Analyst Conference Summary

biotechnology

conference date: October 30, 2025 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2025 (third quarter, Q3 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, up % sequentially from $7.08 billion and up % from $ billion in the year-earlier quarter.

Net income was $ billion, up % sequentially from $1.96 billion and up % from $ billion year-earlier.

Earnings per share (EPS, diluted) were $, up sequentially from $1.56, and up % from $ in the year-earlier quarter.

Guidance:

Conference Highlights:

Daniel O'Day, CEO, said ""

The dividend of $0.79 per share, is to be paid on D 29, 2025 to shareholders of record as of D 15, 2025.

Yeztugo, for PrEP approved by the FDA in June, 2025. Six royalty-free licensing agreements were signed with manufacturers for sale in resource-limited nations. Also received a postive EMA opinion. Believes Yeztugo could bend the arc of the HIV epidemic.

In Q2 2025 Trodelvy for 1L metastatic triple-negative breast cancer (mTNBC) who are not candidates for PD-1/PD-L1 checkpoint inhibitors presented positive Phase 3 data. Presented positive Phase 3 data in combo with Keytruda for first line PD-L1+ MTNBC as ASCO. Data was highly statistically and clinically meaningful. Filings planned for 2H 2025.

Non-GAAP numbers: Net income was $ billion, up % sequentially from $2.52 billion and flat from $ billion year-earlier. Non-GAAP EPS was $, up % sequentially from $2.01 and from $ year-earlier.

Product sales were $ billion, up sequentially from $7.05 billion and up % from $ billion in the year-earlier quarter.

Royalty, contract and other revenue was $ million, down sequentially from $27 million, and down from $ million year-earlier.

Cash and equivalents ended at $ billion, down sequentially from $7.1 billion. $ million cash flow from operations. Capital expense $ million. $ million free cash flow. $ million was used to repurchase shares. $ million paid in dividends. Long term liabilities were $ billion.

Numerous other studies are underway or planned; see Gilead pipeline.

Expenses were $ billion, consisting of $ billion for cost of goods sold; $ billion for R&D; $ million acquired in-process R&D; $ million million in-process R&D impairments; $ billion SG&A. Leaving income from operations of $ billion. Interest expense $ million. Other income $ million. Income tax expense $ million.

Capital allocation priorities are to grow the dividend and pay down debt.

Q&A selective summary:

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