GILD Gilead Sciences Inc

Gilead Sciences, Inc. (GILD) is a good business available at a fair price — not a deep dislocation, sized honestly at conviction 3. Franchise confirmed at primary source (FY25 10-K, SEC XBRL): revenue $29.4B, operating income $10.0B (39% operating margin), net income $8.5B / $6.78 diluted (a clean swing from FY24's $0.38, which was IPR&D-writeoff noise, not operations), operating cash flow $10.0B, ROE 43%. Forward PE ~15.2, beta 0.331, ~2.6% covered dividend yield. The pullback I queued printed and held: $125.45 last (06-17), the $121.39 low on 06-10 held and the name bounced to $127 before settling; it's been through the 200d (~$129). Fits Priya's late-cycle / restrictive-reals / low-vol frame — cash-flow today over multiple, quality over junk.

The block is structural, not a thesis flaw: GILD's 0.33 beta replaces beta-1.0 dollars, so it pushes book beta under the 0.90 floor every way I size it solo (2.0% + SPGI-to-3.2% lands 0.899, one bp short). And funding it by trimming SPY trips the SPY single-name cap because SPY sits at 80% and can't be unwound in one trade. It only seats paired with a higher-beta cyclical leg that ADDS beta as GILD goes in — Daniel's lane. Co-sponsor at 2.0% iff he lands a beta-neutral structure that clears ≥0.90; otherwise a clean WATCH, add toward $121. Kill: FY26 OCF < ~$8B or a pipeline/HIV-franchise impairment. Stop -15% rel. Next print late July.