Ledipasvir

Product Sales Excluding Veklury Increased 4% Year-Over-Year to $28.0 billion for Full Year 2025 Biktarvy Sales Increased 7% Year-Over-Year to $14.3 billion for Full Year 2025 FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the fourth quarter and full year 2025. “Our fourth quarter and full-year results close out a very strong year for Gilead overall, including the successful U.S. launch of Yeztugo, the world’s first twice-yearly HIV prevention therapy, and continued growth for Biktarvy and Descovy,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “In 2026, our potential new launches include two cancer therapies and an additional HIV treatment option, and we look forward to building on the launches of Yeztugo and Livdelzi for liver disease. As we continue to increase our positive impact on healthcare, Gilead is well positioned for continued growth in 2026 and beyond.” Fourth Quarter 2025 Financial Results Total fourth quarter 2025 revenues increased 5% to $7.9 billion compared to the same period in 2024, primarily driven by higher sales of HIV and Liver Disease products, partially offset by lower sales of Veklury® (remdesivir). Diluted earnings per share (“EPS”) was $1.74 in the fourth quarter 2025 compared to $1.42 in the same period in 2024. The increase was primarily driven by higher income tax benefits, net unrealized gains from equity securities and higher product sales, as well as lower selling, general and administrative (“SG&A”) expenses. The increase was partially offset by higher acquired in-process research and development (“IPR&D”) expenses and an IPR&D impairment charge related to assets acquired as part of the MYR GmbH (“MYR”) acquisition. Non-GAAP diluted EPS of $1.86 in the fourth quarter 2025 compared to $1.90 in the same period in 2024. The decrease was primarily driven by higher acquired IPR&D expenses, partially offset by higher product sales and lower SG&A expenses. As of December 31, 2025, Gilead had $10.6 billion of cash, cash equivalents and marketable debt securities compared to $10.0 billion as of December 31, 2024. During the fourth quarter 2025, Gilead generated $3.3 billion in operating cash flow. During the fourth quarter 2025, Gilead paid dividends of $1.0 billion and repurchased $230 million of common stock. Fourth Quarter 2025 Product Sales Total fourth quarter 2025 product sales increased 5% to $7.9 billion compared to the same period in 2024. Total fourth quarter 2025 product sales excluding Veklury increased 7% to $7.7 billion compared to the same period in 2024, primarily due to higher sales of HIV and Liver Disease products. HIV product sales increased 6% to $5.8 billion in the fourth quarter 2025 compared to the same period in 2024, primarily driven by higher demand for HIV prevention and treatment. Biktarvy®(bictegravir 50mg/emtricitabine (“FTC”) 200mg/tenofovir alafenamide (“TAF”) 25mg) sales increased 5% to $4.0 billion in the fourth quarter 2025 compared to the same period in 2024, primarily driven by higher demand and favorable inventory dynamics, partially offset by lower average realized price. Descovy®(FTC 200mg/TAF 25mg) sales increased 33% to $819 million in the fourth quarter 2025 compared to the same period in 2024, primarily driven by higher average realized price and higher demand for HIV prevention. The Liver Disease portfolio sales increased 17% to $844 million in the fourth quarter 2025 compared to the same period in 2024, primarily driven by higher demand for Livdelzi® (seladelpar). Veklury sales decreased 37% to $212 millionin the fourth quarter 2025 compared to the same period in 2024, primarily driven by lower rates of COVID-19-related hospitalizations. Cell Therapy product sales decreased 6% to $458 million in the fourth quarter 2025 compared to the same period in 2024, reflecting ongoing competitive headwinds. Yescarta® (axicabtagene ciloleucel) sales decreased 6% to $368 million in the fourth quarter 2025 compared to the same period in 2024, primarily driven by in- and out-of-class competition. Tecartus® (brexucabtagene autoleucel) sales decreased 9% to $90 million in the fourth quarter 2025 compared to the same period in 2024, primarily driven by in-class competition. Trodelvy® (sacituzumab govitecan-hziy) sales increased 8% to $384 million in the fourth quarter 2025 compared to the same period in 2024, primarily driven by higher demand in breast cancer treatment. Fourth Quarter 2025 Product Gross Margin, Operating Expenses and Effective Tax Rate Product gross margin remained relatively flat at 79.5% in the fourth quarter 2025 compared to 79.0% in the same period in 2024. Non-GAAP product gross margin was 86.8% in the fourth