Gilead Sciences (GILD) FY2025 results: revenue $29.4 billion, up 2.4% on the year

Gilead Sciences is a biopharmaceutical company working in virology, oncology and other therapeutic areas, with a stated focus on preventing and treating life-threatening diseases including HIV, viral hepatitis, COVID-19 and cancer. It operates in more than 35 countries and is headquartered in Foster City, California. The 2025 commercial portfolio held more than 25 therapies.

HIV

Biktarvy is a once-a-day single-tablet regimen combining bictegravir, emtricitabine and tenofovir alafenamide for HIV-1 infection. Descovy combines emtricitabine and tenofovir alafenamide, used with other antiretrovirals for treatment and also approved for pre-exposure prophylaxis to reduce the risk of sexually acquired HIV-1. Genvoya adds elvitegravir and cobicistat to the same two components as a single tablet, and Odefsey pairs them with rilpivirine, a medication marketed by Janssen. Sunlenca is an HIV-1 capsid inhibitor taken as a tablet or given by subcutaneous injection, indicated as a twice-yearly treatment for heavily treatment-experienced adults with multidrug resistant HIV-1 failing their current regimen. Yeztugo is also a capsid inhibitor, indicated for pre-exposure prophylaxis in certain adults and adolescents at risk of acquiring HIV-1. Symtuza, which adds Janssen's darunavir, is commercialised by Janssen, and Gilead takes a share for the components it contributes.

Liver disease

Epclusa is a once-daily single tablet of sofosbuvir and velpatasvir for chronic hepatitis C across genotypes 1 to 6, and an authorised generic version of it is distributed by a separate Gilead subsidiary, Asegua Therapeutics. Vemlidy is a once-a-day tenofovir alafenamide tablet for chronic hepatitis B in adults and children 12 and over with compensated liver disease. Livdelzi, or seladelpar, is an oral PPAR-delta agonist for primary biliary cholangitis, used with ursodeoxycholic acid in adults who respond inadequately to it, or alone where the patient cannot tolerate it.

Oncology and the rest

Yescarta and Tecartus are CAR T-cell therapies given as intravenous infusions, Yescarta for large B-cell lymphoma and relapsed or refractory follicular lymphoma, Tecartus for relapsed or refractory mantle cell lymphoma and B-cell precursor acute lymphoblastic leukemia. Trodelvy is a Trop-2 directed antibody and topoisomerase inhibitor conjugate given by injection, for metastatic triple-negative breast cancer after two or more prior systemic therapies and for certain hormone receptor-positive, HER2-negative breast cancer. Outside those two areas, Veklury is remdesivir, a nucleotide analog RNA polymerase inhibitor for COVID-19 in hospitalised patients and in higher-risk patients who are not hospitalised, and AmBisome is a liposomal formulation of the antifungal amphotericin B for serious invasive fungal infections. Beyond product sales, the company earns royalties on outbound licences of its intellectual property, proceeds from selling certain intellectual property, and payments from collaborations.

How the medicines are sold

There are commercial sales operations in the United States and internationally, with marketing subsidiaries in more than 35 countries. Products are marketed by the company's own commercial teams, which contact physicians, hospitals, clinics and other healthcare providers directly, and alongside third-party wholesalers, distributors and corporate partners. Third-party distributors are generally granted the exclusive right to promote a product in a territory for a set period, and most of those agreements have the distributor and Gilead working together to obtain and keep regulatory approval there. In the United States most products go exclusively through the wholesale channel, and the filing states that historically about 90 percent of gross product sales there have been to three large wholesalers, Cardinal Health, Cencora and McKesson, and their specialty distributor affiliates.

Making it

Manufacturing is split between the company's own sites and outside firms. The company's facilities include Foster City for process, method, formulation and device development and clinical supply; La Verne, California, where AmBisome is made and most commercial products are packaged and labelled for the Americas and the Pacific Rim; Oceanside for retroviral vector manufacturing; El Segundo, Santa Monica, Frederick in Maryland and Hoofddorp in the Netherlands for cell therapy products; Cork and Dublin in Ireland for commercial manufacturing, packaging, labelling, quality control and distribution to the EU and other international markets; and Edmonton in Canada for process and analytical development and active ingredient manufacture. For the majority of active ingredients and drug products, though, the company depends on contract manufacturing organisations and contract testing laboratories inside and outside the United States, using multiple contract manufacturers for most products including the HIV ones so that there are both primary and back-up suppliers and sites.

From Gilead Sciences' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.