Analysis of Revenues
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- Capital Asset Pricing Model (CAPM)
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Revenues as Reported
Gilead Sciences Inc., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| HIV | |||||||||||
| Liver Disease | |||||||||||
| Veklury | |||||||||||
| Cell Therapy | |||||||||||
| Trodelvy | |||||||||||
| Oncology | |||||||||||
| Other | |||||||||||
| Product sales |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, product sales demonstrate a generally stable pattern with a slight upward trend over the five-year period. However, this stability is the result of offsetting trends within individual product categories. Significant fluctuations are observed in several key revenue streams, notably Veklury, while others, such as HIV and Oncology, exhibit consistent growth.
- HIV Revenue
- HIV revenue consistently increased throughout the period, moving from US$16,315 million in 2021 to US$20,752 million in 2025. This represents a compound annual growth rate of approximately 7.7%. This segment appears to be a primary driver of overall revenue growth.
- Liver Disease Revenue
- Revenue from Liver Disease products remained relatively stable between 2021 and 2023, fluctuating around US$2,800 million. A modest increase is observed in 2024 and 2025, reaching US$3,217 million. While not a high-growth area, it maintains a consistent contribution to overall sales.
- Veklury Revenue
- Veklury revenue experienced a substantial decline over the period. Starting at US$5,565 million in 2021, it decreased significantly to US$911 million in 2025. This represents a dramatic reduction, likely due to changing pandemic dynamics and reduced demand. The decline in Veklury revenue is a key factor influencing overall product sales trends.
- Cell Therapy Revenue
- Cell Therapy revenue demonstrated consistent growth, increasing from US$871 million in 2021 to US$1,839 million in 2025. While starting from a smaller base than HIV, this segment shows a strong upward trajectory, indicating increasing importance to the company’s portfolio.
- Trodelvy Revenue
- Trodelvy revenue exhibited strong growth throughout the period, increasing from US$380 million in 2021 to US$1,397 million in 2025. This represents a significant expansion of this product’s contribution to overall revenue, suggesting successful market penetration and adoption.
- Oncology Revenue
- Oncology revenue increased steadily from US$1,251 million in 2021 to US$3,236 million in 2025. This growth, while not as rapid as that of Trodelvy, is substantial and contributes significantly to the overall positive trend in product sales.
- Other Revenue
- Revenue categorized as “Other” decreased gradually over the period, from US$1,027 million in 2021 to US$799 million in 2025. This suggests a diminishing contribution from products within this category.
The overall trend in product sales is influenced by the contrasting performance of individual revenue streams. The decline in Veklury is partially offset by the growth in HIV, Cell Therapy, Trodelvy, and Oncology revenues. The company appears to be successfully diversifying its revenue base, reducing reliance on a single product.