quarter 2025 compared to 86.7% in the same period in 2024. Research and development (“R&D”) expenses and non-GAAP R&D expenses were $1.6 billion in the fourth quarter 2025 and remained relatively flat compared to the same period in 2024. Acquired IPR&D expenses were $539 million in the fourth quarter 2025, primarily related to our acquisition of Interius BioTherapeutics, Inc. (“Interius”) and ongoing collaboration with Shenzhen Pregene Biopharma Co., Ltd. (“Pregene”). SG&A expenses were $1.8 billion in the fourth quarter 2025 compared to $1.9 billion in the same period in 2024, decreasing primarily due to lower expenses related to legal matters and corporate initiatives, partially offset by donations of equity securities made to the Gilead Foundation. Non-GAAP SG&A expenses were $1.7 billion in the fourth quarter 2025 compared to $1.9 billion in the same period in 2024, primarily due to lower expenses related to legal matters and corporate initiatives. The effective tax rate (“ETR”) was (5.0)% in the fourth quarter 2025 compared to 17.8% in the same period in 2024, primarily driven by a tax benefit from a settlement with a tax authority related to a prior year legal entity restructuring and a tax benefit from the IPR&D impairment charge related to assets acquired as part of the MYR acquisition. The non-GAAP ETR was 20.5% in the fourth quarter 2025 compared to 19.2% in the same period in 2024. Full Year 2025 Financial Results Total full year 2025 revenues increased 2% to $29.4 billion compared to 2024, broken down as follows: Total full year 2025 product sales increased 1% to $28.9 billion compared to 2024, primarily driven by higher sales of HIV and Liver Disease products, partially offset by lower sales of Veklury. Total full year 2025 royalty, contract and other revenues increased by approximately $383 million compared to 2024, primarily driven by revenue related to a previous sale of intellectual property not expected to reoccur. Diluted EPS was $6.78 in the full year 2025 compared to $0.38 in 2024. The increase was primarily driven by lower acquired IPR&D expenses, lower IPR&D impairments, higher net unrealized gains on equity investments, higher revenues and lower SG&A expenses, partially offset by higher tax expense. Non-GAAP diluted EPS was $8.15 in the full year 2025 compared to $4.62 in 2024. The increase was primarily driven by lower acquired IPR&D expenses, higher revenues, and lower SG&A expenses. Total full year 2025 product sales increased 1% to $28.9 billion compared to 2024, primarily driven by higher sales of HIV and Liver Disease products, partially offset by lower sales of Veklury. Total full year 2025 royalty, contract and other revenues increased by approximately $383 million compared to 2024, primarily driven by revenue related to a previous sale of intellectual property not expected to reoccur. Full Year 2025 Product Sales Total full year 2025 product sales increased 1% to $28.9 billion compared to 2024. Total full year 2025 product sales excluding Veklury increased 4% to $28.0 billion compared to 2024, primarily due to higher sales of HIV and Liver Disease products. HIV product sales increased 6% to $20.8 billion in the full year 2025 compared to 2024, primarily driven by higher demand for HIV treatment and prevention. Biktarvy sales increased 7% to $14.3 billion in the full year 2025 compared to 2024, primarily driven by higher demand, partially offset by lower average realized price. Descovy sales increased 31% to $2.8 billion in the full year 2025 compared to 2024, primarily driven by higher demand and average realized price. The Liver Disease portfolio sales increased 6% to $3.2 billion in the full year 2025 compared to 2024, primarily driven by higher demand for Livdelzi and products for chronic hepatitis B virus (“HBV”) and chronic hepatitis delta virus (“HDV”), partially offset by lower average realized price in products for chronic hepatitis C virus (“HCV”). Veklury sales decreased 49% to $911 millionin the full year 2025 compared to 2024, primarily driven by lower COVID-19-related hospitalizations. Cell Therapy product sales decreased 7% to $1.8 billion in the full year 2025 compared to 2024, reflecting ongoing competitive headwinds. Yescarta sales decreased 5% to $1.5 billion in the full year 2025 compared to 2024, primarily driven by in- and out-of-class competition. Tecartus sales decreased 15% to $344 million in the full year 2025 compared to 2024, primarily driven by in-class competition. Trodelvy sales increased 6% to $1.4 billion in the full year 2025 compared to 2024, primarily driven by higher demand in breast cancer treatment, partially offset by the indication