Gilead Sciences Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.27%.
Did GILD Beat Earnings? Q3 2025 Results
Gilead Sciences delivered a strong Q3 2025, with non-GAAP diluted EPS of $2.47 clearing the $2.14 consensus by 15.67% and revenue of $7.77 billion beating estimates by 4.14% on 3.0% year-over-year growth. The headline driver was a $400 million royalty and contract revenue boost tied to a prior intellectual property sale, though the underlying business showed genuine momentum: the HIV franchise grew 4% to $5.28 billion, anchored by Biktarvy's 6% rise to $3.69 billion, while the liver disease portfolio advanced 12% to $819 million on Livdelzi uptake. Non-GAAP operating margin expanded 729 basis points to 50.5%, underscoring the operating leverage at play. Strategically, Biktarvy patent settlements push generic entry to April 2036, and lenacapavir's strong PrEP approval momentum adds a durable long-term growth layer, much as <a href="https://247wallst.com/investing/2025/10/30/eli-lilly-blows-away-q3-earnings-expectations/">large-cap pharma peers</a> have leaned on blockbuster franchises to sustain premium valuations. Gilead raised full-year non-GAAP EPS guidance to $8.05-$8.25, reflecting continued confidence in its core portfolio execution.
- Biktarvy sales grew 6% YoY driven by higher demand and favorable inventory dynamics
- Descovy sales surged 20% YoY on higher demand
- Livdelzi uptake drove 12% growth in liver disease portfolio
- Trodelvy sales grew 7% YoY on higher demand
- Royalty, contract and other revenues increased ~$400M related to a prior IP sale (one-time)
- Lower acquired IPR&D expenses compared to prior year
- Higher net unrealized gains on equity investments
“We continue to deliver on Gilead's robust portfolio with a strong start for Yeztugo, rapidly growing uptake of Biktarvy, Descovy and Livdelzi, and positive data for Trodelvy in 1L metastatic triple negative breast cancer.”
Gilead Sciences CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2025, Gilead raised guidance: product sales of $28,400M–$28,700M (previously $28,300M–$28,700M), product sales excluding Veklury of $27,400M–$27,700M (previously $27,300M–$27,700M), Veklury sales unchanged at $1,000M. GAAP diluted EPS raised to $6.65–$6.85 (previously $5.85–$6.15). Non-GAAP diluted EPS raised to $8.05–$8.25 (previously $7.95–$8.25). Non-GAAP projected operating income of $13,100M–$13,400M (previously $13,000M–$13,400M). GAAP projected effective tax rate of ~20%, non-GAAP projected effective tax rate of ~19%. The GAAP EPS increase reflects an October 2025 tax authority settlement related to a prior year legal entity restructuring.
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Figures from SEC filings and company reports. Not investment advice.