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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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