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Analyst Conference Summary
biotechnology
Gilead Sciences
GILD
conference date: May 7, 2026 @ 1:30 PM Pacific Time
for quarter ending: March 31, 2026 (first quarter, Q1 2026)
Overview:
Basic data (GAAP):
Revenue was $ billion, up % sequentially from $7.93 billion and up % from $ billion in the year-earlier quarter.
Net income was $ billion, down % sequentially from $2.18 billion and up % from $ billion year-earlier.
Earnings per share (EPS, diluted) were $, down % sequentially from $1.74, and up % from $ in the year-earlier quarter.
Guidance:
Conference Highlights:
Daniel O'Day, CEO, said "" Gilead now has no major LOEs (loss of exclusivity) until 2036.
The dividend is $0.82 per share, is to be paid on June 30, 2026 to shareholders of record as of June 13, 2026.
Made agreements with the government to lower some therapy costs in 2026 in the U.S.
Anito-cel for multiple myeloma FDA filing acceptence expected Q1 2026, with a decision in 2H.
Non-GAAP numbers: Net income was $ billion, down % sequentially from $2.33 billion and down % from $ billion year-earlier. Non-GAAP EPS was $, down % sequentially from $1.86 and down % from $ year-earlier.
Product sales were $ billion, up % sequentially from $7.9 billion and up % from $ billion in the year-earlier quarter.
| Gilead Revenues by product ($ millions): | ||||
| Q1 2026 | Q4 2025 | Q1 2025 | y/y increase | |
| Biktarvy | $ |
$3,968 |
$ |
% |
| Descovy | 819 |
% |
||
| Genvoya | 380 |
% |
||
| Odefsey | 310 |
% |
||
| Symtuza | 134 |
% |
||
| Other HIV | 190 |
% |
||
| Sofosbuvir/Velpatasvir | 276 |
% |
||
| Vemlidy | 287 |
% |
||
| other liver disease | 281 |
% |
||
| Yescarta | 368 |
% |
||
| Tecartus | 90 |
% |
||
| Trodelvy | 384 |
% |
||
| Veklury | 212 |
% |
||
| AmBisome | 118 |
% |
||
| Other | 87 |
% |
||
Royalty, contract and other revenue was $ million, down sequentially from $22 million, and up from $ million year-earlier.
Cash and equivalents ended at $ billion, up sequentially from $10.0 billion. $ billion cash flow from operations. Capital expense $ million. $ billion free cash flow. $ million was used to repurchase shares. $ billion paid in dividends. Long term liabilities were $ billion.
Numerous other studies are underway or planned; see Gilead pipeline.
Expenses were $ billion, consisting of $ billion for cost of goods sold; $ billion for R&D; $ million acquired in-process R&D; $ billion SG&A. Leaving income from operations of $ billion. Interest expense $ million. Other income $ million. Income tax benefit $ million.
Capital allocation priorities are to grow the dividend and pay down debt.
Q&A selective summary:
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Disclaimer: Our analyst summaries may include both our condensations of statements made by company representatives and our own analysis. They are not covered by any warranty. We cannot guarantee anything said by company representatives is true. We try not to make errors, but it is possible. Before making or terminating an investment you should always verify any factual basis of your decision.
Copyright 2026 William P. Meyers