Gilead Sciences Reports Q3 2026 Results and Raises Full-Year Product Sales Guidance

Executive Summary

On October 29, 2026, Gilead Sciences, Inc. filed a Form 8-K furnishing its financial results for the third quarter ended September 30, 2026. The company reported strong base business momentum, prompting management to raise full-year 2026 product sales guidance.

Third Quarter 2026 Financial Highlights

• Product Sales: Total product sales grew 13% year-over-year to $8.3 billion. Excluding Veklury (remdesivir), product sales increased 16% to $8.2 billion.
• Profitability & Diluted EPS:
  • GAAP diluted EPS was $1.94 compared to $2.43 in Q3 2025, impacted by net losses from equity securities, higher operating expenses, and higher income tax expense.
  • Non-GAAP diluted EPS increased to $2.55 compared to $2.47 in Q3 2025, supported by revenue growth and lower acquired IPR&D charges.
• Cash Flow & Capital Allocation: Operating cash flow reached $5.0 billion for the quarter. Gilead returned capital to shareholders via $1.0 billion in dividend payouts and $370 million in share repurchases.

Product Performance

• HIV Portfolio: Grew 18% year-over-year to $6.2 billion. Key drivers included Biktarvy sales of $4.1 billion (+10%) and Descovy sales of $1.0 billion (+49%).
• Oncology & Liver Disease: Trodelvy revenue increased 42% to $506 million. Liver disease sales increased 13% to $927 million, led by Livdelzi demand.
• COVID-19 & Cell Therapy: Veklury sales decreased 69% to $86 million due to lower hospitalizations. Cell Therapy sales declined 18% to $355 million due to ongoing market competition.

Updated Full-Year 2026 Guidance

• Total Product Sales: Raised to $31.0 billion – $31.3 billion (from prior guidance of $30.1 billion – $30.4 billion).
• Product Sales (Excluding Veklury): Raised to $30.7 billion – $31.0 billion (from $29.8 billion – $30.1 billion).
• Veklury Sales: Maintained at approximately $300 million.
• GAAP Diluted EPS: Expected between $(4.40) and $(4.05) (previously $(3.75) to $(3.40)), reflecting approximately $9.88 per share in acquired IPR&D charges.
• Non-GAAP Diluted EPS: Expected between $(1.20) and $(0.85) (previously $(0.65) to $(0.30)).