Gilead’s third quarter product sales rose 13 percent to $8.289 billion, and product sales excluding Veklury rose 16 percent to $8.2 billion, the company reported on October 29 in results furnished to the SEC. Total revenues were $8.300 billion, up 7 percent, held back by royalty, contract and other revenues falling to $11 million from $424 million. Diluted earnings per share were $1.94, against $2.43 a year earlier, on net losses from equity securities and higher spending, while non-GAAP diluted earnings per share rose to $2.55 from $2.47. Chief executive Daniel O’Day called it the company’s strongest year over year base business growth in more than a decade.
HIV carried the quarter. HIV product sales rose 18 percent to $6.2 billion on higher average realized price, higher prevention demand and favourable inventory dynamics. Biktarvy sales rose 10 percent to $4.1 billion, Descovy sales rose 49 percent to $1.0 billion, and the company said HIV prevention sales nearly doubled year over year. Liver disease portfolio sales rose 13 percent to $927 million, helped by Livdelzi demand, and Trodelvy sales rose 42 percent to $506 million. The declines were concentrated where the story is already known: Veklury fell 69 percent to $86 million on lower Covid hospitalizations, and cell therapy sales fell 18 percent to $355 million.
Guidance rose again. Full year product sales are now expected at $31.0 billion to $31.3 billion, up from $30.1 billion to $30.4 billion in the August update, with product sales excluding Veklury at $30.7 billion to $31.0 billion. O’Day said the raise brings the total increase to base business revenue guidance since the start of 2026 to $1.6 billion. The per share guidance lines need their footnote: the guided GAAP and non-GAAP diluted loss per share include about $9.88 of acquired in-process research and development charges, some $12.4 billion in total, from the Arcellx, Tubulis, Ouro Medicines and PepStar deals, so the loss guidance is a deal accounting artefact rather than an operating forecast.
Two forward items sit inside the release. The Centers for Medicare and Medicaid Services completed setting the Medicare maximum fair price for Biktarvy in October 2026, and the new price will affect Biktarvy revenue from its effective date, the size of which the release does not quantify. And the PepStar acquisition, a $1.275 billion upfront deal for an oral IL-23 programme covered by this site on October 23, is now inside the guidance charges. Gilead generated $5.0 billion of operating cash flow in the quarter, paid $1.0 billion in dividends, repurchased $370 million of stock, and held $6.4 billion of cash, equivalents and marketable debt securities at September 30.