Gilead Sciences Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.74%.
Did GILD Beat Earnings? Q1 2025 Results
Gilead Sciences delivered a steady Q1 2025, posting non-GAAP diluted EPS of $1.81 and total revenue of $6.67 billion as its core HIV franchise continued to shoulder the company's growth narrative. The HIV segment generated $4.59 billion in sales, up 6% year-over-year, with Biktarvy climbing 7% to $3.15 billion and Descovy surging 38% to $586.00 million on stronger pricing and demand, though a 45% plunge in Veklury sales to $302.00 million kept headline revenue essentially flat. GAAP diluted EPS swung to $1.04 from a loss of $3.34 a year ago, a comparison heavily distorted by prior-year acquisition-related charges exceeding $6 billion. Gilead held its full-year product sales guidance at $28.20 billion to $28.60 billion and kept non-GAAP EPS guidance steady at $7.70 to $8.10, even as GAAP EPS guidance was trimmed slightly. Adding to the forward-looking picture, the company recently announced plans to expand its US investment to $32 billion by 2030, underscoring its long-term manufacturing and R&D ambitions alongside a closely watched June 19 PDUFA date for twice-yearly lenacapavir.
- Biktarvy continued demand strength driving 7% sales growth
- Descovy sales surged 38% on higher average realized price and demand
- HIV portfolio benefited from higher average realized price and demand
- Liver Disease demand growth in PBC, HBV, and HDV products
- Disciplined expense management reduced R&D and SG&A spending
- Absence of prior-year CymaBay acquisition charges and IPR&D impairments
“Gilead had a strong start to the year driven by excellent commercial and clinical execution along with disciplined expense management. Our base business grew 4% year-over-year, primarily led by Biktarvy's continued strength, and we announced positive topline Phase 3 results for Trodelvy plus pembrolizumab in first line PD-L1+ metastatic triple negative breast cancer. With the upcoming June PDUFA date for lenacapavir for HIV prevention, and continued progress across our diverse pipeline, we look forward to building on our positive momentum throughout the year.”
Gilead Sciences CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2025, Gilead maintained product sales guidance of $28.2–$28.6 billion, product sales excluding Veklury of $26.8–$27.2 billion, and Veklury sales of $1.4 billion. Non-GAAP diluted EPS guidance was unchanged at $7.70–$8.10. GAAP diluted EPS guidance was lowered to $5.65–$6.05 (from $5.95–$6.35 previously). Projected GAAP product gross margin is 77.0%–78.0% and non-GAAP product gross margin is 85.0%–86.0%. GAAP projected operating income is $10.2–$10.7 billion and non-GAAP projected operating income is $12.7–$13.2 billion. Key upcoming catalysts include the June 19, 2025 PDUFA date for twice-yearly lenacapavir for HIV prevention and a planned Phase 3 study launch for once-yearly lenacapavir in H2 2025.
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Figures from SEC filings and company reports. Not investment advice.