Overview
- Gilead beat first-quarter estimates with $6.96 billion in revenue and adjusted earnings of $2.03 per share.
- The company raised 2026 revenue guidance to $30.0–$30.4 billion and lifted the 2026 target for its HIV prevention shot Yeztugo to $1 billion.
- Management now projects an adjusted 2026 loss of $1.05 to $0.65 per share because of an $11.5 billion in-process R&D charge that will be recorded in the second quarter.
- IPR&D is an accounting write-off for acquired, not-yet-approved R&D assets, and executives said earnings would be unchanged without the charge.
- Product trends were mixed as Biktarvy rose to about $3.36 billion, Yeztugo posted $166 million and topped forecasts, cell therapy revenue fell 12% to $407 million, and cancer drug Trodelvy climbed 37% to $402 million; shares dipped about 1%–2% after the update.