Gilead Sciences

Base business revenue of $28 billion exceeded $27.4-27.7 billion guidance range by more than $300 million. Total product sales of $28.9 billion also above $28.4-28.7 billion guidance. Non-GAAP EPS of $8.15 within guidance range. Full year operating margin of 45%, or 48% excluding IPR&D and nonrecurring items.

Livdelzi grew 42% sequentially to $150 million in Q4 driven by strong demand and competitor withdrawal. Full year liver disease sales of $3.2 billion up 6%. Now US market share leader with more than 50% in second-line PBC. Switching activity from competitor product largely complete.

Full year cell therapy sales of $1.8 billion down 7% from in-class and out-of-class competition. Competitive headwinds expected to continue with approximately 10% decline forecast for 2026 including new international entrants and growing clinical trial volumes.

December 2025 drug pricing agreement with US government to lower Medicaid pricing for Genvoya and Odefsey plus proposed ACA changes expected to impact HIV growth by approximately 2% in 2026. Absent these headwinds, HIV would grow approximately 8%. Full year growth would be 6-7% absent policy headwinds.