Gilead Sciences (GILD) Q3 2026 Earnings Report
MX:GILD Q3 2026 EPS Results
- Actual EPS
- MXN 47.91
- Consensus EPS
- MXN 41.16
- Beat/Miss
- Beat by +MXN 6.74
- One Year Ago EPS
- MXN 46.40
MX:GILD Q3 2026 Revenue Results
- Actual Revenue
- MXN 156.01B
- Expected Revenue
- MXN 146.64B
- Beat/Miss
- Beat by +MXN 9.37B
- YoY Revenue Growth
- +6.68%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- After Close
- Conference Call
- Thursday, October 29, 2026
MX:GILD Upcoming Earnings
Gilead Sciences's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:GILD Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Gilead reported its strongest base business growth in more than a decade, broad-based product momentum, improved margins, raised revenue and adjusted EPS guidance, significant pipeline progress, and continued diversification across HIV, oncology, inflammation, and cell therapy. These positives outweighed the stated challenges, including the projected $1.5 billion 2028 Biktarvy revenue impact from CMS pricing, cell therapy declines, clinical holds, lower Veklury and HCV sales, and acquisition-related charges.
Company Guidance
Gilead now expects 2026 base business sales to range between $30.7 billion and $31 billion, total product sales to range between $31 billion and $31.3 billion, HIV sales to grow approximately 12% year-over-year, Yeztugo sales of approximately $1 billion for the full year, cell therapy sales to decline mid-teens percentage year-over-year, Veklury sales of approximately $300 million, acquired IPR&D of approximately $12.9 billion, R&D expenses to increase a mid- to high single-digit percentage on a dollar basis and SG&A expenses to increase by a high single-digit percentage on a dollar basis, an effective tax rate between 220% and 165%, non-GAAP loss per share between $1.20 and $0.85, and, excluding approximately $9.95 per share, non-GAAP diluted EPS of $8.75 to $9.10, raised $0.25 on both ends from illustrative August guidance; for 2028, Gilead expects a total net impact to Biktarvy revenue of approximately $1.5 billion, total HIV revenue to grow compared to 2027, and both total product sales and earnings per share to grow compared to 2027.
- Strongest Base Business Growth in More Than a DecadeThird-quarter base business sales rose 16% year-over-year to $8.2 billion, the strongest growth in more than a decade and the highest year-over-year growth since 2015. Growth was driven by Biktarvy, Descovy and Yeztugo in HIV, Trodelvy in metastatic breast cancer, and Livdelzi in PBC. Sequentially, base business sales increased 8%.
- Total Product Sales Increased 13%Including Veklury, third-quarter total product sales were $8.3 billion, up 13% year-over-year and 9% sequentially.
- HIV Sales and Market Share ExpandedThird-quarter HIV sales increased 18% year-over-year to $6.2 billion, the highest year-over-year growth since the fourth quarter of 2018, and rose 10% sequentially. Growth was attributed to higher average realized price, higher demand, and favorable inventory dynamics. Biktarvy sales increased 10% year-over-year to $4.1 billion, and its U.S. treatment market share reached an all-time high of 53%.
- Bixlenvo Launch Tracking Ahead of ExpectationsBixlenvo, the daily oral combination of bictegravir and lenacapavir, launched following U.S. approval in August. Management said uptake among virally suppressed people on complex regimens was in line with expectations and that, at a similar post-launch point, the product was well ahead of recent competitor launches.
- HIV Prevention Sales Nearly DoubledHIV prevention sales nearly doubled year-over-year, outpacing overall U.S. market growth of 14%. Gilead reported 50% PrEP market share, with Yeztugo and Descovy for PrEP combining for a $4 billion annual run rate.
- Yeztugo Established Leadership in Injectable PreventionYeztugo became the leading injectable HIV prevention regimen, with third-quarter sales of $305 million, up 31% sequentially, and is on track for approximately $1 billion in full-year sales. More than 70% of users returned for their second injection, providing combined protection of up to a full year.
- Descovy PrEP Sales Grew 49%Total Descovy sales reached $1 billion, up 49% year-over-year and 8% sequentially. PrEP accounted for approximately 80% of total Descovy sales, and sales in the first three quarters already exceeded full-year 2025 sales, driven primarily by strong demand and pricing favorability.
- Livdelzi Delivered Significant GrowthLivdelzi sales increased 93% year-over-year to $203 million and rose 21% sequentially, driven by increased demand in the U.S. and Europe. Livdelzi was described as the U.S. market leader and as helping expand the second-line PBC market.
- Trodelvy Sales Increased 42%Trodelvy sales reached $506 million, up 42% year-over-year and 11% sequentially, driven by strong demand growth in metastatic triple-negative and HR-positive/HER2-negative breast cancer across the U.S. and Europe. Trodelvy reached an approximately $2 billion annual run rate.
- Trodelvy Expanded Into Earlier-Line TreatmentGilead received European approval for Trodelvy in combination with pembrolizumab for first-line PD-L1-positive metastatic triple-negative breast cancer. Management reported strong first-line uptake in the U.S. and Europe and said Trodelvy was establishing itself as a backbone of treatment in metastatic triple-negative breast cancer.
- Pipeline and Therapeutic-Area Diversification AdvancedGilead reported 49 clinical programs across HIV, oncology, inflammation, and cell therapy. The oncology portfolio includes 7 clinical-stage antibody-drug conjugate programs, while the inflammation pipeline includes 13 clinical programs. Management stated that diversification across HIV, oncology, and inflammation is expected to support sustainable growth.
