# Gilead Sciences (GILD) Forecast Calculator

Interactive five-year financial forecast and DCF for Gilead Sciences. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/gilead-sciences/forecast
- Industry: Healthcare
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 22449000000 | 8319000000 | 4542000000 | 5386000000 |
| 2022 | 24689000000 | 7518000000 | 4359000000 | 123000000 |
| 2023 | 27305000000 | 10805000000 | 10247000000 | 6225000000 |
| 2024 | 27281000000 | 8344000000 | 7653000000 | 4592000000 |
| 2025 | 27116000000 | 7421000000 | 7959000000 | 5665000000 |

## Frequently asked questions

### What is Gilead Sciences' primary business focus and key segments?

Gilead Sciences is a research-based biopharmaceutical company dedicated to discovering, developing, and commercializing innovative medicines for unmet medical needs. Historically dominant in virology, particularly HIV and viral hepatitis, the company has strategically expanded into oncology and inflammation through major acquisitions.

### What are the main revenue drivers for Gilead Sciences?

Gilead's revenue is primarily driven by its HIV segment, anchored by products like Biktarvy and Descovy, which accounts for approximately 65% of total revenues. Oncology and Liver Disease segments also contribute significantly, alongside the variable Veklury (COVID-19) sales.

### What is the assumed revenue growth rate for Gilead Sciences in the financial model?

The financial model for Gilead Sciences assumes a revenue growth rate of approximately 4.84%. This assumption is a key input for forecasting the company's future cash flows over the FY2026–FY2030 forecast horizon.

### How do intangible assets and goodwill impact Gilead Sciences' balance sheet?

Intangible assets and goodwill constitute a massive portion of Gilead Sciences' balance sheet, typically making up 50-60% of total assets. This significant allocation is a direct result of the company's acquisitive history, which includes major transformational acquisitions.

### What is Gilead Sciences' typical capital expenditure as a percentage of revenue?

Gilead Sciences typically incurs capital expenditures between 2-4% of its total revenue, amounting to approximately $700M - $1.0B annually. This spending supports both maintenance and growth initiatives, particularly expanding cell therapy manufacturing and new lab space.

### Can I download a financial model for Gilead Sciences to analyze its valuation?

Yes, a downloadable Excel model is available for Gilead Sciences, providing a sum-of-the-parts equity valuation and pipeline scenario planning tool. This model helps equity research analysts determine the fair value by forecasting base business cash flows and probability-weighting future clinical pipeline approvals.