Gilead Sciences (GILD) Q2 2026 earnings summary

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 FDA approvals in first-line metastatic TNBC and expanded clinical programs; Livdelzi sales more than doubled to $167M.

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

• Multiple new product launches and three FDA approvals in Q2 2026, with further launches and positive Phase 3 data expected in HIV and oncology in the second half of 2026.

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 these, EPS was $2.27, up 13% year-over-year.

• Net loss for Q2 2026 was $10.5B, mainly due to IPR&D and a $1.75B impairment charge.

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

Outlook and guidance

• Full-year 2026 base business sales guidance raised to $29.8–$30.1B, up $350M from May and $750M from initial guidance; total product sales expected up to $30.4B.

• Full-year HIV sales expected to grow 9–10% year-over-year, with Yeztugo sales targeted at $1B.

• Cell therapy sales expected to decline mid-teens percent year-over-year.

• Full-year non-GAAP EPS guidance (excluding IPR&D and nonrecurring items) raised to $8.50–$8.85.

• Full-year GAAP diluted loss per share guidance: $(3.75) to $(3.40); non-GAAP: $(0.65) to $(0.30), both reflecting ~$9.08 per share impact from IPR&D charges.