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]

Core Insights - GSK shared data from two pivotal Phase 3 studies, B-Well 1 and B-Well 2, for bepirovirsen, an investigational treatment for chronic hepatitis B, involving over 1,800 patients [1] - The studies met their primary endpoint, showing a statistically significant and clinically meaningful functional cure rate for bepirovirsen compared to standard care alone [3] - If approved, bepirovirsen could become the first finite, six-month therapeutic option for chronic hepatitis B [5] Financial and Partnership Details - Ionis received an upfront payment, license fee, and development milestone payments from GSK, with potential additional payments of $150 million and tiered royalties of 10-12% on net sales of bepirovirsen [2] - The collaboration between Ionis and GSK began in 2019 when GSK licensed bepirovirsen from Ionis [1] Study Results and Future Plans - The B-Well studies demonstrated an acceptable safety and tolerability profile consistent with previous studies, with full results to be presented at a scientific congress and submitted for regulatory approvals in early 2026 [4] - The studies showed significantly higher functional cure rates in patients with baseline surface antigen levels ≤1000 IU/ml [3] Analyst Commentary - Analysts from William Blair noted that Ionis is well-positioned with five Phase 3 readouts expected in 2026, highlighting bepirovirsen as an underappreciated opportunity in the market [6] - The performance of Gilead Science's Vemlidy, projected to exceed $1 billion in revenue for fiscal 2025, suggests a growing market for hepatitis B treatments [6] Market Reaction - Following the announcement, Ionis Pharmaceuticals shares increased by 4.06% to $84.80, while GSK shares rose by 1.20% to $51.16 [8]

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].