Gilead Sciences Inc. (GILD)

Improvement beyond FY2027 requires a larger non-HIV contribution and strong free cash flow. These are scenario conditions, while the cited evidence records FY2025 levels. Lower cell-therapy sales or weaker free cash flow would disconfirm this path.

• A larger non-HIV contribution is required; FY2025 cell-therapy sales establish a starting level, not future growth.
• Free cash flow would need to remain strong relative to the FY2025 reported level.