Gilead revenues hit $7B as HIV and oncology strength offsets covid-19 tailwinds

Gilead Sciences (NASDAQ:GILD) delivered a steady first quarter for 2026, as the company’s core HIV business and expanding oncology franchise provided a solid buffer against the continued normalization of pandemic-related product sales.

The Foster City-based biopharmaceutical leader reported total revenues of $7 billion for the quarter ended March 31, 2026, a 4% increase compared to the same period in 2025.

The top-line performance was primarily fueled by higher sales of Gilead’s market-leading HIV products and the continued growth of Trodelvy, the company’s cornerstone oncology treatment.

Additionally, the recent launch of Livdelzi contributed to the positive revenue trajectory.

These gains were partially offset by an expected decline in sales of Veklury (remdesivir), as well as softer performance in the chronic hepatitis C virus (HCV) and Cell Therapy segments.

Profitability metrics saw a significant year-over-year boost.

Diluted earnings per share (EPS) reached $1.61, compared to $1.04 in the first quarter of 2025.

This surge was largely driven by a favorable swing in equity securities—moving from net unrealized losses in the prior year to net unrealized gains in 2026—alongside higher product sales and lower acquired in-process research and development (IPR&D) expenses.

On a non-GAAP basis, diluted EPS rose to $2.03 from $1.81, reflecting strong operational execution despite higher income tax and selling, general and administrative (SG&A) expenses.

Meanwhile, Gilead continues to maintain a disciplined approach to capital allocation while managing a robust balance sheet.

As of March 31, 2026, the company held $8.6 billion in cash, cash equivalents, and marketable debt securities.

During the quarter, Gilead generated $2.5 billion in operating cash flow, which supported $2.8 billion in debt repayments, $1 billion in dividend payments, and approximately $419 million in common stock repurchases.