Gilead Sciences (GILD) Earnings Date & Reports

Gilead reported total revenues of $6.96 billion for Q1 2026, exceeding consensus estimates of approximately $6.91 billion and up 4% from $6.67 billion in Q1 2025. Product sales totaled $6.95 billion, a 5% increase, with sales excluding Veklury rising 8% to $6.80 billion.

Non-GAAP diluted EPS was $2.03, beating expectations of $1.91 and improving 12% year-over-year from $1.81, driven by higher HIV sales and lower IPR&D expenses. GAAP EPS stood at $1.61, up from $1.04.

Key segment highlights included HIV sales of $5.03 billion (up 10%), with Biktarvy at $3.36 billion (+7%) and Descovy at $807 million (+38%). Oncology's Trodelvy surged 37% to $402 million, while Veklury fell 52% to $144 million and cell therapy declined 12% to $407 million. For full-year 2026, Gilead raised product sales guidance to $30.0-30.4 billion (from $29.6-30.0 billion) but slashed non-GAAP EPS to ($1.05)-($0.65) due to $11.5 billion in IPR&D from acquisitions, down from prior $8.45-8.85.

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Market Reaction and Investor Sentiment

Despite beating top- and bottom-line estimates, GILD shares dropped 1.6% to 2.7% in after-hours trading on May 7, 2026, closing around $134 after hours from a regular session close near $136. The decline stemmed from the sharply lowered full-year EPS guidance due to hefty IPR&D charges from acquisitions, overshadowing revenue strength and base business growth. Investor sentiment turned cautious, with focus shifting to integration risks and short-term profitability hits, though long-term pipeline potential in oncology and inflammation provided some offset.

Forward Outlook and Key Factors to Monitor

Gilead's updated 2026 guidance reflects confidence in its base business, with product sales ex-Veklury now at $29.4-29.8 billion, up $400 million at the midpoint from prior outlook. Veklury remains steady at $600 million. However, the non-GAAP EPS loss projection highlights acquisition impacts, including $11.5 billion in IPR&D from Arcellx (anito-cel for multiple myeloma, PDUFA Dec 2026), Ouro Medicines (inflammation therapies), and Tubulis (ADCs).

Investors should track HIV momentum, including FDA priority review for bictegravir/lenacapavir (PDUFA Aug 2026) and lenacapavir access expansion. Oncology progress, such as Trodelvy uptake and Tecartus approvals, alongside cell therapy competition, will be key. Cost trends like R&D (mid-single-digit increase) and SG&A remain in focus.

Upcoming catalysts include up to four potential product launches and five Phase 3 readouts in 2026, plus quarterly dividends at $0.82 per share. Monitor acquisition integrations for margin pressures and demand signals in liver disease (Livdelzi) amid HCV declines. Broader industry dynamics, like payer mix in HIV and COVID trends, could influence execution.

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