Gilead Sciences is a highly cash-generative, mature biopharma business anchored by its dominant HIV franchise. While top-line growth is constrained by patent maturities and competition, immense free cash flow generation easily supports a robust dividend and strategic oncology acquisitions. Fair value range: low $103, high $163, with mid-point at $132.
Stock analysis
Gilead Sciences Inc.GILD Gilead Sciences Inc. fair value $132–$163
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§1 개요
Fairly valued with a synthesized target of $132.47 compared to a current price of $134.06.
Dominant but mature HIV franchise faces long-term growth constraints and patent expirations.
Immense free cash flow easily supports a robust dividend and ongoing strategic oncology investments.
Near-term multiple expansion requires significant commercial breakthroughs in the oncology pipeline.
Fair value
$132
Margin of safety
-1.2%
Confidence
88/100
Moat
6.5/10
Educational analysis only — not financial advice. Always do your own due diligence.
$134.06Price
FV $132.47
High $163
Gilead Sciences is a highly cash-generative, mature biopharma business anchored by its dominant HIV franchise. While top-line growth is constrained by patent maturities and competition, immense free cash flow generation easily supports a robust dividend and strategic oncology acquisitions.
Intangible Assets (Patents)
Intangible Assets (Patents)
Scale
Scale
Cycle upside
Accelerated approval of novel oncology therapies.
§2 베어 케이스
A stress test scenario combining significant margin compression and revenue stagnation yields a fair value floor around $92-$102, anchored by sustainable dividend yields but penalizing the lack of top-line growth.
이 논제가 무너지는 경로
Biktarvy LOE Collapse
· High
Rapid market share loss following the loss of exclusivity for Biktarvy without adequate replacement from the oncology pipeline.
FV impact
Down to ~$102
Trigger
Medium-Term
Oncology Pipeline Failure
· Medium
Late-stage clinical trial failures for key oncology assets fail to offset the impending revenue decay in virology.
FV impact
Down to ~$108
Trigger
Near-Term
Aggressive Pricing Reform
· Medium
Severe regulatory pricing pressures in the core HIV portfolio significantly compress operating margins.
FV impact
Down to ~$115
Trigger
Near-Term
모니터링할 조기 경보 신호
지표
현재
트리거 임계값
Decelerating revenue growth in the core HIV franchise.
Monitor
Deterioration versus the report thesis
Clinical trial setbacks in the oncology pipeline.
Monitor
Deterioration versus the report thesis
Contraction of operating margins below historical averages.
Monitor
Deterioration versus the report thesis
Increased competitive intensity in the long-acting HIV market.
Monitor
Deterioration versus the report thesis
Failure to efficiently deploy free cash flow into accretive acquisitions.
Monitor
Deterioration versus the report thesis
§3 재무 이력
손익계산서 — 최근 6기
항목
T−0
T−1
T−2
T−3
T−4
CAGR
기간
2021-12-31
2022-12-31
2023-12-31
2024-12-31
2025-12-31
Trend
매출
$27.31B
$27.28B
$27.12B
$28.75B
$29.44B
+1.9%
매출총이익
$20.70B
$21.62B
$20.62B
$22.50B
$23.21B
+2.9%
영업이익
$10.86B
$10.97B
$8.84B
$10.60B
$11.70B
+1.9%
순이익
$6.23B
$4.59B
$5.67B
$480.0M
$8.51B
+8.1%
EPS (희석)
$4.93
$3.64
$4.50
$0.38
$6.78
+8.3%
EBITDA
$11.33B
$8.85B
$10.50B
$4.43B
$13.58B
+4.6%
R&D
$4.60B
$4.98B
$5.72B
$5.91B
$5.80B
+6.0%
판관비
$5.25B
$5.67B
$6.06B
$6.00B
$5.71B
+2.1%
품질 점수
Piotroski F-스코어
8 / 9
0–9 품질 종합
Altman Z-스코어
4.3
파산 위험 (>3 안전)
Beneish M-스코어
-2.45
이익 조작 위험
OCF / 순이익
1.18×
>1은 이익의 질이 높음을 의미
회계 품질 게이트
Pass
섹터 조정 게이트
ROIC
2.9%
투하자본수익률
섹션 3
Numbers analysis
현금 흐름
Cash-flow quality is reflected in the OCF / net income, accounting-quality, and ROIC rows above.
자본 배분
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
개인 구독자 — §4부터11개 섹션 더
전체 분석 읽기 — 11개 섹션 더.
Competitive moat, industry cycle, peer comparison, intrinsic valuation, sensitivity, scenarios, earnings decision tree, position management, investor perspectives, scorecard, and final recommendation.
Based on our latest independent analysis, GILD trades close to fair value. The current price is $134 versus a composite fair-value midpoint of $132 (range $103–$163), which implies roughly 1.2% downside to the midpoint.
Our composite fair-value range for GILD is $103–$163, with a midpoint of $132. The range is triangulated across multiple valuation models (discounted earnings, forward earnings scenarios, peer multiples, and where applicable owner earnings or reverse DCF) and weighted by reliability for Gilead Sciences Inc.'s archetype.
Our current rating for GILD is Hold with a confidence score of 88/100. Hold. The synthesized fair value of $132.47 aligns closely with the current market price of $134.06. Upside is limited without significant pipeline success, but downside is protected by a strong fundamental yield. This is independent research for educational purposes, not personalized investment advice.
The top risks our latest report flags for Gilead Sciences Inc. are: Biktarvy LOE Collapse; Oncology Pipeline Failure; Aggressive Pricing Reform. The single biggest risk is Biktarvy LOE Collapse: Rapid market share loss following the loss of exclusivity for Biktarvy without adequate replacement from the oncology pipeline.
Our current rating for GILD is Hold, issued with a confidence score of 88/100 and a moat score of 6.5/10. The rating reflects the composite fair-value range ($103–$163) versus the current price of $134.
Gilead Sciences Inc. is classified as a mature-dividend stock. Archetype determines how every downstream parameter — discount rate, terminal growth, deceleration curve, terminal multiple, scenario probability weights, scorecard weights, and which valuation models are prioritized — is calibrated for GILD.
