Gilead raises 2026 product sales forecast to $31.3 billion
Key Facts
On October 29, Gilead raised its 2026 product sales forecast to a range of $31.0 billion to $31.3 billion, from its previous range of $30.1 billion to $30.4 billion, according to its third-quarter results statement. The range covers total product sales, while the company raised its forecast excluding Veklury to $30.7–31.0 billion from $29.8–30.1 billion. The update followed a 13% year-over-year increase in product sales to $8.3 billion in the third quarter. Sales excluding Veklury rose 16% to $8.2 billion over the same period. The company said the sales increase was driven mainly by HIV products, Trodelvy and Livdelzi, partly offset by declines in Veklury and cell therapy products.
The HIV segment led quarterly growth, with sales of its products up 18% to $6.2 billion compared with the same period a year earlier. Gilead attributed the increase to a higher realized average price, greater demand for HIV prevention and improved inventory dynamics. Within the segment, Biktarvy sales rose 10% to $4.1 billion. The company said the drug’s growth was tied to higher demand, realized average price and favorable inventory dynamics. Trodelvy sales also rose 42% to $506 million, which the company attributed mainly to higher demand.
By contrast, Veklury sales fell 69% to $86 million in the third quarter. Gilead said the decline was due mainly to fewer COVID-19-related hospitalizations. The gap between the total forecast and the forecast excluding Veklury shows that the company reports guidance on both measures, with the total range remaining higher. After its second-quarter results, Gilead said core business revenue growth was 10% year over year, driven by its HIV portfolio, Trodelvy and Livdelzi. It added at the time that this growth supported an increase in its 2026 core business revenue forecast.
The company reported total third-quarter revenue of $8.3 billion, compared with $7.769 billion in the corresponding period of 2025. Diluted earnings per share under the company’s non-GAAP measure were $2.55, compared with $2.47 a year earlier. Gilead said the cumulative increase in its core business revenue guidance since the start of 2026 had reached $1.6 billion as of October 29. Its shares rose 4% in regular trading that day, then gained 2.2% after the close to $169.25. The stock move followed the earnings release and guidance update.
Looking further ahead, Gilead said the new Medicare price for Biktarvy will begin affecting the drug’s revenue from January 1, 2028. The company estimated a net negative impact on Biktarvy revenue that year, tied to the new Medicare price and its effects on other U.S. payment channels. At the same time, the company expects total HIV revenue to grow in 2028 compared with 2027. Negotiated maximum fair prices for the 2028 cycle take effect on January 1, 2028, according to the Centers for Medicare & Medicaid Services. Gilead said in February that potential launches during 2026 included two cancer treatments and an additional HIV treatment option.