Gilead Stock Earnings Reports

Gilead reported a strong Q3 2025 with broad commercial and clinical momentum. Product sales excluding Veklury were $7.1B (up 4% YoY), driven by HIV (Biktarvy +6% YoY; Descovy +20% YoY) and liver (Livdelzi +12% YoY; Livdelzi topped $100M quarterly and is #1 second-line PBC in the U.S.). Yeztugo (lenacapavir) launched mid‑June and delivered $39M in Q3 ($54M since launch including early stocking); Gilead has already achieved ~75% U.S. payer coverage nearly three months ahead of target and is targeting 90% by mid‑2026. Oncology progress includes positive Phase III ASCENT‑03/04 data for Trodelvy in first‑line metastatic TNBC and sBLAs submitted with potential 2026 launch; anito‑cel for multiple myeloma remains on track for a 2026 launch pending iMMagine‑1 readout. Kite cell therapy sales faced continued headwinds (Q3 sales $432M, down 11%) though Gilead is investing in next‑generation and in vivo platforms (Pregene collaboration, Interius acquisition). Financial highlights: non‑GAAP diluted EPS $2.47 (or $2.22 ex the nonrecurring $400M other revenue); updated full‑year HIV revenue growth guidance raised to ~5% (from 3%) despite an assumed ~$900M Medicare Part D headwind for 2025. Total product sales (including Veklury) guidance was modestly raised ($28.4B–$28.7B); non‑GAAP EPS guidance nudged up to $8.05–$8.25. Continued disciplined expense management (product gross margin ~86%, R&D roughly flat year‑to‑date) and shareholder returns ($1.4B returned in Q3, incl. $435M buybacks). Pipeline cadence includes multiple near‑term readouts and regulatory milestones through 2026 (ARTISTRY data, iMMagine‑1 update, ASCENT‑07, bulevirtide BLA decision expected 2026). Management emphasizes durable IP protection with no major loss of exclusivity until 2036.