GILD earnings analysis
What we found in GILD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Gilead Sciences reported Q1 2026 results with revenue of $6.96 billion, marking a 4% increase from $6.67 billion in Q1 2025, and EPS of $2.03, surpassing estimates of $1.91. Key growth drivers included a 10% increase in HIV product sales, particularly from Biktarvy and Descovy, despite challenges in Veklury sales which decreased significantly by 52%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Growth of 4%
- Revenue reached $6.96 billion in Q1 2026, up from $6.67 billion in Q1 2025.
- EPS Surpassed Estimates
- Reported EPS was $2.03, beating estimates of $1.91 by 6.28%.
- Strong HIV Product Sales Growth
- HIV product sales increased by 10% to $5.03 billion, driven by 38% growth in Descovy.
- Gross Margin Improvement
- Gross margin improved to 79.2%, up from 76.7% year-over-year.
- Significant Net Income Increase
- Net income increased by 54% to $2.02 billion from $1.32 billion in the previous year.
- Increased Operating Cash Flow
- Operating cash flow rose by 45% to $2.54 billion, compared to $1.76 billion in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Veklury Sales
- Veklury's sales dropped by 52%, down to $144 million due to lower COVID-19 hospitalizations.
- Upcoming Acquisition Charges
- Expected IPR&D expenses of approximately $11.5 billion are projected for Q2 2026, impacting profitability.
- Increased SG&A Expenses
- Selling, general, and administrative expenses increased by 15% year-over-year to $1.45 billion.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.03
- Gross margin
- 79.2%
- Segment
- HIV: $5.03B
- Segment
- Oncology: $0.81B
- Segment
- Liver Disease: $0.77B
- Segment
- Total Revenues: $6.96B
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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