01—Abstract
Summary
Summary of the 10-K filed February 24, 2026. Cited figures are marked; the original filing is the authoritative source.
Gilead Sciences, Inc. (GILD) reported solid financial results for the year ended December 31, 2025, with total revenues reaching $29.4 billiona, a 2% increase over the prior year.
This growth was primarily driven by strong performance in HIV and Liver Disease product sales, partially offset by a decline in Veklury sales and competitive headwinds in Cell Therapy. Net income saw a significant rebound to $8.5 billionb, or $6.78 per diluted share, a substantial increase from $480 million in the previous year, largely due to the absence of significant IPR&D expenses incurred in 2024 and a reduction in IPR&D impairment charges. The company continues to advance its strategic priorities, focusing on maximizing long-acting HIV therapies, accelerating its oncology and inflammation pipelines, and leveraging artificial intelligence.
Key developments in 2025 included positive Phase 3 results for bictegravir/lenacapavir (BIC/LEN) for HIV treatment, the acquisition of Arcellx to bolster its oncology pipeline, and the expansion of its liver disease portfolio with Livdelzi. Gilead also remains committed to returning value to shareholders through dividends and share repurchases, while maintaining disciplined operating expense management. The company anticipates continued revenue growth in 2026, though expects some impact from policy developments and ongoing competition.
02—Key points
Key Highlights
- Total revenues increased by 2% to $29.4 billion in 2025, driven by strong HIV and Liver Disease product sales.
- Net income dramatically improved to $8.5 billion ($6.78/share) in 2025, a significant increase from $480 million ($0.38/share) in 2024, aided by lower IPR&D expenses and impairments.
- The HIV franchise showed robust growth, with Biktarvy and Descovy sales up 7% and 31% respectively, and the introduction of Yeztugo for PrEP.
- Oncology segment faced headwinds, with Cell Therapy sales declining 7% due to competition, though Trodelvy sales grew by 6%.
- Gilead is actively investing in its pipeline, highlighted by the planned acquisition of Arcellx to strengthen its cell therapy and oncology portfolio.
- Patent litigation settlements for Biktarvy provide extended exclusivity until April 2036 in the U.S., a positive development for future revenue stability.
- The company returned substantial capital to shareholders through dividends and share repurchases, demonstrating a commitment to shareholder value.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Gilead Sciences, Inc. kept $0.29.
- Revenue$29.44B100.0%
- Cost of revenue−$6.23B21.2%
- Gross profit$23.21B78.8%
- Operating costs−$13.19B44.8%
- Operating income$10.02B34.0%
- Interest, other & tax−$1.51B5.1%
- Net income$8.51B28.9%
Where FY2025 revenue went
$29.44B- Net income: $8.51B, 29% of revenue
- Other operating costs: $7.41B, 25% of revenue
- Cost of revenue: $6.23B, 21% of revenue
- SG&A: $5.77B, 20% of revenue
- Interest, other & tax: $1.51B, 5.1% of revenue
Kept 29% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 24, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $29.44B$28.75B | +2.4% |
| Cost of Revenue | $6.23B$6.25B | −0.3% |
| Gross Profit | $23.21B$22.50B | +3.1% |
| SG&A Expenses | $5.77B$6.09B | −5.2% |
| Operating Expenses | $19.42B$27.09B | −28.3% |
| Operating Income | $10.02B$1.66B | +503.0% |
| Net Income | $8.51B$480.00M | +1672.9% |
| EPS (Basic) | $6.84$0.38 | +1700.0% |
| EPS (Diluted) | $6.78$0.38 | +1684.2% |
| Shares Outstanding (Basic) | 1.24B1.25B | −0.2% |
| Shares Outstanding (Diluted) | 1.25B1.25B | 0.0% |
05—Questions
Frequently Asked Questions
What were the main drivers of revenue growth in 2025?
Revenue growth was primarily driven by higher product sales in the HIV franchise, particularly from Biktarvy and Descovy, and an increase in Liver Disease product sales, notably from Livdelzi. Royalty, contract, and other revenues also contributed positively due to the recognition of previously constrained revenues from intellectual property sales.
How did Gilead's net income improve so significantly in 2025?
The substantial increase in net income was largely due to the absence of a significant $3.8 billion acquired in-process R&D (IPR&D) expense related to the CymaBay acquisition in 2024, and a reduction in IPR&D impairment charges from $4.2 billion in 2024 to $590 million in 2025. Additionally, higher revenues, increased net unrealized gains on equity securities, and lower selling, general, and administrative expenses contributed to the improved profitability.
What is the outlook for Gilead's key product areas in 2026?
Gilead expects continued overall product sales growth in 2026, primarily from its HIV business. However, this growth is anticipated to be partially offset by policy-related developments in the U.S. and an expected decrease in Veklury sales due to lower COVID-19 hospitalizations. Cell Therapy sales are also expected to face ongoing competitive headwinds.
What are the implications of the Arcellx acquisition for Gilead's strategy?
The planned acquisition of Arcellx for approximately $7.0 billion is a significant strategic move to bolster Gilead's oncology pipeline, particularly in cell therapy. It will provide Gilead with full control of Arcellx's leading candidate, anitocabtagene autoleucel, a BCMA-directed CAR-T cell therapy for multiple myeloma, reinforcing Gilead's commitment to advancing transformative therapies in cancer.
06—Continue