| EBITDA | $ -9.31 B | |
| EBIT | $ -10.01 B | |
| Operating Income | $ 2.5 B | |
| Interest Income | $ 45.0 M | |
| Interest Expense | $ 247.0 M | |
| Net Interest Income | $ -202.00 M | |
| Income Before Tax | $ -10.25 B | |
| Tax Provision | $ 242.0 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ -10.50 B | |
| Net Income From Continuing Operations | $ -10.50 B | |
| EARNINGS | ||
| EPS Estimate | $ -7.25 | |
| EPS Actual | $ -6.75 | |
| EPS Difference | $ 0.50 | |
| EPS Surprise | 6.897 % | |
| Forward EPS | $ 2.47 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 49.4 B | |
| Intangible Assets | $ 22.3 B | |
| Net Tangible Assets | $ -10.52 B | |
| Total Current Assets | $ 13.9 B | |
| Cash and Short-Term Investments | $ 3.2 B | |
| Cash | $ 3.2 B | |
| Net Receivables | $ 5.1 B | |
| Inventory | $ 2.0 B | |
| Long-Term Investments | $ 4.8 B | |
| LIABILITIES | ||
| Accounts Payable | $ 674.0 M | |
| Short-Term Debt | $ 2.4 B | |
| Total Current Liabilities | $ 11.0 B | |
| Net Debt | $ 23.1 B | |
| Total Debt | $ 26.2 B | |
| Total Liabilities | $ 37.6 B | |
| EQUITY | ||
| Total Equity | $ 11.8 B | |
| Retained Earnings | $ 2.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.53 | |
| Shares Outstanding | 1.241 B | |
| Revenue Per-Share | $ 6.29 | |
| VALUATION | Market Capitalization | $ 162.5 B |
| Enterprise Value | $ 185.6 B | |
| Enterprise Multiple | -19.937 | |
| Enterprise Multiple QoQ | -137.93 % | |
| Enterprise Multiple YoY | -142.224 % | |
| Enterprise Multiple IPRWA | high: 148.972 median: 52.134 mean: 26.734 GILD: -19.937 low: -178.99 |
|
| EV/R | 23.784 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.173 | |
| Asset To Liability | 1.312 | |
| Debt To Capital | 0.689 | |
| Debt To Assets | 0.532 | |
| Debt To Assets QoQ | 34.946 % | |
| Debt To Assets YoY | 18.765 % | |
| Debt To Assets IPRWA | high: 0.833 GILD: 0.532 mean: 0.243 median: 0.138 low: 0.0 |
|
| Debt To Equity | 2.219 | |
| Debt To Equity QoQ | 135.317 % | |
| Debt To Equity YoY | 75.011 % | |
| Debt To Equity IPRWA | GILD: 2.219 high: 1.704 mean: 0.305 median: 0.098 low: -0.777 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 13.741 | |
| Price To Book QoQ | 90.167 % | |
| Price To Book YoY | 93.691 % | |
| Price To Book IPRWA | high: 18.326 GILD: 13.741 mean: 7.458 median: 5.872 low: -9.25 |
|
| Price To Earnings (P/E) | -19.402 | |
| Price To Earnings QoQ | -128.79 % | |
| Price To Earnings YoY | -135.598 % | |
| Price To Earnings IPRWA | high: 160.554 median: 46.37 mean: 26.906 GILD: -19.402 low: -176.575 |
|
| PE/G Ratio | 0.045 | |
| Price To Sales (P/S) | 20.828 | |
| Price To Sales QoQ | -14.68 % | |
| Price To Sales YoY | 5.667 % | |
| Price To Sales IPRWA | high: 559.892 mean: 60.434 median: 30.604 GILD: 20.828 low: 0.983 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 53.049 | |
| Forward PE/G | -0.123 | |
| Forward P/S | -285.483 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -37.554 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.148 | |
| Asset Turnover Ratio QoQ | 22.364 % | |
| Asset Turnover Ratio YoY | 16.995 % | |
| Asset Turnover Ratio IPRWA | high: 0.511 GILD: 0.148 mean: 0.111 median: 0.106 low: 0.0 |
|
| Receivables Turnover | 1.593 | |
| Receivables Turnover Ratio QoQ | 10.487 % | |
| Receivables Turnover Ratio YoY | 3.143 % | |
| Receivables Turnover Ratio IPRWA | high: 4.472 GILD: 1.593 mean: 1.414 median: 1.306 low: 0.058 |
|
| Inventory Turnover | 0.817 | |
| Inventory Turnover Ratio QoQ | 4.215 % | |
| Inventory Turnover Ratio YoY | -2.502 % | |
| Inventory Turnover Ratio IPRWA | high: 2.707 GILD: 0.817 median: 0.437 mean: 0.42 low: 0.029 |
|
| Days Sales Outstanding (DSO) | 57.278 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 137.73 | |
| Cash Conversion Cycle Days QoQ | 7.026 % | |
| Cash Conversion Cycle Days YoY | 9.151 % | |
