- HIV Sales Growth: HIV business grew 6% YoY to $20.8B in 2025, with 10% growth excluding $900M Part D redesign headwind.
- Total Product Sales: Full-year 2025 sales hit $28B, surpassing guidance by over $300M, with Q4 sales up 7% YoY to $7.9B.
- YES2GO Momentum: Twice-yearly HIV prevention injectable exceeded coverage goals, driving 47% Q4 growth in HIV prevention portfolio.
- Trodelvy Expansion: Sales reached $1.4B in 2025, with potential for first-line metastatic TNBC approval in 2026 and expansion into endometrial cancer.
- 2026 Guidance: Total product sales projected at $29.6–$30B, with non-GAAP EPS of $8.45–$8.85 and 4–5% base business growth.
Segment Performance
The HIV business delivered record sales of $5.8 billion for the fourth quarter, up 6% year-over-year, driven by higher demand for Biktarvy and Descovy as well as the launch of YES2GO, the twice-yearly HIV prevention injectable. For the full year, HIV sales were $20.8 billion, up 6% year-over-year. YES2GO has exceeded coverage goals and is rapidly gaining market share, with 90% access in less than six months.
Pipeline Updates
The company has made significant progress in its pipeline, with regulatory approvals for lenacapavir, a first-in-class capsid inhibitor, for HIV prevention in the US, EU, and 12 other countries. Trodelvy has demonstrated clinically meaningful survival benefit in two Phase III trials, establishing it as a leading regimen in its approved indications. Anidocel, a potential best-in-disease BCMA CAR T, is expected to launch in 2026.
Valuation
With a P/E Ratio of 21.49 and an EV/EBITDA of 14.56, the market is pricing in a certain level of growth for Gilead Sciences. Analysts estimate next year's revenue growth at 5.3%. The company's ROE is 56.38%, indicating strong profitability. The Dividend Yield is 2.15%, providing a relatively stable return for investors.
Outlook
Gilead Sciences expects strong growth momentum in 2026, driven by access, awareness, and market expansion strategies for YES2GO. The company is also expecting five Phase III readouts and five FDA decisions in 2026. With a robust internal portfolio and a focus on M&A, Gilead Sciences is well-positioned for continued growth.