Biopharmaceutical company Gilead Sciences (NASDAQ: GILD) reported Q3 2026 results exceeding the market’s revenue expectations, with sales up 6.8% year on year to $8.3 billion. The company’s full-year revenue guidance of $31.15 billion at the midpoint came in 1.3% above analysts’ estimates. Its non-GAAP profit of $2.55 per share was 16.2% above analysts’ consensus estimates.

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StockStory’s take

Gilead Sciences’ third quarter was marked by robust growth in its core business, with management attributing strong results to surging demand for its HIV treatments—particularly BIKTARVY, DESCOVY, and the injectable Yeztugo. Executives emphasized that HIV sales rose sharply, aided by market share gains and the launch of Bixlenvo, as well as continued penetration in HIV prevention. Sales in oncology, led by TRODELVY for metastatic breast cancer, also contributed to the company’s outperformance. Chief Commercial Officer Johanna Mercier highlighted, “BIKTARVY reached an all-time high treatment market share of 53% in the U.S., supported by continued gains among new patients, strong retention, and improving access.”

Looking ahead, Gilead is focused on advancing its HIV pipeline, launching new prevention and treatment options, and expanding its footprint in oncology and inflammation. Management pointed to the upcoming introduction of once-weekly oral and long-acting injectable HIV therapies, as well as potential regulatory milestones in oncology and cell therapy, as major growth drivers. CEO Daniel O’Day stated, “The multiple opportunities to drive growth across all three of our therapeutic areas, the strength and diversity of our pipeline within and beyond HIV, and a disciplined operating model all give us confidence in the trajectory of the company.”

Key insights from management’s remarks

Management attributed quarterly momentum to strong HIV product uptake, the rapid growth of TRODELVY, and encouraging signals from new launches and pipeline programs.

• HIV franchise momentum: The HIV business posted its highest year-over-year sales growth since 2018, with BIKTARVY, DESCOVY, and Yeztugo all gaining share. Management emphasized robust demand, higher average realized pricing, and favorable channel mix as key contributors.

• Long-acting HIV prevention: Yeztugo, the company’s twice-yearly injectable for HIV prevention, quickly became the leading long-acting option and now represents a significant portion of PrEP (pre-exposure prophylaxis) market growth. Over 70% of users returned for their second injection, pointing to strong persistence rates.

• TRODELVY expansion in oncology: TRODELVY delivered notable growth across metastatic breast cancer types, reaching a $2 billion annual run rate. Its approval as a first-line treatment for PD-L1-positive triple-negative breast cancer in Europe extended its reach to earlier-stage patients.

• Livdelzi progress in liver disease: Livdelzi continued to gain traction in primary biliary cholangitis (PBC), with management highlighting increased demand in both the U.S. and Europe and an upcoming Phase III study readout that could further expand the label.

• Cell therapy mixed results: While cell therapy sales declined due to increased competition, the company is preparing for a potential approval of anito-cel for multiple myeloma, targeting rapid adoption and coverage post-launch.

Drivers of future performance

Gilead’s outlook is shaped by ongoing HIV innovation, new product launches in oncology and inflammation, and readiness for policy-driven pricing changes.

• Pipeline-driven HIV growth: Management expects continued expansion of the HIV portfolio through launches of new long-acting therapies, including once-weekly oral and injectable regimens. These are aimed at addressing diverse patient preferences and sustaining leadership despite upcoming price pressures on BIKTARVY.

• Oncology and inflammation diversification: Gilead is expanding beyond HIV, with TRODELVY’s label extensions, new antibody drug conjugates, and a growing inflammation pipeline. The acquisition of an oral IL-23 receptor inhibitor and the progress of emvistegrast in inflammatory bowel disease are expected to drive additional future revenue streams.

• Policy and margin headwinds: Management highlighted potential Medicare pricing impacts for BIKTARVY in 2028, estimating a $1.5 billion annual revenue reduction. The company is focused on offsetting this through new product growth and disciplined expense management but noted that channel mix, R&D spend, and regulatory outcomes remain risks.

Catalysts in upcoming quarters

Looking ahead, key items to watch include (1) execution and uptake of the once-weekly oral and long-acting injectable HIV therapies as new launches roll out; (2) data readouts and regulatory milestones for TRODELVY and Livdelzi, which could expand their market opportunities; and (3) progress in inflammation and cell therapy pipelines, particularly as Gilead integrates its recent acquisitions and prepares for anito-cel’s launch. The impact of policy changes and expense discipline will also be closely monitored.

Gilead Sciences currently trades at $170.98, up from $164 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).

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