Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Base business sales | $8.2 billion | Up 16% year-over-year |
| Total product sales | $8.3 billion | Up 13% year-over-year |
| HIV sales | $6.2 billion | Up 18% year-over-year |
| Trodelvy sales | $506 million | Up 42% year-over-year |
| Non-GAAP diluted EPS | $2.55 | Not stated |
Guidance and outlook
- Full year base business sales are expected to range between $30.7 billion and $31 billion.
- Total product sales are expected to be in the range of $31 billion to $31.3 billion.
- Veklury sales are expected to be approximately $300 million for the full year.
- Full year non-GAAP diluted EPS is expected to be $8.75 to $9.10, excluding specific acquired IP R&D and financing costs.
How management sounded
Positive (+7 on our -10 to +10 scale). Management highlighted the strongest base business growth in over a decade, raised full-year guidance, and emphasized a robust pipeline despite acknowledging future policy headwinds. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Biktarvy IRA Impact
Asked: Analysts asked for details on the $1.5 billion IRA impact for Biktarvy in 2028.
Answer: Management clarified this is a net impact inclusive of Medicare and spillover effects to other U.S. channels, noting they plan to mitigate the impact through portfolio growth.
Weekly Oral PrEP Launch
Asked: Analysts asked about the market appeal of the upcoming weekly oral PrEP launch.
Answer: Management expects it to appeal to patients who prefer long-acting options but dislike injectables, building on existing access established by Yeztugo.
Inflammation Pipeline
Asked: Analysts asked about the feasibility of combining the alpha 4 beta 7 inhibitor with the IL-23 receptor inhibitor.
Answer: Management stated they are excited about the combination potential and are currently working on different formulations for the early-stage IL-23 program.
Cell Therapy
Asked: Analysts asked about the partial clinical hold on the PALISADE program.
Answer: Management explained they paused to investigate Grade 3 and Grade 4 ICANs in a small number of patients and will provide updates once more information is available.
What to watch before the next call
- The December 23 PDUFA date for the potential approval of aniducel in fourth-line plus relapsed or refractory multiple myeloma.
- The upcoming November 8 American College of Rheumatology meeting for data on the IRAK4 inhibitor idesasertib.
- The regulatory decision on once-weekly oral lenacapavir for PrEP expected in early February 2027.