withdrawal in bladder cancer treatment. Full Year 2025 Product Gross Margin, Operating Expenses and Effective Tax Rate Product gross margin remained relatively flat at 78.4% in the full year 2025 compared to 78.2% in 2024. Non-GAAP product gross margin was 86.4% in the full year 2025 compared to 86.2% in 2024. R&D expenses were $5.8 billion in the full year 2025 compared to $5.9 billion in 2024, decreasing primarily due to lower acquisition-related integration expenses and restructuring costs, as well as lower study-related and clinical manufacturing expenses. Non-GAAP R&D expenses were $5.7 billion in the full year 2025, decreasing slightly compared to 2024 due to lower study-related and clinical manufacturing expenses. Acquired IPR&D expenses were $1.0 billion in the full year 2025, primarily related to the acquisition of Interius and collaborations with LEO Pharma A/S and Pregene. SG&A expenses were $5.8 billion in the full year 2025 compared to $6.1 billion in 2024, decreasing primarily due to lower corporate, legal, acquisition-related integration and restructuring expenses, partially offset by higher HIV promotional expenses and donations of equity securities made to the Gilead Foundation. Non-GAAP SG&A expenses were $5.6 billion in the full year 2025 compared to $5.9 billion in 2024, decreasing primarily due to lower expenses related to corporate initiatives and legal matters, partially offset by higher HIV promotional expenses. The ETR was 13.1% in the full year 2025 compared to 30.5% in 2024, primarily driven by the impact of the prior year non-deductible acquired IPR&D charge for the acquisition of CymaBay Therapeutics, Inc. (“CymaBay”), partially offset by the tax impact of the prior year higher IPR&D impairment charges. The non-GAAP ETR was 18.3% in the full year 2025 compared to 25.9% in 2024, primarily driven by the prior year non-deductible acquired IPR&D charge for the acquisition of CymaBay. Guidance and Outlook For the full year 2026, Gilead expects: (in millions, except per share amounts) February 10, 2026 Guidance Low End High End Product sales $ 29,600 $ 30,000 Product sales excluding Veklury $ 29,000 $ 29,400 Veklury $ 600 $ 600 Diluted EPS $ 6.75 $ 7.15 Non-GAAP diluted EPS $ 8.45 $ 8.85 Additional information and a reconciliation between GAAP and non-GAAP financial information for the 2026 guidance is provided in the accompanying tables. The financial guidance is subject to a number of risks and uncertainties. See the Forward-Looking Statements section below. Key Updates Since Our Last Quarterly Release Virology Announced positive topline Phase 3 results from the ARTISTRY-1 and ARTISTRY-2 trials, evaluating our investigational daily oral single-tablet regimen of bictegravir 75mg and lenacapavir 50mg (“BIC/LEN”) for virologically suppressed adults with HIV. BIC/LEN met its primary endpoints demonstrating non-inferiority to baseline multi-tablet antiviral regimens (ARTISTRY-1) and Biktarvy (ARTISTRY-2). Exercised option to license investigational herpes simplex virus helicase-primase inhibitor programs ABI-1179 and ABI-5366 from Assembly Biosciences, Inc. (“Assembly”). Announced the first delivery of lenacapavir for PrEP in sub-Saharan African countries Eswatini and Zambia through the U.S. President’s Emergency Plan for AIDS Relief. Oncology Announced that the Phase 3 ASCENT-07 study evaluating the investigational use of Trodelvy versus chemotherapy in first-line post-endocrine HR+/HER2- metastatic breast cancer did not meet its primary endpoint of progression-free survival as assessed by Blinded Independent Central Review. Overall survival, a secondary endpoint, was not mature at the time of the primary analysis, however, a favorable early trend compared to chemotherapy was observed in the Trodelvy arm. In addition, no new safety signals were identified in this patient population. The results from this study were presented at the 2025 San Antonio Breast Cancer Symposium. Announced the discontinuation of the Phase 3 STAR-221 study, in partnership with Arcus Biosciences, Inc. (“Arcus”), evaluating the anti-TIGIT antibody domvanalimab (“dom”) plus zimberelimab (“zim”) and chemotherapy in first-line HER2- advanced gastric and esophageal cancers. The decision was based on the recommendation of the Independent Data Monitoring Committee, following review of data from a pre-specified interim analysis. Additionally, Gilead and Arcus will discontinue the Phase 2 EDGE-Gastric study evaluating dom and zim regimens in upper gastrointestinal cancers. Dom and zim are investigational products and are not approved anywhere globally. Cell Therapy Announced a new label update for Yescarta that removes a