Gilead Sciences

Gilead Sciences develops and sells medicines for HIV, liver diseases, cancer and inflammation. HIV gave about 75% of product sales in Q3 2026. Its main HIV medicines are Biktarvy for treatment, Descovy for prevention and Yeztugo, a lenacapavir injection that people take twice a year to prevent HIV. Its cancer medicines include Trodelvy and the cell therapies Yescarta and Tecartus.

In 2026, Gilead bought Arcellx, Tubulis and Ouro Medicines to add medicines for multiple myeloma, solid tumors and autoimmune diseases. Total revenues were $29.4 billion in 2025. The company is based in Foster City, California.

Gilead trades at a premium because investors pay for a growing HIV business with long patent protection. HIV sales rose 18% to $6.25 billion in Q3 2026. Descovy for prevention grew 49%, and Yeztugo, the twice-yearly prevention injection, reached $305 million in the quarter. Gilead raised its 2026 product sales guidance to $31.0 billion to $31.3 billion.

Investors also pay for new growth from the $11.3 billion that Gilead spent on acquisitions in the first nine months of 2026, mainly Arcellx, Tubulis and Ouro Medicines. For the premium to be earned, four things must be true. Yeztugo and Descovy must grow fast enough to replace the Biktarvy revenue that Gilead loses when the Medicare maximum fair price starts on January 1, 2028. The FDA must approve anito-cel for multiple myeloma by its target date of December 23, 2026, and the launch must sell well.

The FDA must approve once-weekly oral Yeztugo by its target date of February 2, 2027. Earnings must return to their earlier level in 2027 without new large charges for purchased research, and debt must fall. The anito-cel decision in December 2026 and the Q4 2026 report with 2027 guidance in February 2027 are the next tests. The premium can shrink if the Medicare price cuts Biktarvy sales more than expected, if a launch is slow, or if Gilead makes more large purchases.

1. Dec 23, 2026Pending

   FDA decision on anito-cel in multiple myelomaFDA approval of anito-cel for relapsed or refractory multiple myeloma passes; a rejection or a delay fails.
2. Feb 2, 2027Pending

   FDA decision on once-weekly oral YeztugoFDA approval of once-weekly oral Yeztugo for HIV prevention passes; a rejection or a delay fails.
3. Feb 10, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 guidance for product sales growth and non-GAAP EPS above the 2025 level of $8.15 pass; guidance for lower EPS or slow Yeztugo growth fails.

Every passed and failed checkpoint across all picks

• October 29, 2026Gilead reported Q3 2026 results. Total revenues rose 7% to $8.30 billion, and product sales excluding Veklury rose 16%. HIV sales rose 18% to $6.25 billion, with Biktarvy up 10% to $4.06 billion, Descovy up 49% to $1.05 billion and Yeztugo at $305 million. Trodelvy grew 42%, and cell therapy fell 18%. GAAP EPS was $1.94 and non-GAAP EPS was $2.55. Gilead raised its 2026 product sales guidance to $31.0 billion to $31.3 billion. It agreed to buy the oral IL-23R program of PepStar, and it said that CMS completed the price setting for Biktarvy, with a maximum fair price from January 1, 2028.
• August 27, 2026The FDA approved Bixlenvo, a once-daily tablet of bictegravir and lenacapavir, for adults with HIV whose virus is suppressed on a stable regimen.
• August 4, 2026Gilead reported Q2 2026 results. Total revenues rose 10% to $7.80 billion, and HIV sales rose 12% to $5.69 billion. The GAAP loss was $8.45 per share because of acquired research charges of $11.18 billion for Arcellx, Tubulis and Ouro Medicines. The FDA accepted the filing for once-weekly oral Yeztugo for HIV prevention, with a target date of February 2, 2027. A Phase 3 study of Trodelvy with Keytruda in first-line lung cancer, EVOKE-03, was stopped on the advice of its data monitoring committee.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · gild-20260930
• 8-KEarnings releaseFiled October 29, 2026 · gild-20261029
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · gild-20260630
• 8-KEarnings releaseFiled August 4, 2026 · gild-20260804
• 8-KNew material agreement and New debt or financial obligationFiled May 20, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · gild-20260331
• 8-KEarnings releaseFiled May 7, 2026 · gild-20260507
• 8-KShareholder vote resultsFiled May 4, 2026 · gild-20260430
• 8-KInvestor disclosure and Other company newsFiled April 28, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 24, 2026 · gild-20251231

Every filing on SEC EDGAR (CIK 882095)

• Biktarvy gave $4.06 billion of sales in Q3 2026, about half of product sales. Its Medicare maximum fair price starts on January 1, 2028, and generic competition follows later. Growth of newer HIV medicines must replace this revenue.
• Gilead spent $11.3 billion on acquisitions in the first nine months of 2026, mostly for medicines that are not yet approved. If anito-cel or the other purchased medicines fail or sell slowly, this money is lost.
• Debt had a carrying value of $26.2 billion at September 30, 2026, and cash fell to $6.4 billion from $10.6 billion at the end of 2025. More large purchases can delay a reduction of debt.
• Yeztugo growth depends on insurance coverage and on how many people at risk start prevention. A slow uptake lowers the main source of new HIV growth.
• Cell therapy sales fell 18% in Q3 2026, and a Phase 3 study of Trodelvy in lung cancer was stopped in 2026. The cancer business adds less growth than HIV.

Gilead funds itself with senior unsecured notes and a term loan. At September 30, 2026, debt had a carrying value of $26.23 billion, of which $2.42 billion is due within one year. Read more

Dividend yield

1.9% (last 12 months, at today’s price of $169.32)

Paid per share

$3.25 in the last 12 months (4 payments)

Current annual rate

$3.28 ($0.82 × 4 a year)

Payout ratio

47% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 15, 2026, $0.82 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 3.0% a year. Over the last 10 years, the dividend grew by about 6.1% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.