Gilead Sciences Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −3.31%.
Did GILD Beat Earnings? Q4 2025 Results
Gilead Sciences capped Q4 2025 with a clean beat on both top and bottom lines, reporting non-GAAP diluted EPS of $1.86 against a consensus estimate of $1.85 while revenue climbed 4.7% year-over-year to $7.92 billion, topping the $7.69 billion analysts had expected. The quarter's strength was anchored in Gilead's HIV and Liver Disease portfolios, with Biktarvy continuing to serve as the company's dominant growth engine and the newly launched Yeztugo, the world's first twice-yearly HIV prevention therapy, adding a fresh commercial catalyst to an already resilient franchise. Higher acquired IPR&D expenses, including $539 million tied to the Interius BioTherapeutics acquisition and Pregene collaboration, weighed on margins but did not derail the broader earnings picture. Separately, Gilead's announced acquisition of Arcellx for up to $7.8 billion signals an accelerating push into oncology that could reshape its long-term revenue mix. Looking ahead, management guided 2026 product sales of $29.60 to $30.00 billion and non-GAAP EPS of $8.45 to $8.85, projecting continued momentum from Yeztugo, Livdelzi, and potential new cancer therapy launches.
- Higher demand for HIV prevention and treatment driving Biktarvy and Descovy growth
- Successful U.S. launch of Yeztugo, world's first twice-yearly HIV prevention therapy
- Higher demand for Livdelzi driving Liver Disease portfolio growth
- Higher Trodelvy demand in breast cancer treatment
- Lower SG&A expenses from reduced legal and corporate initiative costs
- Favorable income tax benefits from prior-year tax authority settlement
“Our fourth quarter and full-year results close out a very strong year for Gilead overall, including the successful U.S. launch of Yeztugo, the world's first twice-yearly HIV prevention therapy, and continued growth for Biktarvy and Descovy.”
Gilead Sciences CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Gilead expects product sales of $29.6–$30.0 billion (including Veklury at ~$600 million and product sales excluding Veklury of $29.0–$29.4 billion). GAAP diluted EPS is guided at $6.75–$7.15, and non-GAAP diluted EPS at $8.45–$8.85. The company expects GAAP operating income of $11.4–$11.9 billion and non-GAAP operating income of $13.8–$14.3 billion. Non-GAAP product gross margin is projected at ~87%, with a non-GAAP effective tax rate of ~20%. Potential new launches in 2026 include two cancer therapies and an additional HIV treatment option, alongside continued ramp of Yeztugo and Livdelzi.
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Figures from SEC filings and company reports. Not investment advice.