Valued at $147.4 billion by market cap, Gilead Sciences, Inc. (GILD) is a leading U.S. biopharmaceutical company headquartered in Foster City, California. The company specializes in treatments for HIV/AIDS, hepatitis B and C, COVID-19, and other serious infectious diseases, along with oncology and inflammatory diseases as growing focus areas. Shares of this HIV giant have outperformed the broader market over the past year. GILD has gained 34.2% over this time frame, while the broader S&P 500 Index ($SPX) ...

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分组1 - Gilead Sciences reported quarterly earnings of $2.47 per share, exceeding the Zacks Consensus Estimate of $2.15 per share, and showing an increase from $2.02 per share a year ago, resulting in an earnings surprise of +14.88% [1] - The company achieved revenues of $7.77 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.16%, and up from $7.55 billion year-over-year [2] - Gilead has outperformed the S&P 500 with a stock increase of about 28.3% since the beginning of the year, compared to the S&P 500's gain of 17.2% [3] 分组2 - The earnings outlook for Gilead is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $2.03 on revenues of $7.6 billion, and for the current fiscal year, it is $8.07 on revenues of $28.8 billion [7] - The Medical - Biomedical and Genetics industry, to which Gilead belongs, is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - The company reported third quarter product sales of $7.3 billion, a 4% increase year over year and a 2% increase sequentially, driven by strength across the HIV portfolio, offset by lower oncology revenue [11][42] - Non-GAAP EPS grew 22% year over year, with a 10% increase excluding a $0.25 benefit from a non-recurring accounting item [5][43] - The company raised its full-year HIV revenue growth expectations to approximately 5%, up from 3% previously, despite a $900 million headwind from Medicare Part D redesign [5][46] Business Line Data and Key Metrics Changes - HIV sales reached $5.3 billion, representing a 4% growth year over year, primarily driven by higher demand and favorable inventory dynamics [12] - Biktarvy sales were $3.7 billion, up 6% year over year, achieving a record market share of approximately 52% in the U.S. [12][13] - Descovy sales increased to $701 million, a 20% year over year growth, with a record market share of over 45% for PrEP [14][15] - Libdelzi contributed to 12% year over year growth in the liver portfolio, exceeding $100 million in quarterly sales for the first time [7][20] Market Data and Key Metrics Changes - The PrEP market grew approximately 14% year over year, with Yes2Go achieving $39 million in third quarter sales and $54 million since its launch [15][18] - The company achieved 75% payer coverage for Yes2Go nearly three months ahead of target, setting a strong foundation for continued growth [6][18] Company Strategy and Development Direction - The company is focused on expanding its HIV portfolio and pipeline, with upcoming updates on next-generation HIV treatments expected before the end of the year [6][9] - The company plans to launch Trodelvy for first-line metastatic triple-negative breast cancer in 2026, following positive clinical trial results [8][34] - The company is actively seeking additional business development opportunities across liver disease and oncology [70][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the HIV business, citing strong product leadership and an innovative pipeline [6][9] - The company anticipates continued growth driven by strong demand for Biktarvy and Descovy, despite challenges from Medicare Part D redesign [62][64] - Management highlighted the importance of access and reimbursement logistics for Yes2Go, indicating a gradual ramp-up in sales as practices integrate new coverage [76][90] Other Important Information - The company reported a third quarter operating margin of 50%, reflecting disciplined operating expense management [43] - The company returned $1.4 billion to shareholders in the third quarter, including $435 million in share repurchases [49] Q&A Session Summary Question: Insights on Yes2Go patient demographics and demand drivers - Management noted that Yes2Go is attracting a balanced mix of patients switching from existing therapies and new patients, with expectations for continued growth as market awareness increases [52][53] Question: Clarification on Yes2Go sales figures - Management provided context on the $39 million sales figure, indicating that it reflects true demand rather than inventory stocking, with a focus on achieving 75% coverage ahead of schedule [56][57] Question: Discussion on HIV treatment growth despite Medicare Part D impact - Management confirmed that strong growth in the HIV segment is driven by both treatment and prevention, with Biktarvy and Descovy leading the way [62][64] Question: Update on inventory impact for Yes2Go and CVS pricing discussions - Management clarified that there was no significant inventory buy-in during Q3, and discussions with CVS and other payers are ongoing to secure access [66][67] Question: Appetite for additional business development in liver-focused indications - Management expressed interest in pursuing additional late-stage assets in liver disease and other strategic areas, emphasizing a disciplined approach to business development [70][72]

Core Insights - Gilead Sciences reported a 4% increase in HIV drug sales to $5.3 billion in Q3, aided by the new prevention drug Yeztugo, while overall product sales fell 2% to $7.3 billion due to decreased COVID-19 and cell therapy sales [1][4] - The company achieved a quarterly profit of $2.43 per share, significantly up from $1.00 a year earlier, with total revenue rising 3% to $7.77 billion, surpassing Wall Street estimates [4] - Gilead raised its lower end of adjusted earnings estimate for the full year to $8.05 per share and slightly increased the low end of its 2025 product sales expectations to $28.4 billion [5][6] Sales Performance - Sales of the liver disease portfolio increased by 12% to $819 million, while COVID treatment Veklury saw a 60% decline to $277 million due to lower hospitalization rates [5] - Cell therapy product sales decreased by 11% to $432 million, attributed to increased competition, whereas cancer drug Trodelvy sales rose by 7% to $357 million [5] Yeztugo Launch - The launch of Yeztugo is progressing well, with 75% of U.S. payers agreeing to cover the drug, expected to rise to 90% by mid-2026 [3] - Yeztugo, priced at approximately $28,000 annually, generated $39 million in sales, falling short of Wall Street's expectations of $37.5 million [2][3]

