- Strong Base Business Growth: Excluding Veklury, base sales rose 4% YoY to $6.9B in Q2 2025.
- HIV Portfolio Momentum: HIV sales grew 7% YoY, driven by 9% increase in Biktarvy ($3.5B) and 35% surge in Descovy ($653M).
- Yeztugo Launch Success: 25,000+ customer calls executed post-FDA approval, with 88% access and 15%+ PrEP market growth potential.
- Updated 2025 Guidance: Full-year sales excluding Veklury now guided to $27.3–$27.7B, up $0.5B from prior estimates.
- Trodelvy Oncology Progress: Positive Phase III results in metastatic TNBC, with FDA approval filing plans for 2026 and potential 2026 regulatory decision.
HIV Prevention and Treatment Momentum Continues
The FDA approval of Yeztugo, a twice-yearly injection for HIV prevention, marked a milestone moment in the history of HIV. The company is pleased with the launch progress, with the first prescription written within hours of approval and the first product shipped within 24 hours. Gilead is committed to facilitating access to lenacapavir globally, including a partnership with the Global Fund to bring the treatment to approximately 2 million people in low- and lower-middle-income countries over the next three years.
Oncology and Cell Therapy Progress
Gilead reported positive Phase III results for Trodelvy in metastatic triple-negative breast cancer and announced plans to file for approval in the first-line setting. In cell therapy, the company reported sales of $485 million, down 7% year-over-year, but up 5% sequentially. Gilead believes that outpatient delivery remains key to broader cell therapy adoption and highlighted new real-world data supporting the viability of outpatient administration for Yescarta.
Guidance and Valuation
Gilead updated its full-year sales guidance, expecting HIV sales to grow approximately 3% in 2025, driven by strong Biktarvy and Descovy performance and expectations for the second half. The company's management expressed confidence in the company's weekly treatment combo, despite a clinical hold announced earlier this year. As of now, Gilead trades at a P/E Ratio of 24.94, P/B Ratio of 7.76, and P/S Ratio of 5.16, with a Dividend Yield of 2.61%. The company's ROIC and ROE stand at 15.32% and 31.71%, respectively.
Management's Commentary
"I want to thank the Gilead team for their incredible efforts in driving innovation with many launches, imminent launches, and potential first-line opportunities like Yeztugo, Livdelzi, Trodelvy, and the needle cell. Thank you all for joining us today. Our IR team is available for follow-up and any questions you have," said Gilead's management. The company's management remains optimistic about the potential of Yeztugo, expecting it to be a game-changer in the HIV prevention market.