Gilead Sciences reported a strong finish to 2025 with solid revenue and EPS growth, driven by its HIV and Liver Disease portfolios. The company is well-positioned for continued growth in 2026 with potential new launches and ongoing expansion of its key therapeutic areas.
Total revenues increased 5% to $7.9 billion in Q4 2025 compared to the same period in 2024.
positiveFull year 2025 revenues increased 2% to $29.4 billion compared to 2024.
positiveHIV product sales increased 6% to $5.8 billion in Q4 2025 and 6% to $20.8 billion for the full year 2025.
positiveBiktarvy sales increased 5% to $4.0 billion in Q4 2025 and 7% to $14.3 billion for the full year 2025.
positiveDescovy sales increased 33% to $819 million in Q4 2025 and 31% to $2.8 billion for the full year 2025.
positiveLiver Disease portfolio sales increased 17% to $844 million in Q4 2025 and 6% to $3.2 billion for the full year 2025.
positiveNon-GAAP diluted EPS was $1.86 in Q4 2025, a slight decrease from $1.90 in the prior year, but full year non-GAAP diluted EPS increased 77% to $8.15 from $4.62 in 2024.
positiveCash and cash equivalents increased to $10.6 billion as of December 31, 2025.
positiveGenerated $3.3 billion in operating cash flow in Q4 2025.
positiveProduct gross margin remained strong at 79.5% in Q4 2025 and 78.4% for the full year 2025.
positiveVeklury sales decreased 37% to $212 million in Q4 2025 and 49% to $911 million for the full year 2025 due to lower COVID-19 hospitalizations.
attentionCell Therapy product sales decreased 6% to $458 million in Q4 2025 and 7% to $1.8 billion for the full year 2025, reflecting ongoing competitive headwinds.
attentionYescarta sales decreased 6% to $368 million in Q4 2025 and 5% to $1.5 billion for the full year 2025, primarily driven by in- and out-of-class competition.
attentionTecartus sales decreased 9% to $90 million in Q4 2025 and 15% to $344 million for the full year 2025, primarily driven by in-class competition.
attentionAcquired IPR&D expenses were $539 million in Q4 2025 and $1.0 billion for the full year 2025.
attentionNon-GAAP diluted EPS decreased slightly to $1.86 in Q4 2025 from $1.90 in the prior year, driven by higher acquired IPR&D expenses.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
HIV | N/A | — | — | — |
Liver Disease | N/A | — | — | — |
Oncology | N/A | — | — | — |
Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
The company closed out a very strong year for Gilead overall, including successful launches and continued growth for key products.
Gilead is well positioned for continued growth in 2026 with potential new launches in oncology and HIV.
Focus on increasing positive impact on healthcare and building on recent launches.
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