Short answer
Gilead Sciences (GILD) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $29.4B (+2.4% year over year) and net income of $8.5B.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $29.4B
- +2.4% YoY
- Net income
- $8.5B
- +1672.9% YoY
- Operating margin
- 34.0%
- +28.3 pp YoY
- EPS (diluted)
- $6.78
- +1684.2% YoY
- ROE
- 37.5%
- +35.0 pp YoY
- Operating cash flow
- $10.0B
- −7.5% YoY
Source: XBRL data from the Gilead Sciences (GILD) FY2025 10-K on SEC EDGAR. USD.
Gilead Sciences FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Pipeline expansion into immuno-oncology via Arcus collaboration: domvanalimab + zimberelimab (anti-TIGIT + anti-PD-1) in Phase 3 for first-line metastatic NSCLC; new competitive thrust beyond CAR-T and ADC
- ~17,000 employees as of December 31, 2025
- Biktarvy patent litigation settled with Lupin, Cipla, and Laurus in October 2025; no generic entry expected before April 1, 2036 in the U.S.
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%
- Net income $8.5B vs $480M YoY; driven by absence of $3.8B CymaBay IPR&D charge and lower IPR&D impairments ($590M vs $4.2B)
- Operating cash flow $10.0B; dividends $4.0B; buybacks $1.9B; debt repaid $1.8B; cash/securities $10.6B at year-end
- 2026 outlook: HIV growth expected; offset by Veklury decline, Cell Therapy competitive headwinds, and U.S. policy-related impacts
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.
- CAR T-cell supply chain: relies on third-party apheresis centers, shippers, and single-source tocilizumab/corticosteroid suppliers; disruption risks product loss and regulatory action
- BIOSECURE Act operational risk: prohibits U.S. agency contracts with certain foreign biotech entities used by Gilead in clinical trials and commercial manufacturing, threatening supply and trial timelines
- Revenue concentration: ~90% of U.S. gross product sales flow through just three wholesalers; Cardinal Health, Cencora, and McKesson
Generated from the filing text; verify against the original. How to read a 10-K
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