分组1 - Gilead Sciences reported quarterly earnings of $1.86 per share, exceeding the Zacks Consensus Estimate of $1.83 per share, but down from $1.90 per share a year ago, representing an earnings surprise of +1.91% [1] - The company achieved revenues of $7.93 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.63% and up from $7.57 billion year-over-year [2] - Gilead shares have increased approximately 23.6% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.7% [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 next quarter is $1.90 on revenues of $6.84 billion, and for the current fiscal year, it is $8.61 on revenues of $30.04 billion [7] - The Medical - Biomedical and Genetics industry, to which Gilead belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

Core Viewpoint - Gilead Sciences Inc. reported strong fourth-quarter earnings but provided weak guidance for fiscal 2026, leading to a decline in stock price during extended trading [1][3]. Financial Performance - Gilead reported quarterly earnings of $1.86 per share, surpassing the consensus estimate of $1.81 [2]. - Quarterly revenue reached $7.93 billion, exceeding the Street estimate of $7.69 billion [2]. Product Launch and Growth - The company highlighted the successful U.S. launch of Yeztugo, the world's first twice-yearly HIV prevention therapy, along with continued growth for Biktarvy and Descovy [2]. Future Outlook - For fiscal 2026, Gilead expects adjusted EPS in the range of $8.45 to $8.85, compared to the analyst estimate of $8.74 [3]. - Revenue guidance for fiscal 2026 is projected between $29.6 billion and $30 billion, below the analyst estimate of $30.22 billion [3]. Stock Performance - Following the earnings report, Gilead's stock price fell by 2.87% to $143 in extended trading [3].

Financial Data and Key Metrics Changes - Full-year 2025 total product sales were $28.9 billion, up 1% from 2024, exceeding guidance due to strong demand-led HIV sales growth [34][40] - Base business revenue, excluding Veklury, was $28 billion, up nearly 4% from 2024, also exceeding guidance [34][36] - Non-GAAP diluted EPS for 2025 was $8.15, in line with guidance, reflecting lower acquired IP R&D expenses and higher revenues [38][40] Business Line Data and Key Metrics Changes - HIV business grew 6% year-over-year to $20.8 billion, driven by strong growth in Biktarvy and Descovy [35][12] - Liver business sales reached $3.2 billion, up 6% year-over-year, primarily due to Livdelzi's performance [19][36] - Oncology product Trodelvy sales increased 6% to $1.4 billion, driven by demand in metastatic breast cancer treatment [20][21] Market Data and Key Metrics Changes - HIV prevention portfolio grew 47% year-over-year, with Sunlenca achieving 90% coverage ahead of target [4][16] - Descovy sales for HIV prevention were $2.8 billion, up 31% year-over-year, reflecting increased demand [15][11] - Cell therapy sales were $1.8 billion, down 7% year-over-year, reflecting competitive pressures [22][36] Company Strategy and Development Direction - Gilead is targeting four commercial launches in 2026, including Trodelvy for first-line metastatic triple-negative breast cancer and Biclen for HIV treatment [8][24] - The company aims to maintain expense discipline while investing in new launches and M&A opportunities [9][44] - Gilead's pipeline includes up to seven potential HIV product launches through 2033, indicating a strong focus on innovation [26][27] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with a strong position, citing no major product LOEs until 2036 [9][44] - The company anticipates a 2% headwind to growth in 2026 due to drug pricing agreements and changes to the Affordable Care Act [42][40] - Management expects total HIV sales to grow approximately 6% in 2026, with significant contributions from Yeztugo [17][42] Other Important Information - Gilead returned $5.9 billion to shareholders in 2025, including $1.9 billion in share repurchases [43][44] - The company is committed to investing about $1 billion annually in early-stage pipeline development [44] Q&A Session Summary Question: Can you elaborate on the assumptions driving the $800 million guidance for Yeztugo? - Management highlighted strong access and coverage, with 90% of payers covering Yeztugo, and emphasized ongoing efforts to ensure patient awareness and access [46][48] Question: What type of share gains do you expect for anito-cel in the fourth-line setting? - Management expects modest contributions in 2026 post-approval, with a goal to become the market leader over time due to efficacy and safety profile [54][56] Question: Are you expecting cannibalization of Descovy PrEP sales by Yeztugo? - Management believes Descovy will continue to grow in 2026, but anticipates Yeztugo will eventually take the lead in HIV prevention [59][62]

