Gilead Q4 2025 Earnings Analysis copertina

Gilead Q4 2025 Earnings Analysis

Gilead Q4 2025 Earnings Analysis

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 # Beta Finch Podcast Script: Gilead Q4 2025 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that move markets. I'm Alex, and as always, I'm joined by my co-host Jordan. Today we're unpacking Gilead Sciences' Q4 2025 results - and folks, there's a lot to dig into here.

Before we jump in though, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And what a quarter this was for Gilead! The biotech giant just wrapped up what CEO Dan O'Day called "a remarkable year" - and the numbers certainly back that up. They hit $28.9 billion in total product sales for 2025, beating their guidance range and showing some serious momentum heading into 2026.

**ALEX:** Absolutely, Jordan. Let's break down those headline numbers first. Total product sales came in at $7.9 billion for Q4, up 5% year-over-year. But here's what caught my attention - when you strip out their COVID drug Veclury, which has been declining as expected, their base business actually grew 7% in the quarter and 4% for the full year.

**JORDAN:** That's a key distinction, Alex. And speaking of key numbers, their HIV business - which is still their cash cow - delivered $20.8 billion in sales for the year, up 6%. But here's where it gets interesting: they faced an estimated $900 million headwind from Medicare Part D redesign changes. Without that policy impact, their HIV business would have grown 10%.

**ALEX:** That Medicare Part D impact is huge context, Jordan. For listeners who might not be familiar, this was a policy change that affected how drug pricing works for seniors on Medicare. So when Gilead says their underlying HIV business grew 10%, that's actually pretty impressive growth for what's considered a mature market.

**JORDAN:** Exactly. And let's talk about the star of the show - YES2GO. This is their twice-yearly injectable HIV prevention drug that launched in 2025, and it's already showing blockbuster potential. They did $150 million in sales for the year, and here's the kicker - they're guiding for $800 million in 2026.

**ALEX:** That's more than a 5x increase, Jordan. During the Q&A, analysts were really pressing on how realistic that number is. Management seems confident though, citing 90% payer coverage already - including all major insurers - with about 90% of covered patients getting it with zero co-pay.

**JORDAN:** The coverage piece is critical, Alex. Commercial launch is one thing, but getting insurance companies to pay for a premium-priced injectable is another. The fact that they hit their 90% coverage target well ahead of their one-year timeline suggests the value proposition is resonating with payers.

**ALEX:** Let's shift to their pipeline, because this is where things get really interesting for long-term investors. They have four potential product launches coming in 2026, plus five Phase III data readouts across HIV, cancer, and liver disease.

**JORDAN:** Right, and this diversification strategy is really starting to pay off. Their cancer drug Trodelvy grew 6% to $1.4 billion, and they just got positive Phase III data that could expand it from second-line to first-line treatment in triple-negative breast cancer. That's potentially doubling the addressable market.

**ALEX:** And Trodelvy isn't their only oncology play. They're preparing to launch something called Anidocel - a CAR-T therapy for multiple myeloma. The clinical data looks strong with a 96% overall response rate and what they're calling a "best-in-disease" safety profile.

**JORDAN:** The safety piece is huge in CAR-T, Alex. These are powerful but potentially toxic treatments. If they can deliver the efficacy without the severe side effects, that's a real competitive advant

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