Gilead's 2024 Financial Report: Biktarvy Generates $13.4 Billion, CAR-T Revenue Nears $2 Billion

On February 11, Gilead released its 2024 financial report, reporting total annual revenue of $28.754 billion, a 6% year-over-year increase. Product revenue reached $28.61 billion, also up 6% year-over-year. Excluding the impact of COVID-19 product Veklury (Remdesivir), total product revenue grew by 8%.

HIV Business: The Core of Gilead

As Gilead's foundational business, the HIV segment generated $19.612 billion in revenue in 2024, an 8% increase year-over-year, accounting for 68.2% of total revenue. Meanwhile, the oncology and liver disease segments achieved sales revenue of $3.289 billion (+12%) and $3.021 billion (+9%), respectively.

In the HIV market, Gilead maintained its leading position with multiple products. Its flagship product, Biktarvy (bictegravir + emtricitabine + tenofovir alafenamide), has seen continuous sales growth since its launch in 2018, surpassing $10 billion in revenue in 2022. In 2024, Biktarvy achieved sales of $13.423 billion, a 14% increase year-over-year, capturing 50% of the U.S. market.

The dual-combination drug Descovy (emtricitabine + tenofovir alafenamide) also performed well, with 2024 sales reaching $2.113 billion, up 6% year-over-year. Despite competition from generics and other treatment options, Descovy maintained over 40% market share in the U.S.

Gilead's long-term growth in the HIV sector is further supported by new product pipelines, including the long-acting therapy Lenacapavir and its product combinations.

Liver Disease Products Deliver Steady Performance

Gilead's liver disease portfolio remained a stable revenue driver. In 2024, sales of the hepatitis C drug Sofosbuvir/Velpatasvir (sofosbuvir + velpatasvir) reached $1.596 billion (+4%), while the hepatitis B drug Vemlidy (tenofovir alafenamide) generated $959 million (+11%).

Additionally, Livdelzi (seladelpar), a newly approved PPARδ agonist, contributed $30 million in Q4 2024 after its approval in August. Gilead acquired this drug through its $4.3 billion acquisition of CymaBay in February 2024. Livdelzi is used for treating adult patients with primary biliary cholangitis (PBC) who have an inadequate response to or cannot tolerate ursodeoxycholic acid (UDCA).

Oncology Segment Sees Strong Growth

Gilead's oncology segment, a key focus in recent years, achieved solid 12% growth in 2024, driven by the sales performance of Trop-2 ADC Trodelvy (sacituzumab govitecan), and CAR-T therapies Yescarta (axicabtagene ciloleucel) and Tecartus (brexucabtagene autoleucel).

Trodelvy, the world's first approved Trop-2 ADC, generated $1.315 billion in sales in 2024, a 24% year-over-year increase, primarily due to rising demand in the breast cancer market. Currently, Trodelvy is approved for two breast cancer indications: triple-negative breast cancer (TNBC) and HR+/HER2- breast cancer.

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

Gilead is conducting additional studies, such as the EVOKE-03 trial, to explore Trodelvy's potential applications in non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC), aiming to expand its market reach.

CAR-T Therapies Generate $1.973 Billion in Revenue

Gilead’s CAR-T therapies collectively contributed $1.973 billion in 2024, up 6% year-over-year. Yescarta generated $1.57 billion (+5%), while Tecartus recorded $403 million (+9%). According to the financial report, a total of 27,000 patients have been treated with Gilead’s CAR-T products to date.

COVID-19 Product Veklury Sees Declining Sales

Sales of COVID-19 treatment Veklury (remdesivir) reached $1.799 billion in 2024, an 18% decline year-over-year. This was mainly due to a decrease in COVID-19-related hospitalizations.

Looking ahead to 2025, Gilead projects total product sales revenue to range between $28.2 billion and $28.6 billion.