Gilead Sciences (GILD) investor relations material

Executive summary

• Base business sales rose 16% YoY to $8.2B, the strongest growth since 2015, led by HIV, Trodelvy and Livdelzi; FY2026 base-sales guidance rose $1.65B at midpoint vs. initial guidance.

• The clinical portfolio comprised 49 programs, including 13 in inflammation, with advances across HIV, oncology and inflammation.

Financial highlights

• Total product sales were $8.289B, up 13% YoY and 9% QoQ; excluding Veklury, sales were $8.203B, up 16% YoY and 8% QoQ.

• Non-GAAP diluted EPS was $2.55 vs. $2.47; excluding the prior-year $0.25/share IP-sale benefit, EPS grew 15% YoY.

• GAAP diluted EPS was $1.94 vs. $2.43; net income was $2.429B vs. $3.052B, while operating income was $3.462B vs. $3.327B.

• Non-GAAP operating income was $4.168B, up 6% YoY; non-GAAP net income was $3.186B, up 3%.

• Q3 operating cash flow was $5.035B vs. $4.109B; free cash flow was $4.798B vs. $3.962B.

Outlook and guidance

• FY2026 base business sales guidance is $30.7B–$31.0B, $900M higher at midpoint vs. August and $1.65B higher vs. initial guidance; total product sales guidance is $31.0B–$31.3B.

• FY2026 HIV sales are expected to grow ~12%; Yeztugo sales are expected at ~$1B, Cell Therapy sales to decline mid-teens, and Veklury sales to be ~$300M.

• Excluding acquired IPR&D, acquisition financing costs and nonrecurring other revenue, FY2026 non-GAAP diluted EPS guidance is $8.75–$9.10, raised $0.25 at both ends vs. August.

• FY2026 GAAP diluted loss guidance is $(4.40)–$(4.05) and non-GAAP diluted loss guidance is $(1.20)–$(0.85), reflecting acquired IPR&D charges.

• FY2028 product sales, EPS and total HIV revenue are expected to grow YoY despite lower Biktarvy revenue; ISL/LEN filing is expected in 2026 and the Yeztugo oral PrEP decision in early 2027.