Key Highlights

  • Gilead Sciences led the group with third quarter Revenue of $8,300 million, up 7%.
  • Exelixis reported revenue of $658.7 million and Net Income of $218.1 million.
  • PTC Therapeutics reported revenue of $357.8 million and a net loss of $51.7 million.
  • BridgeBio Pharma reported revenue of $353.2 million and narrowed its operating loss to $11.6 million.
  • Supernus reported revenue of $226.8 million and net Earnings of $20.9 million.

Which commercial-stage biotechs reported the most revenue in the third quarter of 2026?

The ranking below uses third quarter 2026 total revenues as stated in each company's report. All five figures are quarterly total revenues, so the basis is the same, though revenue mix differs from product sales to royalties and collaboration income.

Gilead Sciences (NASDAQ:GILD) ranks first with $8,300 million, followed by Exelixis (NASDAQ:EXEL) at $658.7 million. PTC Therapeutics (NASDAQ:PTCT) ranks third at $357.8 million, just ahead of BridgeBio Pharma (NASDAQ:BBIO) at $353.2 million, and Supernus (NASDAQ:SUPN) ranks fifth at $226.8 million. Third and fourth place are separated by $4.6 million on a calculated basis.

1. Gilead Sciences: How much did HIV sales add to revenue?

Gilead reported total revenues up 7% to $8,300 million from $7,769 million, with diluted EPS of $1.94 versus $2.43. Total HIV sales rose 18% to $6,249 million, a gain of about $972 million on a calculated basis, led by Biktarvy at $4,059 million and Yeztugo at $305 million.

Trodelvy rose 42% to $506 million. Royalty, contract and other revenues fell to $11 million from $424 million, which explains why total revenue grew slower than product sales, up 13% to $8,289 million. Nine-month net loss was $6,045 million after $11,307 million of acquired in-process Research and Development expenses. Nine-month Operating Cash Flow rose 67% to $11,152 million, and cash and cash equivalents were $6.4 billion.

2. Exelixis: What did CABOMETYX contribute to a 10% revenue rise?

Exelixis reported revenues up 10% to $658.7 million from $597.8 million. CABOMETYX net product revenues grew 12% to $603.2 million, with units sold up 6% and the average net selling price up 5%.

Net income was $218.1 million, or $0.85 per diluted share, versus $193.6 million, or $0.69. Selling, general and administrative expenses rose 25% to $154.6 million. Nine-month operating cash flow was $839.5 million. Cash and marketable securities were $1.4 billion, and about $347.9 million remained under its repurchase program.

3. PTC Therapeutics: What drove the swing to a net loss?

PTC reported total revenues of $357.8 million versus $211.0 million, an increase of about 70% on a calculated basis. Sephience net sales were $181.9 million, and Royalty revenue rose 15% to $81.7 million.

A $111.0 million acquired in-process research and development charge for the ST-920 Fabry gene therapy rights and a $19.3 million loss on Debt extinguishment led to a net loss of $51.7 million, or $0.62 per share, versus net income of $15.9 million. Cash, cash equivalents and marketable securities were $2.13 billion at September 30, 2026, and Emflaza sales fell to $25.1 million amid generic competition.

4. BridgeBio Pharma: How close is the company to breakeven?

BridgeBio reported revenues of $353.2 million versus $120.7 million, about 2.9 times the prior year on a calculated basis. Attruby net product revenue was $253.3 million, and license and services revenue included a $75.0 million sales milestone.

Loss from operations narrowed to $11.6 million from $145.2 million. Net loss per share attributable to common stockholders was $0.42 versus $0.95, after $42.3 million of noncash interest expense on deferred royalty obligations and $26.3 million of preferred dividends and accretion. Cash, cash equivalents and marketable securities were $1.54 billion, and the company had repurchased about $175.0 million of stock.

5. Supernus: What flipped the quarter from a loss to a profit?

Supernus reported revenues up 18% to $226.8 million and net earnings of $20.9 million, or $0.35 per diluted share, versus a $45.1 million loss. Qelbree rose 12% to $90.8 million, ONAPGO rose 151% to $17.1 million, and ZURZUVAE collaboration revenue reached $41.7 million.

Selling, general and administrative expense fell 29% to $128.1 million, mainly because general and administrative costs fell from $102.6 million to $37.5 million with no repeat of Acquisition costs from the Sage purchase. A Merger of equals signed August 1, 2026 is pending.

How do the five biotechs compare on calculated figures?

Gilead's $8,300 million of revenue is about 5.2 times the combined $1,596.5 million of the other four (calculated), and the five together reported about $9.9 billion (calculated). Growth rates differ sharply:

  • BridgeBio Pharma: about 2.9 times prior year revenue (calculated).
  • PTC Therapeutics: up about 70% (calculated, $357.8 million versus $211.0 million).
  • Supernus: up about 18% (calculated, $226.8 million versus $192.1 million).
  • Exelixis: up 10% as reported.
  • Gilead Sciences: up 7% as reported.

Net margin, calculated as quarterly net income or loss divided by revenue, was about 33.1% at Exelixis, 29.3% at Gilead and 9.2% at Supernus. PTC Therapeutics and BridgeBio Pharma were at about negative 14.4% and negative 17.1%, using net loss of $51.7 million and $60.5 million respectively. BridgeBio's loss attributable to common stockholders was larger at $83.0 million after preferred dividends. Supernus also reported nine-month revenues up 29% to $653.5 million but a nine-month net loss of $39.8 million after a $56.5 million Impairment charge, so the quarter and the nine months tell different stories for that company.

What to Watch Next: FDA Target Dates and Capital Returns

BridgeBio's BBP-418 has a PDUFA target action date of November 27, 2026, followed by infigratinib on February 4, 2027 and encaleret on May 8, 2027. Gilead has a December 23, 2026 FDA target action date for anito-cel in 4L+ relapsed or refractory multiple myeloma and a February 2, 2027 target date for a once-weekly oral Yeztugo tablet. Its $0.82 Dividend is payable December 30, 2026 to holders of record on December 15, 2026.

Exelixis has a March 3, 2027 target action date for zanzalintinib after the FDA extended its review by three months. PTC expects to complete a rolling Biologics license application for ST-920 in the fourth quarter of 2026. Closing of the Supernus merger remains subject to regulatory approvals and customary conditions, and each Supernus share would convert into 1.5401 shares of its merger partner.