Gilead Sciences, Inc.
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Outstanding Q3 results + strong acceleration in core business
- Base business sales (ex-Veklury) $8.2B, +16% YoY—Gilead’s strongest growth in > a decade; sequential +8%.
- Total product sales (ex-Veklury impact excluded) $8.2B driven by HIV (Biktarvy, Descovy, Yeztugo), Trodelvy, and Livdelzi.
- HIV total sales $6.2B (+18% YoY), highest YoY growth since Q4 2018; oncology and liver disease also strong.
- Earnings power: non-GAAP Q3 EPS $2.55; operating margin 50% Q3 (49% YTD), showing operating leverage.
2026 guidance raised meaningfully (positive surprise)
- Base business sales guidance raised by $1.6B over the year; updated FY $30.7B–$31.0B (midpoint +$900M vs August; +$1.65B vs initial plan).
- HIV FY guidance now expects ~12% YoY growth (Biktarvy + Yeztugo + Descovy).
- Yeztugo expected ~$1B full-year (noted: more modest sequential growth due to seasonality).
- Cell therapy sales expected to decline mid-teens % YoY.
- Total product sales guidance: $31.0B–$31.3B, with Veklury ~ $300M FY (lower COVID hospitalizations).
HIV + prevention: leadership is getting stronger, with pipeline preparing the next phase
- Biktarvy: Q3 sales $4.1B (+10% YoY); reached all-time high U.S. treatment market share of 53% (supported by new patient gains, retention, and access improvements).
- Bixlenvo (new daily oral combo for virally suppressed): launched in Aug; “modest initial contribution” and uptake in complex regimens in line with expectations.
- PrEP: Q3 prevention sales nearly doubled YoY; portfolio now ~50% PrEP market share and $4B annual run rate (Yeztugo + Descovy).
- Yeztugo (long-acting injectable PrEP): Q3 $305M, +31% sequential, and targeted to ~$1B FY; >70% returning for second injection, supporting strong persistence.
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$166.91
4.3% downside
Current Fair Value
4.3% downsideOvervalued by 4.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $211.64 Billion |
|---|---|
| Enterprise Value | $210.87 Billion |
| Annual dividend | $3.25 |
| Dividend yield | 1.90% |
| Earnings per Share | $6.84 |
| Beta | 0.33 |
| Outstanding Shares | 1,242,000,000 |
Return
| Return on Equity | -32.43% |
|---|---|
| Return on Assets | -7.72% |
| Return on Invested Capital | -4.29% |
Valuation & Multiples
| P/E Ratio | -55.06 |
|---|---|
| PEG | 295.27 |
| Price to Sales | 6.98 |
| Price to Book Ratio | 19.39 |
| Enterprise Value to Revenue | 6.76 |
| Enterprise Value to EBIT | -128.34 |
| Enterprise Value to Net Income | -56 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.21 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$2.19
Consensus analyst estimateRevenue Estimate
$7.81 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$1.39
Consensus analyst estimateRevenue Estimate
$8.28 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.39, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3937▼ 14.86% |
|---|---|
| Total Calls | 30,228▼ 99.69% |
| Total Puts | 11,900▼ 99.77% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.94%▼ 86.25% |
|---|---|
| Total Invested | $7.25B▼ 94.88% |
| Investors Holding | 983▼ 1394.00% |
About Gilead Sciences, Inc.
17,000 employees
CEO: Daniel O'Day
Gilead Sciences, Inc. is a biopharmaceutical innovator dedicated to the research, development, and global commercialization of medicines that address significant unmet medical needs across the United States, Europe, and other internation...