Gilead Sciences (GILD) Q3 2026 earnings summary

Executive summary

• Base business sales rose 16% YoY to $8.203B, the strongest growth since 2015, led by HIV, TRODELVY and Livdelzi; FY2026 base-sales guidance was raised $1.65B at the midpoint vs. initial guidance.

• Q3 revenue increased 7% YoY to $8.3B, while nine-month results swung to a $6.045B net loss amid acquisition-related IPR&D charges and a $1.75B impairment.

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

Financial highlights

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

• GAAP net income was $2.429B vs. $3.052B; diluted EPS was $1.94 vs. $2.43. Non-GAAP diluted EPS was $2.55 vs. $2.47.

• Excluding the prior-year $0.25/share IP asset-sale benefit, non-GAAP diluted EPS grew 15% YoY.

• Q3 operating cash flow was $5.035B and free cash flow was $4.798B, up from $4.109B and $3.962B, respectively.

Outlook and guidance

• FY2026 total product sales guidance is $31.0B–$31.3B; sales excluding Veklury are expected at $30.7B–$31.0B, $1.65B higher at midpoint than initial guidance.

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

• Illustrative FY2026 non-GAAP diluted EPS guidance, excluding acquired IPR&D, acquisition financing costs and nonrecurring other revenue, is $8.75–$9.10.

• FY2026 GAAP diluted loss-per-share guidance is $(4.40)–$(4.05); non-GAAP diluted loss-per-share 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; the ISL/LEN filing is expected in 2026 and the Yeztugo oral PrEP decision in early 2027.