Gilead Q3 Beats, Lifts 2026 Sales Guidance to $31.0-31.3B, but Loss Outlook Widens
GILD sits 45% above its 52-week low of $114.02.
Summary
Gilead beat on Q3 with 16% base-business growth and raised 2026 product sales guidance to $31.0-31.3 billion, while $12.4 billion of acquired IPR&D charges widened the full-year GAAP loss outlook to $(4.40)-$(4.05) per share.
Key Events · Earnings and Guidance · GILD
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Q3 Base Business Grows 16%
Product sales excluding Veklury rose 16% to $8.2 billion, and total product sales rose 13% to $8.3 billion. HIV sales climbed 18% to $6.2 billion, Biktarvy rose 10% to $4.1 billion and Trodelvy jumped 42% to $506 million.
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2026 Sales Guidance Raised Again
Full-year product sales guidance moves to $31.0-31.3 billion from $30.1-30.4 billion, bringing the cumulative increase to $1.6 billion since the start of 2026.
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IPR&D Charges Widen Loss Outlook
About $12.4 billion of acquired IPR&D charges (~$9.88 per share) from the Arcellx, Tubulis, Ouro Medicines and PepStar deals push GAAP diluted loss per share guidance to $(4.40)-$(4.05) from $(3.75)-$(3.40), and non-GAAP to $(1.20)-$(0.85) from $(0.65)-$(0.30).
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Cash Falls on Deal Spending
Cash, cash equivalents and marketable debt securities were $6.4 billion at September 30 versus $10.6 billion at December 31, 2025, after $11.3 billion of acquisition outflows, $2.8 billion of debt repayments, $3.1 billion of dividends and $1.1 billion of buybacks, partly offset by $11.2 billion of operating cash flow.
Analysis · GILD · Life Sciences
The base business is growing faster than it has in over a decade: product sales excluding Veklury rose 16% to $8.2 billion, HIV climbed 18% to $6.2 billion and Trodelvy jumped 42% to $506 million. Management raised full-year product sales guidance to $31.0-31.3 billion from $30.1-30.4 billion, a $1.6 billion cumulative increase since the start of 2026. The offset is accounting, not operations: roughly $12.4 billion of acquired IPR&D charges from the Arcellx, Tubulis, Ouro Medicines and PepStar deals push the GAAP full-year loss to $(4.40)-$(4.05) per share, about $9.88 of which is those charges. Cash is the number to weigh — $6.4 billion at quarter-end versus $10.6 billion at December 31, after $11.3 billion of acquisition outflows, $3.1 billion of dividends and $1.1 billion of buybacks, funded by $11.2 billion of operating cash flow. Separately, CMS set the Medicare Maximum Fair Price for Biktarvy, which begins hitting revenue on January 1, 2028.
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In the 30 days to Oct 29, 2026, 38.8% of the 970 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, GILD was trading at $165.88 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $205.3B. The 52-week trading range was $114.02 to $165.70. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.