limitation around Primary Central Nervous System Lymphoma, an ultra-rare cancer affecting a highly vulnerable patient population. Yescarta is the only CAR-T therapy in relapsed or refractory large B-cell lymphoma (“R/R LBCL”) to have this limitation removed. Presented new positive data, with our partner Arcellx, Inc. (“Arcellx”), from the pivotal Phase 2 iMMagine-1 trial evaluating the investigational CAR T-cell therapy anitocabtagene autoleucel in 4L+ R/R multiple myeloma at the 2025 American Society of Hematology (“ASH”). Presented initial Phase 1 data for KITE-753 and KITE-363, evaluating two investigational bicistronic CAR T-cell therapies in patients with R/R LBCL at ASH 2025. Presented a new analysis of Yescarta from the Phase 3 ZUMA-7 and Phase 2 ALYCANTE study in patients with R/R LBCL at ASH 2025. The data demonstrated consistent benefits of Yescarta among patients with R/R LBCL, including those ineligible for previous standard of care chemotherapy and stem cell transplant. Inflammation Presented new long-term data from the Phase 3 ASSURE study for Livdelzi, which reinforce the safety and efficacy of Livdelzi for people living with primary biliary cholangitis over 3 years, including data on switching from obeticholic acid. The data were presented at the American Association for the Study of Liver Diseases meeting. Corporate The Board declared a quarterly dividend of $0.82 per share of common stock for the first quarter of 2026. The dividend is payable on March 30, 2026, to stockholders of record at the close of business on March 13, 2026. Future dividends will be subject to Board approval. Appointed Keeley Cain Wettan as Executive Vice President, General Counsel, Legal and Compliance. Announced an agreement with the U.S. government to lower the cost of medicines for Americans, reinforcing a commitment to U.S.-based innovation, affordability and global health leadership. Certain amounts and percentages in this press release may not sum or recalculate due to rounding. Conference Call At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on http://investors.gilead.com and will be archived on www.gilead.com for one year. Non-GAAP Financial Information The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets and other items that are considered unusual or not representative of underlying trends of Gilead’s business, fair value adjustments of equity securities and discrete and related tax charges or benefits associated with such exclusions as well as changes in tax-related laws and guidelines, transfers of intangible assets between certain legal entities, and legal entity restructurings. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation.Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the accompanying tables. About Gilead Sciences Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California. Forward-Looking Statements Statements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: Gilead’s ability to achieve its full year 2026 financial guidance, including as a result of the uncertainty of the amount and timing of Veklury revenues, the impact from Medicare Part D pricing reform in the Inflation Reduction Act, the expiration of subsidies related to the Affordable Care Act, our most-favored-nation pricing agreement with the U.S. government, changes in U.S. regulatory or legislative policies, and changes in U.S. trade policies, including tariffs; Gilead’s ability to make progress on any of its long-term ambitions or priorities laid out in its corporate strategy; Gilead’s ability to accelerate or sustain revenues for its virology, oncology, inflammation and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Arcellx, Arcus, Assembly and the U.S. government; the risk that Gilead’s U.S. manufacturing and R&D investment may not achieve their intended benefits; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving anitocabtagene autoleucel, axicabtagene ciloleucel, bictegravir, domvanalimab, lenacapavir, sacituzumab govitecan-hziy, seladelpar, zimberelimab, ABI-1179, ABI-5366, KITE-753 and KITE-363 (such as ALYCANTE, ARTISTRY-1, ARTISTRY-2, ASCENT-07, ASSURE, EDGE-Gastric, iMMagine-1, STAR-221 and ZUMA-7), and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead’s product candidates or the product candidates of Gilead’s strategic partners; Gilead’s ability to resolve the issues cited by the FDA in pending clinical holds to the satisfaction of the FDA and the risk that FDA may not remove such clinical holds, in whole or in part, in a timely manner or at all; Gilead’s ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines; Gilead’s ability to receive or maintain regulatory approvals in a timely