VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
PRICE: 0 CENTS
Tuesday, December 30, 2025
Gilead Sciences, Inc.
GILD · NASDAQ Global Select Market
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
Request update
Spot something outdated? Send a quick note and source so we can refresh this profile.
Overview
Gilead Sciences, Inc. is a U.S. biopharmaceutical company with revenue concentrated in HIV, plus meaningful oncology and liver disease franchises, and smaller contributions from Veklury and other products. The core moat in HIV is a combination of prescriber/patient inertia around leading regimens and time-bounded patent/exclusivity protection, reinforced by ongoing lifecycle and pipeline development (including long-acting prevention candidates). In oncology - especially CAR-T - Gilead moats are more operational: a specialized treatment-center/logistics network and manufacturing know-how where speed and reliability matter. Key erosion pressures are patent cliffs and litigation outcomes, payer pricing pressure (rebates/discounts), and modality competition (long-acting HIV options and new oncology mechanisms).
Primary segment
HIV
Market structure
Oligopoly
Market share
50%-60% (reported)
HHI: —
Coverage
5 segments · 8 tags
Updated 2025-12-30
Segments
HIV
HIV treatment and prevention medicines (antiretroviral therapy and PrEP)
Revenue
68.5%
Structure
Oligopoly
Pricing
moderate
Share
50%-60% (reported)
Peers
Oncology (Cell Therapy + Trodelvy)
Oncology therapeutics focused on CAR T-cell therapy and antibody-drug conjugates (ADC)
Revenue
11.5%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Liver Disease
Liver disease therapeutics (viral hepatitis and cholestatic liver disease)
Revenue
10.6%
Structure
Oligopoly
Pricing
weak
Share
—
Peers
Veklury (Remdesivir)
Hospital antiviral therapies for COVID-19
Revenue
6.3%
Structure
Competitive
Pricing
weak
Share
—
Peers
Other Products
Other specialty and legacy therapeutics (e.g., antifungals, PAH, other mature products)
Revenue
3.1%
Structure
Competitive
Pricing
weak
Share
—
Peers
Moat Claims
HIV
HIV treatment and prevention medicines (antiretroviral therapy and PrEP)
Revenue_share computed from FY2024 product sales category totals in the Form 10-K: Total HIV $19,612m / Total product sales $28,610m.
Habit Default
Demand
Habit Default
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Biktarvy's scale and leading use in key markets reinforces prescriber default behavior and patient persistence within Gilead's HIV portfolio.
Erosion risks
- Competitor long-acting regimens (e.g., injectable treatment/PrEP) gaining share
- Generic entry after patent expiry
- Payer/formulary actions increasing rebates or steering to alternatives
Leading indicators
- Biktarvy and overall HIV portfolio market share trends
- Net realized price and gross-to-net deductions
- Guideline placement and new-start share
Counterarguments
- High-performing alternatives (including long-acting options) can shift prescriber behavior
- Formulary restrictions can override prescriber preference
Switching Costs General
Demand
Switching Costs General
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Once patients are virologically suppressed, regimen switching introduces adherence/tolerability risk and workflow friction; this supports persistence in chronic HIV therapy.
Erosion risks
- Rapid feature parity in competing regimens
- Safety signals or label changes reducing confidence
- Improved cross-regimen switching support reducing friction
Leading indicators
- Discontinuation/churn rates for core regimens
- Share of switches away from Biktarvy/Descovy
- Adherence and persistence metrics where disclosed
Counterarguments
- Switching can be relatively easy when clinical differences narrow
- Patients can be moved for price reasons if outcomes are comparable
IP Choke Point
Legal
IP Choke Point
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 2 evidence
Patents and regulatory exclusivities (and related litigation/settlements) delay generic entry for major HIV products, though timing is finite and litigated.
Erosion risks
- Adverse court rulings or settlements enabling earlier generic entry
- Patent expirations and loss of exclusivity cycles
- Regulatory actions affecting exclusivity or pricing
Leading indicators
- Key patent litigation milestones and outcomes
- Patent expiry timelines for core HIV products
- Generic or authorized-generic launches
Counterarguments
- Strong brands can still see rapid erosion when generics enter
- Competitors can innovate around patents with new mechanisms or delivery
Oncology (Cell Therapy + Trodelvy)
Oncology therapeutics focused on CAR T-cell therapy and antibody-drug conjugates (ADC)
Revenue_share computed from FY2024 Form 10-K: Total Oncology $3,289m / Total product sales $28,610m.
Service Field Network
Supply
Service Field Network
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 1 evidence
CAR-T delivery depends on a coordinated network of apheresis collection sites, logistics, and certified hospitals; execution and relationships create barriers for newer entrants.
Erosion risks
- Competitors expanding their own treatment-center networks
- Safety concerns reducing utilization
- Reimbursement tightening or site-of-care shifts
Leading indicators
- Number of certified treatment centers and throughput
- Turnaround time from collection to infusion
- Patient volumes and new indication approvals
Counterarguments
- Networks can be replicated over time by well-funded competitors
- Alternative modalities (e.g., bispecific antibodies) can bypass CAR-T logistics
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 2 evidence
Scaled cell therapy manufacturing know-how (speed, reliability) is a differentiator; faster turnaround can expand treatable patients and clinician preference.
