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Company Research29 Mar 2024
Companies That Had Their IPO in 1992: A Cautiously Optimistic Market
1992 marked a relatively cool IPO landscape and stock market sentiment, in the wake of the early 90s recession.
Gilead Sciences (GILD) investor relations material
Gilead Sciences Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Product sales excluding Veklury/Vecluri rose 4% year-over-year to $7.1B, led by strong HIV portfolio performance and new launches like Yes2Go/Yeztugo and Libdelzi/Livdelzi.
HIV sales grew 4% year-over-year to $5.3B, with Biktarvy up 6% to $3.7B and Descovy up 20% to $710M/$701M; Yes2Go/Yeztugo achieved $39M in Q3 sales and 75% U.S. payer access.
Liver disease and oncology segments contributed, with Libdelzi/Livdelzi surpassing $100M in quarterly sales and Trodelvy up 7% year-over-year.
Cell therapy sales declined 11% year-over-year amid competitive pressures.
Non-GAAP diluted EPS was $2.47, up 22% year-over-year, aided by a $400M nonrecurring revenue item.
Financial highlights
Total product sales were $7.3B, down 2% year-over-year due to a 60% decline in Veklury sales; excluding Veklury, sales grew 4% to $7.1B.
HIV sales reached $5.3B (+4% YoY), with Biktarvy at $3.7B (+6% YoY) and Descovy at $710M/$701M (+20% YoY).
Liver disease sales grew 12% year-over-year to $819M, led by Libdelzi/Livdelzi.
Trodelvy sales were $357M (+7% YoY); Cell Therapy sales were $432M (-11% YoY).
Product gross margin was 86% (non-GAAP); operating margin was 50% (non-GAAP).
Outlook and guidance
Full-year product sales (excluding Veklury) expected between $27.4B and $27.7B; including Veklury, $28.4B to $28.7B.
Non-GAAP EPS guidance raised to $8.10–$8.25; GAAP EPS expected at $6.65–$6.85.
No major loss of exclusivity expected until 2036, following Biktarvy patent settlements.
Cell therapy sales forecasted to decline 10–11% year-over-year.
Biktarvy LOE extension impact on outlook?
Cell Therapy sales decline and headwinds?
Expected return on $32B US investment?
Yeztugo: strategy for new PrEP patients?
Cell therapy: long-term vision despite headwinds?
Drug pricing: mitigate future HIV revenue impact?
What factors limit faster YES TUGO uptake?
How to mitigate cell therapy headwinds?
How does Gilead's US footprint impact drug pricing policy?
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Next Gilead Sciences earnings date
Q4 202510 Feb, 2026
Next Gilead Sciences earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Gilead Sciences, Inc. discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally. The company's products address chronic diseases such as hepatitis C virus infection; and the company participates in the product development partnerships with Bristol-Myers Squibb Company to develop HIV direct acting antiviral drugs based on discoveries made at the company's San Francisco research facility. The company was founded in 1987 and is headquartered in Foster City, California.
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