Q3 2025 Gilead Sciences Inc Earnings Call Transcript
Key Points
- Gilead Sciences Inc (GILD) reported strong commercial outperformance across its HIV therapies, with Biktarvy growing 6% year-over-year and Descovy increasing 20% year-over-year.
- The company achieved 22% year-over-year growth in non-GAAP EPS, highlighting disciplined operating expense management.
- Gilead Sciences Inc (GILD) increased its full-year HIV revenue growth expectations to approximately 5%, despite a $900 million headwind from the Medicare Part D redesign.
- The launch of Yeztugo for HIV prevention has been successful, with $54 million in sales and 75% payer coverage achieved ahead of schedule.
- Livdelzi contributed to 12% year-over-year growth in the liver portfolio, becoming the number one treatment for second-line PBC in the US.
- Total product sales, including Veklury, were down 2% year-over-year, primarily due to lower Veklury sales associated with fewer COVID-19-related hospitalizations.
- Cell therapy sales were down 11% year-over-year and sequentially, facing competitive headwinds from in and out of class therapies.
- The company faces a $900 million impact on its HIV business in 2025 due to the Medicare Part D redesign.
- Trodelvy sales were down 2% sequentially, impacted by unfavorable inventory dynamics and lower ex-US average realized price.
- Gilead Sciences Inc (GILD) anticipates a 10% decline in cell therapy estimates for the full year 2025 compared to 2024.
Good afternoon, everyone, and welcome to Gilead's third-quarter 2025 earnings conference call. My name is Rebecca, and I'll be today's host. (Operator Instructions)
Now I'll hand the call over to Jacquie Ross, Senior Vice President of Treasury and Investor Relations.
Thank you, Rebecca. Just after market closed today, we issued a press release with earnings results for the third quarter of 2025. The press release, slides, and supplemental data are available on the Investors section of our website at gilead.com.
The speakers on today's call will be our Chairman and Chief Executive Officer, Daniel O'Day; our Chief Commercial Officer, Johanna Mercier; our Chief Medical Officer, Dietmar Berger; and our Chief Financial Officer, Andrew Dickinson. After that, we'll open the call to Q&A where the team will be joined by Cindy Perettie, the Executive Vice President of Kite.
Let me remind you that we will be making forward-looking statements. Please
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