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Johnson & Johnson: Partner in HIV, Rival in Cell TherapyThin moat

Gilead Sciences (GILD) — moat facet

J&J sells a regimen built on Gilead's HIV drugs while its Carvykti, up 96% in 2025, outgrows Gilead's cell therapies and stands in the way of anito-cel.

Johnson & Johnson is two things to Gilead at once. In HIV it is a partner: Janssen commercialises Symtuza, a fixed-dose combination containing Gilead's cobicistat, emtricitabine and tenofovir alafenamide, and Gilead booked $495 million of revenue from it in 20251. Gilead's own Odefsey contains Janssen's rilpivirine, and Janssen's share of those revenues, recorded in Gilead's cost of goods, was $369 million in 20252.

CAR-T sales ($M)1,973Gilead cell therapy 20241,839Gilead cell therapy 2025963Carvykti 20241,887Carvykti 2025Gilead Form 10-K FY2025 (Yescarta plus Tecartus); Johnson & Johnson Form 10-K FY2025
Carvykti doubled while Gilead's cell therapies shrank.

In cell therapy J&J is the rival that has overtaken Gilead's growth. Its CAR-T for multiple myeloma, Carvykti, sold $1,887 million in 2025, up from $963 million3, and $657 million in the second quarter of 2026, up 49.4%4. Gilead's two cell therapies, Yescarta and Tecartus, sold $1,839 million in 2025, down from $1,973 million5, and $417 million in the second quarter of 2026, down 14%6. Gilead attributes Yescarta's decline to "in- and out-of-class competition"7.

The rivalry is about to become direct. Gilead paid an implied equity value of $7.8 billion for Arcellx8 to get anito-cel, a cell therapy for multiple myeloma, Carvykti's disease, with an FDA decision date of 23 December 20269. The partner in HIV will be the incumbent Gilead is attacking in myeloma.

This kind of relationship needs careful reading. The HIV partnership gives both sides a reason to keep the peace; the myeloma launch gives them a reason not to.

The partnership is shrinking as the rivalry grows. Gilead's revenue from Symtuza was $592 million in 2024 and $495 million in 202510, and Janssen's share of Odefsey revenues fell from $430 million in 2023 to $369 million11. As Gilead moves patients to Biktarvy, which it owns outright, the HIV ties with Johnson & Johnson matter less, just as the myeloma contest begins.

The cell therapy contest will be decided in myeloma. If anito-cel's quarterly sales are below a fifth of Carvykti's a year after launch, Gilead will have paid $7.8 billion to arrive second.

Moat trajectory: Narrowing

Carvykti +49.4% and Gilead cell therapy -14% in Q2 2026.

The number that tests this moat
Reported
Gilead cell therapy sales, latest quarter
$417M (Q2 2026, -14%), against Carvykti $657M (+49.4%)

The gap the Arcellx deal must close; a widening gap after anito-cel launches would mean Gilead bought second place.

Source: Gilead Sciences Q2 2026 results release ↗
References
  1. ReportedIn HIV it is a partner: Janssen commercialises Symtuza, a fixed-dose combination containing Gilead's cobicistat, emtricitabine and tenofovir alafenamide, and Gilead booked $495 million of revenue from it in 2025.
    Gilead Sciences Form 10-K for 2025 - revenue by product, product group and region (Note 2) and the MD&A discussion of product sales. — FY2025 · publ. 24 February 2026 · source ↗
  2. ReportedGilead's own Odefsey contains Janssen's rilpivirine, and Janssen's share of those revenues, recorded in Gilead's cost of goods, was $369 million in 2025.
    Gilead Sciences Form 10-K for 2025 - financial statements, MD&A and notes: income, margins, impairments, acquired IPR&D, cash flow, capital returns and debt. — FY2025 · publ. 24 February 2026 · source ↗
  3. ReportedIts CAR-T for multiple myeloma, Carvykti, sold $1,887 million in 2025, up from $963 million, and $657 million in the second quarter of 2026, up 49.4%.
    Johnson & Johnson Form 10-K for 2025 - Carvykti sales of $1,887 million against $963 million in 2024. — FY2025 · publ. February 2026 · source ↗
  4. ReportedIts CAR-T for multiple myeloma, Carvykti, sold $1,887 million in 2025, up from $963 million, and $657 million in the second quarter of 2026, up 49.4%.
    Johnson & Johnson second-quarter 2026 sales schedules, Form 8-K exhibit 99.2 - Carvykti worldwide sales of $657 million, up 49.4%. — Q2 2026 · publ. July 2026 · source ↗
  5. ReportedGilead's two cell therapies, Yescarta and Tecartus, sold $1,839 million in 2025, down from $1,973 million, and $417 million in the second quarter of 2026, down 14%.
    Gilead Sciences Form 10-K for 2025 - revenue by product, product group and region (Note 2) and the MD&A discussion of product sales. — FY2025 · publ. 24 February 2026 · source ↗
  6. ReportedGilead's two cell therapies, Yescarta and Tecartus, sold $1,839 million in 2025, down from $1,973 million, and $417 million in the second quarter of 2026, down 14%.
    Gilead Sciences second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue by product, income statement, cash flow, balance sheet, pipeline updates and 2026 guidance - revenue by product and product group and the drivers of each. — Q2 2026 · publ. 4 August 2026 · source ↗
  7. ReportedGilead attributes Yescarta's decline to "in- and out-of-class competition".
    Gilead Sciences second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue by product, income statement, cash flow, balance sheet, pipeline updates and 2026 guidance - revenue by product and product group and the drivers of each. — Q2 2026 · publ. 4 August 2026 · source ↗
  8. ReportedGilead paid an implied equity value of $7.8 billion for Arcellx to get anito-cel, a cell therapy for multiple myeloma, Carvykti's disease, with an FDA decision date of 23 December 2026.
    Gilead Sciences release of 23 February 2026, Form 8-K exhibit 99.1 - agreement to acquire Arcellx for $115 a share plus a $5 contingent value right, an implied equity value of $7.8 billion; anito-cel PDUFA date 23 December 2026. — February 2026 · publ. 23 February 2026 · source ↗
  9. ReportedGilead paid an implied equity value of $7.8 billion for Arcellx to get anito-cel, a cell therapy for multiple myeloma, Carvykti's disease, with an FDA decision date of 23 December 2026.
    Gilead Sciences release of 23 February 2026, Form 8-K exhibit 99.1 - agreement to acquire Arcellx for $115 a share plus a $5 contingent value right, an implied equity value of $7.8 billion; anito-cel PDUFA date 23 December 2026. — February 2026 · publ. 23 February 2026 · source ↗
  10. ReportedGilead's revenue from Symtuza was $592 million in 2024 and $495 million in 2025, and Janssen's share of Odefsey revenues fell from $430 million in 2023 to $369 million.
    Gilead Sciences Form 10-K for 2025 - revenue by product, product group and region (Note 2) and the MD&A discussion of product sales. — FY2025 · publ. 24 February 2026 · source ↗
  11. ReportedGilead's revenue from Symtuza was $592 million in 2024 and $495 million in 2025, and Janssen's share of Odefsey revenues fell from $430 million in 2023 to $369 million.
    Gilead Sciences Form 10-K for 2025 - revenue by product, product group and region (Note 2) and the MD&A discussion of product sales. — FY2025 · publ. 24 February 2026 · source ↗
Sources
Generated October 4, 2026