LOS ANGELES (May 5, 2026) – While Gilead is raking in blowout profits, many state AIDS Drug Assistance Programs (ADAPs) can no longer afford the high prices of its HIV medications. State support programs are scrambling to contain costs as financial analysts await the company’s earnings call for the first quarter of 2026 (Earnings Call, Thursday, May 7th). Low-income patients that rely on state assistance will not share the good news expected by investors.
Last year, HIV product sales were the driving force behind the company’s revenue, accounting for 72% of total sales. Sales of treatments for people living with HIV were up 6% from 2024, totaling $20.8 billion. Biktarvy sales saw a 7% jump from the prior year, generating $14.3 billion in revenue. In 2025, Gilead’s premier HIV medication regimen cost $61,000 for a year of treatment. The prohibitive cost is making the treatment preferred by the majority of patients and their medical prescribers unaffordable for state assistance programs.
Florida is the first state to completely remove Biktarvy from its drug formulary, but likely will not be the last. In fact, 19 states are projecting budget deficits for the upcoming fiscal year. Cost containment measures are the new norm; fiscal reality means states will cover older, less effective drugs for the patients most in need.
Analysts expect a hefty 52% year-over-year earnings per share jump for Gilead in the first quarter of 2026. The prediction is little solace to the low-income patients receiving drugs from lifeline support programs.
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