Revenues flat at Gilead as HIV strength offsets oncology struggle

Gilead Sciences (Nasdaq: GILD) reported flat revenue for the first quarter of 2025, with total sales reaching $6.7 billion, slightly below analyst expectations of $6.8 billion. The company’s diluted earnings per share rose to $1.04, up from a loss of $3.34 in the same period last year.

While Gilead’s HIV and liver disease franchises delivered solid growth, these gains were offset by a sharp decline in COVID-19 drug sales and underperformance in oncology. Investors responded to the earnings miss, with shares slipping 3% in after-hours trading Thursday.

HIV product sales grew 6% to $4.6 billion, buoyed by demand and pricing, even as Gilead warned that a Medicare Part D redesign would dent full-year revenue by $1.1 billion—$900 million of which will impact the HIV portfolio. Excluding that policy change, the company suggested HIV sales would have grown 9% year-over-year.