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GILEAD SCIENCES, INC. 8-K Report, Financial Results (Feb 10, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 10, 2026
Period End
February 10, 2026
Security
GILD
In the record · 2016–202610-K1210-Q328-K117

GILD filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 117 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’17Sep ’17
  2. Deal closed8-K · Jan ’21Jan ’21
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Leadership change8-K · Mar ’25Mar ’25

01—Abstract

Summary

Summary of the 8-K filed February 10, 2026. Cited figures are marked; the original filing is the authoritative source.

Gilead Sciences closed out 2025 with a strong fourth quarter and full year, reporting Q4 total revenues up 5% to $7.9 billiona and full-year revenues up 2% to $29.4 billion.

Product sales excluding Veklury grew 4% to $28.0 billionb for the year, led by HIV (up 6% to $20.8 billion, with Biktarvy up 7% to $14.3 billion and Descovy up 31%) and Liver Disease (up 6% to $3.2 billion). Veklury continued to decline (down 49% for the year) as COVID-19 hospitalizations fell, and Cell Therapy sales slipped 7% amid competitive pressure on Yescarta and Tecartus. GAAP diluted EPS rose sharply to $6.78 from $0.38, but that comparison is flattered by the prior year's large acquired IPR&D and impairment charges (including the CymaBay deal).

Non-GAAP diluted EPS of $8.15c is the cleaner read on underlying earnings power, up 77% from $4.62. For 2026, Gilead guided to product sales of $29.6-30.0 billion (including about $600 million of Veklury), implying modest growth, and non-GAAP diluted EPS of $8.45-8.85. Q4 quality was mixed: non-GAAP EPS fell to $1.86 from $1.90 because of higher acquired IPR&D, and GAAP EPS benefited from a tax benefit and unrealized equity gains.

Management also flagged a pipeline setback, as the Phase 3 ASCENT-07 Trodelvy trial missed its progression-free survival endpoint and the STAR-221 anti-TIGIT program was discontinued. Positive news included Phase 3 ARTISTRY-1 and ARTISTRY-2 results for the BIC/LEN single-tablet regimen and the strong launch of Yeztugo, the twice-yearly HIV PrEP therapy. The balance sheet remains solid, with $10.6 billiond in cash and marketable securities, $3.3 billion of Q4 operating cash flow, and full-year free cash flow of $9.5 billion.

Gilead paid $1.0 billion in Q4 dividends, and the Board declared a $0.82 quarterly dividend for Q1 2026. Investors should weigh the durable HIV franchise and new launches against Veklury erosion, cell therapy competition, and policy risks including Medicare Part D reform, ACA subsidy expiration, and the company's most-favored-nation pricing agreement with the U.S. government.

02—Key points

Key Highlights

  1. Full-year 2025 total revenues rose 2% to $29.4 billion; product sales rose 1% to $28.9 billion, and product sales excluding Veklury rose 4% to $28.0 billion.
  2. HIV franchise drove growth: sales rose 6% to $20.8 billion for the year, with Biktarvy up 7% to $14.3 billion and Descovy up 31% to $2.8 billion.
  3. GAAP diluted EPS was $6.78 for 2025 versus $0.38 in 2024; non-GAAP diluted EPS was $8.15, up 77%, reflecting much lower acquired IPR&D and impairment charges.
  4. Q4 2025 non-GAAP diluted EPS was $1.86, down from $1.90, as higher acquired IPR&D ($539 million) offset higher product sales and lower SG&A.
  5. 2026 guidance calls for product sales of $29.6-30.0 billion and non-GAAP diluted EPS of $8.45-8.85; GAAP diluted EPS guidance is $6.75-7.15.
  6. Pipeline setbacks: Phase 3 ASCENT-07 (Trodelvy, first-line HR+/HER2- breast cancer) missed its PFS primary endpoint, and the STAR-221 anti-TIGIT Phase 3 study was discontinued with Arcus.
  7. Strong cash generation: Q4 operating cash flow was $3.3 billion and full-year free cash flow was $9.5 billion; cash and marketable securities totaled $10.6 billion at year-end.

03—Questions

Frequently Asked Questions

  1. Why did GAAP EPS jump so much in 2025 while non-GAAP EPS was more modest?

    GAAP EPS of $6.78 compares with $0.38 in 2024, which was depressed by a roughly $4.2 billion IPR&D impairment and a non-deductible $4.7 billion acquired IPR&D charge tied to CymaBay. Non-GAAP EPS of $8.15 versus $4.62 is the better like-for-like measure. Its growth (77%) is still large because the prior year's IPR&D charges were excluded from non-GAAP results, while 2025 also benefited from higher revenues and lower SG&A.

  2. How much of Gilead's revenue is still exposed to COVID-19 drug Veklury?

    Veklury sales fell 49% to $911 million in 2025 and are guided to about $600 million in 2026, roughly 2% of projected product sales. The decline is a meaningful headwind to reported top-line growth, which is why management emphasizes product sales excluding Veklury, which grew 4% in 2025 and is guided to $29.0-29.4 billion in 2026.

  3. What does the failed ASCENT-07 trial mean for Trodelvy?

    ASCENT-07 did not meet its progression-free survival endpoint in first-line post-endocrine HR+/HER2- metastatic breast cancer. Overall survival was immature, though early trends favored Trodelvy and no new safety signals emerged. Trodelvy sales still grew 6% to $1.4 billion in 2025, supported by existing breast cancer indications, so the near-term revenue impact appears contained, but the setback limits expansion into first-line settings.

  4. What are the main risks to Gilead's 2026 guidance?

    Key risks include Medicare Part D pricing reform under the Inflation Reduction Act, expiration of Affordable Care Act subsidies, the company's most-favored-nation pricing agreement with the U.S. government, uncertainty in Veklury revenue timing, payer mix shifts toward more discounted segments, and generic erosion. Competition in cell therapy (Yescarta and Tecartus both declined) and the timing of new launches and clinical readouts also pose risks to the outlook.

04—Continue

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