Gilead Sciences reported an insider transaction on January 23, 2026, when Chairman and CEO Daniel Patrick O’Day sold 115,640 shares of common stock at $135 per share, totaling $15.6 million. The sale was disclosed via a Form 4 filed with the Securities and Exchange Commission and was executed under a pre-arranged Rule 10b5-1 trading plan that the CEO adopted on February 28, 2025.
On the same day, O’Day exercised options to acquire an identical number of shares - 115,640 - at an exercise price of $66.01 per share, representing a total cost of $7.6 million. The record indicates these options carry a four-year vesting schedule: 25% vests on the first anniversary of the grant date, with the remainder vesting quarterly at a 6.25% rate until fully vested. The options are set to expire on March 1, 2029.
After completing the sale and the exercise, O’Day directly holds 566,698 shares of Gilead common stock. At the time of the transactions the company’s shares traded at $137.84, which the filing notes is near a 52-week high of $136.30, and the stock has produced a 46.54% return over the previous 12 months.
Gilead is identified in the filing as a large-cap biotech with a market capitalization of $171.2 billion. The company currently offers a 2.32% dividend yield and has increased its dividend for 11 consecutive years. The filing also references an InvestingPro assessment indicating Gilead is slightly undervalued on its Fair Value metric and carries a "GREAT" overall financial health score. Investors can access a Pro Research Report and additional ProTips via InvestingPro.
Alongside the insider activity, the company has seen several analyst moves and clinical updates highlighted in the filing. BMO Capital raised its price target for Gilead to $150 and maintained an Outperform rating, attributing part of the outlook to momentum in the company’s HIV business and specifically the Yeztugo launch. The filing reports Yeztugo generated around $150 million in fiscal 2025 sales, with more than 80% coverage by CVS.
Clinical progress was also noted. The filing states that Gilead disclosed results showing its combination therapy of Trodelvy plus Keytruda reduced the risk of disease progression or death by 35% in a study of metastatic triple-negative breast cancer. Those study results, published in The New England Journal of Medicine, showed a median progression-free survival of 11.2 months for patients receiving the combination therapy.
Several brokerages reiterated positive stances in light of these developments. UBS kept a Buy rating with a $145 price target, while Bernstein reiterated an Outperform rating with a $135 price target, both highlighting Yeztugo’s contribution. BMO Capital also reiterated its Outperform rating and emphasized the continued momentum of Yeztugo into 2026.
The combined disclosures capture an executive liquidity event executed under an established trading plan, a contemporaneous option exercise with a standard multi-year vesting schedule, and recent operational and clinical milestones that analysts cite when setting price targets.
Clear summary
Daniel Patrick O’Day sold 115,640 Gilead shares for $15.6 million on January 23, 2026, under a Rule 10b5-1 plan and exercised options to acquire the same number of shares at $66.01 for $7.6 million. Following the transactions he holds 566,698 shares. Gilead trades near its 52-week high after a 46.54% year-over-year gain and has attracted analyst attention for Yeztugo’s early sales and positive Trodelvy plus Keytruda trial results.
Key context and details
- The insider sale and option exercise were both reported on a Form 4 and tied to a Rule 10b5-1 trading plan adopted on February 28, 2025.
- Options exercised carry a four-year vesting schedule with a 25% first-year vesting and quarterly vesting of 6.25% thereafter, and expire on March 1, 2029.
- Analysts have reacted by raising or maintaining price targets, with BMO Capital at $150 (Outperform), UBS at $145 (Buy), and Bernstein at $135 (Outperform), citing Yeztugo performance and positioning into 2026.
Key points
- Insider transaction: CEO Daniel Patrick O’Day sold 115,640 shares for $15.6 million under a Rule 10b5-1 plan and exercised options for the same number of shares at $66.01, costing $7.6 million - this affects company insider ownership and executive compensation tracking.
- Market performance: Gilead shares have returned 46.54% over the last year and traded at $137.84 near a stated 52-week high; market and investor attention is focused on the stock’s recent momentum.
- Operational drivers: Yeztugo’s reported $150 million in fiscal 2025 sales and the positive Trodelvy plus Keytruda study results published in The New England Journal of Medicine have underpinned analyst confidence and reiterated ratings.
Risks and uncertainties
- Insider transactions executed under a Rule 10b5-1 plan may limit real-time interpretability of management intent - this introduces uncertainty for investors assessing insider sentiment in the healthcare and biotech sectors.
- Analyst outlooks are tied to product performance such as Yeztugo sales and coverage metrics; any change in commercial uptake or payer coverage could impact biotech and pharmaceutical sector valuations.
- Clinical and regulatory outcomes remain material for Gilead’s oncology strategy despite recent positive data; future trial or publication developments could alter market perceptions in the biotech sector.