Gilead is the dominant HIV franchise operator with $20.8B in HIV product sales (70% of revenue), protected by Biktarvy patent settlements extending U.S. exclusivity to April 2036. The Yeztugo/lenacapavir launch — the first and only twice-yearly injectable PrEP with 100% efficacy in Phase 3 trials — opens a multi-billion-dollar prevention market that transforms Gilead from a mature pharma compounder into a growth story. With FY2025 FCF of $9.5B (32% margin) and a clean balance sheet, Gilead offers defensive healthcare cash flow with optionality from Trodelvy label expansion in TNBC and anito-cel in multiple myeloma.