Gilead raises sales outlook as acquired R&D deepens 2026 loss

Stronger sales lift Gilead’s 2026 outlook

Gilead Sciences’ third-quarter 2026 revenue reached $8.3 billion, above the reported $7.8 billion estimate, as the company raised its full-year product-sales guidance. Reported earnings per share were $2.55 versus a $2.19 estimate, and total product sales excluding Veklury rose 16% year over year to $8.2 billion. The earnings recap also reported a 3.06% post-earnings rise in Gilead shares.

The company’s revised product-sales outlook is $31.0 billion to $31.3 billion for 2026. This raises the execution threshold for an HIV-led portfolio, while newer launches in HIV, oncology and liver disease provide the commercial growth that management is counting on.

HIV remains the principal growth engine

HIV sales rose 18% year over year to $6.2 billion in the third quarter. Biktarvy sales increased 10% to $4.1 billion and reached 53% US treatment market share, while HIV prevention sales nearly doubled year over year. Yeztugo and Descovy for PrEP jointly held 50% market share and a $4 billion annual run rate, according to management.

The reported figures support current commercial scale, not a new procurement lead. They also require context: management said some of the sequential HIV sales increase reflected inventory dynamics expected to normalize by year-end, while the HIV treatment market had yet to return to its typical 2%–3% growth rate, although it had shown signs of stabilization.

Oncology broadens the commercial base

Trodelvy sales grew 42% year over year to an approximately $2 billion annual run rate, and Livdelzi also contributed to base-business growth. These results indicate that Gilead’s growth story extends beyond HIV, but the reviewed coverage does not quantify Livdelzi’s contribution or establish a separate procurement opportunity.

Acquired R&D raises the profitability hurdle

Higher revenue was accompanied by lower net income, and management now expects a larger GAAP loss in 2026. The updated outlook includes about $12.4 billion of acquired R&D expense, producing a wider projected GAAP diluted loss-per-share range.

The resulting tension is clear: Gilead is increasing its sales outlook while accepting greater near-term earnings drag to build a larger pipeline in HIV, oncology and inflammation. The company’s execution in HIV and the rollout of newer products therefore matter more to the investment case because future approvals and commercial launches would need to offset the R&D-heavy year.

The next test is whether the upgraded sales outlook holds while the acquired pipeline advances and the expected year-end normalization in HIV inventory becomes visible in subsequent results. A completed Biktarvy Medicare price determination is also expected to affect revenue in 2028; the reviewed coverage does not disclose the resulting revenue impact.

Industry and product implications