Gilead Raises 2026 Sales Forecast to $31.3 Billion After 13% Quarterly Growth
Key Facts
Gilead raised its 2026 product sales forecast to a range of $31.0 billion to $31.3 billion, compared with a previous estimate of $30.1 billion to $30.4 billion, according to results announced by the company on October 29. The revision followed a 13% year-over-year increase in product sales to $8.3 billion in the third quarter. Excluding Veklury, sales rose 16% to $8.2 billion, outpacing overall growth, according to a Gilead statement. HIV products, Trodelvy and Livdelzi contributed to the increase, while lower Veklury sales and cell therapy offset part of it. Chief Executive Daniel O’Day said the company’s performance enabled it to raise its core business revenue forecast again, adding that the cumulative increase in the forecast since the start of 2026 was $1.6 billion.
HIV medicines were the strongest product driver, with sales rising 18% to $6.2 billion in the third quarter compared with the same period in 2025. Gilead attributed the increase to a higher average realized price, greater demand for HIV prevention and favorable inventory dynamics. Within the group, Biktarvy sales rose 10% to $4.1 billion, driven by higher demand and realized prices, as well as favorable inventory, the company said. Descovy sales also increased 49% to $1 billion, which Gilead attributed mainly to realized prices and inventory. The results show that growth across the group was not limited to one product, with growth rates varying among the medicines.
Growth extended to other areas, with sales from the liver disease portfolio rising 13% to $927 million in the third quarter. Gilead said demand for Livdelzi and higher average realized prices for some hepatitis products supported the increase. By contrast, Veklury sales fell 69% to $86 million compared with the third quarter of 2025. Sales of cell therapy products also declined 18% to $355 million, which the company attributed to competitive pressure. On the other hand, sales of the cancer drug Trodelvy jumped 42% to $506 million as demand increased, according to the statement.
The higher sales forecast coincided with a wider expected adjusted loss per share for 2026 of $0.85–$1.20, compared with previous guidance for a loss of $0.30–$0.65. The company attributed this to $12.4 billion in acquired in-process research and development expenses tied to deals this year. In the third quarter, adjusted earnings per share were $2.55, compared with $2.47 a year earlier, an increase of 3%. Earnings per share under accounting standards fell to $1.94 from $2.43 in the year-earlier quarter. The figures put sales growth alongside an accounting burden related to the company’s deals, explaining the difference between the direction of sales and earnings-per-share guidance.
Regarding Biktarvy, Gilead said the Centers for Medicare & Medicaid Services completed the selection of the drug’s maximum fair price under the Medicare Drug Price Negotiation Program in October 2026, and that the new price will begin affecting its revenue on January 1, 2028. The company did not provide a specific price reduction percentage. The drug was among those selected for the third negotiation cycle, which takes place during 2026, with negotiated prices set to take effect on January 1, 2028. A total of 101,000 Medicare beneficiaries used Biktarvy from November 1, 2024, to October 31, 2025, and program spending on the drug was about $3.9 billion over the same period, according to data from the Centers for Medicare & Medicaid Services. Negotiation criteria include clinical benefit, evidence on alternative treatments, the extent to which the drug meets unmet medical needs and its impact on groups including Medicare beneficiaries.
Under the third-cycle timetable, the deadline to submit the final offer for the maximum fair price was September 30, 2026, and the negotiation period ends on November 1, with the Centers for Medicare & Medicaid Services set to publish the agreed prices by November 30, 2026. On shareholder distributions, Gilead announced a quarterly dividend of $0.82 per share for the fourth quarter of 2026. The dividend is payable on December 30 to shareholders of record on December 15, according to the company statement. These dates keep the negotiated-price process on the calendar of upcoming milestones, while its effect on Biktarvy revenue begins on the date specified by the company. The higher sales forecast and expected adjusted loss remain part of Gilead’s financial guidance for the current year.