Gilead Sciences Q2 Earnings Call Highlights

Base business sales rose 10% year over year to $7.6 billion , led by HIV, oncology and liver treatments. Gilead raised its full-year base business sales outlook to $29.8 billion–$30.1 billion and increased expected HIV sales growth to 9%–10%. The HIV prevention business more than doubled to over $1 billion in quarterly sales, with Yeztugo generating $232 million and Descovy PrEP about $801 million. Gilead expects an FDA decision on BIC/LEN by Aug. 27 and is targeting a potential 2027 launch for a once-weekly islatravir/lenacapavir regimen. Reported non-GAAP EPS was negative $6.75 because of $11.2 billion in acquisition-related research and development charges tied primarily to Arcellx, Tubulis and Ouro Medicines. Excluding specified acquisition effects, illustrative EPS was $2.27, while lower Veklury sales led Gilead to cut its full-year Veklury forecast to approximately $300 million.

Gilead Sciences NASDAQ: GILD reported second-quarter 2026 base business sales growth of 10% year over year to $7.6 billion, supported by HIV treatments and prevention products, Trodelvy in oncology and Livdelzi in liver disease. The company raised its full-year base business sales outlook and increased its expected HIV growth rate, while reporting a quarterly non-GAAP loss driven by acquisition-related research and development charges. Chairman and Chief Executive Officer Daniel O’Day said the company’s base business delivered its strongest second-quarter growth in three years.

“This was also an exciting quarter of clinical execution with positive updates across our core therapeutic areas,” O’Day said.

Second-quarter HIV sales rose 12% from a year earlier to $5.7 billion. Gilead increased its expectation for full-year HIV sales growth to 9% to 10%, compared with prior guidance for 8% growth. Biktarvy sales increased 7% year over year to $3.8 billion. Chief Commercial and Corporate Affairs Officer Johanna Mercier said growth reflected higher average realized prices, inventory build and demand. Sequential sales growth was partly offset by lower demand tied to market dynamics, including a greater-than-expected impact from Affordable Care Act-related changes.

Mercier said HIV treatment market growth slowed during the quarter as some patients navigated changes in insurance coverage, though Gilead expects the market to return to its typical annual growth rate of 2% to 3%. Gilead’s HIV prevention, or PrEP, business more than doubled year over year and exceeded $1 billion in quarterly sales for the first time. The company said its total PrEP business is now operating at an annual run rate of $4 billion. Yeztugo recorded second-quarter sales of $232 million, up 40% sequentially. Gilead maintained its expectation for about $1 billion in full-year Yeztugo sales. Descovy PrEP sales were approximately $801 million, up 60% year over year, driven by demand and higher realized prices related to channel mix. Gilead said more than 70% of Yeztugo users returned for reinjection at six months, extending their protection for a full year. Mercier said Yeztugo had become the leading long-acting PrEP option for treatment-naive users and the leading option in the PrEP switch market across oral and injectable products. The company recently introduced a patient-support program, called Ready to Go, that includes text-message reminders, education, patient-support links and nurse call-center services intended to support persistence.

Gilead expects an FDA decision by Aug. 27 on bicteg...