The strong operational beat and raised revenue guidance signal accelerating base business momentum, particularly in HIV and Trodelvy. Watch for the Biktarvy Medicare pricing impact starting 2028 and the anito-cel PDUFA date on Dec 23, 2026, which could be a significant catalyst.
Price Chart
Executive Summary
Gilead reported Q3 2026 product sales of $8.3B (+13% YoY) and non-GAAP EPS of $2.55, beating the $2.19 consensus. Base business (ex-Veklury) grew 16% YoY to $8.2B, driven by HIV (+18%) and Trodelvy (+42%). Full-year product sales guidance was raised to $31.0-$31.3B from $30.1-$30.4B, while GAAP and non-GAAP EPS guidance was lowered due to $12.4B in acquired IPRD charges from recent acquisitions. The strong operational beat and raised revenue guidance are the key stock-moving facts.
Key Financial Metrics
Key Facts
- Q3 2026 product sales $8.3B, +13% YoY (vs $7.8B consensus)
- Non-GAAP diluted EPS $2.55, +3% YoY (vs $2.19 consensus)
- Product sales ex-Veklury +16% YoY to $8.2B
- HIV product sales +18% YoY to $6.2B; Biktarvy +10% to $4.1B
- Trodelvy sales +42% YoY to $506M
- Full-year 2026 product sales guidance raised to $31.0-$31.3B (from $30.1-$30.4B)
- Full-year GAAP EPS guidance lowered to ($4.40)-($4.05); non-GAAP to ($1.20)-($0.85) due to $12.4B IPRD charges
- FDA approved Bixlenvo (bictegravir/lenacapavir) for HIV
- CMS set Maximum Fair Price for Biktarvy under Medicare, effective Jan 1, 2028
- Operating cash flow $5.0B in Q3; free cash flow $4.8B
Financial Impact
Q3 revenue beat consensus by ~$500M (6.4%); non-GAAP EPS beat by $0.36 (16.4%). Full-year revenue guidance raised by ~$900M at midpoint.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| HIV | $6.2B | +18.0% |
| Liver Disease | $927.0M | +13.0% |
| Oncology | $860.0M | +9.0% |
| Other | $167.0M | -9.0% |
| Veklury | $86.0M | -69.0% |
Risk Factors
- Biktarvy Maximum Fair Price under Medicare will impact revenue starting Jan 1, 2028
- Cell Therapy sales continue to decline (-18% YoY) due to competition
- GAAP and non-GAAP EPS guidance remain deeply negative due to acquisition-related charges
- Veklury sales declining as COVID-19 hospitalizations fall
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000882095-26-000037 |
| Document: gild-20261029.htm | 0000882095-26-000037 |
| Document: 0000882095-26-000037-index-headers.html | 0000882095-26-000037 |
| Document: 0000882095-26-000037-index.html | 0000882095-26-000037 |
| Document: 0000882095-26-000037.txt | 0000882095-26-000037 |
| 8-K Data (Synthetic) | 0000882095-26-000037 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 144 | $170.40 | awaiting T+60 | awaiting T+60 | $170.68 (+0.16%) |
Oct 29, 2026 3d ago | 8-K | $167.90 | awaiting T+60 | awaiting T+60 | $170.68 (+1.66%) |
Oct 22, 2026 9d ago | Institutional Cluster | $156.04 | awaiting T+60 | awaiting T+60 | $170.68 (−9.38%) |
Oct 16, 2026 16d ago | Insider Cluster | $153.07 | awaiting T+60 | awaiting T+60 | $170.68 (+11.50%) |
Oct 14, 2026 18d ago | Court Ruling | $157.37 | awaiting T+60 | awaiting T+60 | $170.68 (+8.46%) |
Sep 16, 2026 6w ago | Insider Cluster | $150.89 | awaiting T+60 | awaiting T+60 | $170.68 (+13.12%) |
Sep 16, 2026 6w ago | Insider Cluster | $150.89 | awaiting T+60 | awaiting T+60 | $170.68 (+13.12%) |
Sep 2, 2026 8w ago | Insider Cluster | $150.37 | awaiting T+60 | awaiting T+60 | $170.68 (+13.50%) |
Aug 27, 2026 9w ago | Insider Cluster | $145.68 | awaiting T+60 | awaiting T+60 | $170.68 (+17.16%) |
Aug 21, 2026 10w ago | Insider Cluster | $146.74 | awaiting T+60 | awaiting T+60 | $170.68 (+16.31%) |
US Market Status
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