manner or at all, and the risk that any such approvals, if granted, may be subject to significant limitations on use and may be subject to withdrawal or other adverse actions by the applicable regulatory authority; Gilead’s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of Gilead’s products over other therapies and may therefore be reluctant to prescribe the products; Gilead’s ability to effectively manage the access strategy relating to lenacapavir for HIV PrEP, subject to necessary regulatory approvals; and other risks identified from time to time in Gilead’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter and full year ended December 31, 2025 are not necessarily indicative of operating results for any future periods. Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements. Additional information is available on our Investor Relations website, https://investors.gilead.com. Among other things, an estimate of Acquired IPR&D expenses is expected to be made available on the Quarterly Results page within the first ten (10) days after the end of each quarter. Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, GILEAD SCIENCES®, KITE®, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX®, HEPSERA®, JYSELECA®, LIVDELZI®/LYVDELZI®, LETAIRIS®, ODEFSEY®, SOVALDI®, STRIBILD®, SUNLENCA® , TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA®, YEZTUGO®/YEYTUO® and ZYDELIG®. Other trademarks and trade names are the property of their respective owners. For more information on Gilead Sciences, Inc., please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235). GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except per share amounts) 2025 2024 2025 2024 Revenues: Product sales $ 7,903 $ 7,536 $ 28,915 $ 28,610 Royalty, contract and other revenues 22 33 527 144 Total revenues 7,925 7,569 29,443 28,754 Costs and expenses: Cost of goods sold 1,623 1,581 6,234 6,251 Research and development expenses 1,584 1,641 5,799 5,907 Acquired in-process research and development expenses 539 (11 ) 1,024 4,663 In-process research and development impairments 400 — 590 4,180 Selling, general and administrative expenses 1,794 1,906 5,774 6,091 Total costs and expenses 5,940 5,118 19,421 27,092 Operating income 1,984 2,451 10,022 1,662 Interest expense 255 248 1,024 977 Other (income) expense, net (349 ) 35 (798 ) (6 ) Income before income taxes 2,078 2,168 9,796 690 Income tax (benefit) expense (105 ) 385 1,286 211 Net income 2,183 1,783 8,510 480 Net income attributable to noncontrolling interest — — — — Net income attributable to Gilead $ 2,183 $ 1,783 $ 8,510 $ 480 Basic earnings per share attributable to Gilead $ 1.76 $ 1.43 $ 6.84 $ 0.38 Diluted earnings per share attributable to Gilead $ 1.74 $ 1.42 $ 6.78 $ 0.38 Shares used in basic earnings per share attributable to Gilead calculation 1,242 1,248 1,244 1,247 Shares used in diluted earnings per share attributable to Gilead calculation 1,253 1,259 1,255 1,255 Supplemental Information: Cash dividends declared per share $ 0.79 $ 0.77 $ 3.16 $ 3.08 Product gross margin 79.5 % 79.0 % 78.4 % 78.2 % Research and development expenses as a % of revenues 20.0 % 21.7 % 19.7 % 20.5 % Selling, general and administrative expenses as a % of revenues 22.6 % 25.2 % 19.6 % 21.2 % Operating margin 25.0 % 32.4 % 34.0 % 5.8 % Effective tax rate (5.0 )% 17.8 % 13.1 % 30.5 % GILEAD SCIENCES, INC. TOTAL REVENUE SUMMARY (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages) 2025 2024 Change 2025 2024 Change Product sales: HIV $ 5,801 $ 5,452 6 % $ 20,752 $ 19,612 6 % Liver Disease 844 719 17 % 3,217 3,021 6 % Oncology 842 843 — % 3,236 3,289 (2 )% Other 205 184 11 % 799 889 (10 )% Total product sales excluding Veklury 7,691 7,198 7 % 28,004 26,811 4 % Veklury 212 337 (37 )% 911 1,799 (49 )% Total product sales 7,903 7,536 5 % 28,915 28,610 1 % Royalty, contract and other revenues 22 33 (35 )% 527 144 NM Total revenues $ 7,925 $ 7,569 5 % $ 29,443 $ 28,754 2 % GILEAD SCIENCES, INC. NON-GAAP FINANCIAL INFORMATION(1) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages) 2025 2024 Change 2025 2024 Change Non-GAAP: Cost of goods sold $ 1,044 $ 1,002 4 % $ 3,919 $ 3,936 — % Research and development expenses $ 1,565 $ 1,612 (3 )% $ 5,687 $ 5,732 (1 )% Acquired IPR&D expenses $ 539 $ (11 ) NM $ 1,024 $ 4,663 (78 )% Selling, general and administrative expenses $ 1,688 $ 1,852 (9 )% $ 5,619 $ 5,903 (5 )% Other (income) expense, net $ (97 ) $ (91 ) 7 % $ (348 ) $ (279 ) 24 % Diluted earnings per share attributable to Gilead $ 1.86 $ 1.90 (2 )% $ 8.15 $ 4.62 77 % Shares used in non-GAAP diluted earnings per share attributable to Gilead calculation 1,253 1,259 — % 1,255 1,255 — % Product gross margin 86.8 % 86.7 % 9 bps 86.4 % 86.2 % 20 bps Research and development expenses as a % of revenues 19.7 % 21.3 % -155 bps 19.3 % 19.9 % -62 bps Selling, general and administrative expenses as a % of revenues 21.3 % 24.5 % -317 bps 19.1 % 20.5 % -144 bps Operating margin 39.0 % 41.1 % -217 bps 44.8 % 29.6 % NM Effective tax rate 20.5 % 19.2 % 135 bps 18.3 % 25.9 % -765 bps NM - Not Meaningful (1) Refer to Non-GAAP Financial Information section above for further disclosures on non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial information is provided in the tables below. GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages and per share amounts) 2025 2024 2025 2024 Cost of goods sold reconciliation: GAAP cost of goods sold $ 1,623 $ 1,581 $ 6,234 $ 6,251 Acquisition-related – amortization(1) (576 ) (579 ) (2,310 ) (2,316 ) Restructuring (4 ) — (4 ) — Non-GAAP cost of goods sold $ 1,044 $ 1,002 $ 3,919 $ 3,936 Product gross margin reconciliation: GAAP product gross margin 79.5 % 79.0 % 78.4 % 78.2 % Acquisition-related – amortization(1) 7.3 % 7.7 % 8.0 % 8.1 % Restructuring — % — % — % — % Non-GAAP product gross margin 86.8 % 86.7 % 86.4 % 86.2 % Research and development expenses reconciliation: GAAP research and development expenses $ 1,584 $ 1,641 $ 5,799 $ 5,907 Acquisition-related – other costs(2) (3 ) — (43 ) (78 ) Restructuring (16 ) (30 ) (69 ) (98 ) Non-GAAP research and development expenses $ 1,565 $ 1,612 $ 5,687 $ 5,732 IPR&D impairment reconciliation: GAAP IPR&D impairment $ 400 $ — $ 590 $ 4,180 IPR&D impairment (400 ) — (590 ) (4,180 ) Non-GAAP IPR&D impairment $ — $ — $ — $ — Selling, general and administrative expenses reconciliation: GAAP selling, general and administrative expenses $ 1,794 $ 1,906 $ 5,774 $ 6,091 Acquisition-related – other costs(2) — (8 ) — (97 ) Restructuring (17 ) (46 ) (65 ) (91 ) Other(3) (89 ) — (89 ) — Non-GAAP selling, general and administrative expenses $ 1,688 $ 1,852 $ 5,619 $ 5,903 Operating income reconciliation: GAAP operating income $ 1,984 $ 2,451 $ 10,022 $ 1,662 Acquisition-related – amortization(1) 576 579 2,310 2,316 Acquisition-related – other costs(2) 3 8 43 174 Restructuring 37 76 138 188 IPR&D impairment 400 — 590 4,180 Other(3) 89 — 89 — Non-GAAP operating income $ 3,089 $ 3,114 $ 13,193 $ 8,520 Operating margin reconciliation: GAAP operating margin 25.0 % 32.4 % 34.0 % 5.8 % Acquisition-related – amortization(1) 7.3 % 7.6 % 7.8 % 8.1 % Acquisition-related – other costs(2) — % 0.1 % 0.1 % 0.6 % Restructuring 0.5 % 1.0 % 0.5 % 0.7 % IPR&D impairment 5.0 % — % 2.0 % 14.5 % Other(3) 1.1 % — % 0.3 % — % Non-GAAP operating margin 39.0 % 41.1 % 44.8 % 29.6 % Other (income) expense, net reconciliation: GAAP other (income) expense, net $ (349 ) $ 35 $ (798 ) $ (6 ) Gain (loss) from equity securities, net 252 (126 ) 451 (274 ) Non-GAAP other (income) expense, net $ (97 ) $ (91 ) $ (348 ) $ (279 ) GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages and per share amounts) 2025 2024 2025 2024 Income before income taxes reconciliation: GAAP income before income taxes $ 2,078 $ 2,168 $ 9,796 $ 690 Acquisition-related – amortization(1) 576 579 2,310 2,316 Acquisition-related – other costs(2) 3 8 43 174 Restructuring 37 76 138 188 IPR&D impairment 400 — 590 4,180 (Gain) loss from equity securities, net (252 ) 126 (451 ) 274 Other(3) 89 — 89 — Non-GAAP income before income taxes $ 2,930 $ 2,956 $ 12,517 $ 7,822 Income tax (benefit) expense reconciliation: GAAP income tax (benefit) expense $ (105 ) $ 385 $ 1,286 $ 211 Income tax effect of non-GAAP adjustments: Acquisition-related – amortization(1) 118 121 478 484 Acquisition-related – other costs(2) — 2 — 41 Restructuring 7 16 25 37 IPR&D impairment 87 — 137 1,051 Loss (gain) from equity securities, net 14 13 (20 ) (39 ) Discrete and related tax charges(4) 454 29 353 243 Other(3) 27 — 27 — Non-GAAP income tax expense $ 601 $ 566 $ 2,287 $ 2,028 Effective tax rate reconciliation: GAAP effective tax rate (5.0 )% 17.8 % 13.1 % 30.5 % Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments(4) 25.6 % 1.4 % 5.1 % (4.6 )% Non-GAAP effective tax rate 20.5 % 19.2 % 18.3 % 25.9 % Net income attributable to Gilead reconciliation: GAAP net income attributable to Gilead $ 2,183 $ 1,783 $ 8,510 $ 480 Acquisition-related – amortization(1) 458 458 1,832 1,832 Acquisition-related – other costs(2) 3 6 43 134 Restructuring 30 59 113 151 IPR&D impairment 313 — 453 3,129 (Gain) loss from equity securities, net (266 ) 113 (431 ) 313 Discrete and related tax charges(4) (454 ) (29 ) (353 ) (243 ) Other(3) 63 — 63 — Non-GAAP net income attributable to Gilead $ 2,329 $ 2,390 $ 10,230 $ 5,795 Diluted earnings