Core Insights - Gilead Sciences reported $7.93 billion in revenue for Q4 2025, a year-over-year increase of 4.7% and a surprise of +4.63% over the Zacks Consensus Estimate of $7.57 billion [1] - The EPS for the same period was $1.86, slightly down from $1.90 a year ago, with an EPS surprise of +1.91% compared to the consensus estimate of $1.83 [1] Financial Performance - Total product sales in the U.S. reached $5.87 billion, exceeding the average estimate of $5.59 billion, representing a year-over-year change of +5.8% [4] - Total product sales globally were reported at $7.9 billion, surpassing the six-analyst average estimate of $7.53 billion, with a year-over-year change of +4.9% [4] - Royalty contract and other revenues were $22 million, below the average estimate of $38.66 million, reflecting a year-over-year decline of -33.3% [4] Product Sales Breakdown - Product sales for Liver Disease (Other) in the U.S. were $168 million, significantly above the average estimate of $141.36 million, marking a year-over-year increase of +189.7% [4] - Sales for HIV product Biktarvy totaled $3.97 billion, exceeding the average estimate of $3.79 billion, with a year-over-year change of +5.1% [4] - Sales for Veklury were $212 million, below the average estimate of $266.85 million, indicating a year-over-year decline of -37.1% [4] Stock Performance - Gilead's shares have returned +23.7% over the past month, while the Zacks S&P 500 composite showed no change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Group 1 - Bernstein SocGen Group reiterated its Outperform rating and $135 price target on Gilead Sciences, citing limited financial exposure to recent Medicaid pricing developments [1] - Only certain products, representing about 60% of Gilead's portfolio, were aligning with MFN pricing for Medicaid, specifically Genvoya and Odefsey, which together generated approximately $750 million in Medicaid gross spend in 2023 [2] - Concerns around Medicaid pricing risk for Biktarvy were alleviated, with negotiations resulting in a favorable outcome, and the estimated 2026 revenue impact for Genvoya and Odefsey combined is expected to be minimal, less than $200 million, and in the low single-digit percentage range for the overall company [3]

Core Viewpoint - Analysts expect Gilead Sciences (GILD) to report quarterly earnings of $1.95 per share, reflecting a year-over-year decline of 3%, with revenues projected at $6.95 billion, down 0.1% from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 1.1% higher in the last 30 days, indicating a collective reevaluation by analysts [1][2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [2]. Revenue Projections - Analysts project 'Revenues- Royalty contract and other revenues' to reach $38.09 million, indicating a decline of 7.1% year-over-year [3]. - The average prediction for 'Total product sales- Total' is $6.91 billion, showing no change from the prior year [4]. Product Sales Estimates - 'Product Sales- Oncology- Cell Therapy- Tecartus- Total' is estimated at $92.76 million, reflecting a decrease of 13.3% from the previous year [4]. - 'Product Sales- Veklury- Total' is expected to be $211.34 million, down 1.2% year-over-year, while 'Product Sales- HIV- Odefsey- U.S.' is projected at $215.50 million, down 7.5% [5]. - 'Product Sales- Other- Other- U.S.' is anticipated to be $54.28 million, indicating a significant decline of 44.6% [5]. - 'Product Sales- HIV- Descovy- U.S.' is expected to reach $509.35 million, reflecting a growth of 17.4% year-over-year [6]. - 'Product Sales- Oncology- Trodelvy- U.S.' is projected at $224.58 million, showing a slight increase of 0.3% [6]. - 'Product Sales- Oncology- Cell Therapy- Tecartus- U.S.' is estimated at $49.56 million, down 21.3% year-over-year [7]. - 'Product Sales- Liver Disease- Sofosbuvir / Velpatasvir- U.S.' is expected to be $225.96 million, down 15.4% [7]. - 'Product Sales- HIV- Genvoya- U.S.' is projected at $333.57 million, reflecting a decline of 10.3% [8]. - 'Product Sales- Veklury- U.S.' is expected to reach $69.13 million, down 9% year-over-year [8]. Market Performance - Gilead shares have increased by 1.3% over the past month, compared to a 0.6% increase in the Zacks S&P 500 composite [8].

Core Points - Gilead Sciences has agreed to pay $202 million to settle claims of using speaker programs to provide kickbacks to doctors for prescribing its HIV medications [1][2] - The funds were reportedly used for honoraria payments, meals, and travel expenses for doctors participating in these programs [1][3] - The U.S. Attorney's Office stated that Gilead unlawfully sought to increase sales of its HIV drugs through these kickbacks [2][3] Financial Implications - Gilead spent tens of millions of dollars on these speaker programs, including over $20 million specifically on speaking fees [3] - Additional costs included millions spent on meals, alcohol, and travel, all aimed at incentivizing doctors to prescribe Gilead's HIV drugs [3]

Core Viewpoint - Analysts expect Gilead Sciences to report quarterly earnings of $1.73 per share, reflecting a year-over-year increase of 231.1%, with revenues projected at $6.83 billion, up 2.2% from the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised upward by 0.9% in the past 30 days, indicating a reassessment of initial estimates by covering analysts [1][2]. Revenue and Product Sales Projections - Total product sales are expected to reach $6.75 billion, indicating a year-over-year change of +1.6% [4]. - Royalty contract and other revenues are estimated at $40.04 million, reflecting a +2.7% change from the prior year [4]. - Product Sales for HIV (Genvoya) are projected at $375.96 million, showing a decline of -6.7% year over year [4]. - Product Sales for HIV (Odefsey) are expected to be $294.72 million, down -4.9% from the previous year [5]. - Oncology product sales (Tecartus) are forecasted at $56.12 million, indicating a +2% change [5]. - Liver Disease product sales (Sofosbuvir/Velpatasvir) are estimated at $238.12 million, down -4% from the year-ago quarter [6]. - Other product sales (Other) are projected at $40.07 million, reflecting a significant decline of -32.1% [6]. - Total HIV product sales in the U.S. are expected to reach $3.56 billion, indicating a +4.6% change year over year [7]. Additional Product Sales Insights - Product Sales for HIV (Genvoya) in the U.S. are projected at $299.29 million, down -9.9% from the previous year [7]. - Liver Disease product sales (Vemlidy) are expected to be $96.60 million, reflecting a +1.7% change [8]. - Other product sales (AmBisome) are projected at $11.31 million, down -19.2% from the prior year [8]. - Product Sales for Veklury are expected to be $277.30 million, indicating a -12% change year over year [8]. Stock Performance - Gilead shares have experienced a -1.3% change over the past month, compared to a -6.9% move in the Zacks S&P 500 composite [9].