01—Abstract
Summary
Summary of the 10-K filed February 28, 2025. Cited figures are marked; the original filing is the authoritative source.
Gilead Sciences, Inc. (GILD) reported total revenues of $28.8 billiona for the year ended December 31, 2024, representing a 6% increase compared to the previous year.
This growth was primarily driven by strong performance in its HIV, Oncology, and Liver Disease segments. However, net income attributable to Gilead saw a significant decrease of 92% to $480 millionb, largely due to substantial impairment charges related to Trodelvy's non-small cell lung cancer (NSCLC) program ($4.2 billion) and higher expenses from the CymaBay acquisition ($3.8 billion). The company is strategically focused on maximizing revenue growth, capitalizing on long-acting HIV therapies, and expanding its oncology portfolio.
Key product highlights include continued demand for Biktarvy and expansion of Livdelzi's indication. Looking ahead to 2025, Gilead anticipates continued demand growth for its products, but expects this to be tempered by the effects of the Inflation Reduction Act, a decline in Veklury sales due to reduced COVID-19 hospitalizations, and the impact of a strengthening U.S. dollar. The company maintains a robust R&D pipeline and continues to pursue strategic collaborations and business development opportunities.
02—Key points
Key Highlights
- Total revenues grew 6% year-over-year to $28.8 billion, driven by strong performance in HIV, Oncology, and Liver Disease segments.
- Net income attributable to Gilead decreased significantly by 92% to $480 million, primarily due to $4.2 billion in IPR&D impairments for Trodelvy (NSCLC) and $3.8 billion in acquisition-related expenses for CymaBay.
- The HIV franchise saw an 8% increase in sales, reaching $19.6 billion, with Biktarvy showing strong demand growth.
- Oncology product sales increased by 12% to $3.3 billion, with Trodelvy sales up 24% year-over-year.
- Veklury (remdesivir) sales declined 18% to $1.8 billion, reflecting lower COVID-19 hospitalizations.
- Gilead completed the acquisition of CymaBay Therapeutics for $3.9 billion net cash, adding seladelpar for the treatment of primary biliary cholangitis (PBC).
- The company anticipates continued growth in 2025, but faces headwinds from the Inflation Reduction Act, lower Veklury sales, and foreign currency impacts.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, Gilead Sciences, Inc. kept $0.02.
- Revenue$28.75B100.0%
- Cost of revenue−$6.25B21.7%
- Gross profit$22.50B78.3%
- Operating costs−$20.84B72.5%
- Operating income$1.66B5.8%
- Interest, other & tax−$1.18B4.1%
- Net income$480.0M1.7%
Where FY2024 revenue went
$28.75B- Other operating costs: $14.75B, 51% of revenue
- Cost of revenue: $6.25B, 22% of revenue
- SG&A: $6.09B, 21% of revenue
- Net income: $480.0M, 1.7% of revenue
- Interest, other & tax: $1.18B, 4.1% of revenue
Kept 1.7% as net incomeNet income $480.0M · 1.7%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 28, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $28.75B$27.12B | +6.0% |
| Cost of Revenue | $6.25B$6.50B | −3.8% |
| Gross Profit | $22.50B$20.62B | +9.1% |
| SG&A Expenses | $6.09B$6.09B | 0.0% |
| Operating Expenses | $27.09B$19.51B | +38.9% |
| Operating Income | $1.66B$7.61B | −78.1% |
| Net Income | $480.00M$5.67B | −91.5% |
| EPS (Basic) | $0.38$4.54 | −91.6% |
| EPS (Diluted) | $0.38$4.50 | −91.6% |
| Shares Outstanding (Basic) | 1.25B1.25B | −0.1% |
| Shares Outstanding (Diluted) | 1.25B1.26B | −0.2% |
05—Questions
Frequently Asked Questions
What was Gilead's revenue performance in 2024?
Gilead reported total revenues of $28.8 billion for the year ended December 31, 2024, an increase of 6% compared to 2023. Key drivers of this growth included higher sales in HIV, Oncology, and Liver Disease segments.
What caused the significant decrease in Gilead's net income for 2024?
The sharp decline in net income to $480 million was primarily due to substantial impairment charges totaling $4.2 billion related to the Trodelvy IPR&D asset for non-small cell lung cancer (NSCLC) and higher acquired IPR&D expenses of $3.8 billion related to the acquisition of CymaBay Therapeutics.
What are Gilead's key strategic priorities moving forward?
Gilead's strategic priorities include maximizing near-term revenue growth, maximizing the impact of its long-acting HIV therapies, and expanding its oncology programs. The company is also committed to investing in its R&D pipeline and pursuing strategic collaborations and business development transactions.
How does Gilead expect its financial performance to be in 2025?
Gilead anticipates continued overall demand growth in 2025, supported by its HIV business and the potential regulatory approval of lenacapavir for HIV prevention. However, this growth is expected to be offset by increased payment obligations due to the Inflation Reduction Act, a decrease in Veklury sales, and the impact of a strengthening U.S. dollar.
What significant events occurred in Gilead's Oncology segment during 2024?
In the Oncology segment, Trodelvy sales increased by 24% to $1.3 billion. However, Gilead announced plans to withdraw the U.S. accelerated approval for Trodelvy in urothelial cancer and incurred significant impairment charges related to the Trodelvy NSCLC development program. Cell Therapy sales grew 6% to $2.0 billion.
06—Continue