Gilead Sciences (GILD) investor relations material

Executive summary

• Q3 2025 revenues rose 3% year-over-year to $7.8B, with product sales excluding Veklury up 4% to $7.1B, driven by strong HIV and liver disease growth, notably Biktarvy, Descovy, and Livdelzi.

• Net income for Q3 2025 was $3.1B, with diluted EPS at $2.43 (GAAP) and $2.47 (non-GAAP), reflecting higher royalty revenues and the absence of prior-year impairments.

• Key developments included Biktarvy patent settlements extending U.S. exclusivity to April 2036, new product launches and approvals for Yeztugo/Yeytuo, and the acquisition of Interius BioTherapeutics.

• Oncology franchise saw Trodelvy up 7% year-over-year, while cell therapy declined 11% due to competitive headwinds.

• $400M nonrecurring revenue from an IP asset sale contributed to EPS growth.

Financial highlights

• Product sales excluding Veklury reached $7.1B, up 4% year-over-year; total product sales including Veklury were $7.3B, down 2% due to a 60% decline in Veklury sales.

• HIV sales were $5.3B, up 4% year-over-year, with Biktarvy at $3.7B (+6%) and Descovy at $701M (+20%).

• Liver disease sales grew 12% to $819M, led by Livdelzi; Trodelvy sales rose 7% to $357M.

• Cell therapy sales declined 11% to $432M; Veklury sales dropped 60% to $277M.

• Product gross margin was 78.6% (GAAP) and 86% (non-GAAP); operating margin was 50% (non-GAAP).

Outlook and guidance

• Full-year 2025 product sales expected at $28.4–$28.7B; excluding Veklury, $27.4–$27.7B.

• Non-GAAP EPS guidance raised to $8.10–$8.25; GAAP EPS expected at $6.65–$6.85.

• No major loss of exclusivity expected until 2036, supporting long-term growth.

• Cell therapy sales forecasted to decline 10–11% year-over-year.

• Management expects to meet capital needs for the next 12 months, supported by strong liquidity.