Gilead Sciences vs Moderna: Revenue, Profit and Business Model
Gilead Sciences had $29.4B of annual revenue in FY2025 and $8.5B of net income. Moderna had $1.9B of annual revenue in FY2025 and a net loss of $2.8B.
Latest financial snapshot
Gilead Sciences
- Latest annual revenue
- $29.4B (FY2025)
- Net income
- $8.5B
- Net margin
- 28.9%
- Revenue growth
- -0.4% a year, FY2016–FY2025
Moderna
- Latest annual revenue
- $1.9B (FY2025)
- Net income
- -$2.8B
- Net margin
- -145.2%
- Revenue growth
- +37.8% a year, FY2016–FY2025
Financial summary
Gilead Sciences
Gilead's revenue history tracks its product cycles. Hepatitis C cures Sovaldi and Harvoni lifted revenue to $30.4B in 2016, then sales fell as patients were cured, bottoming at $22.1B in 2018. HIV growth and pandemic Veklury sales took revenue back to $27.3B in 2021, and it has since grown slowly to $28.8B in 2024 and $29.4B in 2025. Net income swings with deal accounting: it was only $480M in 2024 because of the CymaBay IPR&D charge, then recovered to $8.5B ($6.78 diluted EPS) in 2025. In Q2 2026 revenue rose 10% to $7.8B, but more than $11B of acquired IPR&D, mainly from Arcellx, produced a GAAP loss of $8.45 per share. February 2026 guidance called for $29.6B to $30.0B in 2026 product sales. Gilead Sciences, Inc. is a massive American biopharmaceutical company, commanding a market valuation typically over $80 billion.
Moderna
Moderna went from $803 million of revenue in 2020 to $18.5 billion in 2021 and $19.3 billion in 2022, earning $12.2 billion and $8.4 billion of net income in those years. Revenue then fell to $6.8 billion in 2023, $3.2 billion in 2024 and $1.94 billion in 2025, with net losses of $4.7 billion, $3.6 billion and $2.8 billion. In 2025 Moderna cut operating expenses by about $2.2 billion (roughly 30%) and ended the year with $8.1 billion in cash and investments. Q2 2026 revenue was $145 million with a $782 million net loss; management guided to up to 10% revenue growth for 2026 and cash costs of about $4 billion. Moderna, Inc. is a major American pharmaceutical and biotechnology company pioneering messenger RNA (mRNA) therapeutics, sustaining a market valuation typically over $40 billion.
Revenue and profit by year
Gilead Sciences
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $29.4B | $8.5B | 28.9% | +2.4% | Source |
| FY2024 | $28.8B | $480M | 1.7% | +6.0% | Source |
| FY2023 | $27.1B | $5.7B | 20.9% | -0.6% | Source |
| FY2022 | $27.3B | $4.6B | 16.8% | -0.1% | Source |
| FY2021 | $27.3B | $6.2B | 22.8% | +10.6% | Source |
| FY2020 | $24.7B | $123M | 0.5% | +10.0% | Source |
| FY2019 | $22.4B | $5.4B | 24.0% | +1.5% | Source |
| FY2018 | $22.1B | $5.5B | 24.7% | -15.2% | Source |
| FY2017 | $26.1B | $4.6B | 17.7% | -14.1% | Source |
| FY2016 | $30.4B | $13.5B | 44.4% | — | Source |
Moderna
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.9B | -$2.8B | -145.2% | -39.9% | Source |
| FY2024 | $3.2B | -$3.6B | -110.0% | -52.7% | Source |
| FY2023 | $6.8B | -$4.7B | -68.8% | -64.4% | Source |
| FY2022 | $19.3B | $8.4B | 43.4% | +4.3% | Source |
| FY2021 | $18.5B | $12.2B | 66.1% | +2200.2% | Source |
| FY2020 | $803M | -$747M | -93.0% | +1233.7% | Source |
| FY2019 | $60.2M | -$514M | -853.7% | -55.4% | Source |
| FY2018 | $135.1M | -$384.7M | -284.8% | -34.4% | Source |
| FY2017 | $205.8M | -$255.9M | -124.3% | +89.9% | Source |
| FY2016 | $108.4M | -$216.2M | -199.5% | — | Source |
Where the revenue comes from
Gilead Sciences
- HIV~71%
$20.8B in FY2025 product sales, led by Biktarvy ($14.3B) and Descovy ($2.8B), plus the Yeztugo launch.
- Liver Disease~11%
$3.2B in FY2025 from hepatitis C (Epclusa), hepatitis B and D (Vemlidy, Hepcludex) and Livdelzi.
