# Key Takeaways

* Gilead Sciences reported Q1 2026 total revenues of $6.96 billion, up 4% year-over-year and beating consensus estimates of $6.91 billion.
* Non-GAAP diluted EPS came in at $2.03, surpassing expectations of $1.91 and up 12% from $1.81 in Q1 2025.
* HIV franchise sales reached $5.03 billion, a 10% increase driven by Biktarvy and Descovy growth.
* Company raised full-year 2026 product sales guidance to $30.0-30.4 billion but lowered non-GAAP EPS outlook to ($1.05)-($0.65) due to $11.5 billion in acquired IPR&D (in-process research and development) charges from recent acquisitions.
* Stock fell about 1.6-2.7% in after-hours trading despite the earnings beat, reflecting investor concerns over EPS guidance.
* Strong growth in oncology (Trodelvy up 37%) and new launches like Livdelzi highlight base business momentum excluding Veklury.

# Understanding Gilead's Q1 Earnings and Their Implications

As someone who follows biotech closely, I view [GILD](https://tickeron.com/ticker/GILD/)'s first quarter 2026 earnings, released on May 7, 2026, for the period ended March 31, 2026, as a key indicator of the company's resilience. Gilead remains a leader in HIV and antiviral therapies, and this report highlights the strength of its core HIV franchise even as [Veklury](https://tickeron.com/ticker/GILD/) sales from COVID-19 decline and cell therapy faces competition. Investors like me are particularly interested in its push into oncology and inflammation through recent acquisitions such as Arcellx, Ouro Medicines, and Tubulis. In a volatile biotech sector, the 8% year-over-year growth in its base business excluding Veklury shapes how I think about the stock's valuation and long-term strategy in a maturing HIV market.

# Diving Into the Reported Numbers

Gilead reported total revenues of $6.96 billion for Q1 2026, which topped consensus estimates of about $6.91 billion and marked a 4% increase from $6.67 billion in Q1 2025. Product sales reached $6.95 billion, up 5%, with sales excluding Veklury climbing 8% to $6.80 billion.

Non-GAAP diluted EPS was $2.03, exceeding expectations of $1.91 and rising 12% from $1.81 a year earlier, thanks to stronger HIV sales and reduced IPR&D expenses. GAAP EPS was $1.61, an improvement from $1.04.

Segment standouts included HIV sales of $5.03 billion, up 10%, led by [Biktarvy](https://tickeron.com/ticker/GILD/) at $3.36 billion (+7%) and [Descovy](https://tickeron.com/ticker/GILD/) at $807 million (+38%). In oncology, [Trodelvy](https://tickeron.com/ticker/GILD/) jumped 37% to $402 million. [Veklury](https://tickeron.com/ticker/GILD/) dropped 52% to $144 million, and cell therapy sales fell 12% to $407 million. For full-year 2026, the company lifted product sales guidance to $30.0-30.4 billion from $29.6-30.0 billion, but cut non-GAAP EPS to ($1.05)-($0.65) due to $11.5 billion in IPR&D charges from acquisitions, down from the prior range of $8.45-8.85.

# Market Reaction and What It Tells Us

Even with beats on revenue and EPS, [GILD](https://tickeron.com/ticker/GILD/) shares declined 1.6% to 2.7% in after-hours trading on May 7, 2026, ending around $134 after a regular session close near $136. The drop was driven by the significant cut to full-year EPS guidance from those large IPR&D charges, which overshadowed the revenue strength and base business growth. From what I see, sentiment has turned cautious, with attention on integration risks and near-term profitability pressures, though the long-term potential in oncology and inflammation offers some balance.

# Looking Ahead: Guidance and Factors I'm Monitoring

Gilead's revised 2026 guidance shows confidence in its core operations, with product sales excluding Veklury now guided at $29.4-29.8 billion, up $400 million at the midpoint from before. Veklury guidance holds at $600 million. The non-GAAP EPS loss projection underscores the acquisition costs, including $11.5 billion in IPR&D from Arcellx (anito-cel for multiple myeloma, PDUFA Dec 2026), Ouro Medicines (inflammation therapies), and Tubulis (ADCs).

One thing that stands out to me is the need to watch HIV momentum, such as the FDA priority review for bictegravir/lenacapavir (PDUFA Aug 2026) and lenacapavir access expansion. Progress in oncology with Trodelvy uptake and Tecartus approvals, plus cell therapy competition, will be critical. I'm also keeping an eye on cost trends, including mid-single-digit R&D increases and SG&A.

Key catalysts ahead include up to four potential product launches and five Phase 3 readouts in 2026, along with quarterly dividends of $0.82 per share. Acquisition integrations could pressure margins, and demand for liver disease treatments like Livdelzi matters amid HCV declines. Broader factors, such as payer mix in HIV and COVID trends, may affect execution. I also checked this using [Tickeron’s AI Screener](https://tickeron.com/app-ng/screener/stocks/diy/industries) to gauge how [GILD](https://tickeron.com/ticker/GILD/) stacks up against peers on fundamentals and trends.

# Why I Use Tickeron's AI Screener in My Analysis

In my own research process, [Tickeron’s AI Screener](https://tickeron.com/app-ng/screener/stocks/diy/industries) has become a go-to tool for efficiently scanning stocks and ETFs. It lets me filter thousands of names using customizable criteria like technical patterns, fundamentals, volatility, and AI signals—far quicker than manual methods. For instance, I used it here to identify breakout candidates and compare [GILD](https://tickeron.com/ticker/GILD/) within biotech on key metrics. It's helped me spot trade ideas and market opportunities more reliably, and I find it enhances my overall analysis without the time sink.

Gilead Sciences (GILD): Q1 2026 Earnings Beat Estimates, But EPS Guidance Cut Weighs on Shares