Gilead Sciences Q3 adjusted EPS beats estimates on HIV growth; raises FY2026 sales outlook

Overview

• Biopharmaceutical firm's Q3 product sales rose 13% yr/yr to $8.3 bln, led by HIV, Trodelvy and Livdelzi

• Adjusted EPS for Q3 was $2.55, beating analyst expectations

• Company repurchased $370 mln of common stock during the quarter

Outlook

• Gilead raises 2026 product sales guidance to $31.0 bln-$31.3 bln from $30.1 bln-$30.4 bln

• Company now expects FY2026 non-GAAP diluted loss per share of $0.85-$1.20, wider than its prior loss forecast of $0.30-$0.65

• Gilead maintains 2026 Veklury sales outlook at ~$300 mln

Result Drivers

• HIV SALES GROWTH - HIV product sales rose 18% yr/yr to $6.2 bln, driven by higher average realized price, increased demand for HIV prevention, and favorable inventory dynamics

• TRODELVY AND LIVDELZI - Trodelvy sales rose 42% to $506 mln and Livdelzi sales increased to $203 mln from $105 mln on higher demand

• VEKLURY DECLINE - Lower Veklury sales, down 69% yr/yr, partially offset overall growth due to reduced COVID-19 hospitalizations

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 25 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Gilead Sciences, Inc. is $165.00, about 3.6% above its October 28 closing price of $159.20

• The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 29 three months ago

Reuters Recommended Reads

• Oct 28 - Biogen Q3 revenue beats on Apellis acquisition, product demand

• Oct 28 - Biogen tops quarterly estimates on rare-disease drug strength

• Oct 29 - US drugmaker Eli Lilly beats Q3 revenue estimates on product demand, lifts FY outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)