Gilead Sciences Reports Solid Q1 2025 Results Amid Strong HIV Growth, Lower Veklury Sales

Foster City, CA — Gilead Sciences (Nasdaq: GILD) reported Q1 2025 revenue of $6.7 billion, flat YoY, with product sales excluding Veklury rising 4% to $6.3 billion. The company's HIV portfolio led the performance, driven by Biktarvy sales up 7% to $3.1 billion and Descovy up 38% to $586 million.

GAAP EPS rebounded to $1.04 from a loss of $(3.34) in Q1 2024, due to non-repeating R&D impairment and acquisition charges. Non-GAAP EPS rose to $1.81, up from $(1.32) YoY. Operating income reached $2.2 billion, with a 76.7% gross margin (GAAP) and 85.5% on a non-GAAP basis.

Veklury (COVID-19 treatment) sales dropped 45% to $302 million, while Oncology sales declined 4%, including Trodelvy down 5% due to pricing and inventory dynamics. However, Liver Disease sales rose 3%, supported by growth in HBV and HDV treatment demand.

Gilead reaffirmed its 2025 revenue outlook at $28.2–$28.6 billion, and non-GAAP EPS at $7.70–$8.10, but lowered GAAP EPS guidance to $5.65–$6.05 due to expected equity investment losses and higher taxes. The company highlighted upcoming milestones, including a June PDUFA date for lenacapavir for HIV PrEP.

CEO Daniel O’Day emphasized a "strong start" to 2025 with robust HIV growth and positive pipeline progress, particularly in oncology and inflammation.