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Gilead Sciences (GILD) FY2025 10-K Annual Report

Filed: Feb 24, 2026
Health Care
Biological Products, (No Diagnostic Substances)SEC EDGAR
Gilead Sciences Overview

Gilead Sciences (GILD) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.

Gilead Sciences FY2025 10-K Analysis

Business Overview

  • • Biopharmaceutical company focused on HIV, viral hepatitis, COVID-19, and oncology; commercial portfolio of 25+ therapies distributed across 35+ countries via wholesale channel (~90% of U.S. sales through 3 wholesalers)
  • • Yeztugo/Yeytuo (lenacapavir) approved as first and only twice-yearly HIV PrEP option in both U.S. and EU; multiple BLA filings pending for anitocabtagene autoleucel (multiple myeloma) and expanded Trodelvy indications in TNBC first-line and NSCLC
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Management Discussion & Analysis

  • • Revenue $29.4B in 2025, up 2% YoY; HIV +6% to $20.8B best performer; Veklury -49% to $911M worst performer
  • • Product gross margin 78.4% vs 78.2% (+29 bps); SG&A down 5% to $5.8B; effective tax rate 13.1% vs 30.5%
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Risk Factors

  • • IRA + MFN pricing: Biktarvy selected for Medicare price negotiation effective 2028; Gilead signed Dec 2025 agreement implementing MFN Medicaid prices and pausing Section 232 tariffs for 3 years
  • • Pharmaceutical tariff exposure: U.S. administration announced plans for up to 100% tariffs on imported branded/patented pharmaceuticals; Gilead sources significant raw materials and intermediates from outside U.S.
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Gilead Sciences FY2025 Key Financial Metrics
XBRL

Revenue

$29.4B

▲ +2.4% YoY

Net Income

$8.5B

▲ +1672.9% YoY

Operating Margin

34.0%

▲ +2826bp YoY

Net Margin

28.9%

▲ +2723bp YoY

ROE

37.5%

▲ +3500bp YoY

Total Assets

$59.0B

▲ +0.0% YoY

EPS (Diluted)

$6.78

▲ +1684.2% YoY

Operating Cash Flow

$10.0B

▼ -7.5% YoY

Source: XBRL data from Gilead Sciences FY2025 10-K filing on SEC EDGAR. All figures in USD.

Other Gilead Sciences Annual Reports

FY2024 10-K

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