Gilead Reports Q4 & Full Year 2025 Results, Provides 2026 Guidance Amidst Mixed Product Performance

summarizeSummary

Gilead Sciences reported mixed Q4 2025 results with revenue growth but a slight non-GAAP EPS decline, while full-year 2025 non-GAAP EPS increased significantly. The company provided 2026 guidance and highlighted strong performance in HIV and Liver Disease, offset by declines in Veklury and Cell Therapy, and some oncology pipeline setbacks.

check_boxKey Events

• Q4 2025 Financial Performance

  Total revenues increased 5% year-over-year to $7.9 billion. GAAP diluted EPS was $1.74, up from $1.42, but non-GAAP diluted EPS decreased to $1.86 from $1.90 in Q4 2024, primarily due to higher acquired IPR&D expenses and a $400 million IPR&D impairment charge.

• Full Year 2025 Financial Performance

  Total revenues grew 2% to $29.4 billion. GAAP diluted EPS was $6.78, a significant increase from $0.38 in 2024, and non-GAAP diluted EPS rose to $8.15 from $4.62, driven by lower IPR&D expenses compared to the prior year.

• Product Sales Highlights

  HIV product sales increased 6% to $5.8 billion in Q4 and 6% to $20.8 billion for the full year, led by Biktarvy and Descovy. Liver Disease sales grew 17% in Q4 and 6% for the full year. Veklury sales continued to decline significantly, down 37% in Q4 and 49% for the full year, while Cell Therapy sales decreased 6% in Q4 and 7% for the full year.

• 2026 Financial Guidance Issued

  Gilead expects full year 2026 product sales between $29.6 billion and $30.0 billion, with non-GAAP diluted EPS projected to be between $8.45 and $8.85.

auto_awesomeAnalysis

Gilead Sciences announced its fourth quarter and full year 2025 financial results, alongside its 2026 financial guidance. While the company reported a 5% increase in total revenues for Q4 2025 and a 2% increase for the full year, non-GAAP diluted EPS for Q4 2025 saw a slight decrease year-over-year, primarily due to higher acquired in-process research and development (IPR&D) expenses and an IPR&D impairment charge. Core HIV and Liver Disease product sales showed strong growth, driven by Biktarvy, Descovy, and Livdelzi. However, Veklury sales continued to decline significantly, and Cell Therapy product sales faced competitive headwinds. The company also provided updates on its pipeline, including positive Phase 3 results for an investigational HIV treatment and a label update for Yescarta, but also noted the discontinuation of two oncology studies (ASCENT-07 and STAR-221/EDGE-Gastric for domvanalimab). The 2026 guidance projects modest growth in product sales and non-GAAP EPS, reflecting a balanced outlook with both growth drivers and ongoing challenges.