Gilead Sciences, Inc.
CorpDigest
Gilead Sciences, Inc.
Company History
Founded 1987 in Foster City, California
Last reviewed: 2026-06-08 · By Swet Parvadiya
Gilead Sciences, Inc. generated $28.5 billion in FY2024 net sales, operating as a dominant force in virology and a rapidly scaling oncology powerhouse that commands an 82% gross margin by focusing exclusively on high-margin patented therapeutics. The company's strategic identity was defined through a series of transformational acquisitions, most notably the $11 billion purchase of Pharmasset to secure the hepatitis C platform, and the $21 billion acquisition of Immunomedics to establish a dominant position in ADCs with Trodelvy. This pivot has resulted in a highly diversified portfolio where growth is driven by the HIV franchise, anchored by Biktarvy ($13.8 billion in FY2024 sales), and the rapidly scaling oncology portfolio, led by Trodelvy and Yescarta. With approximately 18,000 employees and a market capitalization of $135 billion, Gilead allocates $4.5 billion annually to R&D, funding a pipeline of over 50 clinical projects and enabling aggressive acquisitions in oncology and cell therapy. The company's future depends on its ability to execute a 5-8% constant currency sales CAGR through 2030, a target that requires the successful launch of next-generation assets like lenacapavir and the continuous expansion of its dominant position in HIV and oncology to offset the impending patent cliffs of its core franchises.
Michael L. Riordan is an American physician and entrepreneur who founded Gilead Sciences in 1987 and served as its CEO until 1993. He played a pivotal role in the company's early survival, navigating the severe cash crunch of the early 1990s and executing the 1992 IPO that saved the company from bankruptcy. Riordan's background as a medical doctor gave him a unique perspective on the pharmaceutical industry, driving his focus on developing therapies for life-threatening infections where patient needs were greatest. During his tenure, he oversaw the acquisition of the rights to AmBisome, which provided the company with its first commercial product and a steady stream of revenue to fund internal discovery efforts. After stepping down as CEO, Riordan remained active in the biotechnology community, serving on the boards of several major pharmaceutical companies and continuing to invest in early-stage life science startups. He is widely respected in the industry for his role in creating a global biopharmaceutical powerhouse and for his commitment to bringing novel therapies to patients with limited treatment options.
Michael L. Riordan founded Gilead Sciences in Foster City, California, with an initial focus on developing antifungal therapies for life-threatening infections.
Gilead Sciences executed a desperate IPO that raised $86 million, providing the necessary lifeline to continue operations and pivot to antivirals after facing a severe cash crunch.
The FDA approved Viread (tenofovir disoproxil fumarate), the first once-daily nucleotide reverse transcriptase inhibitor for HIV, marking the beginning of Gilead's ascent to the top of the global virology hierarchy.
Gilead acquired Triangle Pharmaceuticals for $464 million, securing the rights to emtricitabine, which was combined with tenofovir to create Truvada, the most successful HIV prevention and treatment regimen in history.
Gilead acquired Pharmasset for $11 billion, securing the nucleotide analog platform responsible for Sovaldi and Harvoni, which generated over $50 billion in cumulative revenue.
Gilead acquired Kite Pharma for $11.9 billion, establishing a dominant position in autologous CAR-T cell therapy with Yescarta and expanding its presence in oncology.
Gilead acquired Immunomedics for $21 billion, securing the Sacituzumab govitecan (Trodelvy) platform and establishing a dominant position in the antibody-drug conjugate (ADC) space.
Gilead reported $28.5 billion in product sales for FY2024, with operating income reaching $10.2 billion and free cash flow at $9.8 billion, demonstrating strong performance post-Veklury decline.
Gilead announced the results of the PURPOSE 1 trial, demonstrating 100% efficacy for lenacapavir in preventing HIV acquisition in cisgender women, a landmark result in HIV prevention.
Gilead acquired Immunomedics for $21 billion to gain control of the Sacituzumab govitecan (Trodelvy) ADC platform, establishing a dominant position in solid tumor oncology.
Gilead acquired Kite Pharma for $11.9 billion to establish a dominant position in autologous CAR-T cell therapy with Yescarta and expand its presence in oncology.
Gilead acquired Pharmasset for $11 billion to secure the nucleotide analog platform responsible for Sovaldi and Harvoni, the curative hepatitis C therapies.
Gilead acquired Forty Seven for $4.9 billion to gain control of the CD47 blocker magrolimab, a novel oncology asset targeting myelodysplastic syndromes and acute myeloid leukemia.