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FY2025 Q4
Improving
Gilead Sciences, Inc. earnings call
Buzzberg read
Yes2Go is expected to ramp steeply in 2026 toward blockbuster status.
Gilead reported solid FY2025 results, beating top-line guidance on strong HIV sales, with Yes2Go already hitting 90% payer coverage. Management gave a bullish 2026 outlook, including $29.6-30B total sales, an ~$800M Yes2Go ramp, and four potential launches. They also guided KITE cell therapy down ~10% due to competition and clinical trial headwinds. Yes2Go achieved 90% payer coverage in <6 months; $800M 2026 revenue guide implies ~5x from 2025.
Buzzberg read Yes2Go is expected to ramp steeply in 2026 toward blockbuster status. Gilead reported solid FY2025 results, beating top-line guidance on strong HIV sales, with Yes2Go already hitting 90% payer coverage. Management gave a bullish 2026 outlook, including $29.6-30B total sales, an ~$800M Yes2Go ramp, and four potential launches. They also guided KITE cell therapy down ~10% due to competition and clinical trial headwinds. Yes2Go achieved 90% payer coverage in <6 months; $800M 2026 revenue guide implies ~5x from 2025. Read full analysisCollapse analysis
Gilead reported solid FY2025 results, beating top-line guidance on strong HIV sales, with Yes2Go already hitting 90% payer coverage. Management gave a bullish 2026 outlook, including $29.6-30B total sales, an ~$800M Yes2Go ramp, and four potential launches. They also guided KITE cell therapy down ~10% due to competition and clinical trial headwinds. Yes2Go achieved 90% payer coverage in <6 months; $800M 2026 revenue guide implies ~5x from 2025.
- HIV portfolio grew 6% in 2025, despite $900M Part D redesign headwind; 2026 growth guided to ~6% with 2% policy-related headwinds.
- KITE cell therapy expected to decline ~10% in 2026 due to in-class competition and clinical trial enrollment impacts.
- Livdelzi benefited from competitor withdrawal in US PBC, reaching >50% second-line market share.
CELL_THERAPY Revenue$1.8BReported
HIV Revenue$20.8BReported
LIVER Revenue$3.2BReported
Revenue$7.924BReported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Pipeline
Company targets four launches this year within a 10-launch pipeline through 2027.
HIV
BicLen once-daily combo could extend HIV switch leadership after H2 2026 launch.
Show 3 more callouts
Oncology
Trodelvy is the only ADC now recommended in first- and second-line mTNBC.
Cell Therapy
AnitoCell could launch H2 2026 with a best-in-disease CAR-T profile.
Strategy
No major LOEs until 2036 underpins a secure long-term growth runway.
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| CELL_THERAPY Revenue | $1.8B | Reported |
| HIV Revenue | $20.8B | Reported |
| LIVER Revenue | $3.2B | Reported |
| Revenue | $7.924B | Reported |
| EPS | $1.86 | Reported |
| Gross margin | 79.51% | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $8.45–$8.85 | $8.65 | Initiated |
| Revenue | FY2026 | $29.6B–$30B | $29.8B | Initiated |
| RevenueYES2GO | FY2026 | $0.8B | $0.8B | Initiated |
| RevenueCELL_THERAPY | FY2026 | -0.1% | -0.1% | Initiated |
AI, capex & demand read
Management read
Upbeat
Executives highlighted strong commercial execution, early beat-and-raise dynamics, and a dense launch calendar, framing 2026 as a period of strength and growth.
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Companiesreturns since call
Competitors
Competitors
Dietmar Berger
Gilead is advancing Trodelvi in combination with Merck's Keytruda (pembrolizumab), positioning both companies in the frontline TNBC market.
Evidence
“Trodelvi plus pembrolizumab in first-line PD-L1 positive metastatic TNBC in the second half of 2026.”
Competitors
Dietmar Berger
Gilead implicitly compares its own twice-yearly HIV candidate (GS3242) against Shionogi's, arguing Shionogi still needs a partner for a complete regimen.
Evidence
“they cannot base once every six months treatment on one product only they also need a combination so we need to look at the overall development program that they have”
Competitors
Andrew Dickinson
Gilead's BD strategy may target assets in competitive spaces like oncology, which includes Pfizer's offerings.
Evidence
“will continue to be active, and I'm confident that we'll add exciting new products over time”
Competitors
Joanna Mercier
Descovy's high market share in PrEP competes against generic Truvada (Roche has a stake via Genentech).
Evidence
“record U.S. market share greater than 45%.”
Competitors
Daniel O'Day
Gilead's BD focus could target RNAi or other modalities where Alnylam is a leader, though no specific deal mentioned.
Evidence
“we typically invest about $1 billion annually in smaller licensing deals, partnerships, and acquisitions.”
Competitors
Daniel O'Day
Gilead's oncology pipeline competes with BioNTech's in breast cancer and solid tumors.
Evidence
“we have up to 10 ongoing and potential new launches through 2027”
Competitors
Cindy Peretti
Gilead expects KITE cell therapy sales to decline ~10% in 2026, in part due to more patients going into clinical trials for competitor CAR-Ts. — Competing clinical trial sites are diverting patients away from KITE's commercial products, a unique headwind that may persist until newer KITE products launch.
Evidence
“our ability to serve the market at launch with 99% reliability and 16-day turnaround time, which again is very differentiated from the existing products on the market today.”
Competitors
Gilead expects KITE cell therapy sales to decline ~10% in 2026, in part due to more patients going into clinical trials for competitor CAR-Ts. — Competing clinical trial sites are diverting patients away from KITE's commercial products, a unique headwind that may persist until newer KITE products launch.
Joanna Mercier
Competitors
The withdrawal of Intercept's Ocaliva (obeticholic acid) from the US market is a direct tailwind for Gilead's Livdelzi in PBC.
Joanna MercierExternal signals
Supply-chain alpha · 4returns since call
Gilead says Yes2Go has achieved 90% payer coverage in under six months, faster than expected, which lowers the friction to patient conversion.
Kite's anitocel launch will rely on a 16-day manufacturing turnaround vs competitors, a critical differentiator in a market where patients are sick.
Gilead expects KITE cell therapy sales to decline ~10% in 2026, in part due to more patients going into clinical trials for competitor CAR-Ts.
Gilead expects a 2% HIV sales headwind in 2026 due to the Medicaid Drug Pricing Agreement and Affordable Care Act changes, a concrete impact of recent policy changes.
Methodology & coverage
Management-only analysis. All 9 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.