Gilead Sciences, Inc. reported total revenues of $6.67 billion for the first quarter of 2025, a slight decrease from $6.69 billion in the same period of 2024. The company achieved a net income of $1.32 billion, a significant turnaround from a net loss of $4.17 billion in the prior year. This improvement in profitability is attributed to the absence of substantial one-time expenses that impacted the previous year, including a $3.9 billion charge related to the acquisition of CymaBay Therapeutics and a $2.4 billion impairment charge for in-process research and development (IPR&D) assets.
In terms of product performance, Gilead's HIV product sales increased by 6% to $4.59 billion, driven by higher demand for key products such as Biktarvy and Descovy. Conversely, sales from Veklury, the company's COVID-19 treatment, fell by 45% to $302 million, reflecting a decrease in COVID-19-related hospitalizations. Oncology product sales also saw a decline, with total sales dropping by 4% to $757 million, primarily due to lower demand for Trodelvy and Tecartus. The company noted that foreign currency exchange rates negatively impacted total product sales by approximately $80 million.
Gilead's operational metrics showed a decrease in research and development expenses, which fell by 9% to $1.38 billion, reflecting a strategic focus on prioritizing R&D activities. The company also reported a reduction in selling, general, and administrative expenses, which decreased by 8% to $1.26 billion. The overall cost of goods sold remained stable, resulting in a product gross margin of 76.7%, slightly up from 76.6% in the previous year.
Looking ahead, Gilead is focused on expanding its product pipeline and has made strategic moves, including a partnership with LEO Pharma to develop treatments for inflammatory diseases and an amendment to its collaboration with Galapagos. The company anticipates continued growth in its HIV and liver disease segments, while also navigating challenges in the oncology and COVID-19 treatment markets. Gilead's cash and cash equivalents stood at $7.93 billion as of March 31, 2025, providing a solid foundation for future investments and operational needs.
About GILEAD SCIENCES, INC.
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