Financial Performance - Total product sales excluding Veklury increased by 4% year-over-year to $7.1 billion[8], driven by the strength of the HIV portfolio[8] - Total HIV product sales also increased by 4% year-over-year[8], with Biktarvy up by 6%[8] and Descovy up by 20%[8], and Yeztugo sales of $39 million[8] - Non-GAAP diluted EPS was $2.47, or $2.22 excluding non-recurring revenue[8] - Livdelzi sales grew 35% quarter-over-quarter to $105 million[61] - Veklury sales decreased by 60% year-over-year due to fewer COVID-19 related hospitalizations[60], resulting in $400 million lower sales[60] Product and Pipeline Updates - Yeztugo achieved 75% payer access in the U S [8], with a target of 90% by the end of Q226[8] - The European Commission approved Yeytuo, a twice-yearly injection for HIV prevention[8] - Trodelvy sales increased by 7% year-over-year[8], driven by higher demand[34] - Cell Therapy sales decreased by 11% year-over-year[8] due to competitive headwinds[37] - The company expects HIV business to grow approximately 5% year-over-year, revised from a prior guidance of approximately 3%[17]

Core Insights - Gilead Sciences reported a 4% increase in HIV drug sales, reaching $5.3 billion in the third quarter, which includes $39 million from its new prevention drug Yeztugo, contributing to profits exceeding Wall Street expectations [1] Sales Performance - The total sales of Gilead's HIV drugs rose to $5.3 billion in Q3, marking a 4% increase compared to previous periods [1] - The new prevention drug Yeztugo generated $39 million in sales, indicating a positive reception in the market [1] Profitability - The increase in HIV drug sales and the introduction of Yeztugo helped Gilead Sciences achieve profits that surpassed Wall Street's forecasts [1]

Foster City, CA, October 30, 2025 - Gilead Sciences, Inc. (Nasdaq: GILD) announced today its third quarter 2025 results of operations. "We continue to deliver on Gilead's robust portfolio with a strong start for Yeztugo, rapidly growing uptake of Biktarvy, Descovy and Livdelzi, and positive data for Trodelvy in 1L metastatic triple negative breast cancer," said Daniel O'Day, Gilead's Chairman and Chief Executive Officer. "With multiple potential product launches in 2026, the strongest clinical pipeline in G ...

Core Insights - Gilead Sciences, Inc. (GILD) is set to report its Q3 2025 results on October 30, with sales and earnings estimates of $7.46 billion and $2.15 per share respectively [1][7] - Earnings estimates for 2025 and 2026 have seen slight declines, with 2025 dropping from $8.09 to $8.07 and 2026 from $8.53 to $8.50 over the past month [1][2] Financial Performance - GILD has a strong earnings surprise history, beating estimates in three of the last four quarters with an average surprise of 11.04% [4][5] - The earnings estimate for Q3 2025 is $2.15 per share, consistent over the past 30 days, while the earnings surprise prediction is currently at -1.34% [8][2] Product Performance - The HIV portfolio, particularly Biktarvy and Descovy, continues to drive top-line growth, with Q3 sales estimates of $3.6 billion for Biktarvy and $629 million for Descovy [9][10] - The recent FDA approval of lenacapavir (Yeztugo) is expected to enhance Gilead's HIV franchise, with projected growth in HIV sales of approximately 3% in 2025 [11][22] Market Dynamics - Gilead's liver disease portfolio, including Livdelzi, is expected to perform well despite some challenges in hepatitis C virus sales [12][14] - Cell Therapy product sales are anticipated to decline due to competitive pressures, with estimates of $476 million for Q3 [15][23] Stock Performance - GILD shares have increased by 27.7% year-to-date, outperforming the industry average of 10.8% [18][19] - The current price/earnings ratio for GILD is 13.98x, higher than its historical mean but lower than the large-cap pharma industry average of 15.57x [21] Strategic Outlook - Gilead's ongoing innovation in the HIV sector and strategic acquisitions are viewed positively, although the Cell Therapy segment faces challenges [22][26] - The company is collaborating with Merck to evaluate a new HIV treatment, with updates expected in 2026 [27]

Core Points - South Africa has officially approved the new long-acting injectable HIV prevention drug, Lenacapavir, making it the first country in Africa to do so [1] - The drug, developed by Gilead Sciences, requires only two injections per year, providing up to six months of immune protection against HIV [1] - The South African government plans to launch the drug by March 2026, aiming to significantly reduce the annual treatment cost through agreements with Gilead and seven other pharmaceutical companies [1] - Lenacapavir is considered the most effective HIV prevention drug to date, which is particularly significant for South Africa, where the HIV infection rate is high [1] - The FDA has already approved Lenacapavir for HIV prevention in the United States, with a market price of $28,000 per person per year [1]