Gilead Sciences (GILD) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues rose 10% year-over-year to $7.8B, driven by strong HIV, Trodelvy, and Livdelzi sales, while Veklury and cell therapy declined.

• HIV sales grew 12% to $5.7B, with PrEP sales doubling and exceeding $1B quarterly for the first time; Biktarvy and Descovy led growth.

• Trodelvy sales increased 26% year-over-year to $457M, with new approvals in metastatic TNBC; Livdelzi sales rose 115% year-over-year.

• Major acquisitions (Arcellx, Tubulis, Ouro Medicines) closed, expensed as $11.2B in IPR&D, contributing to a $10.5B net loss and $1.75B impairment charge.

• Significant clinical progress included three FDA approvals and positive Phase 3 updates, with further launches expected in HIV and oncology.

Financial highlights

• Q2 2026 product sales (excluding Veklury) reached $7.6B, up 10% year-over-year; total revenues were $7.8B, up 10% year-over-year.

• Veklury sales declined 81% year-over-year to $23M due to lower COVID-19 hospitalizations.

• Non-GAAP diluted EPS was $(6.75), with a $9.08 per share impact from IPR&D and tax expenses; illustrative EPS excluding acquisitions was $2.27, up 13% year-over-year.

• GAAP operating loss was $(10.4)B; non-GAAP operating loss was $(7.3)B.

• Cash and cash equivalents were $3.2B as of June 30, 2026.

Outlook and guidance

• Full-year 2026 product sales expected at $30.1–$30.4B; excluding Veklury, $29.8–$30.1B.

• HIV sales growth guidance raised to 9–10% year-over-year, driven by Biktarvy, Yeztugo, and Descovy.

• Full-year non-GAAP EPS expected between $(0.65) and $(0.30), reflecting IPR&D charges; illustrative EPS (excluding acquisitions) raised to $8.50–$8.85.

• Veklury full-year sales guidance reduced to ~$300M.