Gilead Sciences, Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines in the areas of unmet medical need in the United States, Europe, and internationally.
Q2 2026 results
Gilead is held in the US Growth Portfolio. The company reported June quarter results after the close on Tuesday 4 August.
| Metric | Actual | Consensus |
| Total revenue | $7.80bn | ~$7.4bn |
| Non-GAAP diluted EPS | $(6.75) | $(7.07) to $(7.31) |
| Acquired IPR&D expense | $11.18bn | n/a |
| FY26 non-GAAP EPS guidance | $(0.65) to $(0.30) | prior $(1.05) to $(0.65) |
Total revenue rose 10 percent to $7.80 billion, ahead of the roughly $7.4 billion consensus, with product sales up 8 percent to $7.63 billion. Royalty and contract revenue of $176 million, against $27 million a year ago, supplied part of the beat. Non-GAAP diluted earnings per share came in at negative $6.75 and GAAP EPS at negative $8.45, both ahead of consensus estimates ranging from negative $7.07 to negative $7.31.
The losses come from $11.18 billion of acquired in-process research and development expense, covering $7.0 billion for Arcellx, $3.1 billion for Tubulis and $1.0 billion for Ouro Medicines. Gilead does not add acquired IPR&D back in its non-GAAP measures, so both earnings lines sit deep in negative territory. Because the expense is not deductible, the company booked $242 million of tax expense on a pre-tax loss of $10.25 billion. A separate $1.75 billion impairment on assets acquired from Immunomedics is excluded from non-GAAP. Management pointed to underlying EPS of $2.27 excluding acquisitions and non-recurring items.
HIV carried the base business. Total HIV sales rose 12 percent to $5.69 billion, with Biktarvy up 7 percent to $3.77 billion and Descovy up 48 percent to $967 million. Yeztugo, the lenacapavir PrEP launch, contributed $232 million against $15 million a year ago, and management said it remains on track for roughly $1 billion in 2026. Liver disease rose 10 percent to $877 million on Livdelzi and Vemlidy. Oncology rose 3 percent to $873 million, with Trodelvy up 26 percent offsetting a 14 percent decline in cell therapy. Veklury fell 81 percent to $23 million.
Gilead raised full-year product sales excluding Veklury by about $350 million to $29.8 to $30.1 billion and lifted its non-GAAP EPS range, while halving the Veklury assumption and cutting the GAAP range. The total product sales midpoint of $30.25 billion sits slightly below street estimates, so the raise applies to the base business. Cash and marketable securities fell to $3.18 billion from $10.61 billion at the end of December.
Shares closed up 3.1 percent at $135.27 ahead of the release, then eased 0.8 percent after hours.
