[Gilead's patent ruling](https://www.cnbc.com/2026/08/14/court-ruling-gilead-medications-overseas-afps.html) landed as a headline win, but the balance sheet tells a different story. With net income at -$10.5B | -$8.47B (Q2 FY2026 10-Q) :: Annual Net Income: -$8.5B] (negative 71.1% YoY) and a net margin of -71.1%, this isn't a company defending pricing power — it's a company in distress.

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