Just after market close today, we issued a press release with earnings results for the third quarter of 2025. Our third quarter earnings underscore the growing momentum you're seeing from Gilead today, which is driven by our strong portfolio and the impressive execution of our teams. As you'll hear during the call, our progress is visible in both our quarterly results and in our strong clinical pipeline. This resulted in 6% year-over-year growth for Biktarvy, 20% year-over-year growth for Descovy, and 35% sequential growth for Livdelzi.

Disciplined operating expense management contributed to 22% year-over-year growth in non-GAAP EPS. Even excluding a $0.25 benefit from a non-recurring accounting item, non-GAAP EPS grew 10% compared to 4% base business growth year-over-year, highlighting the leverage in our business model. As a reflection of our strong performance year to date, we are increasing our full-year HIV revenue growth expectations to approximately 5%. Our confidence in our HIV business comes from both our existing on-market product leadership and our innovative pipeline.

As I mentioned, Livdelzi was a standout of the quarter, contributing to 12% year-over-year growth in our liver portfolio. With several just launched or soon-to-be-launched products across HIV, oncology, and liver disease, and clinical readouts on the horizon with further commercial potential, this continues to be an exciting phase of growth. Starting on slide seven, third quarter product sales, excluding Veklury, were $7.1 billion, up 4% year-over-year and up 2% sequentially, driven by strength across our HIV portfolio, offset in part by lower oncology revenue. Moving to slide eight, HIV sales of $5.3 billion represented 4% growth versus prior year and prior quarter, primarily driven by higher demand and favorable inventory dynamics, partially offset by lower average realized price.

What went well
  • Base business (product sales excluding Veklury) grew 4% year-over-year to $7.1 billion, led by HIV strength: Biktarvy +6%, Descovy +20% and Livdelzi +35% sequentially.
  • Non-GAAP diluted EPS was $2.47, up 22% year-over-year (up 10% even excluding a $0.25 non-recurring benefit), with a 50% operating margin underscoring the leverage in the operating model.
  • Livdelzi exceeded $100 million in quarterly sales for the first time and became the number-one second-line PBC treatment in the U.S., driving 12% growth in the liver portfolio.
  • The Yeztugo (lenacapavir) HIV-prevention launch reached its 75% payer-coverage goal nearly three months ahead of target, with third-quarter sales of $39 million.
  • Gilead raised its full-year HIV growth expectation to approximately 5% (from 3%) and lifted the low end of its product-sales guidance by $100 million.
  • Practice-changing ASCENT-03 data for Trodelvy in first-line metastatic triple-negative breast cancer (a 38% reduction in progression or death) were published in the NEJM, and two supplemental BLAs were submitted, with management noting no major LOEs until 2036.
What went wrong
  • Veklury sales fell 60% year-over-year to $277 million on fewer COVID-19-related hospitalizations.
  • Cell therapy remained soft, with management now forecasting an approximately 10% decline for full-year 2025 amid competitive headwinds.
  • The HIV business absorbed an estimated $900 million headwind in 2025 from the Medicare Part D redesign.
  • The $400 million royalty/other revenue benefit that lifted EPS was a non-recurring, non-cash accounting item tied to a 2018 IP asset sale, not operating cash, and SG&A came in only modestly lower on spending timing.

More on Gilead Sciences, Inc.

Reported 2025-10-30 · figures from the Gilead Sciences, Inc. Q3 2025 earnings call.

See how VectorShift works for your firm

Request Demo