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Sep 30
Gilead Sciences Q3 2025 Earnings Report
Gilead Sciences reported a 3% increase in total revenue, with strong performance from HIV and Liver Disease segments despite declines in Veklury and Cell Therapy sales.
Key Takeaways
Gilead delivered a solid Q3 2025 with EPS nearly doubling year-over-year, fueled by a sharp drop in impairment charges and a $400M increase in other revenue. Product sales excluding Veklury grew, led by Biktarvy and Livdelzi.
EPS jumped to $2.43 from $1.00, driven by reduced impairment charges and higher other revenue.
HIV sales reached $5.3 billion, up 4%, led by Biktarvy and Descovy.
Product gross margin remained steady at 78.6%; Non-GAAP at 86.5%.
Free cash flow for the quarter was $3.96 billion.
Gilead Sciences
Gilead Sciences
Gilead Sciences Revenue by Segment
Gilead Sciences Revenue by Geographic Location
Revenue by Segment
HIV Revenue
CapyFin.comLiver Disease Revenue
CapyFin.comOncology Revenue
CapyFin.comVeklury Revenue
CapyFin.comOther product sales Revenue
CapyFin.comCell Therapy Revenue
CapyFin.comTrodelvy Revenue
CapyFin.comYescarta Revenue
CapyFin.comTecartus Revenue
CapyFin.comBiktarvy Revenue
CapyFin.comDescovy Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comEurope Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Gilead raised its GAAP EPS outlook and maintained strong non-GAAP EPS guidance for FY2025. Product sales guidance was also slightly raised, reflecting confidence in core product growth.
Positive Outlook
- Full-year GAAP EPS raised to $6.65–$6.85, up from $5.85–$6.15.
- Non-GAAP EPS maintained at $8.05–$8.25, reflecting solid profitability.
- Product sales guidance raised to $28.4B–$28.7B.
- Non-GAAP operating income guided at $13.1B–$13.4B.
- Veklury sales guidance reaffirmed at $1.0B, indicating stability in COVID-related demand.
Challenges Ahead
- Continued decline in Veklury sales expected year-over-year.
- Cell Therapy remains under pressure from competition.
- GAAP effective tax rate expected to increase to ~16%.
- Inventory dynamics may normalize, affecting HIV segment growth.
- Total cash and equivalents slightly declined year-to-date.