Gilead(US:GILD)2026-02-10 21:02Sales Performance - Total product sales for full year 2025 increased 1% to $28.9 billion compared to 2024, with sales excluding Veklury increasing 4% to $28.0 billion[13] - Biktarvy sales increased 7% to $14.3 billion for full year 2025, driven by higher demand[18] - Total fourth quarter 2025 product sales increased 5% to $7.9 billion compared to the same period in 2024, with sales excluding Veklury increasing 7% to $7.7 billion[4] - HIV product sales increased 6% to $20.8 billion for full year 2025, primarily driven by higher demand for treatment and prevention[13] - Descovy sales increased 31% to $2.8 billion for full year 2025, driven by higher demand and average realized price[18] - Total product sales for the three months ended December 31, 2025, were $7,903 million, a 5% increase from $7,536 million in the same period of 2024[42] - Total HIV product sales for the U.S. reached $4,845 million in Q4 2025, up from $4,532 million in Q4 2024, representing a growth of 6.9%[54] - Total product sales for the U.S. were $5,873 million in Q4 2025, compared to $5,550 million in Q4 2024, reflecting a growth of 5.8%[57] - Total product sales for Europe increased to $1,221 million in Q4 2025 from $1,160 million in Q4 2024, a growth of 5.3%[57] - Total Liver Disease product sales in the U.S. were $457 million in Q4 2025, up from $391 million in Q4 2024, representing a growth of 16.9%[57] Financial Performance - Diluted EPS for full year 2025 was $6.78, significantly up from $0.38 in 2024[10] - Non-GAAP diluted EPS for full year 2025 was $8.15, compared to $4.62 in 2024[12] - Gilead's operating income for the twelve months ended December 31, 2025, was $10,022 million, significantly higher than $1,662 million in 2024[40] - Gilead's net income for the three months ended December 31, 2025, was $2,183 million, an increase from $1,783 million in the same period of 2024, reflecting a growth of 22.4%[40] - GAAP net income attributable to Gilead for Q4 2025 was $2,183 million, compared to $1,783 million in Q4 2024, representing a 22.4% increase[46] - Non-GAAP net income attributable to Gilead for the twelve months ended December 31, 2025, was $10,230 million, up from $5,795 million in 2024, reflecting a 76.1% increase[46] Cash Flow and Assets - Operating cash flow generated in fourth quarter 2025 was $3.3 billion[5] - Gilead had $10.6 billion in cash, cash equivalents, and marketable debt securities as of December 31, 2025, up from $10.0 billion in 2024[5] - Total assets as of December 31, 2025, were $59,023 million, slightly up from $58,995 million in 2024[50] - Cash and cash equivalents at the end of Q4 2025 were $7,564 million, compared to $9,991 million at the end of Q4 2024[52] - Free cash flow for the twelve months ended December 31, 2025, was $9,456 million, down from $10,305 million in 2024[52] Research and Development - Research and development expenses as a percentage of revenues were 20.0% for the three months ended December 31, 2025, down from 21.7% in the same period of 2024[40] - Research and development expenses as a percentage of revenues decreased to 19.3% for the twelve months ended December 31, 2025, from 19.9% in 2024[44] - Gilead presented new positive data from the pivotal Phase 2 iMMagine-1 trial for the investigational CAR T-cell therapy anitocabtagene autoleucel at the 2025 American Society of Hematology[29] Tax and Guidance - The effective tax rate for the three months ended December 31, 2025, was (5.0)%, compared to 17.8% in the same period of 2024[40] - The effective tax rate increased to 20.5% for the three months ended December 31, 2025, from 19.2% in 2024[44] - GAAP projected effective tax rate for 2026 is approximately 21%, with a non-GAAP projected effective tax rate of around 20%[48] - Gilead expects product sales for full year 2026 to be between $29.6 billion and $30.0 billion, with diluted EPS guidance of $6.75 to $7.15[21] - Projected non-GAAP diluted EPS for 2026 is estimated to be between $8.45 and $8.85, compared to a GAAP projected diluted EPS of $6.75 to $7.15[48] Product Specific Performance - Veklury sales decreased by 37% to $212 million for the three months ended December 31, 2025, compared to $337 million in 2024[42] - Biktarvy sales in the U.S. were $3,255 million for the three months ended December 31, 2025, compared to $3,129 million for the same period in 2024, an increase of 4.0%[54] - Trodelvy sales in the U.S. were $251 million for Q4 2025, slightly up from $247 million in Q4 2024, indicating a growth of 1.6%[57] - Total Oncology product sales for the U.S. were $434 million in Q4 2025, down from $461 million in Q4 2024, reflecting a decrease of 5.9%[57] - Total product sales for the Rest of World segment decreased to $808 million in Q4 2025 from $826 million in Q4 2024, a decline of 2.2%[57] - Total HIV product sales grew by 6% to $5,801 million for the three months ended December 31, 2025, while Liver Disease product sales increased by 17% to $844 million[42]