Gilead Sciences raises 2026 sales outlook after Q3 revenue beats forecasts

The drugmaker's full-year loss guidance is now wider than the consensus, which was a loss of about 48 cents a share, even as quarterly revenue of $8.20 billion topped the $7.96 billion expected.

Gilead Sciences raised its 2026 product sales forecast for the second time this year after third-quarter revenue of $8.20 billion beat the $7.96 billion analysts expected, but a much wider expected loss per share clouds the picture.

The company now expects product sales of $31.0 billion to $31.3 billion, up from $30.1 billion to $30.4 billion. The earlier increase came in May. Quarterly earnings per share were $2.55, $0.31 above forecasts, though the sales outlook is the more telling number: it moves the whole year, while the earnings beat covers one quarter.

Daniel O'Day, chairman and chief executive, said the quarter showed the strongest year-over-year growth in the base business in more than a decade, which let Gilead lift its base business revenue guidance again.

The loss guidance points the other way. Gilead now expects a full-year non-GAAP loss of $(1.20) to $(0.85) a share, against a previously guided loss of $(0.65) to $(0.30). Both ends moved, and the new range sits well below the loss of about 48 cents that consensus had been tracking. Sales guidance went up by roughly $1 billion, yet the expected loss grew by more than 50 cents at each end.

That gap is the question for holders. Stronger sales are plainly arriving, but whatever is driving the wider loss is currently outrunning them, and the year-end figures will show whether the two can be reconciled.

The board declared a quarterly dividend of $0.82 a share, payable December 30 to stockholders of record on December 15.