[Form 4] Gilead Sciences Inc Insider Trading Activity

Rhea-AI Filing Summary

Gilead Sciences, Inc. (GILD) filed a Form 4 on 07/01/2025 reporting that Chairman & CEO Daniel P. O’Day executed two open-market sales of the company’s common stock on 06/30/2025.

• Shares sold: 9,400 shares at a weighted-average price of $110.4038 and 600 shares at $111.1467, for a total of 10,000 shares.
• Remaining holdings: O’Day now directly owns 615,725 shares, down from 625,725, a reduction of roughly 1.6%.
• Trading plan: Transactions were carried out under a Rule 10b5-1 trading plan adopted on 02/28/2025, indicating pre-scheduled, automated execution.
• Price ranges: The first tranche was executed between $110.03 and $111.00; the second between $111.03 and $111.17. Detailed breakdowns are available upon request.
• No derivative securities or additional insider transactions were reported in this filing.

The filing signals continued, but limited, share disposition by the CEO within a structured trading program. Because the sale represents a small percentage of his total ownership and was executed under a 10b5-1 plan, the market impact is likely modest and largely informational rather than strategic.

Positive

• Sale executed under a Rule 10b5-1 plan, demonstrating adherence to insider-trading safeguards and transparency.
• CEO retains 615,725 shares, preserving significant equity alignment with shareholders.

Negative

• Insider activity reflects a 10,000-share reduction in CEO ownership, which some investors may view as a cautionary sentiment signal.

Insights

Securities Analyst

TL;DR Small 10b5-1 sale (10,000 shares) by CEO reduces stake 1.6%; informational, not thesis-changing.

From a valuation perspective, the sale equates to roughly $1.1 million—immaterial relative to Gilead’s $140 billion market cap. O’Day retains more than 615 k shares, so alignment with shareholders remains intact. The pre-arranged 10b5-1 plan reduces concerns of opportunistic timing. Overall, the transaction does not alter cash-flow expectations, pipeline progress, or capital allocation strategy and should be viewed as routine portfolio diversification.

Corporate Governance Expert

TL;DR Governance-neutral: compliant 10b5-1 plan, modest size, transparency upheld.

Rule 10b5-1 usage underscores best practices by insulating the executive from accusations of trading on material non-public information. The 1.6% reduction leaves the CEO with a substantial economic interest, sustaining incentive alignment. No red flags emerge regarding control, compensation, or undisclosed governance changes. Therefore, the filing is procedurally sound and unlikely to trigger governance risk reassessment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

O'Day Daniel Patrick

(Last) (First) (Middle)

333 LAKESIDE DRIVE

(Street)

FOSTER CITY CA 94404

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GILEAD SCIENCES, INC. [ GILD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman & CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		S(1)		9,400	D	$110.4038(2)	616,325	D
Common Stock	06/30/2025		S(1)		600	D	$111.1467(3)	615,725	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The transaction reported in this Form 4 is made pursuant to a Rule 10b5-1 trading plan adopted on February 28, 2025.

2. Sale prices reported for the transactions reported here range from $110.03 to $111.00. Full information regarding the number of shares purchased or sold at each separate price will be provided to the SEC, the issuer or its shareowners upon request.

3. Sale prices reported for the transactions reported here range from $111.03 to $111.17. Full information regarding the number of shares purchased or sold at each separate price will be provided to the SEC, the issuer or its shareowners upon request.

	/s/ Edward S. Son by Power of Attorney for Daniel P. O'Day	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many GILD shares did CEO Daniel O'Day sell on 06/30/2025?

He sold 10,000 shares of Gilead common stock in two transactions.

At what prices were the GILD shares sold?

Weighted average prices were $110.4038 for 9,400 shares and $111.1467 for 600 shares.

Does the CEO still hold a significant stake in Gilead Sciences?

Yes. After the sale, Daniel O'Day directly owns 615,725 shares of GILD.

Was the transaction part of a pre-arranged trading plan?

Yes. The filing states it was executed under a Rule 10b5-1 plan adopted on 02/28/2025.

Is this insider sale considered material to GILD's outlook?

Given its small size (≈1.6% of the CEO's holdings) and use of a 10b5-1 plan, it is generally viewed as routine and not materially impactful.