per share reconciliation: GAAP diluted earnings per share $ 1.74 $ 1.42 $ 6.78 $ 0.38 Acquisition-related – amortization(1) 0.37 0.36 1.46 1.46 Acquisition-related – other costs(2) — — 0.03 0.11 Restructuring 0.02 0.05 0.09 0.12 IPR&D impairment 0.25 — 0.36 2.49 (Gain) loss from equity securities, net (0.21 ) 0.09 (0.34 ) 0.25 Discrete and related tax charges(4) (0.36 ) (0.02 ) (0.28 ) (0.19 ) Other(3) 0.05 — 0.05 — Non-GAAP diluted earnings per share $ 1.86 $ 1.90 $ 8.15 $ 4.62 GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except percentages and per share amounts) 2025 2024 2025 2024 Non-GAAP adjustment summary: Cost of goods sold adjustments $ 579 $ 579 $ 2,314 $ 2,315 Research and development expenses adjustments 19 29 112 176 IPR&D impairment adjustments 400 — 590 4,180 Selling, general and administrative expenses adjustments 106 54 155 188 Total non-GAAP adjustments to costs and expenses 1,104 663 3,171 6,858 Other (income) expense, net, adjustments (252 ) 126 (451 ) 274 Total non-GAAP adjustments before income taxes 852 789 2,720 7,132 Income tax effect of non-GAAP adjustments above (252 ) (152 ) (647 ) (1,574 ) Discrete and related tax charges(4) (454 ) (29 ) (353 ) (243 ) Total non-GAAP adjustments to net income attributable to Gilead $ 146 $ 607 $ 1,719 $ 5,315 (1) Relates to amortization of acquired intangibles. (2) Adjustments include integration expenses and contingent consideration fair value adjustments associated with Gilead’s recent acquisitions. (3) (4) Represents discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets, transfers of intangible assets from a foreign subsidiary to Ireland and the United States, and legal entity restructurings. GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP 2026 FULL-YEAR GUIDANCE(1) (unaudited) (in millions, except percentages and per share amounts) Provided February 10, 2026 Projected product gross margin GAAP to non-GAAP reconciliation: GAAP projected product gross margin ~ 79.0% Acquisition-related expenses ~ 8.0% Non-GAAP projected product gross margin ~ 87.0% Projected operating income GAAP to non-GAAP reconciliation: GAAP projected operating income $11,400 - $11,900 Acquisition-related and restructuring expenses ~ 2,400 Non-GAAP projected operating income $13,800 - $14,300 Projected effective tax rate GAAP to non-GAAP reconciliation: GAAP projected effective tax rate ~ 21% Income tax effect of above non-GAAP adjustments, and discrete and related tax adjustments (~ 1%) Non-GAAP projected effective tax rate ~ 20% Projected diluted EPS GAAP to non-GAAP reconciliation: GAAP projected diluted EPS $6.75 - $7.15 Acquisition-related and restructuring expenses, and discrete and related tax adjustments ~ 1.70 Non-GAAP projected diluted EPS $8.45 - $8.85 (1) Our full-year guidance excludes the potential impact of any (i) acquisitions or business development transactions that have not been executed, (ii) future fair value adjustments of equity securities and (iii) discrete tax charges or benefits associated with changes in tax related laws and guidelines that have not been enacted, as Gilead is unable to project such amounts. The non-GAAP full-year guidance includes non-GAAP adjustments to actual current period results as well as adjustments for the known future impact associated with events that have already occurred, such as future amortization of our intangible assets and the future impact of discrete and related deferred tax charges or benefits primarily associated with acquired intangible assets and in-process research and development, transfers of intangible assets from a foreign subsidiary to Ireland and the United States, and legal entity restructurings. GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) December 31, December 31, (in millions) 2025 2024 Assets Cash, cash equivalents and marketable debt securities $ 10,605 $ 9,991 Accounts receivable, net 4,913 4,420 Inventories(1) 4,368 3,589 Property, plant and equipment, net 5,606 5,414 Intangible assets, net 16,978 19,948 Goodwill 8,314 8,314 Other assets 8,239 7,319 Total assets $ 59,023 $ 58,995 Liabilities and Stockholders’ Equity Current liabilities $ 11,813 $ 12,004 Long-term liabilities 24,592 27,744 Stockholders’ equity(2) 22,618 19,246 Total liabilities and stockholders’ equity $ 59,023 $ 58,995 (1) Includes current and long-term inventories, which are disclosed separately in the notes to our financial statements in Form 10-K and Form 10-Q. As of December 31, 2025 and December 31, 2024, there were 1,241 and 1,246 shares of common stock issued and outstanding, respectively. GILEAD SCIENCES, INC. SELECTED CASH FLOW INFORMATION (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Net