Gilead Stock Earnings Reports

Gilead reported a strong Q1 2026 with broad commercial and pipeline momentum, driving an upward revision to 2026 revenue guidance. Key takeaways: total product sales (ex-Veklury) were $6.8B, up ~8% YoY; HIV sales grew 10% YoY driven by Biktarvy, Descovy and a rapidly expanding PrEP business; Yeztugo (twice-yearly injectable PrEP) outperformed expectations and guidance was raised to ~$1B for 2026. Biktarvy remains market-leading and a once-daily bictegravir+lenacapavir (BIC/LEN) is under priority FDA review with an August decision. Oncology momentum included Trodelvy (+37% YoY) with potential first-line TNBC regulatory decisions in H2 2026. Gilead closed the Arcellx acquisition (anito-cel) and expects an anito-cel PDUFA in December 2026; management views anito-cel as a potential foundational therapy in multiple myeloma for 2027+. Tubulis and Ouro Medicines acquisitions (expected to close soon) expand ADC and inflammation capabilities (TUB-040 and gamgertamig highlighted). Livdelzi launch in PBC is gaining share (>$133M Q1). Financials: product gross margin ~87%, non-GAAP EPS $2.03 in Q1 (+12% YoY). Management disclosed ~$11.5B (upfront acquired IPR&D) and financing costs from acquisitions (~$9.50/share) which drive a reported non-GAAP loss-per-share range for 2026, but excluding those transaction impacts Gilead expects non-GAAP EPS roughly in line with prior guidance (~$8.45–$8.85). Company reiterated discipline on R&D and SG&A, expects modest near-term R&D increases to support the new deals, and returned >$1.4B to shareholders in Q1 (including buybacks). Near-term catalysts: FDA decisions for BIC/LEN (Aug) and anito-cel (Dec), regulatory decision for Hepcludex (bulevirtide) this quarter, multiple Phase III readouts (ISLEND-1/2, EVOKE-03, ASCENT-GYN, IDEAL) and ASCO/ESMO/ASCO data for Tubulis assets.