Financial Data and Key Metrics Changes - For the full year 2025, total product sales were $28.9 billion, up 1% from 2024, exceeding guidance due to strong HIV sales growth [34][36] - Base business revenue, excluding Veklury, was $28 billion, up nearly 4% from 2024, also exceeding guidance [34][36] - Non-GAAP diluted EPS for 2025 was $8.15, in line with guidance, driven by lower R&D expenses and higher revenues [38][40] Business Line Data and Key Metrics Changes - The HIV business grew 6% year-over-year to $20.8 billion, driven by strong demand for Biktarvy and Descovy [35][12] - Liver disease sales reached $3.2 billion, up 6% year-over-year, primarily due to Livdelzi's performance [19][35] - Oncology sales from Trodelvy increased 6% to $1.4 billion, driven by demand in metastatic breast cancer treatment [20][21] Market Data and Key Metrics Changes - The HIV prevention portfolio grew 53% year-over-year, with Descovy sales up 31% and Yes2Go achieving $150 million in full-year sales [15][17] - The liver market share for Livdelzi exceeded 50% in second-line PBC, reflecting strong demand and competitive dynamics [19] - Cell therapy sales were $1.8 billion, down 7% year-over-year, impacted by competitive pressures [22][35] Company Strategy and Development Direction - The company is targeting four commercial launches in 2026, including Trodelvy for first-line metastatic triple-negative breast cancer and Biclen for HIV treatment [8][24] - Gilead aims to maintain expense discipline while investing in new product launches and M&A opportunities [9][44] - The company is well-positioned for growth with no major product losses expected until 2036, entering 2026 with a strong pipeline [9][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance and growth potential, highlighting a robust pipeline with up to 10 ongoing and potential new launches through 2027 [9][44] - The company anticipates a 2% headwind to growth in 2026 due to drug pricing agreements and changes to the Affordable Care Act [42] - Management expects total HIV sales to grow approximately 6% in 2026, with Yes2Go projected to generate $800 million in revenue [42][17] Other Important Information - The company returned $5.9 billion to shareholders in 2025, including $1.9 billion in share repurchases [43][44] - R&D expenses for 2025 were $5.7 billion, down 1% from 2024, reflecting disciplined investment in clinical programs [36][38] Q&A Session Summary Question: Can you elaborate on the assumptions driving the $800 million guidance for Yes2Go? - Management highlighted strong access with 90% payer coverage and ongoing DTC campaigns to increase awareness and drive growth [46][48] Question: What type of share gains do you expect for Anito-cel in the fourth-line setting? - Management expects modest contributions in 2026 post-approval, with a goal to become the market leader over time due to efficacy and safety profiles [54][56] Question: Are you expecting cannibalization of Descovy PrEP sales as early as this year? - Management believes both Yes2Go and Descovy will grow in 2026, with Yes2Go expected to take the lead in the long term [59][62] Question: What do you need to show out of Purpose 365 to support approval for the once-yearly injectable lenacapavir? - The study aims to demonstrate target coverage and pharmacokinetics, with potential market expansion opportunities identified [71][76]

