Gilead Sciences Reports $28.8 Billion Revenue with 6% Growth, Net Income Drops 92%

Gilead Sciences, Inc. reported a total revenue of $28.8 billion for the fiscal year ending December 31, 2024, marking a 6% increase from $27.1 billion in 2023. The growth was primarily driven by higher sales in its HIV, Oncology, and Liver Disease product lines, although this was partially offset by a decline in sales of its COVID-19 treatment, Veklury, which fell 18% to $1.8 billion. The company's net income, however, saw a significant decrease of 92%, dropping to $480 million from $5.7 billion in the previous year, largely due to a $4.2 billion impairment charge related to in-process research and development (IPR&D) assets for Trodelvy, as well as increased expenses from the acquisition of CymaBay Therapeutics.

In terms of strategic developments, Gilead made notable acquisitions in 2024, including the $4.3 billion purchase of CymaBay, which added the investigational candidate seladelpar for liver disease to its portfolio. The company also received regulatory approvals for several products, including accelerated approval for Livdelzi for primary biliary cholangitis and Breakthrough Therapy Designation for Trodelvy in small cell lung cancer. Additionally, Gilead announced the appointment of Dietmar Berger as Chief Medical Officer, effective January 2025.

Operationally, Gilead's HIV product sales increased by 8% to $19.6 billion, with Biktarvy leading the charge with a 13% rise in sales. The company reported a total employee headcount of approximately 17,600 as of December 31, 2024. Gilead's international operations span over 35 countries, and it continues to rely heavily on three major wholesalers—Cardinal Health, Cencora, and McKesson—for a significant portion of its U.S. sales.

Looking ahead, Gilead anticipates continued demand growth for its products, particularly in the HIV sector, and is focused on advancing its R&D pipeline, which includes over 100 pre-clinical and clinical-stage programs. However, the company also expects challenges, including the impact of the Inflation Reduction Act on its pricing and profitability, as well as a projected decline in Veklury sales due to lower COVID-19 hospitalization rates. Gilead remains committed to disciplined expense management while investing in its business and pipeline to drive future growth.