Gilead Sciences vs Pfizer: Revenue, Profit and Business Model
Gilead Sciences reported $29.4B of revenue in FY2025 and $8.5B of net income. Pfizer reported $62.6B of revenue in FY2025 and $7.8B of net income.
Latest financial snapshot
Gilead Sciences
- Latest revenue
- $29.4B (FY2025)
- Net income
- $8.5B
- Net margin
- 28.9%
- Revenue growth
- -0.4% a year, FY2016–FY2025
Pfizer
- Latest revenue
- $62.6B (FY2025)
- Net income
- $7.8B
- Net margin
- 12.4%
- Revenue growth
- +1.9% 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.
Pfizer
Pfizer revenue rose from $41.7 billion in 2020 to $81.3 billion in 2021 and $101.2 billion in 2022 on Comirnaty and Paxlovid, then fell to $59.6 billion in 2023 as COVID demand collapsed. It recovered to $63.6 billion in 2024 and was $62.6 billion in 2025, with net income of $7.8 billion. In Q2 2026 revenue was $15.0 billion, up 1% operationally, or 5% excluding COVID products, and Pfizer raised the midpoint of its 2026 revenue guidance to $60.5 billion to $62.5 billion with adjusted EPS guidance of $2.80 to $3.00. The roughly $31 billion of debt raised for Seagen in 2023 and an ongoing cost-reduction program shape capital allocation alongside a dividend yield near 6%.
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 |
Pfizer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $62.6B | $7.8B | 12.4% | -1.6% | Source |
| FY2024 | $63.6B | $8B | 12.6% | +6.8% | Source |
| FY2023 | $59.6B | $2.1B | 3.6% | -41.1% | Source |
| FY2022 | $101.2B | $31.4B | 31.0% | +24.5% | Source |
| FY2021 | $81.3B | $22B | 27.0% | +95.2% | Source |
| FY2020 | $41.7B | $9.2B | 22.0% | +1.8% | Source |
| FY2019 | $40.9B | $16B | 39.2% | +0.2% | Source |
| FY2018 | $40.8B | $11.2B | 27.3% | -22.3% | Source |
| FY2017 | $52.5B | $21.3B | 40.6% | -0.5% | Source |
| FY2016 | $52.8B | $7.2B | 13.7% | — | 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.
Pfizer
- Patented medicines
Core revenue
Prescription drugs protected by exclusivity and clinical differentiation.
- Vaccines
Major revenue contributor
Adult, pediatric, pneumococcal, RSV, and COVID-related vaccines.
- Oncology
Strategic growth driver
Cancer medicines, antibody-drug conjugates, and Seagen-related assets.
- Hospital and anti-infective products
Meaningful contributor
Sterile injectables, anti-infectives, and hospital therapies.
- Collaborations and alliances
Supplemental
Co-promoted products and partnered scientific platforms.
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).
Pfizer
How it makes money
Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market. Revenue is concentrated in large franchises such as Eliquis (co-commercialized with Bristol Myers Squibb), the Prevnar pneumococcal vaccines, the Vyndaqel tafamidis family, Ibrance, Xtandi and the Seagen antibody-drug conjugates.
Growth strategy
Pfizer's growth plan has three parts. Oncology: the $43 billion Seagen deal (closed December 2023) added Padcev, Adcetris, Tukysa and Tivdak, and Pfizer licensed 3SBio's PD-1xVEGF bispecific in 2025 and signed a 12-program cancer collaboration with Innovent Biologics in May 2026 ($650 million upfront, up to $10.5 billion total).
Competitive advantage
Pfizer's advantage is scale in late-stage development, regulatory filings, manufacturing and commercialization. The BioNTech partnership showed it: BioNTech supplied the mRNA science, while Pfizer ran the global Phase 3 trial with more than 40,000 participants, built ultra-cold distribution and manufactured billions of Comirnaty doses.
Questions about Gilead Sciences vs Pfizer
Which company has higher revenue — Gilead Sciences, Inc. or Pfizer Inc.?
Gilead Sciences, Inc. reported $29.4B (FY2025), while Pfizer Inc. reported $62.6B (FY2025). By last reported revenue, Pfizer Inc. is the larger business, with Gilead Sciences, Inc. reporting a smaller revenue base.
What is the market cap of Gilead Sciences, Inc. vs Pfizer Inc.?
Gilead Sciences, Inc.'s market capitalisation stands at $180.0B, while Pfizer Inc.'s is $160.3B. Gilead Sciences, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Pfizer Inc..
Which is more financially efficient — Gilead Sciences, Inc. or Pfizer Inc.?
Gilead Sciences, Inc. generates $1.73M / employee in revenue per employee, while Pfizer Inc. generates $834k / employee. Gilead Sciences, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Gilead Sciences, Inc. and Pfizer Inc. make money?
Gilead Sciences, Inc. and Pfizer 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. Pfizer Inc.: Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market.
Which company is valued higher relative to revenue — Gilead Sciences, Inc. or Pfizer Inc.?
On a price-to-sales (P/S) basis, Gilead Sciences, Inc. trades at 6.1x P/S and Pfizer Inc. at 2.6x P/S. Gilead Sciences, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Pfizer 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 Pfizer Inc.?
By last reported revenue, Pfizer Inc. ($62.6B (FY2025)) is the larger company compared to Gilead Sciences, Inc. ($29.4B (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 Pfizer overview