Gilead Sciences, Inc. Q3 2025 Earnings Recap

Gilead Sciences delivered robust third-quarter results, highlighting strong growth across its HIV portfolio and disciplined cost management, leading to a 22% year-over-year increase in non-GAAP EPS.

Key Takeaways

• Total product sales for Q3 reached $7.3 billion, driven mainly by an impressive 6% year-over-year growth for Biktarvy and 20% growth for Descovy.
• Non-GAAP EPS grew by 22% year-over-year, even when excluding a $0.25 benefit from a nonrecurring accounting item.
• Gilead boosted its full-year HIV revenue growth expectations to approximately 5%, despite facing a $900 million revenue headwind from the Medicare Part D redesign.
• Livdelzi exceeded $100 million in quarterly sales for the first time, driving a 12% year-over-year growth in the liver portfolio.
• The company is targeting commercial launches for Trodelvy in metastatic breast cancer and anito-cel in multiple myeloma in 2026, enhancing future growth prospects.