Gilead Raises Product Sales Forecast to $31.3 Billion After 13% Growth
Key Facts
Gilead Sciences reported third-quarter results on October 29, showing product sales up 13% year over year to $8.3 billion. Total revenue was $8.3 billion, compared with $7.769 billion a year earlier, an increase of 7%. Results were supported by growth in HIV products and other medicines, despite declines in sales of Veklury and cell therapy. The company raised its 2026 product sales forecast to a range of $31.0–31.3 billion, from $30.1–30.4 billion previously. Adjusted diluted earnings per share rose to $2.55, topping analysts’ estimate of $2.17, while earnings per share under accounting standards were $1.94, versus $2.43 a year earlier.
HIV drugs were the main driver of growth, with sales up 18% to $6.2 billion compared with the same period in 2025. Gilead attributed this to a higher average realized price, increased demand for HIV prevention and improved inventory dynamics. Chief Executive Daniel O’Day said, "Our HIV business grew 18%, and HIV prevention sales nearly doubled year over year." Sales of Biktarvy, the company’s largest product, rose 10% to $4.1 billion, driven by higher demand and realized prices, as well as favorable inventory dynamics. In the second quarter, sales of HIV products had increased 12% to $5.7 billion, putting third-quarter growth at a faster pace than in the previous quarter. O’Day added that the company recorded its strongest year-over-year growth in its core business in more than a decade.
Growth extended to other products in the portfolio, with sales of Trodelvy, used to treat cancer, up 42% to $506 million from a year earlier. The liver disease portfolio grew 13% to $927 million, with stronger demand for Livdelzi reflected in the results. By contrast, Veklury sales fell 69% to $86 million as COVID-19-related hospitalizations declined. A drop in cell therapy also offset some of the gains from other products. The results show divergent performance across the company’s business lines, with most sales concentrated in HIV products. The company said total product sales grew 13%, compared with 7% year-over-year growth in total revenue.
Results topped analyst estimates, according to an earnings report carried by Reuters via Investing.com: adjusted earnings per share came to $2.55, versus a consensus of $2.17, while revenue reached $8.3 billion, against forecasts of $7.79 billion. Gilead shares rose 2% in after-hours trading following the results announcement. In premarket trading on October 30, the stock gained 4.5% to $172.99, according to Investing.com’s coverage of the share price. The coverage linked the move to the company beating revenue and adjusted earnings per share expectations. This comparison distinguishes adjusted earnings per share, which rose year over year, from diluted earnings under accounting standards, which fell from $2.43 to $1.94. Gilead said higher product sales and lower acquired in-process research and development expenses supported adjusted earnings per share.
Gilead also raised its 2026 product sales forecast excluding Veklury to a range of $30.7–31.0 billion, compared with a previous range of $29.8–30.1 billion. The update reflects higher sales estimates even with the drug, whose sales fell sharply during the quarter, excluded. On pricing, the company said the Centers for Medicare & Medicaid Services completed in October the determination of the maximum fair price for Biktarvy under Medicare. The new price will begin affecting the drug’s revenue on January 1, 2028, according to the company’s statement. That impact falls later than the period covered by the raised 2026 forecast. The company also declared a fourth-quarter cash dividend of $0.82 per share, payable on December 30 to shareholders of record on December 15, 2026.