Gilead Sciences Q2 2026 Earnings Analysis
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Gilead Sciences Q2 2026 Earnings Analysis
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Groups: PHARMA (https://betafinch.com/groups/PHARMA)
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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown! Today we're diving into Gilead Sciences' second quarter 2026 results — and Jordan, this is a big one.
JORDAN: It really is. Big numbers, big acquisitions, big pipeline news.
ALEX: Before we get into it, quick disclaimer: this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
JORDAN: Good to have that out there. Okay, let's talk numbers. Gilead's base business — that's total product sales excluding the COVID drug Veklury — came in at $7.6 billion, up 10% year-over-year. That's their strongest second-quarter growth in three years.
ALEX: And it's broad-based too. HIV sales were up 12% to $5.7 billion, Trodelvy in oncology up 26%, and Livdelzi in liver disease more than doubled. On the back of that, management raised full-year HIV growth guidance to 9-10%, up from 8%.
JORDAN: The headline stat for me was PrEP — that's HIV prevention. Quarterly PrEP sales topped $1 billion for the first time, doubling year-over-year, putting that business on a $4 billion annual run rate. Yeztugo, their twice-yearly injectable, is now the leading option for new PrEP starts and even leads the switch market after just four quarters on the market.
ALEX: And they shared something pretty striking — more than 70% of Yeztugo patients are coming back for their second injection at six months, meaning they get a full year of protection. That persistency rate is apparently well above anything else in the category.
JORDAN: Now, EPS is where things get messy — but for a good reason. Non-GAAP diluted EPS was actually negative $6.75 for the quarter.
ALEX: Wait, negative? That sounds alarming.
JORDAN: It sounds alarming, but it's really an accounting story. Gilead closed three acquisitions this quarter — Arcellx, Tubulis, and Ouro Medicines — totaling about $11.2 billion in acquired R&D expense, which under accounting rules gets taken as a hit all at once. Strip that out, along with a one-time non-cash revenue item, and EPS was actually $2.27 for the quarter — up about 13% year-over-year on an apples-to-apples basis. That's outpacing revenue growth, which tells you there's real operating leverage in this business.
ALEX: Right, and full-year guidance reflects that same split — they're now guiding to $30.1 to $30.4 billion in total product sales, raised from prior guidance, but full-year EPS on a GAAP-ish basis is guided negative because of those acquisition costs. Excluding the deal noise, full-year EPS guidance is $8.50 to $8.85, actually raised slightly on the low end.
JORDAN: So the deals are the real story of the quarter, strategically speaking. Let's unpack them. Arcellx gives Gilead full ownership of anito-cel, their multiple myeloma cell therapy — that's five months from its PDUFA date, so a launch is coming. Tubulis brings an antibody-drug-conjugate platform, and there's already exciting early data on GS-8824 in ovarian cancer — 61% response rate in a tough, pretreated population.
ALEX: And on the existing portfolio side, it wasn't just an acquisitions quarter. Trodelvy got approved for first-line metastatic triple-negative breast cancer, roughly doubling its addressable patient population. Livdelzi, the liver disease drug, posted positive phase III data that could expand its use. And they launched Hepcludex, the first-ever approved treatment for chronic hepatitis D.
JORDAN: One thing that jumped out in the Q&A — an analyst pushed CEO Dan O'Day on whether Gilead still cares about diversifying away from HIV, since HIV remains such a dominant chunk of revenue. His answer was basically "yes, but we're doing it two ways" — diversifying within HIV itself with new dosing options, dai
This episode includes AI-generated content.
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