Gilead Sciences completed a series of significant acquisitions, including the purchase of Arcellx for approximately $7.8 billion, which allowed Gilead to gain full control of the anito-cel CAR-T therapy program for multiple myeloma. This acquisition was part of a broader strategy to enhance its oncology portfolio. Additionally, Gilead acquired Tubulis for $3.15 billion, further strengthening its capabilities in antibody-drug conjugates. The company also acquired Ouro Medicines for up to $2.175 billion, adding a T cell engager asset to its inflammation portfolio. In terms of financial performance, Gilead reported total revenues of $29.4 billion for 2025, a 2% increase from 2024, driven by strong sales in its HIV and liver disease products. Specifically, Gilead's HIV product sales reached $20.8 billion, up 6% year over year, with Biktarvy contributing $14.3 billion, reflecting continued strong demand despite rising competition. In the first quarter of 2026, Gilead's total revenue rose 4% year over year to $7 billion, primarily driven by its HIV treatments. The company also generated $3.3 billion in operating cash flow in Q4 2025, up from $2.6 billion in the prior year, indicating improved operational performance.