Gilead Sciences (GILD) Q4 2025 earnings summary

Executive summary

• Achieved strong full-year 2025 results with 6% HIV and liver business growth, 6% Trodelvy oncology growth, and a 7% decline in cell therapy sales, despite a $900M Medicare Part D headwind and sharp Veklury decline.

• HIV prevention portfolio, led by Yeztugo and Sunlenca, saw rapid adoption and 47% growth, exceeding coverage goals; Sunlenca/Yeztugo expected to reach $800M in 2026.

• Base business sales rose 4% year-over-year to $28B, or 8% excluding Medicare Part D redesign impact.

• Up to 10 ongoing and potential new launches through 2027, with four targeted for 2026, including Trodelvy (first-line TNBC), BIC/LEN (HIV), anito-cel (multiple myeloma), and bulevirtide (hepatitis D).

• Veklury sales declined 49% year-over-year to $911M due to reduced COVID-19 hospitalizations.

Financial highlights

• Full-year 2025 total product sales were $28.9B, up 1% year-over-year; excluding Veklury, sales were $28B, up 4%.

• HIV sales reached $20.8B, up 6% year-over-year; Biktarvy sales were $14.3B, up 7%; Descovy sales were $2.8B, up 31%.

• Liver disease sales were $3.2B, up 6% year-over-year, driven by Livdelzi.

• Trodelvy sales were $1.4B, up 6% year-over-year; cell therapy sales were $1.8B, down 7%.

• Non-GAAP diluted EPS was $8.15, up 77% year-over-year; product gross margin was 86.4%.

Outlook and guidance

• 2026 total product sales expected between $29.6B–$30B; base business sales to grow 4–5%.

• HIV sales projected to grow ~6% in 2026; Sunlenca/Yeztugo revenue expected at $800M.

• Cell therapy revenue expected to decline ~10% in 2026 due to competitive headwinds.

• Non-GAAP operating income for 2026 expected between $13.8B–$14.3B; EPS guidance of $8.45–$8.85.

• 2% headwind to 2026 growth from drug pricing agreement and ACA changes; underlying growth would be 6–7% absent these.