| Cash Conversion Cycle Days IPRWA | high: 1415.294 median: 197.717 mean: 187.61 GILD: 137.73 low: -771.823 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 2.668 | |
| CapEx To Revenue | -0.018 | |
| CapEx To Depreciation | -1.429 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 35.7 B | |
| Net Invested Capital | $ 38.1 B | |
| Invested Capital | $ 38.1 B | |
| Net Tangible Assets | $ -10.52 B | |
| Net Working Capital | $ 2.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.288 | |
| Current Ratio | 1.265 | |
| Current Ratio QoQ | -35.68 % | |
| Current Ratio YoY | -3.799 % | |
| Current Ratio IPRWA | high: 31.351 mean: 5.31 median: 3.198 GILD: 1.265 low: 0.34 |
|
| Quick Ratio | 1.088 | |
| Quick Ratio QoQ | -38.359 % | |
| Quick Ratio YoY | -5.562 % | |
| Quick Ratio IPRWA | high: 16.477 mean: 3.135 median: 2.737 GILD: 1.088 low: 0.811 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -2.819 | |
| Cost Of Debt | 0.798 % | |
| Interest Coverage Ratio | -40.514 | |
| Interest Coverage Ratio QoQ | -444.801 % | |
| Interest Coverage Ratio YoY | -483.548 % | |
| Interest Coverage Ratio IPRWA | high: 533.0 mean: 54.989 median: 3.963 GILD: -40.514 low: -1501.103 |
|
| Operating Cash Flow Ratio | -0.919 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.647 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -10.2 | |
| Dividend Payout Ratio | -0.098 | |
| Dividend Rate | $ 0.83 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -12.289 % | |
| Revenue Growth | 12.112 % | |
| Revenue Growth QoQ | -199.556 % | |
| Revenue Growth YoY | 95.04 % | |
| Revenue Growth IPRWA | high: 278.717 % median: 16.223 % mean: 15.867 % GILD: 12.112 % low: -242.388 % |
|
| Earnings Growth | -432.512 % | |
| Earnings Growth QoQ | -4832.079 % | |
| Earnings Growth YoY | -4014.136 % | |
| Earnings Growth IPRWA | high: 185.714 % median: 13.636 % mean: 12.609 % low: -155.294 % GILD: -432.512 % |
|
| MARGINS | ||
| Gross Margin | 79.764 % | |
| Gross Margin QoQ | 0.663 % | |
| Gross Margin YoY | 1.221 % | |
| Gross Margin IPRWA | high: 100.0 % median: 84.203 % GILD: 79.764 % mean: 77.816 % low: -3.536 % |
|
| EBIT Margin | -128.246 % | |
| EBIT Margin QoQ | -416.524 % | |
| EBIT Margin YoY | -438.469 % | |
| EBIT Margin IPRWA | high: 103.704 % median: 33.914 % mean: -86.703 % GILD: -128.246 % low: -3750.867 % |
|
| Return On Sales (ROS) | 32.539 % | |
| Return On Sales QoQ | -15.872 % | |
| Return On Sales YoY | -15.415 % | |
| Return On Sales IPRWA | high: 74.372 % GILD: 32.539 % median: 30.748 % mean: -93.716 % low: -3837.989 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 3.4 B | |
| Free Cash Flow Yield | 2.112 % | |
| Free Cash Flow Yield QoQ | 47.899 % | |
| Free Cash Flow Yield YoY | 309.302 % | |
| Free Cash Flow Yield IPRWA | high: 13.067 % GILD: 2.112 % median: 0.76 % mean: 0.308 % low: -26.527 % |
|
| Free Cash Growth | 41.45 % | |
| Free Cash Growth QoQ | -286.2 % | |
| Free Cash Growth YoY | -173.437 % | |
| Free Cash Growth IPRWA | high: 175.34 % GILD: 41.45 % mean: 16.71 % median: -9.21 % low: -249.171 % |
|
| Free Cash To Net Income | -0.327 | |
| Cash Flow Margin | -129.719 % | |
| Cash Flow To Earnings | 0.964 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -19.871 % | |
| Return On Assets QoQ | -666.771 % | |
| Return On Assets YoY | -668.555 % | |
| Return On Assets IPRWA | high: 20.575 % median: 1.824 % mean: -1.635 % GILD: -19.871 % low: -44.847 % |
|
| Return On Capital Employed (ROCE) | -26.099 % | |
| Return On Equity (ROE) | -0.887 | |
| Return On Equity QoQ | -1132.449 % | |
| Return On Equity YoY | -990.775 % | |
| Return On Equity IPRWA | high: 0.462 median: 0.041 mean: 0.012 low: -0.773 GILD: -0.887 |
|
| DuPont ROE | -59.396 % | |
| Return On Invested Capital (ROIC) | -15.77 % | |
| Return On Invested Capital QoQ | -426.163 % | |
| Return On Invested Capital YoY | -424.887 % | |
| Return On Invested Capital IPRWA | high: 30.797 % median: 4.279 % mean: 2.566 % GILD: -15.77 % low: -27.378 % |
|