cash provided by operating activities $ 3,326 $ 2,975 $ 10,019 $ 10,828 Net cash used in investing activities (1,835 ) (225 ) (4,793 ) (3,449 ) Net cash (used in) provided by financing activities (1,263 ) 2,260 (7,745 ) (3,433 ) Effect of exchange rate changes on cash and cash equivalents 5 (55 ) 92 (40 ) Net change in cash and cash equivalents 233 4,954 (2,428 ) 3,906 Cash and cash equivalents at beginning of period 7,330 5,037 9,991 6,085 Cash and cash equivalents at end of period $ 7,564 $ 9,991 $ 7,564 $ 9,991 Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Net cash provided by operating activities $ 3,326 $ 2,975 $ 10,019 $ 10,828 Purchases of property, plant and equipment (205 ) (147 ) (563 ) (523 ) Free cash flow(1) $ 3,121 $ 2,828 $ 9,456 $ 10,305 (1) Free cash flow is a non-GAAP liquidity measure. Please refer to our disclosures in the Non-GAAP Financial Information section above. GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2025 2024 2025 2024 HIV Biktarvy – U.S. $ 3,255 $ 3,129 $ 11,467 $ 10,855 Biktarvy – Europe 446 400 1,676 1,509 Biktarvy – Rest of World 268 246 1,190 1,060 3,968 3,774 14,334 13,423 Descovy – U.S. 768 563 2,559 1,902 Descovy – Europe 26 25 93 100 Descovy – Rest of World 25 28 105 110 819 616 2,758 2,113 Genvoya – U.S. 331 410 1,281 1,498 Genvoya – Europe 34 42 148 180 Genvoya – Rest of World 15 18 69 84 380 470 1,498 1,762 Odefsey – U.S. 238 252 881 957 Odefsey – Europe 62 74 246 290 Odefsey – Rest of World 10 11 40 41 310 336 1,167 1,288 Symtuza - Revenue share(1) – U.S. 98 112 363 450 Symtuza - Revenue share(1) – Europe 32 30 120 130 Symtuza - Revenue share(1) – Rest of World 3 3 12 12 134 144 495 592 Other HIV(2) – U.S. 154 67 352 257 Other HIV(2) – Europe 24 33 109 129 Other HIV(2) – Rest of World 12 11 40 48 190 111 500 434 Total HIV – U.S. 4,845 4,532 16,904 15,918 Total HIV – Europe 624 603 2,392 2,339 Total HIV – Rest of World 332 317 1,456 1,355 5,801 5,452 20,752 19,612 Liver Disease Sofosbuvir / Velpatasvir(3) – U.S. 140 185 636 922 Sofosbuvir / Velpatasvir(3) – Europe 66 69 292 299 Sofosbuvir / Velpatasvir(3) – Rest of World 71 75 344 374 276 330 1,272 1,596 Vemlidy – U.S. 149 148 507 486 Vemlidy – Europe 12 11 49 44 Vemlidy – Rest of World 125 100 514 428 287 260 1,070 959 Other Liver Disease(4) – U.S. 168 58 476 192 Other Liver Disease(4) – Europe 96 54 330 202 Other Liver Disease(4) – Rest of World 16 18 69 73 281 130 874 467 Total Liver Disease – U.S. 457 391 1,619 1,601 Total Liver Disease – Europe 174 134 671 545 Total Liver Disease – Rest of World 212 194 927 876 844 719 3,217 3,021 Veklury Veklury – U.S. 80 108 470 892 Veklury – Europe 67 80 151 284 Veklury – Rest of World 65 150 290 623 212 337 911 1,799 GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY - (Continued) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions) 2025 2024 2025 2024 Oncology Cell Therapy Tecartus – U.S. 32 53 153 234 Tecartus – Europe 51 36 158 138 Tecartus – Rest of World 7 10 32 31 90 98 344 403 Yescarta – U.S. 151 161 595 662 Yescarta – Europe 143 156 598 666 Yescarta – Rest of World 74 72 303 242 368 390 1,495 1,570 Total Cell Therapy – U.S. 183 213 748 896 Total Cell Therapy – Europe 193 193 755 804 Total Cell Therapy – Rest of World 82 82 335 274 458 488 1,839 1,973 Trodelvy Trodelvy – U.S. 251 247 877 902 Trodelvy – Europe 88 77 347 294 Trodelvy – Rest of World 45 31 173 119 384 355 1,397 1,315 Total Oncology – U.S. 434 461 1,626 1,798 Total Oncology – Europe 281 269 1,102 1,098 Total Oncology – Rest of World 127 113 508 393 842 843 3,236 3,289 Other AmBisome – U.S. 5 7 20 44 AmBisome – Europe 66 66 267 276 AmBisome – Rest of World 47 36 221 212 118 109 509 533 Other(5) – U.S. 52 51 177 255 Other(5) – Europe 9 8 32 34 Other(5) – Rest of World 26 16 81 68 87 76 290 356 Total Other – U.S. 57 59 197 299 Total Other – Europe 75 74 300 310 Total Other – Rest of World 72 52 302 280 205 184 799 889 Total product sales – U.S. 5,873 5,550 20,816 20,508 Total product sales – Europe 1,221 1,160 4,617 4,576 Total product sales – Rest of World 808 826 3,483 3,526 $ 7,903 $ 7,536 $ 28,915 $ 28,610 (1) Represents Gilead’s revenue from cobicistat (“C”), FTC and TAF in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company. (2) Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, Truvada, Tybost and Yeztugo/Yeytuo. (3) Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC (“Asegua”). (4) Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Hepsera, Livdelzi/Lyvdelzi, Sovaldi, Viread and Vosevi. (5) Includes Cayston, Jyseleca, Letairis and Zydelig. Investors: Jacquie Ross, CFA investor_relations@gilead.com Media: Ashleigh Koss public_affairs@gilead.com