- Oncology (Cell Therapy and Trodelvy)~11%
Cell therapy sales of $1.8B (Yescarta and Tecartus) and Trodelvy sales of $1.4B in FY2025.
- Veklury, Other Products and Royalties~7%
Veklury sales of $911M, other products, and about $0.5B of royalty, contract and other revenue in FY2025.
Moderna
- Product SalesPrimary
Commercial sales of Moderna's mRNA vaccines, led by COVID and RSV products.
- Collaboration Revenue
Complementary
Revenue from development collaborations, partner programs, and shared pipeline work.
- Grants And Other Revenue
Complementary
Government, nonprofit, and other support tied to vaccine and platform development.
- Future Pipeline Commercialization
Potential
Revenue potential from respiratory combinations, oncology, rare disease, and other mRNA medicines if approved.
Business model and strategy
Gilead Sciences
How it makes money
Gilead discovers, licenses or acquires drug candidates, takes them through clinical trials and regulatory approval, then sells them through wholesalers, pharmacies and hospitals under patent protection. Product sales were $28.9B of FY2025 revenue, with the rest coming from royalties and contract income.
Growth strategy
Gilead's growth plan has four parts: expand HIV prevention with Yeztugo and Descovy, defend HIV treatment with next-generation regimens such as bictegravir/lenacapavir, grow liver disease with Livdelzi, and buy into oncology and inflammation. In 2025 it acquired Interius BioTherapeutics for in vivo CAR-T.
Competitive advantage
Gilead's moat is three decades of antiviral chemistry and HIV clinical data. Tenofovir-based backbones, Biktarvy's single-tablet convenience and a high barrier to resistance made it the most prescribed HIV regimen in the US, and lenacapavir gave Gilead the first twice-yearly HIV prevention injection (Yeztugo, FDA approved June 2025).
Moderna
How it makes money
Moderna earns most of its revenue from net product sales of mRNA vaccines: Spikevax and mNEXSPIKE for COVID-19, mRESVIA for RSV, and from the 2026-2027 season mFLUSIVA for influenza. Buyers are governments, national immunization programs, pharmacy chains, wholesalers and health systems, so sales are concentrated in the autumn and winter vaccination season.
Growth strategy
Moderna is narrowing its pipeline to programs with near-term commercial potential: respiratory vaccines (COVID, RSV, flu and combinations), individualized cancer therapy with Merck, and a small set of rare-disease and latent-virus programs.
Competitive advantage
Moderna's advantages are a validated mRNA and lipid nanoparticle platform, a large patent estate on modified mRNA, in-house manufacturing in Norwood, Massachusetts plus onshore plants in the UK, Canada and Australia, and regulatory experience across approved respiratory products.
Questions about Gilead Sciences vs Moderna
Which company has higher revenue — Gilead Sciences, Inc. or Moderna, Inc.?
Gilead Sciences, Inc. had $29.4B (FY2025), while Moderna, Inc. had $1.9B (FY2025). By latest annual revenue, Gilead Sciences, Inc. is the larger business, with Moderna, Inc. showing a smaller revenue base.
What is the market cap of Gilead Sciences, Inc. vs Moderna, Inc.?
Gilead Sciences, Inc.'s market capitalisation stands at $180.0B, while Moderna, Inc.'s is $72.7B. Gilead Sciences, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Moderna, Inc..
How does revenue per employee compare for Gilead Sciences, Inc. and Moderna, Inc.?
Gilead Sciences, Inc. has $1.73M / employee in revenue per employee, while Moderna, Inc. has $414k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Gilead Sciences, Inc. and Moderna, Inc. make money?
Gilead Sciences, Inc. and Moderna, Inc. generate revenue in fundamentally different ways. Gilead Sciences, Inc.: Gilead discovers, licenses or acquires drug candidates, takes them through clinical trials and regulatory approval, then sells them through wholesalers, pharmacies and hospitals under patent protection. Moderna, Inc.: Moderna earns most of its revenue from net product sales of mRNA vaccines: Spikevax and mNEXSPIKE for COVID-19, mRESVIA for RSV, and from the 2026-2027 season mFLUSIVA for influenza.
Which company is valued higher relative to revenue — Gilead Sciences, Inc. or Moderna, Inc.?
On a price-to-sales (P/S) basis, Gilead Sciences, Inc. trades at 6.1x P/S and Moderna, Inc. at 37.4x P/S. Moderna, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Gilead Sciences, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Gilead Sciences, Inc. bigger than Moderna, Inc.?
By last reported revenue, Gilead Sciences, Inc. ($29.4B (FY2025)) is the larger company compared to Moderna, Inc. ($1.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Gilead Sciences vs Moderna overview