Gilead Reports Strong 2024 Financial Results: Biktarvy Generates $13.4B, CAR-T Therapies Near $2B

Feb 12, 2025 09:16 CST Updated 09:16

Gilead Sciences

Antiviral Drug Developer

On February 11, Gilead Sciences released its 2024 financial report, with total annual revenue of $28.754 billion, a year-on-year increase of 6%. Product revenue was $28.610 billion, a year-on-year increase of 6%. Excluding the impact of the COVID-19 product Veklury (Remdesivir), total product revenue increased by 8% year-on-year.

HIV Business as Gilead's Foundation, Accumulated Revenue of $19.612 Billion in 2024, Increased by 8% Year-on-Year, Accounting for 68.2% of Total Revenue. The Two Major Business Areas of Oncology and Hepatology Achieved $3.289 Billion (+12%) and30.21Billion USD (+9%) in sales revenue.

In the HIV field, Gilead maintains its leading market position with multiple products. Among them, the core product Biktarvy (bictegravir + emtricitabine + tenofovir alafenamide) has seen continuous sales growth since its launch in 2018, surpassing $10 billion in 2022. In 2024, the product's sales reached $13.423 billion, a year-on-year increase of 14%, capturing 50% of the U.S. market share.

The dual-combination drug Descovy (emtricitabine + tenofovir alafenamide) also performed remarkably well, with its 2024 sales reaching $2.113 billion, a year-over-year increase of 6%. Despite competition from other regimens, including generics, Descovy still holds over 40% of the market share in the United States.

The new product portfolio pipeline will also provide strong momentum for Gilead's long-term development in the HIV field, including the long-acting HIV therapy Lenacapavir and its product portfolio, among others.

Gilead's liver disease products delivered steady performance. The full-year 2024 revenue for the hepatitis C drug Sofosbuvir/Velpatasvir (Sofosbuvir + Velpatasvir) and the hepatitis B drug Vemlidy (Tenofovir Alafenamide) reached $1.596 billion (+4%) and $959 million (+11%), respectively.

The novel PPARδ agonist Livdelzi (seladelpar), approved in August 2024, contributed $30 million in revenue to Gilead Sciences in the fourth quarter. The drug was acquired by Gilead through its $4.3 billion purchase of CymaBay in February 2024 and is indicated for the treatment of adult patients with primary biliary cholangitis (PBC) who have an inadequate response to or cannot tolerate ursodeoxycholic acid (UDCA).

Oncology, as a key focus and growth area for Gilead in recent years, achieved steady growth (+12%) in 2024. This was primarily driven by the sales of three products: Trop2 ADC Trodelvy (sacituzumab govitecan), CAR-T cell therapy Yescarta (axicabtagene ciloleucel), and Tecartus (brexucabtagene autoleucel).

Trodelvy is the world's first Trop2 ADC to be launched, with its sales reaching $1.315 billion in 2024, a year-on-year increase of 24%. This growth is mainly driven by the continued rise in market demand for the drug in the breast cancer field. Trodelvy has currently been approved for two breast cancer indications, including triple-negative breast cancer and HR+/HER2- breast cancer.

Trodelvy was granted accelerated approval by the FDA in April 2021 for the treatment of urothelial cancer, but this indication was voluntarily withdrawn by Gilead in October 2024 after the TROPiCS-04 study failed to meet its primary endpoint of overall survival (OS).

Gilead Sciences is also conducting related clinical research on Trodelvy for non-small cell lung cancer and small cell lung cancer, including the EVOKE-03 study, in hopes of expanding its application to larger markets.

CAR-T cell therapy contributed a total of $1.973 billion to Gilead, representing a 6% year-over-year increase, with Yescarta and Tecartus generating respective revenues.15.70USD billion (+5%) and USD 403 million (+9%). The financial report shows that so far, 27,000 patients have received treatment with this type of product.

Veklury, a COVID-19 product, generated $1.799 billion in sales in 2024, representing an 18% decrease year-over-year.This is mainly due to a decrease in hospitalization rates associated with COVID-19.

Looking ahead to 2025, Gilead Sciences expects total product sales to reach $28.2-28.6 billion.

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