#United States #Foster City #Gilead Sciences #Veklury #HIV

Gilead Reports Strong Q4 and Full Year 2025 Financial Results

Gilead Sciences, headquartered in Foster City, California, announced its financial results for the fourth quarter and full year 2025. The company concluded a highly successful year, driven by the market launch of Yeztugo, the world's first biannual HIV prevention medication, as well as the continued growth of its HIV treatments, including Veklury and Descovy.

Fourth Quarter Highlights

In Q4 2025, Gilead's revenues reached $7.9 billion, a 5% increase compared to the same period in 2024. This growth was primarily driven by increased sales in HIV products and liver disease medications, partially offset by a decline in Veklury (remdesivir) sales due to decreased COVID-19-related hospitalizations.

Earnings per share (EPS) for the fourth quarter increased to $1.74, up from $1.42 in the same quarter of the previous year, attributable to increased product sales and a reduction in selling, general, and administrative expenses (SG&A). However, the non-GAAP EPS showed a slight decline from $1.90 to $1.86, mainly due to increased post-acquisition IPR&D expenses.

As of December 31, 2025, Gilead reported cash, cash equivalents, and marketable securities totaling $10.6 billion, an increase from $10 billion in 2024. The operating cash flow for the fourth quarter was $3.3 billion, and Gilead returned $1 billion to shareholders via cash dividends and repurchased $230 million in common stock.

Product Sales Overview

Gilead's total product sales for the fourth quarter were $7.9 billion, a 5% increase compared to the prior year, while product sales excluding Veklury grew 7% to $7.7 billion. The HIV product revenue specifically rose by 6% to $5.8 billion, driven by increased demand for HIV prevention and treatment.

• - Veklury reported sales of $2.1 billion in Q4, marking a 37% decline from the previous year due to reduced COVID-19 hospitalizations.
• - Biktarvy, a key HIV medication, achieved revenues of $4 billion, up 5% year-over-year, primarily due to increased demand.
• - Descovy saw a significant revenue increase of 33%, reaching $819 million, reflecting higher average selling prices and a rise in demand for HIV prevention.

Additionally, the liver disease portfolio reported sales of $844 million, a 17% increase, mainly driven by the demand for Livdelzi (seladelpar).

Annual Financial Performance

For the full year 2025, Gilead's total revenue reached $29.4 billion, a solid increase of 2% compared to 2024. The total product sales for the year were $28.9 billion, marking a 1% rise, primarily due to the strong performance of HIV and liver disease products, though this was partially offset by a decline in Veklury revenues.

Full-year diluted EPS was $6.78, significantly higher than the $0.38 reported for the previous year, driven by increased product sales and a decrease in IPR&D impairment costs. The non-GAAP diluted EPS increased to $8.15 compared to $4.62 in 2024.

Looking Ahead

Looking into 2026, Gilead anticipates a full year product sales range between $29.6 billion and $30 billion, with expectations of launching two new cancer therapies and expanding its portfolio in HIV treatments. The company is well-positioned for continued growth and impact on global health as it strategizes to enhance patient outcomes and accessibility to its life-saving medications.

With the outlook for 2026, Gilead is committed to driving innovations that could shape the future of healthcare and significantly improve the lives of patients worldwide. The growth trajectory highlighted in these results reflects Gilead’s commitment to making a difference in the fight against various diseases, particularly in HIV and liver related conditions.

In summary, Gilead's robust performance in Q4 and 2025 showcases its resilience and dedication to enhance healthcare solutions, setting a positive outlook for the year ahead.