Gilead Sciences vs Regeneron: Revenue, Profit and Business Model
Gilead Sciences had $29.4B of annual revenue in FY2025 and $8.5B of net income. Regeneron had $14.3B of annual revenue in FY2025 and $4.5B of net income.
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
Regeneron
- Latest annual revenue
- $14.3B (FY2025)
- Net income
- $4.5B
- Net margin
- 31.4%
- Revenue growth
- +12.8% 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.
Regeneron
Regeneron's revenue rose from $4.86 billion in 2016 to $16.07 billion in 2021, inflated by COVID-19 antibody sales, then reset to $12.17 billion in 2022. It has since grown slowly: $13.12 billion in 2023, $14.20 billion in 2024 and $14.34 billion in 2025, as Dupixent gains offset lower original EYLEA sales. Growth picked up in 2026, with Q2 revenue up 17% to $4.3 billion, GAAP EPS of $12.23 and non-GAAP EPS of $14.29. Regeneron Pharmaceuticals, Inc. is a colossal American biotechnology company specializing in antibody therapeutics, sustaining a massive market valuation generally exceeding $100 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 |
Regeneron
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $14.3B | $4.5B | 31.4% | +1.0% | Source |
| FY2024 | $14.2B | $4.4B | 31.1% | +8.3% | Source |
| FY2023 | $13.1B | $4B | 30.1% | +7.8% | Source |
| FY2022 | $12.2B | $4.3B | 35.6% | -24.3% | Source |
| FY2021 | $16.1B | $8.1B | 50.2% | +89.1% | Source |
| FY2020 | $8.5B | $3.5B | 41.3% | +29.6% | Source |
| FY2019 | $6.6B | $2.1B | 32.3% | +27.4% | Source |
| FY2018 | $5.1B | $2.4B | 47.5% | -12.4% | Source |
| FY2017 | $5.9B | $1.2B | 20.4% | +20.8% | Source |
| FY2016 | $4.9B | $895.5M | 18.4% | — | 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.
Regeneron
- Direct product salesMajority
U.S. EYLEA/EYLEA HD, Libtayo, rare-disease, and other product sales.
- Sanofi collaboration revenueMajor
Profit-share and collaboration revenue from Dupixent and other partnered antibodies.
- Bayer collaboration revenue
Meaningful
Ex-U.S. EYLEA and EYLEA HD economics through Bayer.
- Licensing and other collaboration revenueSmaller
Milestone, reimbursement, and collaboration payments tied to partnered programs.
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).
Regeneron
How it makes money
Regeneron makes money three ways. First, it records U.S. net product sales of its own medicines, mainly EYLEA HD and EYLEA for retinal disease, Libtayo in oncology, and smaller rare-disease products. Second, it earns collaboration revenue from Sanofi on Dupixent and Kevzara: Sanofi books global sales and the two companies share profits. Third, it shares ex-U.S.
Growth strategy
Regeneron is defending ophthalmology with EYLEA HD (8 mg aflibercept, longer dosing intervals), widening Dupixent into new Type 2 inflammatory indications such as COPD, and building oncology and hematology around Libtayo and bispecifics such as linvoseltamab and odronextamab.
Competitive advantage
Regeneron's edge is an in-house discovery platform (VelociSuite and VelocImmune) paired with the Regeneron Genetics Center's large human-sequencing dataset, which helps pick drug targets with genetic validation. Its two founders still run the company, so R&D priorities have stayed consistent for more than three decades, and it manufactures its own biologics in Rensselaer, New York and Limerick, Ireland.
Questions about Gilead Sciences vs Regeneron
Which company has higher revenue — Gilead Sciences, Inc. or Regeneron Pharmaceuticals, Inc.?
Gilead Sciences, Inc. had $29.4B (FY2025), while Regeneron Pharmaceuticals, Inc. had $14.3B (FY2025). By latest annual revenue, Gilead Sciences, Inc. is the larger business, with Regeneron Pharmaceuticals, Inc. showing a smaller revenue base.
What is the market cap of Gilead Sciences, Inc. vs Regeneron Pharmaceuticals, Inc.?
Gilead Sciences, Inc.'s market capitalisation stands at $180.0B, while Regeneron Pharmaceuticals, Inc.'s is $75.0B. Gilead Sciences, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Regeneron Pharmaceuticals, Inc..
How does revenue per employee compare for Gilead Sciences, Inc. and Regeneron Pharmaceuticals, Inc.?
Gilead Sciences, Inc. has $1.73M / employee in revenue per employee, while Regeneron Pharmaceuticals, Inc. has $931k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Gilead Sciences, Inc. and Regeneron Pharmaceuticals, Inc. make money?
Gilead Sciences, Inc. and Regeneron Pharmaceuticals, 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. Regeneron Pharmaceuticals, Inc.: Regeneron makes money three ways.
Which company is valued higher relative to revenue — Gilead Sciences, Inc. or Regeneron Pharmaceuticals, Inc.?
On a price-to-sales (P/S) basis, Gilead Sciences, Inc. trades at 6.1x P/S and Regeneron Pharmaceuticals, Inc. at 5.2x P/S. Gilead Sciences, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Regeneron Pharmaceuticals, 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 Regeneron Pharmaceuticals, Inc.?
By last reported revenue, Gilead Sciences, Inc. ($29.4B (FY2025)) is the larger company compared to Regeneron Pharmaceuticals, Inc. ($14.3B (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 Regeneron overview