GILEAD SCIENCES, INC. Earnings Summary — Q1 2026

• Revenue for Q1 2026 grew 4.4% year-over-year to $6.96 billion, continuing a stabilization trend.
• Net income to common shareholders rose to $2.021 billion, a significant 53.7% increase compared to Q1 2025.
• Operating expenses were well-managed at $2.93 billion, down significantly from the prior quarter's $4.32 billion.
• Research & Development expenses normalized to $1.48 billion after a period of high volatility and historical impairments.
• The company demonstrated improved operating efficiency with operating income rising to $2.59 billion versus $2.24 billion in the year-ago period.
• Gilead continues its transition from a pure antiviral focus toward a diversified oncology and HIV powerhouse.

Management remains focused on the pivot toward oncology-focused biopharma and cell therapy, emphasizing world-class execution in the HIV business despite competitive entries and patent cliff concerns.

Improving

Earnings have stabilized following extreme volatility in 2024; the current quarter shows strong YoY profit growth and normalized R&D spending.

The outlook remains healthy as revenue post-HCV decline has turned a corner, although EPS remains sensitive to clinical pipeline setbacks and the ROI of recent high-priced oncology acquisitions.