- HIV Treatment Pipeline Offers Multiple Long-Acting OptionsGilead is advancing 6 long-acting HIV treatment programs encompassing oral and injectable options. The company expects to file islatravir plus lenacapavir this year; if approved, it would be the first once-weekly oral treatment regimen for virally suppressed people with HIV. Phase II trials also began or are planned for weekly oral and long-acting injectable combinations, including programs with potential twice-yearly dosing.
- HIV Prevention Pipeline Continued to ExpandThe once-weekly oral lenacapavir PrEP application is under FDA review, with a regulatory decision expected in early February 2027. Gilead also expects an update in 2027 from the Phase III PURPOSE-365 study of once-yearly intramuscular lenacapavir for PrEP and is targeting a potential 2028 launch.
- Inflammation Portfolio Produced Promising Early DataGilead shared promising 12-week data for emvistegrast in inflammatory bowel disease, describing potential best-in-class oral efficacy with a generally well-tolerated safety profile. The company expects to advance emvistegrast into Phase III ulcerative colitis studies in 2027 and plans a Phase IIb/III Crohn's disease study. Gilead also agreed to acquire the oral IL-23 receptor inhibitor HCXT-2001, which may be used alone or in combination with emvistegrast.
- Additional Inflammation and Immunology Milestones PlannedGilead expects to present additional data for gamgertamig in immune thrombocytopenia later this year and remains committed to bringing the program into a Phase III study in autoimmune cytopenia next year. The company also plans to share Phase IIa COSMIC data for the IRAK4 inhibitor edecesertib and detailed Phase III IDEAL results for Livdelzi.
- Cell Therapy Launch Preparation for Anito-cel ProgressedGilead is less than two months from anito-cel's December 23 PDUFA date for fourth-line or later relapsed or refractory multiple myeloma. Launch preparations target activation of 80% of Authorized Treatment Centers within the first six months, 90% payer coverage within the first 12 months, and brand leadership in the fourth-line-plus setting within 18 months of approval. Anito-cel has a targeted manufacturing turnaround time of less than three weeks.
- Cell Therapy Expansion Into Earlier-Line and Solid-Tumor SettingsGilead expects iMMagine-3 data in second- to fourth-line multiple myeloma with a potential BLA filing as early as 2027, and plans to initiate iMMagine-6 and iMMagine-4 studies in newly diagnosed patients in early 2027. KITE-512 was cleared by the FDA for clinical studies in advanced GPC-3-positive hepatocellular carcinoma, extending Kite's cell therapy development into solid tumors.
- Operating Margin and Gross Margin ImprovedThird-quarter product gross margin was 88%, up from 86% in the third quarter of 2025, primarily due to expiration of a TAF-related royalty obligation. The operating margin was 50% in the quarter and 49% year-to-date, excluding acquired IPR&D, which management said was firmly in the top quartile of its peer group.
- Adjusted EPS Increased Excluding the Prior-Year IP Asset SaleNon-GAAP diluted EPS was $2.55 compared with $2.47 in the same period in 2025. The third quarter of 2025 included an approximately $400 million, or $0.25 per share, contribution from an IP asset sale; excluding that item, non-GAAP EPS increased 15% year-over-year versus 13% total product sales growth.
- Full-Year Revenue and Adjusted EPS Guidance RaisedFull-year base business sales guidance was raised to $30.7 billion to $31.0 billion, an increase of $900 million at the midpoint versus August guidance and $1.65 billion versus initial 2026 guidance. Total product sales guidance was raised to $31.0 billion to $31.3 billion. Excluding acquired IPR&D, full-year non-GAAP diluted EPS guidance was raised to $8.75 to $9.10.
- Shareholder Returns Remained SignificantGilead returned approximately $1.4 billion to shareholders in the third quarter, including $370 million of share repurchases. Including the dividend, the company returned approximately 40% of its free cash flow to shareholders in the first three quarters of 2026.
- 2028 Company-Level Growth Expected Despite Biktarvy Pricing ImpactManagement expects total HIV revenue, total product sales, and earnings per share to grow in 2028 compared with 2027, supported by growth from other HIV innovations and the oncology and inflammation portfolios.
- New Strategic Collaborations Strengthened Oncology DevelopmentGilead entered collaborations with BioNTech to evaluate Trodelvy with pumitamig in first-line metastatic triple-negative breast cancer and with Vir Biotechnology to develop 3 novel dual-masked T-cell engagers for solid tumors.
MX:GILD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 04, 2027 | 2026 (Q4) | 26.15- | 34.94 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 41.1647.91 | 46.4 | 3.24% (+1.50) | |
| Aug 04, 2026 | 2026 (Q2) | -136.15-126.81 | 37.76 | -435.82% (-164.57) | |
| May 07, 2026 | 2026 (Q1) | 35.8638.14 | 34 | 12.15% (+4.13) | |
| Feb 10, 2026 | 2025 (Q4) | 34.0034.94 | 35.69 | -2.11% (-0.75) | |
| Oct 30, 2025 | 2025 (Q3) | 40.0546.40 | 37.95 | 22.28% (+8.45) | |
| Aug 07, 2025 | 2025 (Q2) | 36.8237.76 | 37.76 | 0.00% (+0.00) | |
| Apr 24, 2025 | 2025 (Q1) | 33.4434.00 | -24.8 | 237.12% (+58.80) | |
| Feb 11, 2025 | 2024 (Q4) | 32.6535.69 | 32.31 | 10.47% (+3.38) | |
| Nov 06, 2024 | 2024 (Q3) | 28.7437.95 | 43.02 | -11.79% (-5.07) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed