Gilead Sciences (GILD) has a remarkably narrow front door in the U.S. Historically, about 90% of its product sales have gone through three wholesalers: Cardinal Health (CAH), Cencora (COR), and McKesson (MCK). The filing does not describe a sprawling customer list. It names three companies and their specialty distributor affiliates.
Gilead puts the concentration plainly in its filing:
"Historically, approximately 90% of our product sales in the U.S. have been to three wholesalers, Cardinal Health, Inc., Cencora, Inc., and McKesson Corporation, and their specialty distributor affiliates."
Gilead Sciences / SEC filing / 2025-11-07
That is the core of the map: Gilead’s disclosed U.S. sales channel is concentrated among Cardinal, Cencora, and McKesson. Cardinal is also separately labeled a customer in the relationship data, while Cencora and McKesson appear again in Gilead’s partner disclosures.
The later filing uses nearly identical language, with one small accounting wrinkle: it refers to gross product sales.
"Historically, approximately 90% of our gross product sales in the U.S. have been to three wholesalers—Cardinal Health, Inc., Cencora, Inc. and McKesson Corporation—and their specialty distributor affiliates."
Gilead Sciences / SEC filing / 2026-05-07
The names stay the same. The route to market stays the same. In the disclosed map, these wholesalers are not background plumbing. They are the visible customer concentration.
Away from that sales channel, Gilead’s relationship web gets more biotech-shaped. In February, the company disclosed an exclusive option and license agreement with Kymera Therapeutics (KYMR), focused on oral molecular glue CDK2 degraders for oncology.
"Entered into an exclusive option and license agreement with Kymera Therapeutics, Inc. to develop novel oral molecular glue CDK2 degraders with broad oncology treatment potential."
Gilead Sciences / SEC filing / 2026-02-24
That is a specific development relationship, not a generic collaboration reference. Kymera’s own filing also calls Gilead a partner.
Gilead’s filings identify Arcus Biosciences (RCUS) as both a strategic partner and an investee. The company also names Reliance (RS) among its collaborative relationships. Its filing describes the general limits of those arrangements:
"Reliance on collaborative relationships poses a number of risks, including the risk that: we are unable to control the resources our corporate partners devote to our programs or products; disputes may arise with respect to the ownership of rights to…"
Gilead Sciences / SEC filing / 2025-11-07
For Arcus, Gilead discloses an equity investment tied to the collaboration:
"For equity investments in our strategic partners, such as in connection with our collaborations with Arcus Biosciences, Inc., Galapagos NV and Arcellx, Inc., the value of our equity investments may fluctuate and decline in value."
Gilead Sciences / SEC filing / 2025-11-07
The rest of the map comes from counterparties naming Gilead in their own filings. Assembly Biosciences (ASMB) calls Gilead a partner, customer, and competitor. Arcus, Kymera, Ligand Pharmaceuticals (LGND), and Nurix Therapeutics (NRIX) call it a partner. Veeva Systems (VEEV) calls it a customer.
So the disclosed picture has two distinct layers: a concentrated U.S. wholesale channel on one side, and a biotech partnership network on the other. Gilead’s filing does not make those layers look interchangeable. It names the gatekeepers for today’s product sales, then a separate group of companies tied to future programs, equity, collaboration, or competition.
These are relationships disclosed in SEC filings, mapped by jodie’s analytics. This is not investment advice.