GILEAD SCIENCES (GILD) Company Report

Gilead’s base business revenues (ex-COVID) grew 7% in 2023, 8% in 2024, and 5% in 2025 despite a $1.1 billion Medicare Part D headwind, implying 9–10% underlying growth.
The company commits ~$1 billion annually to business development, targeting late-stage de-risked assets that fit its existing commercial infrastructure; 2025 deals include a STAT6 degrader partnership with Leo Pharma and acquisition of cell therapy firm Interius.
Yeztugo (six-month subcutaneous HIV prevention) generated $54 million in Q3 2025 and is guided to ~$100 million in Q4 2025, achieving >75% unrestricted payer access and driving 42% year-over-year HIV prevention revenue growth in Q3 2025.
Gilead is advancing multiple late-stage regimens, including a yearly lenacapavir injection in phase III (data 2027, launch 2028) and novel HIV treatment combos (bictegravir + lenacapavir), plus the BCMA cell therapy anito-cel targeting launch end 2026.

2 days ago

Transcript

Gilead discusses growth, M&A strategy and Yeztugo launch at Jefferies London Healthcare Conference

GILD

Product Launch

M&A

Revenue Acceleration/Inflection

Gilead’s base business revenue grew 7% in 2023, 8% in 2024 and is up 5% in 2025 despite a $1.1 billion Medicare Part D headwind, implying 9–10% underlying growth and reflecting diversification across virology, HIV, oncology and inflammation.
The company allocates ~$1 billion annually to business development, targeting late-stage, de-risked assets that leverage existing commercial infrastructure; examples include the CymaBay (Livtencity) and Leo Pharma STAT6 degrader deals.
China has become a major source of innovation, with >50% of 2025 BD priorities coming from Chinese biotech vs 5% five years ago, prompting regular senior team visits and partnerships.
The Yeztugo (lenacapavir) six-month HIV prevention injection launched with $54 million in Q3 sales (Q2+Q3) and is guided to < $100 million in Q4, achieving >75% covered-lives access and driving a 42% year-over-year increase in combined HIV prevention revenue.
Gilead highlighted upcoming pipeline catalysts, including a once-yearly lenacapavir PrEP injection (phase III data 2027, launch 2028), daily bictegravir–lenacapavir treatment readouts and the late-stage anito-cel BCMA cell therapy with potential for best-in-class safety and scalable manufacturing capacity.

2 days ago

Transcript

Gilead outlines growth strategy and product launches at Jefferies London Healthcare Conference 2025

GILD

Product Launch

M&A

New Projects/Investments

Gilead’s base revenues grew 7% in 2023, 8% in 2024, and are on track for 5% growth in 2025 despite a $1.1 B Medicare Part D headwind, implying 9–10% underlying growth.
The company commits $1 B+ annually to business development, prioritizing late-stage, de-risked assets that fit its commercial infrastructure and faces no major patent expirations until 2036.
Yeztugo, the six-month subcutaneous HIV prevention injection, has achieved $54 M in sales through Q3 2025, reached >75% covered lives, and drove 42% year-over-year PrEP revenue growth.
Gilead’s pipeline features a phase III annual lenacapavir PrEP injection (data in 2027, launch in 2028) and multiple late-stage HIV treatments, including a daily bictegravir + lenacapavir regimen for both switch and complex-patient populations.
The BCMA cell therapy anito-cel (with Arcellx) is slated for a U.S. filing by year-end 2025 and a late-2026 launch in fourth-line multiple myeloma, leveraging manufacturing capacity of up to 24,000 treatments in 2026.

2 days ago

Transcript

Gilead Sciences reports Phase 3 success for BIC/LEN HIV regimen

GILD

Product Launch

ARTISTRY-1 Phase 3 showed once-daily BIC/LEN is non-inferior to multi-tablet regimens with HIV-1 RNA <50 copies/mL at Week 48 and no new safety concerns
Single-tablet regimen may reduce pill burden (baseline 2–11 pills/day; ~40% dosed >1×/day), improving adherence and quality of life
Gilead will pursue regulatory submissions and present detailed findings at upcoming scientific meetings; ARTISTRY-2 top-line data expected by year-end
Maintains strong financials with 38.34% operating margin, 27.88% net margin, and stock trading near a 52-week high

8 days ago

Morningstar

MacroGenics reports Q3 2025 financial results and corporate update

GILD

Earnings

Guidance Update

Revenue of $72.8 million (down from $110.7 million) and Net Income of $16.8 million; Cash balance of $146.4 million as of September 30, 2025.
Secured $75 million in additional partnering proceeds from Sanofi and Gilead, expected in Q4 2025, and granted license for a new preclinical T-cell engager program to Gilead.
Realigned pipeline by discontinuing lorigerlimab in prostate cancer while continuing development in ovarian cancer and the Phase 2 LINNET study, with initial clinical updates expected by mid-2026.
Advanced ADC pipeline: initiated dose-expansion cohorts for MGC026, ongoing dose escalation for MGC028, and planning an IND for MGC030 in 2026.
Extended cash runway into late 2027, supported by existing funds and anticipated partner payments plus cost-reduction initiatives.

