# Gilead Stock Q3 2026: HIV Sales +18% on Biktarvy and Yeztugo
> Gilead stock Q3 2026: HIV sales up 18% to $6.2bn on Biktarvy, Descovy and Yeztugo, guidance raised, Biktarvy 2028 price set. Our GILD valuation.

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## Facts
- Ticker: GILD
- QSILabs fair value: $85.37 USD
- Price: $170.68 (as of 2026-10-30)
- As of: Q3 2026 results (quarter ended 2026-09-30); price as of 2026-10-30 close
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/gilead-stock-q3-2026-earnings-biktarvy-yeztugo/

## Short answer
Gilead stock in Q3 2026 is a bet that the HIV franchise keeps growing through a Medicare price cut and, eventually, Biktarvy's patent expiry. Product sales rose 13% to $8.29bn, HIV sales rose 18% to $6.25bn, and Gilead raised its 2026 product sales guidance to $31.0-31.3bn. Our risk-adjusted NPV puts Gilead at $85.37 per share, about 50% below the $170.68 close on 30 October 2026: the market is paying for HIV growth well beyond Biktarvy's 2036 US patent expiry, and for research that has yet to name its products.

## Key takeaways
- Valuation: QSILabs values Gilead Sciences, Inc. (Nasdaq: GILD) at $85.37 per share as of Q3 2026, against a $170.68 close on 30 October 2026, about 50% below the market price. Our bear and bull cases are $69.12 and $96.10.
- Q3 2026 results: Gilead's product sales rose 13% to $8.29bn in the quarter ended 30 September 2026; net income was $2.43bn, GAAP EPS $1.94 and non-GAAP EPS $2.55, against $2.43 and $2.47 a year earlier.
- HIV: HIV sales rose 18% to $6.25bn, 75% of product sales. Biktarvy rose 10% to $4.06bn, Descovy 49% to $1.05bn and the twice-yearly PrEP injection Yeztugo reached $305m.
- Guidance: Gilead now expects 2026 product sales of $31.0-31.3bn (previously $30.1-30.4bn) and a non-GAAP loss per share of $0.85-1.20, after about $9.88 a share of acquired research charges for the Arcellx, Tubulis, Ouro and PepStar deals.
- Biktarvy price: Medicare's price for Biktarvy will be $2,600 per 30-day supply from 2028, about 38% below list. Gilead expects a net hit to Biktarvy revenue of about $1.5bn in 2028 but still expects HIV sales, product sales and EPS to grow that year.
- Pipeline: the FDA is due to decide on the BCMA CAR-T anito-cel in multiple myeloma by 23 December 2026 and on once-weekly oral lenacapavir for HIV prevention in early February 2027.

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