Just after market close today, we issued a press release with earnings results for the fourth quarter and full-year 2025. Starting with our full-year results, our HIV business grew 6% year-over-year, driven by 7% growth in Biktarvy and 47% growth in our HIV prevention portfolio. Our liver business grew 6% in 2025 compared to 2024, largely driven by the rapid adoption of Livdelzi for primary biliary cholangitis. In oncology, Trodelvy also grew 6% in 2025, driven by momentum in metastatic triple-negative breast cancer following positive phase III updates.

The strength and the pace of progress in our clinical pipeline is driving a steady cadence of product launches. We have up to 10 ongoing and potential new launches through 2027 and the strongest pipeline in our almost 40-year history. Sequentially, HIV sales were up 10%, primarily driven by seasonal inventory dynamics and higher average realized price due to favorable channel mix in addition to demand. For the full-year, HIV sales of $20.8 billion were up 6% year-over-year, driven by strong underlying demand growth.

Our exceptional commercial performance and higher than expected average realized price exceeded our updated guidance of 5% growth. Excluding the estimated $900 million headwind associated with the Medicare Part D redesign, our HIV business grew 10% year-over-year. This demand-led growth reflects 2%-3% treatment market growth annually and continued Biktarvy share gains. Now, moving to slide 11, we've had another exceptional quarter for our HIV prevention business, which grew 53% year-over-year, driven by favorable access, strong commercial execution, and continued U.S.

What went well
  • Fourth-quarter total product sales rose 5% year-over-year to $7.9 billion, and 7% excluding Veklury to $7.7 billion, driven by HIV and liver-disease products.
  • For full-year 2025 the HIV business grew 6% (Biktarvy +7%, HIV prevention +47%), and about 10% excluding the estimated $900 million Part D headwind.
  • Full-year non-GAAP EPS of $8.15 landed within the $8.05-$8.25 guidance range and, excluding the ~$3.14 CymaBay impact, rose $0.40 versus 2024.
  • Gilead returned $5.9 billion to shareholders in 2025 (about 63% of free cash flow), including $1.9 billion of share repurchases.
  • Management set up a catalyst-rich 2026 with four planned commercial launches and up to 10 ongoing or potential launches through 2027, calling it the strongest pipeline in the company's nearly 40-year history.
  • Fourth-quarter SG&A fell 9% year-over-year and R&D 3%, reflecting continued operating-expense discipline.
What went wrong
  • Fourth-quarter non-GAAP diluted EPS slipped to $1.86 from $1.90 a year earlier, primarily on higher acquired IP R&D expenses.
  • Cell therapy declined about 7% for full-year 2025 and was guided to a further roughly 10% decline in 2026 on continued competitive headwinds in the Kite portfolio.
  • Management flagged an approximate 2% growth headwind for 2026 from the December 2025 drug-pricing agreement and Affordable Care Act updates (absent which growth would be 6%-7%).
  • 2026 guidance embeds a $300 million Veklury headwind as those sales normalize to approximately $600 million.

More on Gilead Sciences, Inc.

Reported 2026-02-10 · figures from the Gilead Sciences, Inc. Q4 2025 earnings call.

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