Gilead Sciences Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.36%.
Did GILD Beat Earnings? Q2 2025 Results
Gilead Sciences posted a clean beat across the board in Q2 2025, reporting non-GAAP diluted EPS of $2.01 against a consensus estimate of $1.96, a 2.72% positive surprise, while revenue climbed 1.9% year-over-year to $7.08 billion, clearing the $6.96 billion estimate by 1.69%. The headline driver behind the quarter's strength was HIV, which generated $5.09 billion in sales, up 7% year-over-year, with Biktarvy alone contributing $3.53 billion and Descovy surging 35% to $653 million on favorable pricing and volume. That momentum was partially offset by a steep 44% drop in Veklury to $121 million as COVID-19 hospitalizations declined, a dynamic that also prompted Gilead to trim its full-year Veklury outlook to $1.0 billion. Even so, management raised its full-year non-GAAP EPS guidance to $7.95–$8.25 and lifted product sales guidance to $28.3–$28.7 billion, reflecting confidence in the core franchise. Shares jumped roughly 8.8% following the report, as investors also cheered the FDA approval of Yeztugo, the first twice-yearly HIV prevention option, as a potentially transformative milestone for Gilead's virology business.
- Biktarvy demand growth driving 9% YoY sales increase to $3.5 billion
- Descovy sales surging 35% YoY on higher average realized price and demand
- HIV portfolio overall up 7% YoY on increased demand and higher average realized price
- Trodelvy sales up 14% YoY on higher demand and inventory dynamics
- Growing demand for Livdelzi and Hepcludex within Liver Disease portfolio
- Product mix improvement driving non-GAAP product gross margin expansion to 86.9%
“This was a very successful second quarter for Gilead, including the FDA approval for Yeztugo as the world's first twice-yearly HIV prevention option. Our strong growth this quarter was driven by Biktarvy, Descovy, Trodelvy and Livdelzi, reflecting the diversity of our portfolio. As we enter the third quarter, we are increasing revenue and earnings guidance for the year, and look forward to delivering continued innovation and growth across our core therapeutic areas.”
Gilead Sciences CEO, on the earnings call
Forward Guidance & Outlook
Gilead raised its full-year 2025 guidance on August 7, 2025. Product sales are now expected at $28.3–$28.7 billion (up from $28.2–$28.6 billion), with product sales excluding Veklury at $27.3–$27.7 billion (up from $26.8–$27.2 billion). Veklury guidance was lowered to $1.0 billion from $1.4 billion. GAAP diluted EPS guidance was raised to $5.85–$6.15 (from $5.65–$6.05), and non-GAAP diluted EPS was raised to $7.95–$8.25 (from $7.70–$8.10). Non-GAAP projected operating income is $12,700–$13,200 million. GAAP projected operating income is $10,300–$10,700 million. Non-GAAP projected product gross margin is approximately 86.0%, and GAAP projected product gross margin is approximately 78.0%. Non-GAAP projected effective tax rate is approximately 19%.
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Figures from SEC filings and company reports. Not investment advice.