Updated
The most significant concentration Gilead Sciences discloses is three large wholesalers (Cardinal Health, Cencora, McKesson) at 90%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Gilead Sciences’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'approximately 90% of our gross product sales in the U.S. have been to three large wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation'”
“10-K Item 1A: 'We receive a substantial portion of our revenue from sales of our products for the treatment and prevention of HIV infection'”
The company's disclosed concentration profile combines a large-share customer dependency on a concentrated wholesale distribution channel and a moderate product revenue exposure. Approximately 90% of gross product sales in the U.S. have been directed to three large wholesalers — Cardinal Health, Inc., Cencora, Inc., and McKesson Corporation — a large share by disclosed size that carries a dependency character. While the use of a small number of large distributors is common in specialty pharmaceuticals, a disruption to any of these relationships, a change in wholesaler inventory management practices, or financial stress at one of these counterparties could have a significant near-term effect on product revenue flows and receivables exposure. Layered on the channel dependency is a structural product-revenue concentration in HIV products, which generate a substantial portion of revenue — a moderate share by disclosed size. This product skew reflects the company's deep franchise in antiretroviral therapy, but it also means that pipeline outcomes, competitive dynamics, and pricing policy in the HIV category are particularly consequential for the overall revenue trajectory. Generic competition, new entrant approvals, or a shift in standard-of-care guidelines in HIV would affect the revenue base at a moderate scale. Together, the wholesale channel concentration is the more acute dependency — it creates counterparty and timing risk that operates at the transaction level — while the HIV product skew is the more durable structural feature that should be evaluated over a multi-year horizon.
For the engine’s reasoning on GILD’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ABBV | AbbVie Inc. | 2 | 1 | 0 | 3 |
| AMGN | Amgen Inc. | 2 | 0 | 0 | 2 |
| GILD● | Gilead Sciences, Inc. | 1 | 1 | 0 | 2 |
| BMY | Bristol-Myers Squibb Company | 1 | 0 | 0 | 1 |
| BIIB | Biogen Inc. | 0 | 0 | 2 | 2 |
| JNJ | Johnson & Johnson | 0 | 0 | 2 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.