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Jun 30, 2025
Gilead Sciences Q2 2025 Earnings Report
Gilead Sciences reported its second quarter 2025 financial results, with total revenue increasing 2% year-over-year, driven by strong performance in HIV, Livdelzi, and Trodelvy sales.
Key Takeaways
Gilead Sciences delivered a strong second quarter in 2025, with total revenue reaching $7.1 billion, a 2% increase from the previous year. This growth was primarily fueled by robust sales in HIV products, particularly Biktarvy and Descovy, as well as contributions from Livdelzi and Trodelvy. Diluted EPS rose to $1.56, up from $1.29 in Q2 2024, largely due to net unrealized gains on securities and higher product sales, despite an IPR&D impairment charge and increased R&D expenses. The company also increased its full-year revenue and earnings guidance.
Total second quarter 2025 revenue increased 2% year-over-year to $7.1 billion.
Diluted EPS for Q2 2025 was $1.56, an increase from $1.29 in Q2 2024.
HIV product sales grew 7% to $5.1 billion, with Biktarvy sales up 9% to $3.5 billion.
Gilead increased its full-year 2025 revenue and earnings guidance.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Gilead Sciences has increased its full-year 2025 guidance for product sales and diluted EPS, reflecting confidence in continued growth across its core therapeutic areas.
Positive Outlook
- Increased full-year product sales guidance to $28.3 billion - $28.7 billion (previously $28.2 billion - $28.6 billion).
- Increased full-year product sales excluding Veklury guidance to $27.3 billion - $27.7 billion (previously $26.8 billion - $27.2 billion).
- Increased full-year diluted EPS guidance to $5.85 - $6.15 (previously $5.65 - $6.05).
- Increased full-year non-GAAP diluted EPS guidance to $7.95 - $8.25 (previously $7.70 - $8.10).
- Expects product gross margin to be approximately 78.0% (GAAP) and 86.0% (non-GAAP) for the full year.
Challenges Ahead
- Veklury sales guidance for the full year was reduced to $1.0 billion (previously $1.4 billion).
- The financial guidance is subject to a number of risks and uncertainties.
- Potential impact of the Inflation Reduction Act.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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