Gilead Sciences delivered a solid Q2, with year-over-year sales growth led by strong demand in its HIV franchise, particularly Biktarvy and the PrEP segment, as well as advances in oncology and liver disease. Management credited commercial execution and new product launches—including Trodelvy in breast cancer and Livdelzi in liver disease—for boosting results. CEO Daniel O’Day highlighted, “Quarterly PrEP sales doubled year-over-year, exceeding $1 billion for the first time,” underscoring the impact of portfolio expansion. The quarter also saw progress in clinical programs and the closing of strategic acquisitions.
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Gilead Sciences (GILD) Q2 CY2026 Highlights:
- Revenue: $7.80 billion vs analyst estimates of $7.35 billion (10.2% year-on-year growth, 6.2% beat)
- Adjusted EPS: -$6.75 vs analyst estimates of -$7.25 (6.9% beat)
- Adjusted Operating Income: -$7.33 billion vs analyst estimates of -$8.02 billion (-93.9% margin, 8.6% beat)
- The company slightly lifted its revenue guidance for the full year to $30.25 billion at the midpoint from $30.2 billion
- Management raised its full-year Adjusted EPS guidance to -$0.48 at the midpoint, a 44.1% increase
- Operating Margin: -133%, down from 34.9% in the same quarter last year
- Market Capitalization: $165 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Gilead Sciences’s Q2 Earnings Call
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Tyler Van Buren (TD Cowen) asked about Yeztugo’s prescription trends versus external data, and Chief Commercial and Corporate Affairs Officer Johanna Mercier emphasized launch momentum and persistency, declining to comment on third-party data methodologies.
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Evan Seigerman (BMO Capital Markets) questioned the rationale for both long-acting injectables and once-weekly oral PrEP. Mercier explained these are complementary, expanding patient choice rather than cannibalizing existing products.
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Geoffrey Meacham (Citibank) probed whether reducing HIV revenue concentration remains a goal. CEO Daniel O’Day reiterated that diversification within virology and into oncology/immunology is a strategic priority, supported by recent pipeline and M&A moves.
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Brian Abrahams (RBC Capital Markets) sought clarity on regulatory interactions for anito-cel in earlier multiple myeloma lines. Executive Vice President Cindy Perettie indicated ongoing FDA discussions with no major changes in filing requirements.
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Courtney Breen (Bernstein) asked about Biktarvy’s growth amid U.S. insurance changes. Mercier acknowledged a temporary softness due to ACA subsidy losses, expecting a return to typical growth rates as patient coverage stabilizes.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will focus on (1) FDA approval outcomes for BIC/LEN in HIV and anito-cel in multiple myeloma, (2) the pace of integration and clinical progress for assets gained through recent acquisitions, and (3) sustained commercial momentum across new HIV and oncology launches. Execution on these fronts will shape Gilead’s ability to maintain revenue growth and manage margin recovery.
Gilead Sciences currently trades at $133.09, down from $135.25 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
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