Gilead Sciences (GILD) investor relations material

Executive summary

• Q2 2026 base business sales grew 10% year-over-year, marking the strongest Q2 growth in three years, driven by HIV, oncology (Trodelvy), and liver disease (Livdelzi) portfolios, while Veklury and cell therapy sales declined.

• HIV sales rose 12% year-over-year to $5.7B, with PrEP sales doubling and exceeding $1B quarterly for the first time, led by Biktarvy, Descovy, and Yeztugo.

• Trodelvy sales increased 26% year-over-year to $457M, with new first-line metastatic TNBC approvals and strong adoption; Livdelzi sales more than doubled to $167M.

• Major acquisitions of Arcellx, Tubulis, and Ouro Medicines closed, expensed as $11.2B in IPR&D, expanding ADC and cell therapy platforms.

• Multiple FDA approvals and positive Phase 3 data for Trodelvy, Hepcludex, and Livdelzi; new launches and regulatory submissions in HIV and oncology.

Financial highlights

• Q2 2026 total product sales (excluding Veklury) reached $7.6B, up 10% year-over-year and 12% sequentially; including Veklury, sales were $7.6B, up 8% 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) due to $11.2B in acquired IPR&D expenses; excluding acquisitions, EPS was $2.27, up 13% year-over-year.

• GAAP diluted loss per share was $(8.45), reflecting a $9.08 per share impact from IPR&D and tax expenses.

• Product gross margin was 87% non-GAAP and 79.3% GAAP, flat year-over-year.

Outlook and guidance

• Full-year 2026 product sales guidance raised to $30.1–$30.4B; excluding Veklury, $29.8–$30.1B.

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

• Non-GAAP EPS guidance (excluding IPR&D and nonrecurring items) raised to $8.50–$8.85; GAAP diluted loss per share guidance: $(3.75) to $(3.40).

• Veklury full-year sales guidance reduced to ~$300M; cell therapy sales expected to decline mid-teens percent year-over-year.