GILEAD SCIENCES, INC. Quarterly Report for Q1 Ended Mar 31, 2026

Summary

Gilead Sciences, Inc. reported robust financial results for the first quarter of 2026, with total revenues reaching $6.96 billion, a 4% increase year-over-year. This growth was primarily driven by strong performance in HIV products, particularly Biktarvy and Descovy, and continued momentum in oncology with Trodelvy. Net income surged by 54% to $2.02 billion, translating to diluted earnings per share of $1.61, also up 54% from the prior year. This significant improvement was bolstered by favorable net unrealized gains from equity securities and higher product sales, partially offset by increased selling, general, and administrative expenses. The company also announced significant strategic acquisitions in April 2026, including Arcellx for approximately $7.8 billion, Tubulis for up to $5.1 billion, and Ouro Medicines for approximately $2.2 billion. These strategic moves are expected to result in substantial acquired in-process R&D expenses in Q2 2026, which the company anticipates will lead to a net loss for the second quarter and the full year 2026.

Key Highlights

• 1Total revenues increased by 4% to $6.96 billion in Q1 2026, driven by strong HIV product sales and Trodelvy.
• 2Net income saw a substantial increase of 54% to $2.02 billion, with diluted EPS rising to $1.61.
• 3HIV product sales grew by 10% to $5.0 billion, with Biktarvy and Descovy showing significant increases.
• 4Trodelvy sales increased by 37% to $402 million, reflecting higher demand.
• 5Veklury sales decreased by 52% to $144 million due to lower COVID-19 hospitalizations.
• 6Gilead announced three major acquisitions in April 2026: Arcellx ($7.8B), Tubulis (up to $5.1B), and Ouro Medicines (up to $2.2B), signaling a strong commitment to pipeline expansion.
• 7The company anticipates significant acquired in-process R&D expenses in Q2 2026 from these acquisitions, which is projected to result in a net loss for Q2 and the full year 2026.

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