Gilead Q4 Results: Sofosbuvir and Velpatasvir Lead Hepatology Growth Amid Mixed Product Performance

Gilead Sciences delivered solid financial results for the fourth quarter of 2025, with revenue reaching $7.93 billion and exceeding Wall Street projections. The company’s earnings per share of $1.86, while marginally below the year-ago $1.90, still surpassed consensus forecasts, demonstrating resilience across its diversified portfolio. These beat estimates signal investor confidence in the company’s strategic direction and ability to maintain growth momentum heading into 2026.

Overall Financial Performance Exceeds Wall Street Projections

Gilead’s Q4 revenue outperformed Wall Street consensus by $360 million, representing a 4.63% upside surprise relative to the $7.57 billion analyst projection. EPS delivered a modest 1.91% beat against the $1.83 consensus estimate, reflecting disciplined cost management alongside revenue expansion. The year-over-year revenue growth of 4.7% underscores the company’s ability to sustain topline momentum despite a challenging global healthcare environment. Total product sales reached $7.9 billion, surpassing the six-analyst average estimate of $7.53 billion by approximately $370 million, while U.S. market sales hit $5.87 billion—outpacing the three-analyst consensus of $5.59 billion by roughly $280 million.

Hepatology Portfolio Strength: Vemlidy and Sofosbuvir/Velpatasvir Drive Liver Disease Revenue

Gilead’s hepatology franchise demonstrated robust expansion in Q4, with the company’s liver disease products commanding significant market share gains. Vemlidy, the company’s chronic hepatitis B treatment, generated $287 million in global sales, marking a 10.4% year-over-year increase and exceeding the five-analyst average estimate of $258.86 million by approximately $28 million. This performance reflects strong adoption rates and sustained demand for the company’s differentiated hepatology solutions.

The sofosbuvir and velpatasvir combination therapy achieved notable success in the U.S. market, generating $140 million in quarterly sales. While this represented a 24.3% year-over-year decline from the prior year, reflecting the mature phase of hepatitis C treatment as more patients achieve sustained virologic response, the product still performed in line with analyst expectations at $126.3 million consensus. The decline underscores the evolving dynamics of the hepatitis C market, where treatment penetration has reached saturation levels in developed economies.

Gilead’s broader liver disease portfolio, including other hepatology products, generated $168 million in U.S. sales during the quarter—a remarkable 189.7% year-over-year surge that dramatically outpaced the three-analyst average estimate of $141.36 million. This exceptional growth signals emerging opportunities in adjacent liver disease indications and validates management’s diversification strategy within the hepatology therapeutic area.

HIV Franchise Sustains Growth With Biktarvy Leading

Gilead’s HIV product portfolio remains the company’s revenue engine, with Biktarvy establishing itself as a market-leading treatment option. The single-tablet regimen delivered $3.97 billion in global sales during Q4, representing a 5.1% year-over-year increase and surpassing the five-analyst average estimate of $3.79 billion by approximately $180 million. This outperformance reflects accelerating market adoption, particularly among treatment-naive patients seeking convenient dosing options.

Complementing Biktarvy’s strong momentum, the Symtuza revenue-share product contributed $134 million in Q4 sales, though this represented a 6.9% year-over-year decline from the prior year. Despite the sequential softness, the product tracked closely to the five-analyst consensus estimate of $130.02 million, suggesting pricing stability and sustained treatment demand within the HIV market segment.

The company’s other HIV therapy, Odefsey, generated $310 million in quarterly sales, exceeding the five-analyst average estimate of $291.65 million despite facing a 7.7% year-over-year headwind. This performance demonstrates the resilience of Gilead’s HIV portfolio against generic competition and reflects the company’s strong market position in managing treatment-experienced patients.

Oncology and Specialty Products Show Mixed Signals

Gilead’s oncology franchise delivered mixed results in Q4, with the Yescarta cell therapy generating $368 million in global sales—representing strong absolute performance but a 5.6% year-over-year decline. However, the product substantially exceeded the five-analyst average estimate of $324.13 million by nearly $44 million, signaling robust underlying demand and positioning the company’s cell therapy platform for continued market expansion as awareness and treatment adoption accelerate.

The company’s specialty products also reflected market maturity dynamics. AmBisome, the company’s antifungal therapy, posted $5 million in U.S. sales during the quarter, underperforming the three-analyst consensus estimate of $7.1 million amid a 28.6% year-over-year contraction. This decline reflects normalization of demand following elevated usage during the pandemic period, illustrating the cyclical nature of specialty pharmaceutical markets.

Royalty and contract revenue streams generated $22 million during the quarter, falling short of the six-analyst average estimate of $38.66 million by approximately $16.7 million and declining 33.3% year-over-year. This weakness in non-core revenue streams represents an area for management to address through expanded partnership opportunities and licensing initiatives.

Stock Momentum and Investment Outlook

Gilead’s equity performance demonstrates strong investor reception to the company’s strategic execution. Over the prior month, shares appreciated 23.7% compared to the S&P 500’s flat performance, indicating meaningful relative outperformance and renewed investor confidence in the company’s growth trajectory. The company’s Zacks Rank rating of #3 (Hold) suggests that GILD could be positioned to perform in line with the broader market in the near-to-intermediate term, balancing growth opportunities against valuation considerations.

The Q4 earnings beat, driven by strong sofosbuvir and velpatasvir contributions within the hepatology portfolio alongside sustained HIV franchise momentum, provides a solid foundation for near-term stock support. Investors monitoring Gilead should focus on upcoming quarters’ ability to sustain product growth momentum, particularly within hepatology and HIV therapeutic areas, while monitoring competitive dynamics in the high-value oncology cell therapy space.