Gilead Sciences, Inc. (GILD) today reported third-quarter 2025 financial results that exceeded analyst expectations due to a notable, one-time boost in other revenues and the ongoing strength of its core HIV portfolio.
In comparison to the same period in 2024, the biopharmaceutical business recorded total revenues of $7.8 billion for the quarter, a 3% rise. Despite an expected steep drop in sales of Veklury (remdesivir), its COVID-19 therapy, this growth was accomplished.
Non-GAAP diluted earnings per share (EPS) for Gilead was $2.47, a significant 22% increase from $2.02 in the third quarter of 2024. A significant $1.75 billion in-process research and development (IPR&D) impairment charge from the previous year did not recur, which caused GAAP diluted EPS to soar even more, from $1.00 to $2.43.
Gilead increased its full-year 2025 guidance for both GAAP and non-GAAP diluted EPS, buoyed by the impressive performance.
Read More: Gilead Sciences Reports Strong Q2 2025 Results, Raises Full-Year Guidance
Key Financial Results (Q3 2025)
- Total Revenue: $7.8 billion, an increase of 3% from $7.5 billion in Q3 2024.
- Due to the drop in Veklury sales, product sales decreased by 2% to $7.3 billion from $7.5 billion in Q3 2024.
- Product Sales (excluding Veklury): $7.1 billion, up 4% from $6.8 billion in Q3 2024, demonstrating the core business’s resilience.
- GAAP Diluted EPS: $2.43, up from $1.00 in the third quarter of 2024.
- Non-GAAP Diluted EPS: $2.47, up 22% from Q3 2024’s $2.02.
- Revenue from Royalties, Contracts, and Other Sources: $424 million, a significant increase from $30 million in the third quarter of 2024, which was “primarily driven by revenue related to a previous sale of intellectual property not expected to reoccur.”
HIV Franchise Sees Continued Growth
The HIV franchise continues to be Gilead’s main source of revenue, with revenues rising 4% to $5.3 billion.
- Biktarvy: Favourable inventory dynamics and increased demand drove a 6% increase in sales to $3.7 billion.
- Descovy: Sales increased by 20% to $701 million, primarily due to increased demand.
Oncology Portfolio Shows Mixed Results
Sales of oncology as a whole decreased by about 3% to $788 million.
- Trodelvy: As a result of increased demand, sales rose 7% to $357 million.
- Yescarta and Tecartus’ Cell Therapy segment saw an 11% decline in sales to $432 million, which the company blames on “ongoing competitive headwinds.” Yescarta: $349 million in sales, a 10% decline. Tecartus: $83 million in sales, a 15% decline.
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Gilead Raises Full-Year 2025 Guidance
- Product Sales: The $28.4 billion to $28.7 billion guidance range was narrowed from $28.3 billion to $28.7 billion.
- The guidance range was revised to $27.4 billion to $27.7 billion (from $27.3B to $27.7B) for product sales (without Veklury).
- GAAP Diluted EPS: Increased from $5.85 to $6.15 to $6.65 to $6.85.
- EPS Diluted by Non-GAAP: Increased from $7.95 to $8.25 to $8.05 to $8.25.
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