Nov 12, 2025, 9:01 PM

Press Release

Gilead Sciences highlights growth drivers at UBS Global Healthcare Conference

GILD

Product Launch

Guidance Update

Andrew Dickinson said Gilead is in “regular and constructive” discussions on US MFN policy, emphasizing 90%+ of taxes and R&D paid in the US, lower tariff exposure, and a $32 billion US R&D/manufacturing commitment over five years.
HIV franchise projected to grow 5% in 2025 (or ~10% ex-$900 million Medicare Part D headwind), led by prevention; Yeztugo achieved $39 million in Q3 with >75% US access and is expected to reach $150 million in sales in 2025.
Liver portfolio gaining momentum: Livdelzi posted $105 million in Q3 sales (+35% QoQ) aided by PBC market expansion and Ocaliva withdrawal; Hepcludex (hepatitis D) US filing to be resubmitted for a 2026 launch.
Oncology and cell therapy: Trodelvy at a $1.4 billion run rate with first-line TNBC filing under review; cell therapy business is set for a ~10% decline in 2025 due to competition but anticipates anito-cel BCMA launch in 4Q 26 and next-gen programs driving medium-term growth.

Nov 10, 2025, 4:00 PM

Transcript

Gilead highlights Yeztugo launch and pipeline at UBS Global Healthcare Conference 2025

GILD

Product Launch

Gilead’s HIV prevention franchise grew 42% YoY in Q3 led by Yeztugo’s $39 million launch, achieving 75% commercial access with an 80/20 white-bagging to buy-and-bill split, and targeting 90% access by mid-2026.
The broader HIV business is projected to grow 5% in 2025 despite a $900 million Medicare Part D headwind (implying ~10% growth ex-headwind).
Livdelzi (PBC) posted $105 million in Q3 sales (+35% QoQ) and is benefiting from a competitor’s market withdrawal, with further patient switches expected as physicians follow up every six months.
Upcoming data include ARTISTRY 1/2 phase III results for a bictegravir/lenacapavir daily pill in Q4, and anito-cel (BCMA cell therapy) is on track for fourth-line multiple myeloma launch by end-2026.
Gilead will remain selective in BD (≈$1 billion/year in licensing, occasional ~$4 billion acquisitions), focusing on virology, liver disease, inflammation, oncology, and cell therapy without expanding into new therapeutic areas.

Nov 10, 2025, 4:00 PM

Transcript

Gilead updates Yeztugo launch, Q3 2025 performance, and BD strategy at UBS Healthcare Conference

GILD

Product Launch

Revenue Acceleration/Inflection

M&A

Q3 HIV revenues projected to grow 5% in 2025 (≈10% ex-Medicare Part D headwind of $900 m), with the HIV prevention franchise up 42% YoY—driven by Descovy’s 32% growth and $39 m in Yeztugo sales.
Yeztugo PrEP launch hitting 75% of covered U.S. lives ahead of plan, with a J-code effective Oct 1 enabling ~20% buy-and-bill; aiming for 90% access by mid-2026.
Liver franchise expansion led by Livdelzi, which posted $105 m in Q3 sales (+35% QoQ), aided by the Ocaliva market withdrawal and new patient uptake.
Oncology and cell therapy outlook: Trodelvy at ~$1.4 bn run rate with first-line TNBC filings pending, while cell therapy revenues expected to decline ~10% in 2025 vs. 2024 ahead of anito-cel BCMA launch in 4L+ by end-2026.
Capital allocation remains selective in virology, liver/inflammation, and oncology: targeting ~$1 bn/year in licensing deals, occasional ~$4 bn acquisitions, and no expansion into new therapeutic areas.

Nov 10, 2025, 4:00 PM

Transcript

Accipiter Biosciences emerges from stealth with $12.7M seed financing

GILD

New Projects/Investments

Accipiter Biosciences, a Seattle-based biotech, secured $12.7 million in seed financing co-led by Takeda and Flying Fish Partners to advance its pipeline.
Seed proceeds will fund preclinical immunology and oncology programs, enhance its computational protein design platform, and support up to two pre-IND candidates.
Strategic collaborations include an agreement with Pfizer featuring upfront payments and milestones exceeding $330 million plus royalties, and a multitarget deal with Kite Pharma (a Gilead company) with upfront payments, potential milestone payments, and royalties.
The company’s de novo protein design platform enables rapid development of multifunctional biologics with design-to-lab timelines under two months.

Nov 6, 2025, 12:00 PM

Press Release

Arcellx to Present Updated iMMagine-1 Data and Plans 2026 Anito-cel Launch

GILD

Product Launch

Arcellx will present updated clinical data from its Phase 2 iMMagine-1 study of anitocabtagene autoleucel (anito-cel) in relapsed/refractory multiple myeloma at the 67th ASH Annual Meeting on December 6, 2025.
To date, no delayed neurotoxicities—including Parkinsonism, cranial nerve palsies, Guillain-Barré syndrome, or enterocolitis—have been observed with anito-cel.
Arcellx and partner Kite completed an FDA pre-BLA meeting, reaffirming their planned 2026 commercial launch of anito-cel.
The company will host a live webcast with a panel of clinicians during ASH 2025.

Nov 3, 2025, 2:00 PM

Press Release

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