Revenue Increased, But Shifts to 2026 'Loss Guidance' Due to Large Acquisition Costs

Gilead Sciences, Inc. (GILD) reported first-quarter 2026 revenues of $7.0 billion, up 4% year-over-year, with product sales rising 5%—or 8% excluding COVID-19 treatment Veklury—driven by HIV therapies, Trodelvy and Livdelzi. Reflecting approximately $11.5 billion in acquisition-related R&D and financing costs from Arcellx, Ouro Medicines and Tubulis, the company substantially lowered its full-year GAAP and non-GAAP diluted EPS guidance into a per-share loss range, while raising its product revenue guidance excluding Veklury. During the quarter, Gilead closed the Arcellx acquisition for about $7.8 billion, finalized its Tubulis and Ouro deals, repaid $2.8 billion of debt, declared a $0.82 per-share dividend and continued its share buyback program. In May, members of its commercial and finance leadership sold shares and exercised stock options worth millions under 10b5-1 trading plans.

The U.S. FDA recently granted full approval to Kite’s CAR-T cell therapy Tecartus for adult patients with relapsed or refractory mantle cell lymphoma—converting its accelerated approval to a full license—and removed certain label restrictions on another CAR-T therapy, Yescarta, further expanding Gilead’s oncology portfolio. At the same time, the FDA review of Arcellx’s multiple myeloma CAR-T candidate anito-cel is underway, with a PDUFA target date set for late 2026, reinforcing the company’s cell therapy pipeline.

Headquartered in Foster City, California, Gilead is a leading biopharmaceutical company that began with antiviral treatments for HIV and hepatitis C and has since expanded into oncology, inflammatory diseases and cell therapies. The company is now diversifying its growth drivers with next-generation cancer technologies—such as CAR-T therapies and antibody-drug conjugate platforms—through its subsidiary Kite.