13F-HR: Gilead Sciences Discloses Q4 2025 Equity Holdings

Gilead Sciences, Inc. filed its Form 13F-HR, revealing $1.94 billion in equity holdings across six biotechnology companies as of December 31, 2025.

Summary

• Gilead Sciences, Inc. reported total equity holdings valued at $1,935,507,854 as of December 31, 2025.
• The portfolio consists of investments in six different publicly traded companies.
• Key holdings include 31,424,760 shares of ARCUS BIOSCIENCES INC valued at $748,852,031, and 16,707,477 shares of GALAPAGOS NV SPON ADR valued at $550,616,290.
• Other significant investments include ARCELLX INC (6,720,803 shares, $438,196,356), ASSEMBLY BIOSCIENCES INC (4,505,391 shares, $153,228,348), KYVERNA THERAPEUTICS INC (4,126,119 shares, $38,785,519), and XILIO THERAPEUTICS INC (9,105,451 shares, $5,829,310).
• The report includes holdings managed by Gilead Therapeutics A1 Unlimited Co as an 'Other Included Manager'.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine regulatory disclosure, providing transparency into Gilead's equity investments without indicating significant positive or negative operational news for the company itself.

Positives

• Demonstrates active portfolio management by Gilead Sciences, Inc. through its significant equity investments totaling $1.94 billion.
• The filing provides transparency into Gilead's investment strategy and holdings in the biotechnology sector.

Negatives

• The filing, as a standard regulatory disclosure, does not contain specific negative operational or financial news for Gilead Sciences, Inc.

Risks

• Investments in publicly traded securities are subject to market fluctuations and the inherent risks associated with the performance of the underlying companies, including ARCELLX INC, ARCUS BIOSCIENCES INC, ASSEMBLY BIOSCIENCES INC, GALAPAGOS NV SPON ADR, KYVERNA THERAPEUTICS INC, and XILIO THERAPEUTICS INC.

Future Outlook

This Form 13F-HR filing provides a snapshot of Gilead Sciences, Inc.'s equity holdings as of December 31, 2025, and does not contain forward-looking statements or guidance regarding the company's future operational or financial performance.

Management Comments

• Andrew D. Dickinson, Executive Vice President and Chief Financial Officer, represented that the person signing the report is authorized to submit it, and that all information contained herein is true, correct and complete.

Industry Context

StockSavvy.ai notes that large pharmaceutical companies like Gilead Sciences frequently invest in smaller, innovative biotechnology firms. These investments can serve multiple strategic purposes, including gaining early access to promising technologies, fostering potential future partnerships, or identifying acquisition targets to bolster their drug pipelines and maintain a competitive edge in the rapidly evolving life sciences sector.

Comparison to Industry Standards

• While specific peer comparisons for Gilead's investment portfolio are not detailed in the filing, the strategy of investing in a diverse set of biotech companies (e.g., Arcellx, Arcus Biosciences, Galapagos) aligns with common practices among major pharmaceutical players seeking to diversify risk and capture innovation outside their core R&D.
• The reported holdings reflect a focus on companies within the biotechnology and pharmaceutical development space, which is consistent with Gilead's core business and strategic interests.

Related Party Transactions

• Gilead Therapeutics A1 Unlimited Co is listed as an 'Other Included Manager' in this report, indicating a related entity whose holdings are consolidated or reported alongside Gilead Sciences, Inc.

Stakeholder Impact

• Shareholders gain transparency into Gilead Sciences, Inc.'s investment portfolio and its strategic allocation of capital in other publicly traded companies.
• The disclosed companies (e.g., Arcellx, Arcus Biosciences) may see increased investor interest or scrutiny due to Gilead's significant holdings.

Next Steps

• Gilead Sciences, Inc. will continue to file its Form 13F-HR quarterly to disclose its institutional investment holdings.

Key Dates

Recommendation

This filing is a standard quarterly disclosure of equity holdings and does not contain new operational or financial performance data for Gilead Sciences, Inc. As such, it provides transparency into the company's investment portfolio but does not warrant a change in investment recommendation based solely on this report.

Keywords

Gilead Sciences, 13F, equity holdings, institutional investment, biotechnology, pharmaceuticals, portfolio, Q4 2025, ARCELLX, ARCUS BIOSCIENCES, ASSEMBLY BIOSCIENCES, GALAPAGOS, KYVERNA THERAPEUTICS, XILIO THERAPEUTICS