Gilead Sciences: A Strong Finish to 2025 and Promising Horizons for 2026
Gilead Sciences, a leader in biopharmaceutical innovation, has reported a robust financial performance for the full year 2025, signaling continued growth and strategic success. The company’s latest results, released on February 10, 2026, demonstrate a strong market position driven by key products in HIV and liver disease, alongside a promising pipeline for future therapies.
Key Financial Highlights: A Year of Growth
Gilead’s total revenues for 2025 reached $29.4 billion, a 2% increase compared to 2024. This growth was fueled by a 4% rise in product sales, excluding Veklury, reaching $28.0 billion. Diluted earnings per share (EPS) saw a significant jump to $6.78, a substantial improvement from the $0.38 reported in 2024. This increase was attributed to lower research and development expenses, increased revenues, and reduced SG&A costs.
The fourth quarter of 2025 also showcased positive momentum, with total revenues increasing by 5% to $7.9 billion year-over-year. Q4 diluted EPS reached $1.74, up from $1.42 in the same period of 2024.
HIV and Liver Disease: Pillars of Growth
Gilead’s HIV franchise continues to be a major growth driver, with full-year product sales increasing by 6% to $20.8 billion. Biktarvy, a leading HIV treatment, experienced a 7% sales increase to $14.3 billion, whereas Descovy saw an impressive 31% surge to $2.8 billion. The Liver Disease portfolio also contributed significantly, with sales rising 6% to $3.2 billion, driven by demand for treatments like Livdelzi.
Strategic Moves and Future Investments
Gilead has been actively pursuing strategic initiatives to bolster its pipeline and expand its market reach. Recent activities include the acquisition of Interius BioTherapeutics and collaborations with Shenzhen Pregene Biopharma and LEO Pharma. The company also maintains a strong financial position, generating $3.3 billion in operating cash flow during the fourth quarter and returning value to shareholders through $1.0 billion in dividends and $230 million in stock repurchases.
Looking Ahead: 2026 Projections and Pipeline Potential
Gilead anticipates continued growth in 2026, projecting product sales between $29.6 billion and $30.0 billion. Non-GAAP diluted EPS is expected to range from $8.45 to $8.85. A key focus for the company will be the launch of two new cancer therapies and an additional HIV treatment option, building on the recent U.S. Launch of Yeztugo, a novel twice-yearly HIV prevention therapy.
Did you know? Gilead’s strong cash position of $10.6 billion as of December 31, 2025, provides flexibility for future acquisitions and investments in research, and development.
The Evolving Landscape of HIV Prevention and Treatment
Gilead’s success with Biktarvy and Descovy, coupled with the introduction of Yeztugo, highlights the evolving landscape of HIV care. The shift towards long-acting therapies like Yeztugo represents a significant advancement, offering increased convenience and potentially improved adherence for individuals at risk of HIV infection. This trend is expected to continue, with ongoing research focused on developing even more effective and user-friendly prevention options.
Liver Disease: A Growing Focus Area
The 6% growth in Gilead’s Liver Disease portfolio underscores the increasing prevalence of liver-related illnesses and the demand for innovative treatments. Livdelzi, used for the treatment of chronic hepatitis delta virus (HDV) infection, has been a key contributor to this growth. Gilead’s continued investment in this area is expected to yield further advancements in the treatment of both viral and non-viral liver diseases.
The Impact of Veklury’s Decline
While Veklury (remdesivir) sales decreased by 49% to $911 million for the full year 2025, reflecting the decline in COVID-19 hospitalizations, Gilead’s diversified portfolio has mitigated the impact of this decline. The company’s focus on HIV and liver disease, along with its expanding pipeline, positions it for sustained growth beyond the pandemic era.
Frequently Asked Questions
- What is Gilead’s projected revenue for 2026? Gilead anticipates product sales between $29.6 billion and $30.0 billion for the full year 2026.
- What are Gilead’s key growth drivers? HIV and Liver Disease products are currently the primary growth drivers, with a promising pipeline of cancer and HIV therapies expected to contribute in the future.
- What is Gilead’s current cash position? As of December 31, 2025, Gilead held $10.6 billion in cash, cash equivalents, and marketable debt securities.
- What is Yeztugo? Yeztugo is the world’s first twice-yearly HIV prevention therapy recently launched in the U.S.
Pro Tip: Keep an eye on Gilead’s pipeline developments, particularly in oncology, as these could be significant catalysts for future growth.
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