Why Is Everyone Ignoring Gilead Stock's High Cash Yield?

Gilead Sciences (GILD) generated free cash flow equal to 7.1% of its market value over the last twelve months. The median S&P 500 company yielded just 4.5% over the same period. A yield that high means one of two things: the business is either trading at a steep discount, or the market expects it to shrink. So why are investors paying so little for Gilead's cash.