Gilead Sciences (GILD) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong results, with total revenues rising 3% year-over-year to $7.8 billion, driven by robust HIV and liver disease sales, including Biktarvy, Descovy, and Livdelzi, and successful launches like Yeztugo.

• Non-GAAP EPS grew 22% year-over-year to $2.47, or 10% excluding a $0.25 nonrecurring accounting benefit; net income reached $3.1 billion.

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

• Clinical pipeline advanced with regulatory filings and positive late-stage data in oncology and liver disease.

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

Financial highlights

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

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

• Liver Disease sales grew 12% year-over-year to $819 million, led by Livdelzi.

• Trodelvy sales were $357 million, up 7% year-over-year; Cell Therapy sales were $432 million, down 11% year-over-year.

• Product gross margin was 86% (non-GAAP) and 78.6% (GAAP); operating margin was 50% (non-GAAP) and 42.8% (GAAP).

Outlook and guidance

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

• Non-GAAP EPS guidance raised to $8.05–$8.25; diluted EPS guidance raised to $6.65–$6.85.

• Full-year HIV revenue growth guidance raised to approximately 5%; Cell Therapy sales expected to decline ~10% year-over-year.

• Operating income forecasted at $13.1–$13.4 billion.

• No major loss of exclusivity expected until 2036.