Gilead (GILD) Reports Q3 2025 Non-GAAP EPS of $2.47, Exceeding Analyst Estimates Amidst Strong Product Sales

Gilead Sciences, Inc. (GILD.US) announced strong third quarter 2025 financial results, with non-GAAP diluted earnings per share (EPS) reaching $2.47. This figure represents a 22% increase compared to $2.02 in the same period last year and surpassed analyst estimates of $2.15. Total revenues for the quarter increased 3% year-over-year to $7.8 billion, primarily driven by a significant rise in royalty, contract, and other revenues, as well as robust HIV product sales.

Key Product Sales Performance

Total product sales, excluding Veklury, saw a 4% increase, reaching $7.1 billion in Q3 2025, driven by higher HIV and Livdelzi sales. HIV product sales, which accounted for $5.3 billion, grew by 4% year-over-year, mainly due to increased demand for key products like Biktarvy and Descovy. Biktarvy sales alone rose 6% to $3.7 billion, while Descovy sales surged 20% to $701 million due to strong demand.

Conversely, Veklury sales experienced a significant decline of 60% to $277 million, primarily attributed to lower rates of COVID-19-related hospitalizations. Cell Therapy product sales also decreased by 11% to $432 million, reflecting ongoing competitive pressures in the market. However, Trodelvy sales showed positive momentum, increasing 7% to $357 million, driven by higher demand for the oncology treatment.

Management Outlook and Strategic Developments

Gilead updated its full-year 2025 guidance, projecting non-GAAP diluted EPS to be between $8.05 and $8.25, an increase from previous estimates of $7.95 to $8.25. The company also raised its outlook for full-year product sales to a range of $28.4 billion to $28.7 billion. Management expressed confidence in Gilead’s robust portfolio, highlighting the strong uptake of Biktarvy, Descovy, and Livdelzi, and positive data for Trodelvy.

Strategic developments include settlement agreements to resolve Biktarvy patent litigation, extending its loss of exclusivity projection to April 1, 2036, more than two years later than previous estimates. Furthermore, Gilead announced a partnership with the U.S. State Department and PEPFAR to deliver lenacapavir for HIV PrEP to up to two million people over three years. Moody’s also affirmed Gilead’s A3 senior unsecured rating and upgraded the company’s outlook to positive from stable, citing momentum in the product pipeline.