Gilead Sciences (GILD) Q4 2025 Financial Results Summary

Gilead Sciences, Inc. (Nasdaq: GILD) announced its fourth quarter and full-year 2025 financial results on February 10, 2026.

Summary of Financial Results (Q4 2025)

• Total Revenues:
  • Increased by 5% to $7.9 billion compared to Q4 2024.
  • Product sales excluding Veklury increased by 7% to $7.7 billion.
• Earnings Per Share (EPS):
  • Diluted EPS was $1.74, an increase of 22% vs. $1.42 in Q4 2024.
  • Non-GAAP diluted EPS was $1.86, down 2% from $1.90 in Q4 2024.
• Cash and Investments:
  • Cash, cash equivalents, and marketable securities amounted to $10.6 billion, up from $10.0 billion at the end of 2024.
• Operating Cash Flow:
  • Generated $3.3 billion in Q4 2025.
• Dividends and Share Buybacks:
  • Paid dividends of $1.0 billion and repurchased $230 million of common stock during the fourth quarter.

Product Sales Breakdown (Q4 2025)

• HIV Products:
  • Total HIV product sales were $5.8 billion, a 6% increase compared to Q4 2024.
  • Biktarvy sales rose by 5% to $4.0 billion.
  • Descovy saw a significant increase of 33% to $819 million.
• Liver Disease:
  • Overall sales increased by 17% to $844 million, mainly driven by Livdelzi demand.
• Veklury:
  • Sales dropped by 37% to $212 million due to lower COVID-19 related hospitalizations.
• Cell Therapy:
  • Total product sales decreased 6% to $458 million.
    • Yescarta decreased 6% to $368 million.
    • Tecartus decreased 9% to $90 million.
    • Trodelvy increased 8% to $384 million.

Financial Metrics (Ratios)

• Product Gross Margin:
  • Margins were relatively flat at 79.5% compared to 79.0% in Q4 2024.
  • Non-GAAP product gross margin at 86.8% vs. 86.7%.
• R&D and SG&A Expenses:
  • R&D expenses were $1.6 billion, approximately flat compared to Q4 2024.
  • SG&A expenses decreased to $1.8 billion, down from $1.9 billion in Q4 2024.
• Effective Tax Rate (ETR):
  • ETR was (5.0)% due to tax benefits from prior year restructurings, compared to 17.8% in Q4 2024.
  • Non-GAAP ETR was 20.5%, compared to 19.2% in Q4 2024.

Summary of Full Year 2025 Results

• Total Revenues:
  • Increased 2% to $29.4 billion.
  • Product sales overall increased by 1% to $28.9 billion; excluding Veklury, this rose by 4% to $28.0 billion.
• Earnings Per Share:
  • Diluted EPS was $6.78, significantly up from $0.38 in 2024.
  • Non-GAAP diluted EPS increased to $8.15 from $4.62.
• Cash Position:
  • Reported cash of $10.6 billion as of December 31, 2025.
• Expenses:
  • Total R&D expenses were roughly $5.8 billion, a slight decrease from previous year.
  • SG&A expenses decreased from $6.1 billion in 2024 to $5.8 billion in 2025.
• Effective Tax Rate:
  • Full-year ETR was 13.1%, down from 30.5% the previous year.

Dividends and Future Guidance

• The Board declared a quarterly dividend of $0.82 per share for Q1 2026.
• Gilead’s guidance for 2026 includes:
  • Product sales projected between $29.6 billion and $30.0 billion.
  • Diluted EPS anticipated between $6.75 and $7.15.

Key Takeaways

• Overall growth, particularly in HIV and liver disease products, underpins Gilead’s strong 2025 performance.
• A focus on cost management has led to improved EPS figures despite an overall contraction in some product sales.
• The company is positioned for future growth with new product launches anticipated in 2026.

For further details and updates, please refer to Gilead’s website and financial statements.

Here are the extracted tables from the press release, formatted in Markdown:

Note: All amounts in the following tables are in millions.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

	Three Months Ended	Twelve Months Ended
	December 31, 2025	December 31, 2024	December 31, 2025	December 31, 2024
Revenues:
Product sales	$ 7,903	$ 7,536	$ 28,915	$ 28,610
Royalty, contract and other revenues	22	33	527	144
Total revenues	7,925	7,569	29,443	28,754
Costs and expenses:
Cost of goods sold	1,623	1,581	6,234	6,251
Research and development expenses	1,584	1,641	5,799	5,907
Acquired in-process research and development	539	-11	1,024	4,663
expenses
In-process research and development impairments	400	—	590	4,180
Selling, general and administrative expenses	1,794	1,906	5,774	6,091
Total costs and expenses	5,940	5,118	19,421	27,092
Operating income	1,984	2,451	10,022	1,662
Interest expense	255	248	1,024	977
Other (income) expense, net	-349	35	-798	-6
Income before income taxes	2,078	2,168	9,796	690
Income tax (benefit) expense	-105	385	1,286	211
Net income	2,183	1,783	8,510	480
Net income attributable to noncontrolling interest	—	—	—	—
Net income attributable to Gilead	$ 2,183	$ 1,783	$ 8,510	$ 480
Basic earnings per share attributable to Gilead	$ 1.76	$ 1.43	$ 6.84	$ 0.38
Diluted earnings per share attributable to Gilead	$ 1.74	$ 1.42	$ 6.78	$ 0.38
Shares used in basic earnings per share attributable to Gilead calculation	1,242	1,248	1,244	1,247
Shares used in diluted earnings per share attributable to Gilead calculation	1,253	1,259	1,255	1,255
Supplemental Information:
Cash dividends declared per share	$ 0.79	$ 0.77	$ 3.16	$ 3.08
Product gross margin	79.5 %	79.0 %	78.4 %	78.2 %
Research and development expenses as a % of revenues	20.0 %	21.7 %	19.7 %	20.5 %
Selling, general and administrative expenses as a % of revenues	22.6 %	25.2 %	19.6 %	21.2 %
Operating margin	25.0 %	32.4 %	34.0 %	5.8 %
Effective tax rate	-5.0 %	17.8 %	13.1 %	30.5 %

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions)

Assets	December 31, 2025	December 31, 2024
Cash, cash equivalents and marketable debt securities	$ 10,605	$ 9,991
Accounts receivable, net	4,913	4,420
Inventories(1)	4,368	3,589
Property, plant and equipment, net	5,606	5,414
Intangible assets, net	16,978	19,948
Goodwill	8,314	8,314
Other assets	8,239	7,319
Total assets	$ 59,023	$ 58,995
Liabilities and Stockholders’ Equity
Current liabilities	$ 11,813	$ 12,004
Long-term liabilities	24,592	27,744
Stockholders’ equity(2)	22,618	19,246
Total liabilities and stockholders’ equity	$ 59,023	$ 58,995