Gilead Sciences, Inc. Q3 2026 Earnings Recap

Gilead’s shares rose 3.1% after earnings, with investors responding to 16% year-over-year growth in base business sales and a $1.6 billion increase to 2026 base business revenue guidance over the course of the year. The quarter’s growth was led by HIV, though some of the sequential HIV sales increase reflected inventory dynamics that management expects to normalize by year-end.

Key Takeaways

• Total product sales excluding Veklury were $8.2 billion, up 16% year-over-year and 8% sequentially; including Veklury, sales were $8.3 billion, up 13% year-over-year.
• HIV sales rose 18% to $6.2 billion. Biktarvy sales increased 10% to $4.1 billion and reached 53% U.S. treatment market share; favorable inventory dynamics contributed to sales growth.
• HIV prevention sales nearly doubled year-over-year. Yeztugo and Descovy for PrEP together held 50% market share and a $4 billion annual run rate, according to management.
• Trodelvy sales grew 42% year-over-year, reaching an approximately $2 billion annual run rate; Livdelzi also contributed to base business growth.
• Management said the HIV treatment market had not returned to its typical 2%–3% growth, although it had shown signs of stabilization. The completed Biktarvy Medicare price determination is expected to affect revenue in 2028.