Financial Data and Key Metrics Changes - Gilead reported total product sales of $28.9 billion for 2025, a 1% increase from 2024, exceeding guidance due to strong HIV sales growth despite a $1.1 billion headwind from Medicare Part D redesign and a $900 million decline in Veklury revenue [33][34] - The base business revenue, excluding Veklury, was $28 billion, up 4% from 2024, also surpassing guidance [33] - Non-GAAP diluted EPS for 2025 was $8.15, in line with guidance, reflecting lower R&D expenses and higher revenues [36] Business Line Data and Key Metrics Changes - The HIV business grew 6% year-over-year to $20.8 billion, driven by strong demand for Biktarvy and Descovy, with Biktarvy sales reaching $14.3 billion, up 7% [34][11] - The liver business also grew 6% to $3.2 billion, primarily due to the strong performance of Livdelzi [34][17] - Oncology product Trodelvy saw a 6% increase in sales to $1.4 billion, driven by demand in metastatic breast cancer treatment [34][18] - Cell therapy sales declined 7% year-over-year to $1.8 billion, reflecting competitive pressures [34][20] Market Data and Key Metrics Changes - The HIV prevention portfolio, including Yes2Go, grew significantly, with fourth-quarter sales of Yes2Go at $96 million and full-year sales at $150 million [13][15] - The U.S. market for HIV prevention is expanding, with Descovy achieving over 45% market share [13] - Livdelzi's market share in the U.S. for second-line primary biliary cholangitis exceeded 50% [17] Company Strategy and Development Direction - Gilead is targeting four commercial launches in 2026, including Trodelvy for first-line metastatic triple-negative breast cancer and a new daily oral combination for HIV treatment [6][22] - The company aims to maintain expense discipline while investing in new product launches and expanding its pipeline, with up to 10 ongoing and potential new launches through 2027 [7][8] - Gilead's strategy focuses on diversifying its portfolio and enhancing its clinical pipeline, which is considered the strongest in its history [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with a strong position, citing no major product losses expected until 2036 and a commitment to returning capital to shareholders [8][43] - The company anticipates a 2% headwind to growth in 2026 due to drug pricing agreements and changes to the Affordable Care Act, but expects underlying growth of 6% absent these factors [41][42] - Management highlighted the importance of ongoing clinical trials and product launches in driving future growth [24][32] Other Important Information - Gilead returned $5.9 billion to shareholders in 2025, including $1.9 billion in share repurchases [42] - The company plans to invest approximately $1 billion annually in early-stage pipeline development and partnerships [43] Q&A Session Summary Question: Can you elaborate on the assumptions driving the $800 million guidance for Yes2Go? - Management highlighted strong access with 90% payer coverage and ongoing direct-to-consumer campaigns to increase awareness and drive growth [45][48] Question: What type of share gains do you expect for Anito-cel in the fourth-line setting? - Management expects modest contributions in 2026 post-launch, with a goal to become the market leader over time due to its efficacy and safety profile [52][56] Question: Are you expecting cannibalization of Descovy PrEP sales by Yes2Go? - Management anticipates that while Yes2Go will grow, Descovy will also continue to perform well in 2026, with both products benefiting from increased awareness in HIV prevention [58][60] Question: Can you discuss the profile of the long-acting 6-month treatment drug GS-3242? - Management expressed excitement about GS-3242's potential, emphasizing its differentiated profile and the importance of its combination with lenacapavir [63][66] Question: What do you need to show in the PURPOSE 365 study for lenacapavir for PrEP? - The study aims to demonstrate effective prevention through pharmacokinetics and safety, with potential market expansion opportunities if successful [69][73]

Core Insights - The biopharmaceutical company is planning to introduce two cancer therapies and an additional HIV treatment option within this year [1] Company Developments - The company is focusing on expanding its product offerings in the oncology and HIV treatment sectors [1]

Q425 & FY25 Financial Results 1 0 D e c e m b e r 2 0 2 4 F e b r u a r y 1 0 , 2 0 2 6 Forward-Looking Statements Statements included in this document that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: Gilea ...

Gilead's 2026 forecast missed analysts’ expectations, even after it outperformed during last year’s fourth quarter https://t.co/A2nGzNvPza ...

Gilead Sciences on Tuesday reported fourth-quarter sales and profit that came in slightly above Wall Street estimates, while its 2026 financial forecast was at the lower end of analysts' expectations. ...

Sales 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]