Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally.
Gilead Sciences reported full year 2025 revenue of $29.4 billion, up 2% from the prior year, with fourth quarter revenue rising 5% to $7.9 billion. While the quarterly results beat Wall Street expectations across most key metrics, the company’s 2026 guidance disappointed investors, sending shares down nearly 7% in after hours trading.
| Segment | Q4 2025 ($M) | Q4 2024 ($M) | Change | FY 2025 ($M) | FY 2024 ($M) | Change |
| HIV | 5,801 | 5,452 | +6% | 20,752 | 19,612 | +6% |
| Liver Disease | 844 | 719 | +17% | 3,217 | 3,021 | +6% |
| Oncology | 842 | 843 | 0% | 3,236 | 3,289 | -2% |
| Other | 205 | 184 | +11% | 799 | 889 | -10% |
| Excl. Veklury | 7,691 | 7,198 | +7% | 28,004 | 26,811 | +4% |
| Veklury | 212 | 337 | -37% | 911 | 1,799 | -49% |
| Total Product Sales | 7,903 | 7,536 | +5% | 28,915 | 28,610 | +1% |
The HIV franchise remains Gilead’s growth engine, generating $20.8 billion in full year sales, a 6% increase. Biktarvy, the company’s largest product by far, grew 7% to $14.3 billion. Descovy was the standout performer, surging 31% to $2.8 billion as more patients adopted it for HIV prevention. Gilead also launched Yeztugo, the first twice yearly injectable for HIV prevention, which generated $150 million in its initial months on the market. However, the company’s 2026 guidance of roughly $800 million for Yeztugo fell below the $1 billion some investors were anticipating, contributing to the negative market reaction.
The liver disease portfolio delivered solid 6% growth to $3.2 billion for the full year, with the newer drug Livdelzi driving much of the increase. Veklury, Gilead’s COVID treatment, continued its expected decline, falling 49% to $911 million as hospitalizations dropped. The oncology segment was a mixed picture. Cell therapy sales fell 7% to $1.8 billion due to competitive pressure, while the breast cancer drug Trodelvy grew 6% to $1.4 billion.
On the bottom line, adjusted earnings per share nearly doubled from the prior year to $8.15, though this was heavily influenced by 2024 being weighed down by massive one time research acquisition charges rather than by operational improvement alone. The company generated $10 billion in operating cash flow and ended the year with $10.6 billion in cash.
Looking ahead, Gilead guided 2026 product sales of $29.6 billion to $30 billion, just below the $30 billion analyst consensus. Adjusted EPS guidance of $8.45 to $8.85 also came in with its midpoint below expectations. Management noted that new U.S. government pricing agreements and Medicare program changes will create a roughly 2% headwind on sales. Planned launches of two cancer therapies and an additional HIV treatment provide potential upside, but investors appear to want more evidence that Gilead can accelerate growth beyond its HIV base before giving the company credit for its pipeline ambitions.
