Gilead Sciences, Inc. reported third quarter 2026 financial results, highlighting growth in its HIV business and raising its full-year revenue outlook. Total product sales for the quarter ended September 30, 2026, increased 13% to $8.3 billion compared to the same period in 2025. This growth was primarily driven by higher sales of HIV products, the oncology drug Trodelvy, and the liver disease drug Livdelzi. These increases were partially offset by lower sales of the COVID-19 drug Veklury and Cell Therapy products.

Specific product performance included a 10% year-over-year increase in Biktarvy sales to $4.1 billion and a 49% increase in Descovy sales to $1.0 billion. HIV product sales overall grew 18% to $6.2 billion. Conversely, Veklury sales decreased 69% to $86 million due to lower COVID-19 hospitalization rates.

On the earnings front, diluted earnings per share (EPS) were $1.94 for the third quarter 2026, down from $2.43 in the prior year. This decrease was attributed to net losses from equity securities, higher operating expenses, and lower royalty and contract revenues. Non-GAAP diluted EPS was $2.55, an increase from $2.47 in the prior year.

Gilead has raised its full-year 2026 guidance for product sales to a range of $31.0 billion to $31.3 billion, up from the previously expected range of $30.1 billion to $30.4 billion. The company also provided diluted loss per share guidance of $(4.40) to $(4.05) and non-GAAP diluted loss per share guidance of $(1.20) to $(0.85). These figures include the impact of approximately $9.88 per share related to acquired in-process research and development (IPR&D) charges from recent acquisitions.

Regarding capital allocation, Gilead reported cash, cash equivalents, and marketable debt securities of $6.4 billion as of September 30, 2026. During the third quarter, the company generated $5.0 billion in operating cash flow and paid dividends of $1.0 billion. The company also repurchased $370 million of common stock during the quarter.

In other corporate news, Gilead received FDA approval for Bixlenvo, a new single-tablet regimen for HIV treatment. The company also announced a definitive agreement to acquire PepStar Therapeutics Limited’s oral IL-23R inhibitor program. Additionally, the Centers for Medicare and Medicaid Services set the Maximum Fair Price for Biktarvy, a change that will take effect January 1, 2028.