Erosion risks
- Manufacturing disruptions or capacity constraints
- Process improvements adopted by competitors
- Technology shifts to off-the-shelf or in-vivo approaches
Leading indicators
- Turnaround time and capacity expansion disclosures
- Regulatory inspection outcomes for manufacturing sites
- Adoption of next-generation products/indications
Counterarguments
- Turnaround time alone may not determine choice if efficacy/safety differs
- Next-gen therapies could reset learning curves and reduce incumbency advantages
Compliance Advantage
Legal
Compliance Advantage
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
REMS-driven certification and side-effect management requirements create operational barriers and reinforce established center workflows.
Erosion risks
- Regulatory changes reducing certification burdens
- Standardization of CAR-T procedures across providers
- Competitors providing superior center-support programs
Leading indicators
- Changes to REMS/label requirements
- Center participation and certification expansion
- Coverage policy changes by major payers
Counterarguments
- Certification requirements can become table-stakes across the industry
- Superior clinical outcomes can overcome operational friction
Liver Disease
Liver disease therapeutics (viral hepatitis and cholestatic liver disease)
Revenue_share computed from FY2024 Form 10-K: Total Liver Disease $3,021m / Total product sales $28,610m.
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Regulatory approvals and clinical data (including accelerated approvals) support differentiated positions in select liver disease indications.
Erosion risks
- Competition and price erosion in mature viral hepatitis markets
- Regulatory setbacks for pipeline candidates
- Payer restrictions favoring lowest-cost therapies
Leading indicators
- Livdelzi uptake and payer coverage
- HBV/HDV demand trends
- Late-stage liver disease pipeline progress
Counterarguments
- Several liver disease categories are mature with many alternatives
- Effectiveness parity can make price the primary decision factor
IP Choke Point
Legal
IP Choke Point
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Patents and settlement agreements around TAF support exclusivity defense for products including Vemlidy, but this protection is time-bounded.
Erosion risks
- Loss of exclusivity for core components
- Generic/authorized-generic launches
- Competitor innovation in HBV/HDV/PBC
Leading indicators
- Key patent expiry and litigation milestones
- Net price trajectory for Vemlidy and other liver products
- Competitor trial readouts and approvals
Counterarguments
- IP has a finite timeline; erosion can be rapid post-LOE
- Novel competitors can leapfrog legacy mechanisms
Veklury (Remdesivir)
Hospital antiviral therapies for COVID-19
Revenue_share computed from FY2024 Form 10-K: Veklury $1,799m / Total product sales $28,610m.
Regulated Standards Pipe
Legal
Regulated Standards Pipe
Strength: 2/5 · Durability: fragile · Confidence: 3/5 · 1 evidence
Regulatory exclusivities and approved labeling support use, but demand is highly sensitive to hospitalization rates and competing therapies.
Erosion risks
- Declining COVID-19 hospitalization rates
- Guideline shifts and competing antivirals/therapeutics
- Loss of exclusivity and generic entry
Leading indicators
- COVID-19 hospitalization trends
- Treatment guideline updates
- Competitive launches and trial results for next-gen antivirals
Counterarguments
- Market demand is episodic and can contract rapidly
- Hospital procurement can switch based on protocols and price
Other Products
Other specialty and legacy therapeutics (e.g., antifungals, PAH, other mature products)
Revenue_share computed from FY2024 Form 10-K: Total Other $889m / Total product sales $28,610m.
Brand Trust
Demand
Brand Trust
Strength: 2/5 · Durability: medium · Confidence: 2/5 · 1 evidence
Certain niche hospital products benefit from clinician familiarity and formulation differentiation, but many are mature and exposed to substitution.
Erosion risks
- Generic competition and price erosion
- Shifts to alternative therapies
- Portfolio rationalization/discontinuations
Leading indicators
- Volume and realized price trends for key legacy products
- Generic entries and substitution rates
- Regulatory or safety updates affecting prescribing
Counterarguments
- In mature categories, procurement often selects lowest-cost alternatives
- Formulation differentiation may not prevent share loss when alternatives are adequate
Evidence
Proxy statement describes Biktarvy as leading HIV treatment for new starts and notes it commands over half of U.S. HIV treatment market share.
efficacy, safety, tolerability
The 10-K frames competition around clinical outcomes and tolerability, consistent with switching frictions.
Patents ... very important
The 10-K emphasizes reliance on patents and proprietary rights to protect key products.
The 10-K discloses that generic manufacturers submitted ANDAs seeking approval for generic versions of Biktarvy, illustrating active exclusivity defense.
over half of the U.S. market share
Company-reported share statement used directly.
Showing 5 of 13 sources.
Risks & Indicators
Erosion risks
- Competitor long-acting regimens (e.g., injectable treatment/PrEP) gaining share
- Generic entry after patent expiry
- Payer/formulary actions increasing rebates or steering to alternatives
- Rapid feature parity in competing regimens
- Safety signals or label changes reducing confidence
- Improved cross-regimen switching support reducing friction
Leading indicators
- Biktarvy and overall HIV portfolio market share trends
- Net realized price and gross-to-net deductions
- Guideline placement and new-start share
- Discontinuation/churn rates for core regimens
- Share of switches away from Biktarvy/Descovy
- Adherence and persistence metrics where disclosed
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.