Gilead Sciences, Inc. Earnings Recaps
Q1 2026
May 8, 2026
Gilead’s shares fell 3.6% following earnings as investors reacted negatively to cautious near-term guidance implied by sequential sales declines and typical first-quarter seasonality, signaling deceleration despite solid year-over-year growth in key HIV products.
Key takeaways
- Total product sales (ex-Veklury) reached $6.8 billion, up 8% year-over-year, but declined 12% sequentially, consistent with usual first-quarter inventory and channel mix effects.
- HIV sales grew 10% year-over-year to $5.0 billion but fell 13% sequentially due to inventory normalization and lower average realized price.
- Biktarvy HIV treatment sales increased 7% year-over-year to $3.4 billion but dropped 15% sequentially reflecting seasonal patterns.
- Oncology continued progress with Trodelvy sales up 37% year-over-year and multiple expected regulatory catalysts in H2 2026.
- Upcoming pipeline news and acquisitions signal longer-term growth, but near-term execution uncertainties weighed on sentiment.
Q3 2025
Oct 31, 2025
Gilead Sciences delivered robust third-quarter results, highlighting strong growth across its HIV portfolio and disciplined cost management, leading to a 22% year-over-year increase in non-GAAP EPS.
Key takeaways
- Total product sales for Q3 reached $7.3 billion, driven mainly by an impressive 6% year-over-year growth for Biktarvy and 20% growth for Descovy.
- Non-GAAP EPS grew by 22% year-over-year, even when excluding a $0.25 benefit from a nonrecurring accounting item.
- Gilead boosted its full-year HIV revenue growth expectations to approximately 5%, despite facing a $900 million revenue headwind from the Medicare Part D redesign.
- Livdelzi exceeded $100 million in quarterly sales for the first time, driving a 12% year-over-year growth in the liver portfolio.
- The company is targeting commercial launches for Trodelvy in metastatic breast cancer and anito-cel in multiple myeloma in 2026, enhancing future growth prospects.